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Crypto has been a scam from the beginning, the only thing that's changed is the public perception after NFTs bombed massively and crypto was once again left without any use case.
E.g., use it to donate to sci-hub, ...
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It definitely has a use case.
Protip to anybody who wants to spend an extended amount of time overseas - you’re looking at a strong opportunity to join the list of people who have their accounts closed. Red flags include quantity of overseas debit card transactions, setting a PO Box (this one apparently is a very big red flag to banks) or a PMB as your bank address, lots of wire transfers. Open multiple bank accounts at different banks, use servi…
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All Bitcoins are trackable on the blockchain, and these days you won't go far before transactions can be connected to an identifiable wallet. If you've ever said anything like "Donations accepted at $ADDRESS", then everyone can see if anyone ever sent anything, and from there it doesn't take much work to see if you ever spent that money on anything and what else you do with it. You can obscure things some, but the re…
This is also transitive: if I get bitcoin from you and two weeks from now the cops show up at my door asking to know why I had a funds related to some crime, I have to convince them that I had no knowledge of the transaction a couple of steps back and even if I do I might find that vendors stop accepting anything in that chain or start buying insurance to protect them. That’s going to sour people on the experience re…
Debanking is deeply unfair but more so in our society that is moving increasingly towards a cash-less society. A person can be debanked for no fault of their own and that causes them to be unable to pay rent, bills, etc. Like being arrested - there is little recourse without great expense or effort.
There's a very obvious utility in the US which should be able to prevent this: The US Postal Service. It's federally required to exist, and services all Americans already. Basic banking services should be one of the things it is expanded to provide in a minimal, safe fashion (i.e. no loans or lending, but guaranteed electronic banking and funds transfer services).
That alone exceeds the requirement of “minimal” as there’s now a need to hire staff for fraud monitoring, handle disputed transactions, chase fraudulent transfers, deal with those who forgot their passwords to electronic banking, had their passwords stolen, etc.
What are the new revenue channels that will pay for all that extra staff (and considering it’s USPS, their pensions)?
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Bitcoin absolutely does not have the privacy of cash! It is cash like in that if you typo the destination address you instantly lose all the money, which is sort of like how you can accidentally set cash on fire.
you kinda just proved his point about shutting down intelligent conversation
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Serious question, what the are the privacy properties of cash that Bitcoin lacks? Who types destination addresses by hand? Probably the same people that expose a hoard of paper money to flames?
Handing someone cash does not create a public ledger entry
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Crypto has been a scam from the beginning, the only thing that's changed is the public perception after NFTs bombed massively and crypto was once again left without any use case.
Depends on where you live, if you live in Zimbabwe suddenly it starts to look very attractive. Too many countries play fast and loose with their currency.
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> Chase monitors your political activity This is a big claim. It should have big evidence to back it up.
At least in the UK, NatWest debanked Neil Farage's account for his political views. Even its CEO resigned over her lying. "19 Republican states accuse JPMorgan of closing bank accounts and discriminating against customers due to their religious or political beliefs" [1][3]. Of course, this site is not favorable to conservatives and their views. Some left activists' accounts are closed as well [2]. [1] https://www.bus…
The same way that Chase closing a restaurant's account is not evidence that Chase is tasting the food in every restaurant and systematically closing accounts for restaurants that cook food that Chase doesn't like.
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Lots of discussion in the comments here about how ingrained banks are into our current system. I do honestly see Bitcoin as a way out of that, but at this early stage of it, you'd probably have to get help from someone who is not debanked in order to interact with our heavily banked system. If you are honestly interested in this, take a close look at Strike.
BTC or BCH?