Stripe is dumbing Bitcoin, cementing the fact that nobody even bothers to pretend it’s for buying stuff any more. All speculation, all the time.https://stripe.com/blog/ending-bitcoin-support …
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It's a great way to transfer value for things like remittance. It has allowed companies to offer mid market rates (something you could only do with large amounts capital). Sure, I wish the tx fees were smaller, but it's certainly useful. /1
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I understand why you might focus on the meme of buying coffee with Bitcoin - your payment systems work well. In this side of the world though, they don't. And the wedge in has been Bitcoin /2
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Well kinda. An idealized cryptocurrency wouldn't be terrible, but it would involve multi-country regulation. The problem is that there is no limit on the number of cryptocurrencies so you get these pump and dump scams. The other problem is that it goes around sanctions.
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But I can imagine a better cryptocurrency where many of these problems were fixed. For example, nations could burn coins that were used for illegal transactions, and we could solve the infinite blockchain length problem by starting a new blockchain once a year.
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That way people could be taxed because on Dec 31 they'd have to transfer their coins to their government's wallet. I know I'm being kinda vague, but I've thought this out.
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“Nations could burn coins that are used for illegal transactions” No way this ever goes wrong!
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Choose one: - Financial regulation, international sanctions, tax collection. - Unregulated cryptocurrencies. Once governments realize this tradeoff they will choose one of: - Ban cryptocurrencies. - Regulate cryptocurrencies. And the sooner we accept that the better.
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I don't think regulation capture will be possible for a good chunk of the economy. Sure, when ppl buy houses, cars, and other regulated assets proof of source can be enforced.But Just like torrenting, for everything else decentralized exchanges will make it a cat and mouse game.
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Governments can tilt the scales. The public wants to buy pot online and get rich with the new gold, they'll flock to the legal cryptocurrencies if the illegal ones come with serious time in jail. Torrenting is different because it doesn't enable mass corruption.
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Aside from many stretched assumptions there.What's impeding ppl from washing/swapping their illegal crypto for legal crypto w/ the right tools? Bans of digital things never work. This case scenario you describe will incentivize massive dark markets for low friction money laundry
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Fine BTC sucks but what about Alts like Ethereum and Stellar?
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