311–320 of 328 posts
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Which all translates into higher expenses for the business, and I'll repeat myself that I'm ok with the business being required to take on that expense.
The coercive power of state for thee, but not for me.
It's that the state has never, ever, been used against the poor.
Nonsense. Go to GBTC ATM shops in Barcelona, they'll do KYC-less $100K transactions for 4% transaction fees. I was shocked and walked out of the shop. If you come to South Florida, you'll find that there was an era where cartels would pay high schoolers to roll up to ATM's and empty them of cash one by one. Crypto ATMs have 7%-15% fees with no KYC up to 1k USD and have grown about 5x-10x in the last 5 years in the US…
> Crypto ATMs have 7%-15% fees with no KYC up to 1k USD and have grown about 5x-10x in the last 5 years in the USA. FWIW, "Crypto ATM" is sort of a misnomer. AFAIK, no crypto ATM in the USA allows you to sell cryptocurrencies and pull out cash. You can only buy them, which as far as I'm concerned, is the easy part.
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It's not worth going point by point when there's so many fundamental misconceptions. Best to reject the entire comment. What HN needs is less engagement with useless, time consuming misinformation, and more outright rejection of it.
The fact that you made a second comment, yet provided absolutely no refutations of any of the points in the original comment under discussion, suggests that you cannot refute their points. Although, the phrase "What HN needs is less engagement with useless, time consuming misinformation, and more outright rejection of it." instead suggests that you are of the totalitarian nature that prefers to suppress dissenting th…
“No shit”. Wait, you mean something that literally tracks any and all actions in a literal chain of history that is immutable is easy to track?!? You mean that pattern recognition can be applied to even “randomized” in both size, time, and destination of transactions can be done to track like how they can track burner phones? I’m shocked! Shocked I say!
Care to expand on the burner phone part?
Pattern matching has been successfully applied to phone logs between seemingly randomized src and dst phones. I'm busy at work and terrible at communicating clearly but what I am trying to say is that even when person A is using multiple phones and person B is also using multiple phones, there is still enough of a pattern involved such as call lengths, time of calls, etc to be able to sniff out and match these seemingly random devices to specific users.
I would have to dig up papers/reports on times this has been successfully done and reported publically.
But my point is that even running shit through coin mixers etc there is a high probability of there /still/ being enough latent information floating around to suss out a track between src and dst of blockchain transactions.
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It isn't? Crap, I've been investing in Lego this whole time.
If your investment horizon is long enough and your secure storage space cheap enough, Lego might be a more prudent investment. Basic strategy: buy and hold unopened copies of the 'flagship' sets of each Lego theme. If a theme is small enough, get complete sets of sets. For instance, the Muppets minifigs were sold in blind bags, but every case was guaranteed to hold three complete sets, so buy a whole case, not random…
“No shit”. Wait, you mean something that literally tracks any and all actions in a literal chain of history that is immutable is easy to track?!? You mean that pattern recognition can be applied to even “randomized” in both size, time, and destination of transactions can be done to track like how they can track burner phones? I’m shocked! Shocked I say!
Care to expand on the burner phone part?
The Hezbollah Connection https://www.nytimes.com/2015/02/15/magazine/the-hezbollah-co...
https://archive.ph/4uWfM#selection-1937.0-1937.13
Section 5+
> they could see that a given assassin had an “operational phone in his front pants pocket” and “in the back pocket a phone that he used to call his girlfriends.”
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That speaks more about the people you're surrounded by than it does the incredible people actually doing the very interesting work of developing the bitcoin ecosystem behind the scenes. It is a shame that your only exposure to the space comes from pump monkeys who don't understand that a blockchain is barely more than a distributed linked list (hell, it's basically just glorified git) and the real innovation was not…
FYI, I regularly interact with people who actually understand blockchain and cryptocurrencies, so your assumptions are a little mistaken. None of those people are telling me to buy Bitcoin though, so I don't count them among "Bitcoin advocates".
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All the "Bitcoin advocates" that I've ever talked to couldn't tell a merkle tree from an oak.
That speaks more about the people you're surrounded by than it does the incredible people actually doing the very interesting work of developing the bitcoin ecosystem behind the scenes. It is a shame that your only exposure to the space comes from pump monkeys who don't understand that a blockchain is barely more than a distributed linked list (hell, it's basically just glorified git) and the real innovation was not…
Me? I think the tech is intellectually interesting, but doesn't really scale to the point where it can provide a "world economy". If nothing else, with Proof-of-Work, you need 51% of ALL available computing resources dedicated to maintaining the chain, which is an incredible waste (if you don't have a majority of all available computing power, the chain is vulnerable). With Proof-of-Stake, you need a majority of the economic system dedicated to just maintaining the economic system.
So, intellectually interesting, but practically useless.
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https://www.federalreserve.gov/faqs/currency_12772.htm > Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency [including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks] are legal tender for all debts, public charges, taxes, and dues." This statute means that all U.S. money as identified above is a valid and legal offer of payment for debts…
Hmm what would happen if I sit down, eat some Taco's and when it is time to pay, I claim I have cash only? Aren't they a creditor in that case?