Posted on 02/24/2021 6:19:38 AM PST by ConservativeDude
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.
(Excerpt) Read more at satoshinakamoto.me ...
I brought this idea up last year but with information. I compared it to blockchain. I thought blockchain was already utilizing peer-to-peer. If we can revolutionize internet communication to be torrent style widely disseminated data sharing, the only way to censor people would be through the entire infrastructure itself, and if the data is not only spread out, but also encrypted, that would be difficult to do.
The Rothschilds ain’t gonna like this.
Or Visa/Mastercard.
quite right, quite right
Do you know these?
I think they can perhaps both contribute to a decentralized future?
And yes, blockchain is peer to peer. But most bitcoin transactions still use intermediaries like Coinbase, because we find it convenient. But really, it is and can be peer to peer. I believe the Satoshi white paper describes the first blockchain :)
(please note I’m not a technical person, so if I say something wrong, I apologize)
Just think of all the untaxed capital gains....
But keep reading.....they can’t really stop it.
And the credit cards are already figuring out ways to get a little piece of the action, and that’s ok. It helps mainstream the technology and make it seamless for consumers.
https://help.coinbase.com/en/coinbase/trading-and-funding/coinbase-card/coinbase-card-for-the-us
And this is really the platform on which the future will be built (in my opinion and more importantly in the opinion of others who are infinitely smarter than moi):
I’ve been wanting to read this. Thanks.
you’re so welcome!
it’s interesting to see where Satoshi puts the emphasis, right? he tees it all up as solving the double payment problem, which was the thing that hadn’t been done. really, it’s a model of crisp technical (but accessible writing).
and with all of the inflammatory/emotion around bitcoin, it’s refreshing to read something that is just factual and unemotional.
just a thought....
but I will NEVER sell my bitcoin or ethereum, for exactly that reason. I refuse to let the government have one red cent for something that they contribute nothing to, and in fact, actively hinder.
But if I get to the point where I want to access that accumulated value, I will get a loan, using the bitcoin and ethereum as collateral, something like 10% loan to value. The whole DeFi movement will make this possible.
And, if the underlying collateral continues to increase in value, then, in few years, you refinance.
Something like that.
But in any event, you are right, there will be billions in taxes paid on this new asset class and its gains.
But paying capital gains is optional. There are ways (legal) around that.
Gold is the Money of Kings
Silver is the Money of Gentlemen
Barter is the money of Peasants
and Debt is the Money of Slaves
and taxation is the ransom payment of sub-slaves :)
“ Just think of all the untaxed capital gains....
Legally, they are taxed in the US as an asset.
This year you have to go on record on page 1 of the tax form.
And Bitcoin is not private.
Amazing how many are okay with the concept of Bitcoin ... and then okay with that Bitcoin being forcibly taken from them under threat of law. Those two concepts make strange bedfellows.
well, in our “system” it’s no secret that if you sell an asset for a gain....you owe tax :(
but if you don’t sell it, and never make a taxable gain....no tax
and sure the government may eventually come after bitcoin just held, but, that’s the beauty of it. it is decentralized. if you own your keys, then you own your BTC and no one can just take it away. (covered in Satoshi’s white paper).
As I understand it, currency should be:
Durable
Portable
Fungible
Divisible
Acceptable
Uniform
Limited in supply
I will take the word of my tech savvy betters, that Bitcoin has all of these characteristics - except one: acceptability.
I think it is too hard for the average person to understand when compared to, say, gold.
to transact on a day to day basis, it needs to be converted (sold) into fiat.
that’s a reality.
but it’s not that difficult. lots of mechanisms out there to do that.
and you make an excellent point.
in order for the whole bitcoin/ethereum/blockchain thing to be the next internet, the next personal computer, the next big thing, whatever that is....
it must be used and adopted by normal people who do NOT understand the technology, and don’t need to.
they are simply doing something differently which makes their life a little better
I don’t think anyone knows or can really project when/where/how bitcoin/ethereum/blockchain makes that move into the mainstream
but if it does, then, it will be here to stay and the bitcoin maximalists (and ethereum maximalists) will be proven right and will be crazy rich.....
(there was a time when only tech people thought that the internet was cool, and that owning a computer was cool....)
“..(there was a time when only tech people thought that the internet was cool, and that owning a computer was cool....)”
Point well taken - and I agree - with one caveat:
In the case of personal computers, the average user doesn’t need to understand the technology in order to be convinced of its usefulness. Similarly, we don’t all need to be auto-mechanics to drive automobiles.
Is that the case with a currency? I don’t think so. I think there is no way to trust a currency without understanding of what it is - or at least thinking you do.
Perhaps there should be an eighth characteristic: tangibility.
yes
I think the future of blockchain/ethereum/bitcoin is in the technology and the web 3.0.....not in the use of bitcoin as currency
i agree that until billions of people can just use the system that is emerging without knowing/thinking about it, then it hasn’t reached full potential
that seamless nexus with normal people has to be created....as it was with computers and “the internet”
i think that will happen, and I’d say within ten years
but if it doesn’t, then, ethereum/blockchain/bitcoin will simply be a niche for crypto-nerds
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