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681 points Anon84 | 2 comments | | HN request time: 0s | source
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spicyusername ◴[] No.46181533[source]
I've never understood the initial arguments about Bitcoin, no matter how many times they've been explained to me.

The block chain is, and always was, an extremely inconvenient database. How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me. Maybe it goes to show how few people understand economics and anthropology and how dunning-krueger can happen to anyone.

Now the uninformed gambling on futuristic sounding hokum? THAT is easy to understand.

That being said, I'm sorry the author had to go through this experience, the road of life is often filled with unexpected twists and turns.

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solumunus ◴[] No.46189390[source]
I can send a billion dollars to someone in Uganda with no intermediary or oversight. This was not only impossible before but most likely would never have been a possibility. Being able to hold massive amounts of value in the ether and control it from anywhere, you don’t find that impressive? Sure, this is mostly used for nefarious activities, but let’s not pretend it’s solving no problems. It’s incredibly difficult to transfer money into a third world country without incurring massive fees, unless you use crypto.
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1. derriz ◴[] No.46189478[source]
How exactly can you send a billion dollars to someone in Uganda using Bitcoin?

Purchase and sale of bitcoin is highly regulated and obviously tracked - and the blockchain itself provides little privacy - I’m guessing state-level actors have already attached identities to most of the wallet addresses out there.

So if I hand you access to $1 billion dollars - cash or in a bank account - how could I practically get $1 billion dollars to an individual in Uganda so that they could spend the dollars?

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2. solumunus ◴[] No.46189712[source]
There are people that hold billions in Bitcoin and they could send it to someone in Uganda without friction, do you dispute this? You’re being pedantic, stick to the hypothetical. Change the example to $1,000 and yes it’s trivial to do and will be cheaper and quicker than using traditional systems.