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681 points Anon84 | 3 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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ryandvm ◴[] No.46184155[source]
Crypto makes perfect sense if you just understand it's for doing illegal stuff.

No moral judgement, but the only viable use case for the blockchain is doing things with money that the authorities don't want you to do.

Other than that, no, there is no use for a distributed database because doing financial transactions with people you can't even trust to abide by the law is generally a bad idea.

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bdangubic ◴[] No.46186275[source]
I am a dual citizen. I wanted to buy a condo near my parents where I spend my summers with my family. I have never in my entire life felt like a criminal more than trying to buy something, with the money I made with my wife, going through regular financial system. after weeks of feeling like a criminal over coffee with my cousin who owns the company that was selling me the condo I was like “can I just fucking give you two bitcoins on a thumbdrive…”

I would never own a crypto but working with the current financial system can make you feel like a criminal more than crypto at times… :)

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vachina ◴[] No.46188480[source]
If your funds are clean there is zero reason for the (unfounded) anxiety. Just follow through the motion.

A local agent on a flat fee will probably make things easier.

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lmm ◴[] No.46189165[source]
> If your funds are clean there is zero reason for the (unfounded) anxiety.

Nonsense. Your funds can be frozen with no recourse even if you're innocent. No-one will tell you what you supposedly did wrong. Everyone who hears about your predicament will make up reasons to believe that you'd done something wrong because they want to believe that the system doesn't make mistakes.

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1. LikesPwsh ◴[] No.46189818[source]
Most token holders use exchanges, where freezing accounts and just keeping the tokens is a daily occurrence.

That's not something solved by cryptocurrency in its current form.

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2. throw101010 ◴[] No.46190954[source]
You do realize that they get frozen only because of the fiat system regulations/laws?

These exchanges freeze accounts in fear of what governments might do to them if they weren't cautious/suspicious enough. They have no economical interest in freezing account otherwise, that's one less customer trading and paying them fees.

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3. lmm ◴[] No.46215454[source]
> You do realize that they get frozen only because of the fiat system regulations/laws?

Well, sometimes. Sometimes they get frozen because the exchange operator decides to take the money and run.