4 ms·

https://news.ycombinator.com/item?id=46432107 https://news.ycombinator.com/item?id=46432107 I wonder if (when?) elites are going to use and support Bitcoin. Op

https://news.ycombinator.com/item?id=46432107 https://news.ycombinator.com/item?id=46432107 I wonder if (when?) elites are going to use and support Bitcoin. Oppressive governments will force citizens - even such powerful as judges - to search for escapes.

tgv 9mo ago
First, a French judge has no power in the US. Second, Bitcoin is utter shit: it is not sustainable and mainly used to prop up criminals. Third, if money can be hidden and taxation becomes very difficult or impossible, society will collapse, and the "elite" loses its position. Bitcoin is not an alternative.
- integralid 9mo ago
  Cash is more anonymous and less trackable than Bitcoin and the society didn't collapse.
  - krior 9mo ago
    Then why should we use bitcoin?
    - lmz 9mo ago
      Cash is a bit bulky and can't be sent over fiber.
      - rounce 9mo ago
        https://en.wikipedia.org/wiki/Hawala https://en.wikipedia.org/wiki/Hawala
        mothballed 9mo ago
        Hawala is such a simple, effective, and relatively anonymous system that bypasses banking that the government had to convince the populace that anyone who uses it is a terrorist. It also helps they use the arab name even though it is of Indian origin.
    - CaRDiaK 9mo ago
      Because it’s faster, easier, safer and cheaper to transfer large volumes of capital than say loading a plane with gold or sending a bag of cash.
      - bdcravens 9mo ago
        As long as you're quick to cash in and cash out of it. Potential gains are fun, but losing 10% a month isn't.
        xvector 9mo ago
        That's not a real problem though, stablecoins exist.
        bdcravens 9mo ago
        You're not wrong, but the conversation was about Bitcoin, not cryptocurrency in general.
  - tgv 9mo ago
    You can't get (much) cash without the transaction being traced or criminal in many countries. There's a limit to legal cash transactions. Arguments about amount are immaterial to me. Cash transactions of say $500k are physically doable in many systems. And cash transaction don't require burning the Amazon, of course.
- OutOfHere 9mo ago
  Cryptocurrencies work fine. If the debanked were to use them, they would find 90% of their restrictions lifted immediately and without permission from anyone. No, society will not collapse; it will stabilize. There are many forms of taxation, e.g. property, tarrifs, etc. that are unaffected. Those who call Bitcoin utter shit always have an agenda and insecurities rooted in a feared loss of status.
  - pixelpoet 9mo ago
    Bitcoin is utter shit because of its use of proof of work rather than proof of stake.
alecco 9mo ago
The banking cartel will outlaw any real alternative. Bitcoin, Brics crypto system, whatever. And they will confiscate gold like back in the 30s. If they don't their magic money faucet will end. And they started wars for much smaller threats to their dominance.

tgv 9mo ago

First, a French judge has no power in the US. Second, Bitcoin is utter shit: it is not sustainable and mainly used to prop up criminals. Third, if money can be hidden and taxation becomes very difficult or impossible, society will collapse, and the "elite" loses its position. Bitcoin is not an alternative.

integralid 9mo ago
Cash is more anonymous and less trackable than Bitcoin and the society didn't collapse.
- krior 9mo ago
  Then why should we use bitcoin?
  - lmz 9mo ago
    Cash is a bit bulky and can't be sent over fiber.
    - rounce 9mo ago
      https://en.wikipedia.org/wiki/Hawala https://en.wikipedia.org/wiki/Hawala
      - mothballed 9mo ago
        Hawala is such a simple, effective, and relatively anonymous system that bypasses banking that the government had to convince the populace that anyone who uses it is a terrorist. It also helps they use the arab name even though it is of Indian origin.
  - CaRDiaK 9mo ago
    Because it’s faster, easier, safer and cheaper to transfer large volumes of capital than say loading a plane with gold or sending a bag of cash.
    - bdcravens 9mo ago
      As long as you're quick to cash in and cash out of it. Potential gains are fun, but losing 10% a month isn't.
      - xvector 9mo ago
        That's not a real problem though, stablecoins exist.
        bdcravens 9mo ago
        You're not wrong, but the conversation was about Bitcoin, not cryptocurrency in general.
- tgv 9mo ago
  You can't get (much) cash without the transaction being traced or criminal in many countries. There's a limit to legal cash transactions. Arguments about amount are immaterial to me. Cash transactions of say $500k are physically doable in many systems. And cash transaction don't require burning the Amazon, of course.
OutOfHere 9mo ago
Cryptocurrencies work fine. If the debanked were to use them, they would find 90% of their restrictions lifted immediately and without permission from anyone. No, society will not collapse; it will stabilize. There are many forms of taxation, e.g. property, tarrifs, etc. that are unaffected. Those who call Bitcoin utter shit always have an agenda and insecurities rooted in a feared loss of status.
- pixelpoet 9mo ago
  Bitcoin is utter shit because of its use of proof of work rather than proof of stake.

alecco 9mo ago

The banking cartel will outlaw any real alternative. Bitcoin, Brics crypto system, whatever. And they will confiscate gold like back in the 30s. If they don't their magic money faucet will end. And they started wars for much smaller threats to their dominance.