×
top 200 commentsshow 500

[–]Hojabok 303 points304 points  (146 children)

You can't stop my node from verifying it

[–]Rorasaurus_Prime 292 points293 points  (139 children)

Sure they can. The Feds are perfectly capable of removing your ability to connect to the internet.

Edit: Downvote me all you want. What I said is factually correct whether you like it or not. Don’t pretend Bitcoin is completely beyond the reach of government manipulation for the individual. They can’t take your coins from you, but they can stop you participating.

[–]Jacked_1 147 points148 points  (19 children)

Technically speaking, this is 50% correct.

However, due to the unique level of decentralisation achieved by the BTC network, it would not be viable/feasible to apprehend every single operator's node.

Further, if the above somehow became true, they'd only be able to do so with public nodes. There is a vast portion of operators operating within the TOR network, I2P network, and others. Further, it becomes trivial to hide the traffic by changing the TCP Port, and tunnelling it over different protocols too.

[–]Tyler_Zoro 49 points50 points  (1 child)

Yeah this is key. Stopping a transaction is an exercise in whack a mole.

[–]orgy_of_idiocy 11 points12 points  (0 children)

whack-a-node

[–]BitcoinFan1239 25 points26 points  (2 children)

and we know they're too lazy to do this anyways

[–]Jacked_1 14 points15 points  (1 child)

Comes with the age.

[–]RepresentativeOk3943 3 points4 points  (6 children)

How do you know if the creator is not actually the government itself? Remember TOR was made public to hide the intelligence service operations in plain sight.

[–]Jacked_1 2 points3 points  (4 children)

Because it doesn't matter. The internet came around from the DARPA as well. When you make something open and transparent, it is built upon, and you have thousands of eyes looking at it.

You can create backdoors, but if it's open to begin with, it's very unlikely it'll pass multiple reviews without getting flagged. Further, the bigger it is, the less chance it'll pass as more people are looking it. Finally, Bitcoin's incentives rewards more by playing by the rules than breaking them.

Note that majority of governmental backdoors exist in centralised, proprietary solutions. In the open source space these are likely rare and in not so well known software (likely targetting a subset of audiences, I have yet to hear of a major case).

At this point, when it comes to open source software and digital currencies, I'd say there's a much larger chance that a shitcoin like Ethereum have governmental backdoors, not due to any "alleged" governmental ties, but rather due to the sheer complexity of the code when compared to the "simplicity" and very small track-record of change in Bitcoin.

Finally, the internet is built on sets of protocols. The best protocols are interoperable and simple. Case in point, SMTP(email). Its their simplicity that allowed the internet to grow at such a rate, and it's their simplicity and openness that makes those "standard" protocols be known to be safe.

Edit: Typo

[–]Zixxer 1 point2 points  (0 children)

Didn't actually know this, thank you!

[–]Accomplished-Data177 1 point2 points  (1 child)

So may I suggest that "possibly speaking" be used instead of "technically speaking?" even if half right? :D

[–]danicingl0bster 79 points80 points  (25 children)

My node is located in another country via VPN + TOR. Good luck shutting it down 👍🏼

[–]SrirachaThief 32 points33 points  (15 children)

It's funny the amount of people who are ignorant of TOR and VPN. If it was possible to shut down Bitcoin then they'd be able to shut down Torrenting piracy, but they can't. They even sent the founders of The Pirate Bay to prison, but yet the website Is still up and running till this day. Government can't stop something that's decentralized. I swear people who FUD Bitcoin are genuinely retarded.

[–]ToothyDMD 4 points5 points  (0 children)

Onions have layers

[–]ApeBux 3 points4 points  (1 child)

Alot of them are just serfs who love sucking on the dick of big daddy government, then you have alot of them who are just abuse victims of big daddy government who are just so beaten down they cant even imagine someone/something having the ability to stand up to them and telling them "NO" and being so strong there is actually very little the gov can do to stop it.

Watching the canadian dictator freeze bank account but fail at haulting crypto transactions was just some more battle testing that big Gov is unable to deal with it in any meaningful way.

Made me rock hard it did.

[–]Equal-Implement-2241 1 point2 points  (0 children)

Me too 🤣🤣 great text 👍👍👍👍👍

[–]Helpful-Cobbler-4769 -2 points-1 points  (9 children)

The state already controls BTC. Grow up. It will NEVER serve as money. Nor wages. Not FUD. Just economic reality. BTC is an abstraction and nothing more. Something for idiots to never stfu about at parties

[–]SrirachaThief -1 points0 points  (7 children)

Ask Canada and China how well they're controlling Bitcoin. Your stupidity is astonishing I swear.

[–]Helpful-Cobbler-4769 -1 points0 points  (6 children)

Oh. I didn't realize Canada and China were world reserve currency. When the eurozone starts denominating their debt in BTC, then you can beat your chest. Until then, just read your Hayek, jerk off to Ron Paul, and bag hold like a good little boy. 'i SwEaR."

[–]SrirachaThief 6 points7 points  (5 children)

Your world reserve currency USD is controlled by your precious American government. How well is it going for you? It's going to zero. Keep jerking off to your Biden dollars. Bitcoin will continue to operate with or without government. Literally nothing the government does can stop the Blockchain.

[–]DMC_007 1 point2 points  (1 child)

I’m a Bitcoin advocate but your theory here is flawed, what is Bitcoin pretty hardcore pegged to? USD… so if USD is going to zero then um.

I’m not a fan that this is true and it’s not the P2P currency it was set out to be but this is the current reality of it.

Also “Biden dollars” is pretty stupid to say let alone even think of… do our dollars change names with every President

[–]Horror_Aide4999 0 points1 point  (0 children)

Why are you here? And you must be fun at parties :)

[–]BitcoinFan1239 12 points13 points  (0 children)

this is the way

[–]Brave-Ad-5364 7 points8 points  (1 child)

Would love to here more about adding layers of anonymity to my node. I considered vpn, but not sure how that would interface with my network. Obviously new, but know enough to care and be curious.

[–]Pretty-Eye5258 1 point2 points  (0 children)

You'd be surprised

[–]Hvoromnualltinger 31 points32 points  (4 children)

they can stop you participating

No, they can't, unless they incarcerate you. This is why: The Bitcoin blockchain from space. No internet required.

[–]Envir0 4 points5 points  (3 children)

What if they use their anti satellite weapons? Checkmate coinbrainers

[–]WhiskeyTango311 4 points5 points  (2 children)

Do these anti satellite weapons run themselves or is there a person at the controls that goes home to their families at night? Reverse checkmate to the people so mighty behind their computer screens.

[–]charlespax 9 points10 points  (1 child)

They can't even keep drugs out of prisons.

[–]Romsel87 1 point2 points  (0 children)

Facts.

[–]iceman0855 10 points11 points  (1 child)

Sure they can, but what happens after they remove freedom of choice? They stop excisting.

[–]Wollandia 8 points9 points  (0 children)

Nah, they put a story in the media that the money was an ISIS transfer. Easy.

[–]jorge12b 13 points14 points  (14 children)

What prevents me from buying a prepaid SIM card to connect to the network?

[–]oafsalot 6 points7 points  (4 children)

Nah, most people I know have several options to connect to the internet. I can count 6 I have right now, including borrowing the neighbours net, which I already have passwords for. I also have several unregistered sims I can use.

They'd have to turn off my local exchange or fibre cabinet and my local cell tower too. I find it unlikely they would even try.

[–]98gffg7728993d87 3 points4 points  (3 children)

if they turn off your exchange go on bisq. Bisq would work no matter what, bisq has no servers, bisq is software just like torrenting software. it matches buyers and sellers and no records are kept

[–]TrevoltYT 1 point2 points  (2 children)

Yep. Decentralized exchange, I’d say even if you aren’t being shadow banned, use bisq. Fuck these central exchanges, you don’t wanna be giving money via fees over to the people we are trying to get away from, right?

[–]98gffg7728993d87 0 points1 point  (1 child)

Agreed I use Bisq exclusively haven't found anything that competes with it. Bisq treats me with the freedom that we all deserve.

[–]zombiecorp 8 points9 points  (0 children)

Turn off my internet, I will connect on cellular. Turn off cellular, I will connect on Sat phone. Turn off satellites, I’ll send peer to peer.

[–]CrypticButthole 1 point2 points  (7 children)

To truly remove access from the internet, you need to physically cut all the wires and jam every single radio frequency possible. That doesn't even take into account sneakernet to internet gateways in other places.

The crafty folk of BTC don't need ISPs nor the internet should ISPs bow down to a government order to shutdown traffic matching the Bitcoin networks characteristics.

Hell, at this point, we should be running dedicated infrastructure for BTC. As in, run our own fibers between cities, and run copper to the key nodes in said city, and creating interlinks between city nodes to make them fault tolerable.

Bitcoin is as a network old enough, and has enough money invested in it to have its own true physical network.

Wireless links intra city, copper to the nodes, and fiber between the cities, all paid for and installed with Bitcoin.

Delay tolerant carriers for cities that don't have fiber interconnects.

If we're supposed to be so scared of ISPs and Governments stepping in, let's pay for our own network and be done with it.

[–]deadontheinternet 1 point2 points  (0 children)

36 upvotes lololol. People tarded

[–]Raverrevolution -5 points-4 points  (15 children)

You're in a bitcoin subreddit. WTF are you even doing here casting stupid doubt for?

Bitcoin is global. You sound American. For the Feds to target one single person to stop them from connecting a node to the internet they would have to go as far as kidnapping you and keeping you a prisoner.

You're that person that no matter how Bitcoin progresses for the better of humanity you always say stupid shit like, "Duuuuur, well if it gets too big then the government will step in and shut it down" hoping that it fails so you can call people stupid and say, "I told you so"

Your energy isn't needed here and you're wasting your time.

[–]Jacked_1 16 points17 points  (13 children)

I think many haven't realised, and are in for a big shock when they do, that regardless of the level of adoption reached so far, the number of node operators at a planetary scale is so high that network can no longer simply be shut down.

This is the main distinguishing factor between BTC and shitcoins, and it cannot be replicated regardless of social status or capital.

Let that sink in for a moment, people.

[–]Raverrevolution 9 points10 points  (12 children)

I love when people come in and say the government will stop it, but completely forget that 99% of the planet still exists LOL.

I live in the USA and everyone who says that is from here. Meanwhile, you have lots of senators and representatives completely for it.

[–]Jacked_1 3 points4 points  (4 children)

It's the education cycle over decentralised tech. People are so indoctrinated by centralised infrastructure, it's hard to see outside the box.

[–]Kaiisim 229 points230 points  (72 children)

Thats great if I want to transfer 90 million.

If I wanna buy a candy bar, that 0.39 is massive.

The vast majority of transfers using the SWIFT bank system are under 5 euros. That tiny transaction fee is suddenly 10%!!

Edit: everyone saying "lightning network!" - how much does it cost to add $5 to my ln wallet? I still have to pay the transaction fee.

[–]norfbayboy 68 points69 points  (3 children)

The LN is appropriate for a candy bar. The blockchain is appropriate for 90 mill.

[–]Fotznbenutzernaml 35 points36 points  (0 children)

Lightning network exists for exactly that reason.

[–]keanu4EvaAKitten 18 points19 points  (25 children)

Lightning network solves that problem. On chain transactions fees are fixed. On LN they are proportional to the amount sent.

[–]ghosthacked 0 points1 point  (22 children)

No it doesnt because you have to pay the fee to open and close a channel.

edit

Just reread you comment. The on chain fees are not fixed. They are what ever is needed to get the transaction included in the block in time frame acceptable to you.

[–]keanu4EvaAKitten 2 points3 points  (10 children)

Wrong. You can simply use a custodial wallet like Wallet of Satoshi. Or even if you wanted to run your own lightning node, you could open a channel for a super low priority fee like 1.1 s/vbytes which usually amount to 13 cents in fiat, and then you could purchase 20 candy bars, one per day, for essentially no fee each time (probably 1-2 sats per transaction at the most) with instant settlement. Do some basic maths. Learn about Lightning.

[–]_risho_ 5 points6 points  (7 children)

Wrong. You can simply use a custodial wallet like Wallet of Satoshi.

what a bizarre world we live in where bitcoiners are unironically advocating for custodial solutions. someone is completely missing the point

[–]Adamsd5 5 points6 points  (0 children)

You wouldn't open and close a LN channel just for one transaction any more than you would open and close a bank account for one transaction.

[–]Jacked_1 24 points25 points  (9 children)

Yes, because let's use the settlement layer where we literally bid for block space for micro-transacting /s

4 years later, and there are still people that rather than question, basically state the inexistence of the Lightning Network.

[–]CryptoBehemoth 11 points12 points  (8 children)

Dude it took Bitcoin 10 years to reach 1% global adoption (and still, the word "adoption" here is debatable, because most people using Bitcoin are still speculators). You can't expect a layer 2 built on top of Bitcoin to become mainstream in half the time.

[–]Jacked_1 4 points5 points  (0 children)

I should clarify.

My expectation is not in LN becoming mainstream overnight, or over a 3 or 5 year period.

My expectation is that people who hit resistance in fees a settlement layer, question it and resort to researching alternatives.

One of the most common descriptions of Bitcoin is "Programmable money". This set should set the expectation for it accordingly.

Edit: Actually, I disagree with LN not being able to become mainstream in half the time. Due to the tech's exponential growth and to macro-economic states, I could very much believe that LN could become a necessity and hence grow faster. It hasn't hit mainsteam adoption but the number of nodes for lightning 3 years later is likely to be higher than that of BTC's in its first 3 years.

It likely won't happen, but I wouldn't be surprised should the economic conditions make it viable for thr environment.

[–]thefullmcnulty 7 points8 points  (3 children)

it took Bitcoin 10 years to reach 1% global adoption

Insanely fast and almost unbelievable level of progress for an open source decentralized monetary network / currency. All from a single point of origin too.

The trajectory and development of this network is incomprehensible. Hold on hodlers.

[–]Jacked_1 2 points3 points  (2 children)

I think it goes further. If one takes into account that the adoption of other currencies in history was slower, especially to reach the exchangeable currency and unit of account phases, and then note how the internet is the backend for Bitcoin, the exponential growth of tech makes the growth rate equally exponential.

[–]thefullmcnulty 2 points3 points  (0 children)

Bitcoin is an s-curve on top of the internets s-curve (which is built on top of many other tech s-curves) and Lightning is an s-curve on top of both.

It goes on and on and on this way as the bitcoin stack develops. I truly don’t think humans can understand where this is all going due to our limited computational / extrapolation abilities.

[–]CryptoBehemoth 1 point2 points  (0 children)

We are nearing technological singularity!

[–]BashCo 3 points4 points  (0 children)

Edit: everyone saying "lightning network!" - how much does it cost to add $5 to my ln wallet? I still have to pay the transaction fee.

You can add bitcoin directly to your Lightning wallet by purchasing it directly from an exchange like Kraken. The fees are quite minimal, especially if you buy $100 or so and just spend it how you need it.

But I realize that, in typical redditor fashion, you don't actually want to understand... so my explanation is pretty useless to you.

[–]TrymWS 9 points10 points  (1 child)

Just buy 90million dollars worth of candy bars, duh.

[–]Pezotecom 2 points3 points  (0 children)

If you need a massive scale computational network working as a settlement layer for adversarial transactions to but a candy bar, you are doing EVERYTHING wrong in life

[–]jaumenuez 3 points4 points  (19 children)

How much time and effort does it take to open a bank account? A LN channel is much faster a easier.

[–][deleted]  (18 children)

[removed]

    [–]Adamsd5 3 points4 points  (14 children)

    How about the Billion+ people who cannot open a bank account at all?

    [–]PrawnTyas 4 points5 points  (13 children)

    How about the billions of people that have little/no internet access, electricity or electronic devices to access and use Bitcoin?

    [–]Adamsd5 2 points3 points  (12 children)

    More people have internet access than bank access. But I agree with you that this problem needs to be solved. Fortunately it is much easier to get internet access to people than traditional banking. And with Bitcoin, they will at least have an option for storing wealth that cannot be easily stolen from them.

    [–]simplelifestyle 1 point2 points  (0 children)

    You are wrong! Please learn about Bitcoin's LN.

    [–]RiotOnVijzelstraat 157 points158 points  (9 children)

    And then they dumped them.

    [–]voluntarygang 52 points53 points  (2 children)

    And someone happily scoped them up.

    [–]Maticus 16 points17 points  (3 children)

    A gift for US plebs.

    [–]waterfucker_ 14 points15 points  (2 children)

    EU plebs too

    [–]Maticus 11 points12 points  (1 child)

    Damnit - us not US. autocorrect fail

    [–]waterfucker_ 6 points7 points  (0 children)

    Hahah, all gucci enjoy midsummer bro!

    [–]Jps300 0 points1 point  (0 children)

    And at the same time, someone bought them.

    [–]InternationalRadio1 151 points152 points  (49 children)

    It was from the Mexican drug cartel to the Columbian drug cartel....

    [–]ILike2TpunchtheFB 41 points42 points  (3 children)

    For a puppy party for their kids bday

    [–]Dormant123 23 points24 points  (7 children)

    Those people use Swiss banks.

    [–]bmdqj 1 point2 points  (0 children)

    Yeah most of them use Swiss banks but they are also getting upgraded with technology, now most of them are using other alternative as well, and Bitcoin seems good for them with less fee in bear market and no control of government as well

    [–]Silva77 8 points9 points  (1 child)

    Colombia is the South American country.

    [–]ricalamino 6 points7 points  (0 children)

    It used to be a bag full of dollars...

    [–]ElephantsAreHeavy -4 points-3 points  (7 children)

    So? The beauty about bitcoin is that it does not matter. All you need is the sender and receiver of the money to agree on something, and nobody else can tell them what is right or wrong.

    [–]SecretDevilsAdvocate 1 point2 points  (3 children)

    Yk I’d rather prefer drug cartels aren’t be funded but you do you

    [–]No-Land-5740 10 points11 points  (0 children)

    That's solved my everyday problem.

    [–]kingofthejaffacakes 24 points25 points  (6 children)

    They could track it and order exchanges to put a hold on it if it passes through their hands though.

    They could maintain a centralised ledger of "criminal" UTXOs and require that all businesses check that ledger before accepting payment for goods in bitcoin.

    Some of the larger lightning nodes that operate within their jurisdiction could be told the same.

    It's not quite as rosy a picture as is being painted here.

    [–]cpt_charisma 3 points4 points  (1 child)

    order exchanges require that all businesses

    You mean all exchanges and business in their jurisdiction

    Lightning nodes don't know my UTXOs

    [–]kingofthejaffacakes 0 points1 point  (0 children)

    Yes I did mean "In their jurisdiction". That's still likely who you're gonna want to do business with.

    And lightning nodes will know the utxo that funds the channel.

    [–]LordBobTheWhale 1 point2 points  (3 children)

    Bitcoin's ledger is public, correct? So even though BTC itself decentralized, a centralized system could permanently thwart a person from using it if that system decided your coin was dirty?

    [–]kingofthejaffacakes 4 points5 points  (0 children)

    Yes, pretty much.

    Bitcoin has a lot of good qualities, but fungibility is not one unfortunately.

    [–]thehello258 -1 points0 points  (1 child)

    that's literally why blockchain is both amazing and scary at the same time. It's just a matter of time until they find out the person who sent those bitcoins. If I sell some dirty coin and they pick up on it, they can just keep tracing it until it gets to someone they know, they pull the string until they reach the loose end, aka, poor me. rip me in federal prison

    [–]goshetovan 3 points4 points  (0 children)

    And if you sent it to a wrong address it's bye bye

    [–]hardolaf 55 points56 points  (40 children)

    My bank has free ACH up to $1,000,000,000 per transaction. So that's a 0% fee.

    [–]Wash_Your_Bed_Sheets 28 points29 points  (31 children)

    Isn't ach like 1-5 business days transfer?

    [–]SecretDevilsAdvocate 11 points12 points  (7 children)

    Yk what. I’m willing to wait a few days if I’m transferring that much money :P

    [–]thefullmcnulty -2 points-1 points  (1 child)

    What about an international wire?

    Edit: bitcoin is an objectively superior value transfer / storage protocol to banking in every technical way. It’s faster, cheaper, more secure and programatic (always right).

    [–]iacon50 3 points4 points  (0 children)

    They can stop it if they want and if it's something not right.

    [–]bittrader3000 4 points5 points  (0 children)

    Bitcoin for the win man, just look at the fucking fees there.

    [–]dogmarsh1 30 points31 points  (18 children)

    How many people are gonna be transferring 90m regularly? Bank transfers are free anyway where I’m from.

    Banks aren’t a problem they flag up dodgy behaviour to catch people doing illegal things. Why would you want to prevent that?

    Genuinely curious.

    [–]Accomplished-Video71 6 points7 points  (6 children)

    Because I don't believe illegal = immoral.

    [–]chazmusst 5 points6 points  (1 child)

    Illegal is a vague approximation to immoral

    [–]dogmarsh1 2 points3 points  (2 children)

    Not everything illegal is immoral sure but banks as far as I’m aware only really block money for reasons such as fraud and scams - which is immoral and illegal.

    If you’re talking for drug use then it’s also easy to use a bank to buy drugs. Will Bitcoin transform the world because it bypasses you going to a cash point to buy a g?

    [–]Jaseur 0 points1 point  (5 children)

    Maybe I just want to donate to a cause the govt doesn't approve of.

    [–]ahjota 6 points7 points  (3 children)

    What causes do governments not approve?

    [–]Jaseur 2 points3 points  (1 child)

    Protests such as the truckers in Canada.

    [–]Itchy_Project5926 0 points1 point  (1 child)

    99% of drugs are bought with government made fiat currency lol

    [–]dogmarsh1 1 point2 points  (0 children)

    I was thinking more about fraud and scams than drugs. I agree it’s easy to buy drugs.

    [–]SaneLad 6 points7 points  (12 children)

    May I interject, a lot of entities verified the transaction. And they would have stopped it if it had been invalid.

    [–]RE1SY 1 point2 points  (11 children)

    Could this prevent extortion/ransom in the future? Asking as a genuinely hopeful yet uneducated redditor.

    [–]SaneLad 13 points14 points  (8 children)

    If you can convince 51% of miners that you were being extorted and get them to care, sure.

    So, no.

    [–]RE1SY 1 point2 points  (3 children)

    You're right. That's grim.

    [–]Jacked_1 2 points3 points  (2 children)

    One of the reasons why people signing up to BTC with KYC and/or posting on this sub how much they've accumulated, don't realise the impact of what they're doing.

    In 15, 20, 40 years? The timechain will remember. The internet will remember. And the fact that those issues are tied back to fiat, is even more of a problem.

    Stack sats, and learn to protect your custody, rather than shout about it and/or delegate it away.

    [–]RE1SY 1 point2 points  (1 child)

    Yeah I get why people are excited but financials are just something you should keep private always, especially this day in age. Unless it's the IRS. 🙃

    [–]motaconan -1 points0 points  (3 children)

    If you can convince 51% of miners

    That wouldn't do anything because the other 49% of miners would be willing to include the transaction in a block that they solve.

    [–]VPNApe 1 point2 points  (1 child)

    It's not like money the banking system is protected from ransom/extortion.

    If you wire money it's gone, so you're basically dealing with banking hassles for no added security.

    [–]guywithbraces2 8 points9 points  (0 children)

    "It’s not insanely cheap. The cost is high, it’s just entirely borne by holders via inflation. When inflation is gone, I would not dare to accept a 90m transfer on Bitcoin." - Hasu

    [–]edcocacola 2 points3 points  (0 children)

    Well yeah but still they can do it, I hope you know that.

    [–]otto5318 2 points3 points  (0 children)

    Nice to see the transaction fees I mean that's the major point of it we can transfer whatever the amount we want with this kind of a fees. It's just so good to see that.

    [–]fatrix03 2 points3 points  (0 children)

    Thanks for sharing this I never knew the real transaction fees of Bitcoin with that kind of amount I am just impressed with the transaction fees and it's just making me so happy.

    [–]cbr815riders 2 points3 points  (0 children)

    Well I am not going to argue with you on the future thing but still they can stop that transaction if they want we have to understand this stuff pretty carefully.

    [–]zan2434 2 points3 points  (0 children)

    good to see the real good amount of gas fees with it man.

    [–]Professional-Tea2397 29 points30 points  (44 children)

    There are pros to being able to shift such a huge amount of cash with no restrictions, but there are also cons to this which shouldn't be glossed over.

    [–]carsongwalker 115 points116 points  (1 child)

    You quite literally just glossed over them...

    [–]yoyoJ 1 point2 points  (0 children)

    Lmfao “should not be glossed over” ...proceeds to gloss over

    [–]blario 78 points79 points  (28 children)

    And being vague is very helpful in making sure we don’t gloss over them.

    [–]Xploited_HnterGather 7 points8 points  (4 children)

    As in spell them out please for those of us who are a little dense?

    [–]BTC-maxi 3 points4 points  (2 children)

    This low transaction fees doesn't bode well for the future when transaction fees alone are going to have to secure the network

    [–]-Sliced- 4 points5 points  (22 children)

    I’ll assume you are not being dense, but just unaware of the downsides.

    The ability to anonymously transfer a large amount of money is often used to extort people, companies, and public organizations. This has led to the proliferation of ransomware. You can Google for “hospital ransomware” and you’ll see news on it every day.

    [–]blario 12 points13 points  (7 children)

    The ability to move money is not what extorts people. Blackmail extorts people. Ransom extorts people. A gun to the head extorts people. Your ability to control your own money does not extort people.

    [–]leftysarepeople2 3 points4 points  (6 children)

    Decentralized detached accounts make it easier though

    [–][deleted]  (2 children)

    [deleted]

      [–]leftysarepeople2 7 points8 points  (0 children)

      Remaining anonymous is a big part of blackmail. Find me the last direct bank account/cash pickup from ransomware

      [–]RE1SY 0 points1 point  (2 children)

      Damn are you saying governments/entities are good!?

      [–]leftysarepeople2 2 points3 points  (1 child)

      No. I said accounts not attached to people/businesses make ransomware schemes easier

      [–][deleted] 3 points4 points  (13 children)

      Right because none of this existed before bitcoin.

      [–][deleted]  (4 children)

      [deleted]

        [–]-Sliced- 4 points5 points  (7 children)

        Extortion is human nature. The scale enabled by cryptocurrency is a lot larger due to the technical advantages.

        [–]norfbayboy 3 points4 points  (6 children)

        Technical advantages are tools. Such as hammers. They can be used for bad things, or used to build. It's not the hammers fault, nor the fault of builders when those tools are misused.

        [–]Herosinahalfshell12 2 points3 points  (0 children)

        Such as?

        [–]dlq84 8 points9 points  (2 children)

        Ok, name them.

        [–]be_bo_i_am_robot 7 points8 points  (0 children)

        The fact that we can all see this transaction.

        [–][deleted]  (4 children)

        [deleted]

          [–]dlq84 3 points4 points  (2 children)

          We probably don't have to deal with them. I bet all the cons they might list is human problems, not Bitcoin problems.

          [–]Jacked_1 1 point2 points  (0 children)

          This is all coming from people that buy with KYC, shout on reddit about how much they have, and then sell, pay the taxes, and post again about how they want to get back in.

          Seriously, this KYC shit took BTC down a dark trend.. For those people, that is. When they realise how much of their "fiat" data they've tied to the timechain down the line (Because it'll always remember), they'll be in for a major wake up call.

          [–][deleted] -1 points0 points  (0 children)

          There is no cons

          [–][deleted] 4 points5 points  (0 children)

          90mil turned into 25mil the power of coin lol

          [–]DadofHome 1 point2 points  (0 children)

          Peer to peer transactions can not be stoped! But be aware the on ramps off ramps and centralized exchanges have been will be the target by governments and the only way they can “slow” the growth.

          [–]Kirk8829 1 point2 points  (2 children)

          A fee of 0.39 is hard to believe but def cheaper than any bank

          [–]Samy26 1 point2 points  (0 children)

          I paid 6 dollars to send two thousand and this guy paid less a dollar! how?

          [–]FoulmouthedGiftHorse 5 points6 points  (1 child)

          How much did YOU pay for YOUR transaction fee?

          Doesn't something like this tip you off that this game is rigged by the people making $90 million transfers????

          [–]ddevaux 1 point2 points  (0 children)

          I want to know the real reason behind this transaction fees.

          [–]digiorno 1 point2 points  (3 children)

          Friendly reminder that Coinbase won’t let you pull your coins off their walled garden without listing a physical address and purpose for the transaction starting June 27th.

          [–]vitek_sv 1 point2 points  (0 children)

          Thanks for this kind of a friendly reminder here man lol.

          [–]stephen4557 1 point2 points  (0 children)

          Hopefully the transaction wasn’t fraudulent

          [–]Intelligent_Suit_861 1 point2 points  (1 child)

          And bitbuy still charge me $60 to move a lil Bitcoin, fck bitbuy

          [–]tranceology3 1 point2 points  (0 children)

          And next week that person can transfer the same bitcoin worth $45M for only $0.18!!!

          Think about that, getting even a better rate when BTC drops 50%! A savings of $0.18! Doesn't get better than this folks.

          [–]grey_smile 0 points1 point  (0 children)

          Separation of money and state is absolutely essential.

          [–]patrickisgreat 1 point2 points  (2 children)

          This isn’t enough to make Bitcoin, or any crypto, “the future,” of money. If retail investors and consumers don’t have any protections in place, and they can’t use it with the same exact ease as they can USD (without behind the scenes conversions back to fiat) it will never be mainstream. If the value of one Bitcoin, or any cryptocurrency, has volatility beyond that of USD from day to day. It won’t become mainstream.

          [–]vasilenko93 1 point2 points  (3 children)

          Yeah but that is Bitcoin. This assumes you have the Bitcoin and the receiver wants the Bitcoin and intends to hold it. In reality what happens is people have the dollars and the receiver wants the dollars, so by using Bitcoin you add an additional step.

          Lets compare how one sends $90 Million

          Without Bitcoin:

          1. Wire the money

          Through Bitcoin:

          1. Find an exchange that will allow you buy $90M worth of Bitcoin
          2. Wire the money to exchange
          3. Pay exchange fees to buy
          4. Exchange sends you $90M worth of Bitcoin
          5. Send $90M wort of Bitcoin to your recipient
          6. Recipient finds an exchange that will allow you sell $90M worth of Bitcoin
          7. Send Exchange $90M worth of Bitcoin
          8. Pay exchange fees to sell
          9. Exchange wires you the money

          Wtf

          [–]VPNApe 0 points1 point  (1 child)

          No fucking duh sending fiat thru a fiat system is a simpler way of sending fiat.

          By your logic if I want to send Bitcoin to someone I have to first sell it for fiat, send fiat, then have the recipient buy Bitcoin.

          [–]Unique-Major-4360 -1 points0 points  (5 children)

          I transfer 400$ in btc and paid a fee of 40$

          [–]SomeBrokeChump 5 points6 points  (4 children)

          That was your choice to overpay. I just sent a transaction and I paid a fee of 175 sats & 175 sats is only worth $0.03

          https://blockchair.com/bitcoin/transaction/87e7f0547df9480f3016a803e0b3dd0b54d5777adaa7c3451f8f40b59f787295

          [–]winecoolermike 1 point2 points  (0 children)

          What’s not said In that post is the guy got hacked for $90M and now can’t get it back.

          [–]pinkwar 0 points1 point  (1 child)

          Criminals laughing in the background.

          [–]WiseCapitalOrg -3 points-2 points  (7 children)

          lol this isnt nothing, any decent chain can do the same

          [–]noknockers -1 points0 points  (4 children)

          any decent chain

          Name 3.

          [–][deleted]  (2 children)

          [deleted]

            [–]norfbayboy 10 points11 points  (1 child)

            None I'd be keeping 90 million dollars in.

            [–]SomeBrokeChump 0 points1 point  (1 child)

            Those other cryptocurrencies aren't as decentralized as Bitcoin and they aren't as secure as Bitcoin. So what's the point?

            [–]AmAttorneyPleaseHire 0 points1 point  (0 children)

            I think you mean they transferred $38,502,839 worth of Bitcoin

            [–]OLDSCHOOLGG 0 points1 point  (1 child)

            I just pulled out 20$ from an ATM and got charged 4$ 🤷🏻‍♂️

            [–]PedroCardoso2085 1 point2 points  (0 children)

            Lol this is what happens with these shitty banks my man.

            [–]TrevorBo 0 points1 point  (1 child)

            Ah so the wealthier you are, the lower true fees you pay. Seems fair. /s

            [–]InternationalRadio1 -1 points0 points  (6 children)

            Can't any blockchain worth it's salt do this.....nothing unique about bitcoin.....

            [–]SomeBrokeChump 3 points4 points  (1 child)

            Those other cryptocurrencies aren't as decentralized as Bitcoin and they aren't as secure as Bitcoin.

            [–]InternationalRadio1 2 points3 points  (0 children)

            This is true.

            [–]3DprintRC 2 points3 points  (0 children)

            Can they do it when they're as big as Bitcoin is now?

            [–][deleted]  (6 children)

            [removed]

              [–][deleted] 2 points3 points  (1 child)

              Everything is legal as long as the government gets their percentage of it!

              [–][deleted] 3 points4 points  (0 children)

              Lmao correct

              Government is just the mafia without cultural identity

              [–]tycoonrt -1 points0 points  (1 child)

              Why I need to pay fee for transaction . If bitcoin is a decentralised currency then it should be free.