101–110 of 237 posts
One of the most interesting things in this experiment was the speedy trial imo. We now have an agreed way to change/improve consensus rules. It's very difficult to get a handful of people to agree on something, let alone all the different participants in this global/borderless system.
Earlier quoted context omitted.
There's game theory at play here that transcends the legal system. Yes, the US and the EU could deem these cryptocurrencies to be illegal. However, as we saw in China, all that accomplishes is squeezing it out of your borders, or squeezing it to the black market. Making it illegal would also be an insanely strong signal to the entire world that this thing actually is uncontrollable by our current governments, and tha…
Serious question: Can't a government block it at the ISP level? They could also make out of country VPN illegal. How would BTC work in practicality under those conditions?
A crazy thing with Taproot is: A company could create a virtual bank to handle all transfers with its suppliers by doing a single onchain transaction. From the outside, it would look like a normal "Someone sent some coins from address A to address B" transaction. But internally, a key needed to spend the funds is only valid if the company and all of its suppliers sign it. This means every time there is a transaction…
So basically, does that mean KYC/AML are officially dead in BTC's environment? The picture was not bright before, but with this kind of innovations, it seems impossible for this network to build banking systems that respect regulations.
Real dangerous criminals don't give a damn about KYC/AML laws and operate freely within the banking framework. The European Central Bank chairwoman is a felon convicted for massive government payouts.
Earlier quoted context omitted.
Seems petty. Of course it’s easier to make changes when you just launched and there are less parties and more centralization at a leadership level. 8 months doesn’t really seem like something worthy to brag over.
Well, Bitcoin still doesn't have graftroot so it's 8 months and counting :) And Lord help me I'm talking about crypto on hacker news but Chia seems just better engineered overall: - uses between 300x and 10000x less energy for the same security as Bitcoin - has the most number of farmers/validators of any blockchain - supports around ~25 transactions per second (as opposed to bitcoin's 5) - very efficient and auditab…
Earlier quoted context omitted.
There's game theory at play here that transcends the legal system. Yes, the US and the EU could deem these cryptocurrencies to be illegal. However, as we saw in China, all that accomplishes is squeezing it out of your borders, or squeezing it to the black market. Making it illegal would also be an insanely strong signal to the entire world that this thing actually is uncontrollable by our current governments, and tha…
Serious question: Can't a government block it at the ISP level? They could also make out of country VPN illegal. How would BTC work in practicality under those conditions?
You could broadcast it on any communications medium. You could theoretically run it over a global ham radio mesh network.
Lots of the network is already running on Tor, so you'd also have to shut that down.
You could embed the information in the pixels of cat pictures and broadcast it via instagram posts.
Unless there exists a global, horrifically authoritarian constriction on the information we are allowed to share, it's not going to happen.
Earlier quoted context omitted.
I'm confused then, doesn't this still need one transaction in the block chain for every transaction?
No, the transaction is fully signed and can be broadcast at any time by either party to settle. It doesn't have to be broadcasted and further transactions can be done on top and they just keep it private between themselves.
A crazy thing with Taproot is: A company could create a virtual bank to handle all transfers with its suppliers by doing a single onchain transaction. From the outside, it would look like a normal "Someone sent some coins from address A to address B" transaction. But internally, a key needed to spend the funds is only valid if the company and all of its suppliers sign it. This means every time there is a transaction…
Earlier quoted context omitted.
BMW and it's suppliers have zero problems moving money today.
People had little problem with transportation when all they had was horses and sailboats. Just because you don't technically have a problem doing something now and no one is complaining, doesn't mean there's not a drastically more efficient way to do the thing, and those organizations that start doing the more efficient thing rapidly out compete and make irrelevant those who hold onto the legacy ways.
Earlier quoted context omitted.
Then it's going to be weaponized to launder money and be made illegal eventually.
> Then it's going to be weaponized to launder money We should stick with USD. No one does anything illegal with USD
Can anyone explain why my genuine question below -- "When will BTC move to an energy efficient protocol?" -- was flagged? Seems a bit gratuitous?
Because it’s a loaded question and an attempt to start a flamewar. The genuine answer to the question is ‘never’.