Re:Founders Fund Makes Bet on Bitcoin
by sillysaurus3 on Tuesday January 02, 2018 @02:20PM
(#16054565)
And it is. When you pay Coinbase, they send you BTC. Then you're free to send your BTC around if you decide the $20 transaction fee is worth it.
Re:Founders Fund Makes Bet on Bitcoin
by annabellish on Tuesday January 02, 2018 @02:36PM
(#16054760)
In that scenario you're not using bitcoin, you're asking a centralised, trusted third party to adjust a couple figures in a database.
If I wanted to do that, I would ask my bank to do it, because they're better at it.
Maybe free money isn't free. That is, liberated money isn't free (as in beer). Potentially it can be, but this is a great first step.
Which is fine until they decide to freeze your assets.
Re:Founders Fund Makes Bet on Bitcoin
by annabellish on Tuesday January 02, 2018 @05:13PM
(#16056286)
Yeah, that is the problem with relying on Coinbase. You have essentially no recourse when they freeze your assets, which happens a _lot_ more often than the banking system, with its consumer protections and actual regulations.
That's why you don't store assets on coinbase...the whole point of crypto is that it allows you to be in exclusive control of your assets. Why is that so hard to understand?
Re:Founders Fund Makes Bet on Bitcoin
by annabellish on Thursday January 04, 2018 @05:37PM
(#16074763)
The response when somebody tries to do transactions on-chain:
> And it is. When you pay Coinbase, they send you BTC. Then you're free to send your BTC around if you decide the $20 transaction fee is worth it.
The response when somebody tries to do transactions off-chain:
> That's why you don't store assets on coinbase...the whole point of crypto is that it allows you to be in exclusive control of your assets. Why is that so hard to understand?
The important thing is to make sure that no matter what anybody does, they're wrong, and that way bitcoin cannot possibly have any flaws.
> A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.