181–190 of 302 posts
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Yeah, let's destroy financial systems of governments and substitute it with a system that has 7 tps cap in which the majority of coins belongs to unknown entities (supposedly of criminal origin).
Look up Lightning Network.
Banning crypto payments is like an airport refusing landing clearance to bicycles.
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Basically one of the exact reasons why Crypto should exist.
Yeah, let's destroy financial systems of governments and substitute it with a system that has 7 tps cap in which the majority of coins belongs to unknown entities (supposedly of criminal origin).
I'm fine with that. Current monetary policy sucks.
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> Why politicians still think that if they ban something then it will magically go away? because people don't like to go to jail > "oh it's banned, I guess I'll stop using it then" that's exactly what's gonna happen in Turkey though. But even if it wasn't Turkey which is ruled by an autocrat, a ban would steer away casual users that usually means the thing banned won't succeed in the long run. imagine if YouTube was…
> imagine if YouTube was banned in some country and the ban would stay even after public protests (admitting that public protests were allowed) > YouTube usage would immediately drop to a number very close to zero. Let's take the real example of HADOPI in France, the illustration of the institution that was supposed to hunt bittorrent use in France. When it was announced, some people dropped bittorrent, but not that…
that's not the same thing.
torrenting illegal material was already illegal, before Netflix.
and France is not Turkey, but no Germany either where the ban on illegal downloads actually works, because they will get you.
In my opinion cause and effect are reversed here: Netflix is going strong because there is a ban on torrents and sharing copyrighted material in general and it worked.
If it was the other way around, Netflix would earn peanuts.
Also, people get around a ban on torrents because there is no risk, the worse thing that can happen is that you won't watch a movie illegally.
Now think about using illegal money and the consequences...
> HADOPI is slowly dying.
again, wrong comparison.
How many people watch YouTube videos in China and how many would if it was not banned?
That's your benchmark.
Look at the ban on guns, where the ban exists the number of guns in people hands is very low.
If it worked as you said, where arms are banned people would use them illegally.
But instead they do not (again: generally speaking).
Think about prostitution, it's legal in Germany where the government estimates the real number may be as high as 400,000 almost 0.5% of the population.
In Italy, where it's practically illegal (it's complicated, but we can safely assume it is not legal as in Germany) the number is estimated at 100,000 or 0,15% of the population.
Bans do work, the fact that not all bans work the same way, doesn't mean that they don't work.
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You name another bank account number, they will transfer your funds. ## Edit But banks cancelling your account is not something without consequences. Your credit rating may and propably will suffer.
Do you have american style credit ranking in Germany?
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This is very misleading. Cryptocurrencies developed on 10+ year old tech, that have stayed in that state throughout may indeed have very poor tps as you state. However, this is absolutely not the majority, as that base tech has iterated both at the base level, and in the application of layers. Typical these days are tps-handling in the 1k's - 10k's, and beyond. This will only keep improving as the technology progress…
Reversibility is the feature of credit cards, not drawback or limitation.
But you can't make a trustless exchange on top of a custodial framework.
Base layer has to be trustless / permissionless; all manner of third parties can build all kind of things on top of that.
But reverse isn't true - if base layer controlled by small number of third parties; nothing built on top can claw back that control.
It hasnt‘t to be banned officially to be banned effectively. - Here in Germany buying and owning crypto currencies is not illegal. But try to transfer only 20k Euros from your bank account to Kraken.com to buy some crypto assets. Then you might get a letter from your bank telling you they just cancelled your bank account, without telling you why. And they will refuse to explain anything. - Trying to get background in…
This is the exact problem cryptocurrencies were invented to solve. We're supposed to be free to spend our money without the indignity of having to explain things to some bank or government. The better the technology, the more tyrannical the government must become to maintain the same level of control. We'll either end up with total subversion of government controls or totalitatian governments.
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In fairness, "the majority of coins belong to unknown entities (supposedly of criminal origin)" is only a small rephrasing away from a description of Erdogan's government / political party [0]. And they are scarier for Turkish citizens than BTC, since he also aggressively punishes dissent and is a de-facto dictator [1]. [0] https://en.wikipedia.org/wiki/2013_corruption_scandal_in_Tur... [1] https://en.wikipedia.org/w…
Sure, but the fact that Turkey is becoming increasingly corrupt isn't really a good argument why it would be a good idea to take away the ability of all central banks to perform monetary policy to stabilize the economy.
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I routinely buy things with fiat that complete in seconds. There's on order of trillions of completed fiat transactions per day. They don't generally take days. Only a tiny, tiny amount of them of a very limited class take days. It's disingenuous to imply all fiat transactions take that long.
On a per-value basis, what I have claimed is entirely true. The bulk of fiat does not move around on peoples payment cards or in cash in their hands, it moves in bank-to-bank transfers that indeed do take days or even weeks, and further have an up to 10% failure rate. It may well be that through the use of caveats you don't see or think about, you are able to execute small transactions quickly with fiat, but it is th…
Worked quite well for me when my credit card details were stolen and I could revert $8k of purchases immediately. If my wallet keys are stolen or cracked, I will lose everything with "transaction finality" - that would be a problem which is enabled not solved by crypto.
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Your transaction isn't settled instantly. The actual money that flows between institutions behind the scenes is way slower than bitcoin. You can use credit/debit card on Bitcoin too, and your payments seem to go through instantly with whatever tps the network supports.
Your transaction isn't settled instantly. The actual money that flows between institutions behind the scenes is way slower than bitcoin. ... and yet the world turns; and credit cards amount to $3tn of payments in the U.S annually. As it turns out, businesses do not actually care about instant settlement of payment transactions that much, what's important is instant authorization .