Re:The Wealthy Are Hoarding $10B of Bitcoin in Bunkers
by maehwasu on Wednesday May 09, 2018 @11:02AM
(#17030340)
He gets the "magical crypto guarantees" for 99% of his money, and only waives them for a small part that is "in-flight."
This isn't at all different from the way many people separate their investments and savings accounts from their checking accounts, except that in this case, the investment/savings accounts get "magical crypto guarantees."
This isn't rocket science.
Re:The Wealthy Are Hoarding $10B of Bitcoin in Bunkers
by mkirklions on Wednesday May 09, 2018 @10:47AM
(#17030225)
> when we discard all the decentralization and anti-censorship guarantees, skip the blockchain and use it as a private-issued, unregulated fiat.
That is an option.
I dont care about 'trust' when I spend 2 dollars at taco bell on my shift card. I dont care about 'trust' when I give my friend 200 dollars with coinbase email.
5 bitcoin? Yeah I'll take that out of coinbase.
But this is a payment platform IMO. I use paypal and venmo too. They dont charge fees and I dont really care about decentralization magic.
I increasingly feel that pro-crypto arguments are mostly motte and bailey. So Bitcoin is better than fiat because it's decentralized and censorship-resistant, with everything forever stored in the blockchain. It's also more convenient and efficient than fiat in daily use - when we discard all the decentralization and anti-censorship guarantees, skip the blockchain and use it as a private-issued, unregulated fiat.