Re:SSD makers start warning that mining products like ChiaCo...
by ineedasername on Saturday May 01, 2021 @02:48AM
(#27003911)
Banking systems has more choke points
Those banking systems are the primary method of turning fiat into bitcoin & vice versa, so those banking choke points are defacto choke points for bitcoin as well.
Re:SSD makers start warning that mining products like ChiaCo...
by meowkit on Saturday May 01, 2021 @03:01AM
(#27003984)
Assuming you always have to flow back to fiat?
At some point we will have CBDCs which crypto exchanges and banks will support, so legacy bank chokepoints should disappear altogether.
Re:SSD makers start warning that mining products like ChiaCo...
by ineedasername on Saturday May 01, 2021 @03:18AM
(#27004085)
Doesn't have to flow back, but it does have to flow in to begin with, and banks are the choke point in either direction.
Re:SSD makers start warning that mining products like ChiaCo...
by vineyardmike on Saturday May 01, 2021 @04:44AM
(#27004520)
I don't know how many people want to get paid in crypto yet. I'm sure someone is fine with it.
Re:SSD makers start warning that mining products like ChiaCo...
by ClumsyPilot on Saturday May 01, 2021 @05:08AM
(#27004644)
In prague we have bitcoin can machines and I paid for a beer with it in like 2016. Not that beer is worth more than it's wieght in gold
Banking systems has more choke points. If money is on your bank account and it gets blocked, that's it, nothing can be done about it.
With Bitcoin, even if internet in the entire country is blocked, you still have options: you can transmit data by phone. There are many ways to smuggle 250 bytes out of a country.
You can also just memorize the mnemonic phrase (so-called brainwallet) and move yourself out. They won't find your bitcoins even if they strip-search you. (But if they know you have them, wrench attack might work, no defense against that if your privacy is compromised.)
All the other things are not necessary for using cryptocurrency, they just need to happen somewhere. So the system can route around the damage. Mining is not possible in your country? That's OK, it will work as long as there's at least one country where mining is possible.
So Bitcoin resilience is not about working when power is out, obviously. It is about giving people options to route around the damage. If your bank blocks you, you can't go to another bank to get money on your account, since that money resides within a particular bank. But Bitcoin is global - you can access your funds from any computer in any country, as long as you have a private key.