311–320 of 530 posts
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To expand on this, quite a few wallet apps nowadays default to using a fresh wallet per transaction as a privacy measure, further inflating the number of wallets relative to the monetary supply.
i dont mean to be condescending, but how could they implement privacy without centralizing? like the bitcoin card provide must hold all your assets for you for you to gain privacy, no?
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> Sadly most people don't care nor should have to but the decentralization […] "Decentralization"? Bank of America Global Research just released a report today that said: > 1. Concentrated Ownership: About 95% of Bitcoin is controlled by just 2.4% of the accounts, and distribution is heavily skewed towards the largest accounts. By comparison, the latest Fed data suggests that the top 1% of Americans control about 30.…
> About 95% of Bitcoin is controlled by just 2.4% of the accounts Bitcoin doesn't have accounts. It was txouts, which have addresses attached. AFAICT they're counting this by address, which is silly: most wallets use each address once. So in practice, this means an average person who uses Bitcoin regularly will have lots of small value txouts as coins get split up. There is no reliable way to associate addresses to i…
That may be true in general, however in the US there are several large companies that manage Bitcoin wallets for consumers that are public or trying to get public. So the US regulators will likely have been able to get aggregate statistics like this for some time.
The more nexus crypto has with the traditional regulated finance system, the more ability of regulators to get opaque data from the network.
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I'm sorry but I just laughed like crazy reading this. The US Fed showering the wealthy with more cash than they know what to do with is the only reason Bitcoin continues to exist and anyone holds it. Bitcoin can't disrupt the Fed any more than house flippers in 2006 disrupted the mortgage underwriting industry. Bitcoin completely depends on the Fed. Holding it is a bet that the helicopter will never land. I guess tha…
Zelle disrupts central banks more than Bitcoin in Venezuela. https://www.bloomberg.com/news/features/2020-11-11/zelle-has... "I lived in Venezuela. Almost no one uses crypto or cares about crypto. The fees to send bitcoin alone represent a sizeable chunk of money to most Venezuelans." https://www.reddit.com/r/Economics/comments/jsw96e/zelle_has...
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I'm sorry but I just laughed like crazy reading this. The US Fed showering the wealthy with more cash than they know what to do with is the only reason Bitcoin continues to exist and anyone holds it. Bitcoin can't disrupt the Fed any more than house flippers in 2006 disrupted the mortgage underwriting industry. Bitcoin completely depends on the Fed. Holding it is a bet that the helicopter will never land. I guess tha…
Zelle disrupts central banks more than Bitcoin in Venezuela. https://www.bloomberg.com/news/features/2020-11-11/zelle-has... "I lived in Venezuela. Almost no one uses crypto or cares about crypto. The fees to send bitcoin alone represent a sizeable chunk of money to most Venezuelans." https://www.reddit.com/r/Economics/comments/jsw96e/zelle_has...
Misleading Title. Visa says it will allow for Bitcoin to be converted to fiat, and the fiat can be spent using a Visa Card in the same way debit cards already work. This is already done with the Coinbase card, Gemini card, etc The statement is very vague in terms of who is covering the conversion.
It's such an anti-pattern for the world to adopt this approach. Sadly most people don't care nor should have to but the decentralization is effectively moot when payment processors like Visa get involved. Sadly, I'm less and less hopeful that crypto will be what the movement conveyed over last 10 years.
[1] https://www.statista.com/statistics/731416/market-share-of-m...
Misleading Title. Visa says it will allow for Bitcoin to be converted to fiat, and the fiat can be spent using a Visa Card in the same way debit cards already work. This is already done with the Coinbase card, Gemini card, etc The statement is very vague in terms of who is covering the conversion.
It's such an anti-pattern for the world to adopt this approach. Sadly most people don't care nor should have to but the decentralization is effectively moot when payment processors like Visa get involved. Sadly, I'm less and less hopeful that crypto will be what the movement conveyed over last 10 years.
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What does this mean for exchanges like coinbase? Will they lose out new customers to visa?
Absolutely. Unsure how far Visa execution is but it could derail Coinbase IPO. Coinbase charges enormous amount to buy or sale (convert) my cash to digital coins. Its all digital anyways. If I could eliminate middle man and use cards I already have - including debit cards that Visa oversees, Coinbase would literally lose 99% of wallet holders. I mean only idiot would want to pay more to buy or sell digital currency.…
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> converted to fiat, and the fiat can be spent using a Visa Card That's an accounting detail most people won't care about. Perception matters more than technicalities.
What does this mean for exchanges like coinbase? Will they lose out new customers to visa?
The other way it might work is if the merchants price things in BTC. Like any other foreign currency, they take the USD from your account and pay the merchant in BTC at the current exchange rate.
The number of people commenting who completely misunderstand Bitcoin and crypto is astounding. Bitcoin will never be used directly for payments, it's a value store. Immutable deflationary digital gold. I wrote it off for years too because it was too slow and the fees were too expensive. That was the dream they had, but they couldn't realize it at the base layer. I was still walking around last year believing that's t…