11–20 of 66 posts
"Imagine that you could flee Nazi Germany with all of your capital using nothing more than a password in your head" It's sad so many people know so few things about history. Fleeing with your money was not the problem.
https://en.wikipedia.org/wiki/Reich_Flight_Tax
>Fleeing with your money was not the problem.
Why is this better, or different, than just helping Venezuelans obtain and use the USD that they already want [1]? If it's a matter of government controls, the government will surely apply the same policy to BTC. I realize that he tried to address this in the article, but the reasons are contrived. And the "$5 wrench attack" simply won't stop when you only give up one wallet. [1] https://www.npr.org/sections/parallel…
Additionally, the transaction fees have dropped not because of the introduction of LN or batched transactions or SegWit adoption, but because of the decline of Bitcoin transactions in general. Enough retailers have stopped accepting Bitcoin that there are fewer transactions and the fee-market pressure has lowered. Adding in an entire nation of people using Bitcoin multiple times a day, even with some of them on LN, will bring usage and fees to unseen-before levels.
"Imagine that you could flee Nazi Germany with all of your capital using nothing more than a password in your head" It's sad so many people know so few things about history. Fleeing with your money was not the problem.
https://en.wikipedia.org/wiki/Reich_Flight_Tax
The article makes it look like everything would have been fine if people could transfer money with a password in their head.
For crypto currencies, don't you need reliable electricity and internet first?
Electricity is only needed to send a transaction.
> and internet first
You can send a transaction via sms.
The government will make Bitcoin the same way illegal as US dollars. Then they can't easily control Bitcoin. Then they will increase prison sentences for owning Bitcoins and Bitcoin apps. Then they will not be able to control that. Then they will monitor the internet for bitcoin transfers. Then they will outlaw any encryption. Then they will send out undercover police who try to pay with Bitcoin. etc. No government w…
A) Criminals/Bitcoins-enthusiasts/elites leave the country for the next unregulated paradise.
B) Criminals/Bitcoins-enthusiasts/elites overthrown the government due to strict policies regarding free trade.
The government can't enforce a laws by itself it needs his citizens to abide by those rules.
For crypto currencies, don't you need reliable electricity and internet first?
Semi-reliable internet only requires semi-reliable electricity. If you have neither of those, then crypto is pretty much useless.
it has obvious benefits (and some cons) over the bolivar or a foreign fiat currency, but ya know, baby with the bathwater
i look forward to seeing where this goes
but i do agree about LN mainnet not being appropriate to use yet
The author seems to be ignorant of some real facts related to Bitcoin availability. Lightning Network going live on Mainnet was against the advice of the LN developers who feel that it's not ready for prime-time usage and admit that the network cannot scale very large without some core difficulties being solved. Additionally, the transaction fees have dropped not because of the introduction of LN or batched transacti…
That's one theory. Another theory is that bad actors were spamming the mempool and have stopped.
A quick look at historical mempool stats: https://dedi.jochen-hoenicke.de/queue/#1y
Makes it look far more likely certain people with an agenda were spamming the network.
Suite. Use the imaginary commodity that can't keep it's value to solve inflation because the currency is controlled by a tyrannical government. It's probably easier to overthrow their government than use a currency that will soon be outlawed.
"will soon be outlawed." >> You speak like it relies on any ones countries laws and a law would vaporize it. Anyone who read the SEC announcements, understand that even they seem to understand that.