Re:What Bitcoin’s White Paper Got Right, Wrong and What We S...
by lmohseni on Saturday October 31, 2020 @04:25PM
(#24954914)
>You're also assuming that telecommunications networks, physical infrastructure, particularly power, are in good working order
the same is true of bitcoin, right? I mean gold will continue to be gold in the absence of power, but will bitcoin even exist?
The most damning critique of bitcoin is that it requires power to be free and infinite.
Re:What Bitcoin’s White Paper Got Right, Wrong and What We S...
by andrewjl on Saturday October 31, 2020 @04:33PM
(#24954974)
Not necessarily if you are in possession of your own keys. Which admittedly most people today are not. A hardware wallet can be physically transported in the same way gold can.
Re:What Bitcoin’s White Paper Got Right, Wrong and What We S...
by lreeves on Saturday October 31, 2020 @04:37PM
(#24955005)
The TSA will seize your phone if you don't hand over passwords and passcodes in many cases, you're saying you think it'd be a good idea to cross the US border with any amount of bitcoin on a hardware wallet? That's... optimistic.
Greater amounts still would attract even more scrutiny due to AML and KYC regulations in most jurisdictions.
If you're dealing with capital controls, which many large economies now have, the complexity is exponentially higher. You're also assuming that telecommunications networks, physical infrastructure, particularly power, are in good working order when you want to do the transfer. That may be the case 99.99% of the time, but the edge case should also be a consideration.