You're almost there. Think to yourself now: what was it that happened in the past that necessitated the need for a large regulatory apparatus, auditors, etc.?
"With Bitcoin you do not get government bailouts" -- yeah maybe not yet? Is it beyond belief that a government with leadership deeply invested in crypto currencies might take action if something super disruptive happens?
Possible. But Bitcoin is hard capped at 21 million coins. The government can peint more paper money to bail a company out if it makes stupid decisions, but they cannot print more Bitcoin. This will devalue the paper currency even more and also increase the value of Bitcoin. Bitcoin is called a hedge against inflation for a reason.
> With Bitcoin you do not get government bailouts like what happened during the beyond reckless banks in 2008
It is not beyond imagination that the most popular Bitcoin blockchain (and thus, the label of being the "real" Bitcoin) could change at some point in the future.
"Bitcoin" is not immune from the implications of political fuckery.
By what mechanism? The whole point of bitcoin is that you can’t force a consensus change. This is enforced by the algorithm and the laws of thermodynamics.
Bitcoin has forked a few times it's creation: https://en.wikipedia.org/wiki/List_of_bitcoin_forks
The determining factor for which fork is successfully is bases on the Bitcoin node runners and miners choosing which fork they devote their resources to.
Governments around the world are 100% attempting different plans to destabilize or destroy Bitcoin because it harms their interests and ability to print money from thin air. But at the end of the day it's a distributed ledger, so even if they do find a way to manipulate or damage or takeover the network the Bitcoin users can just fork it from before they did their damage and continue from there. That is the ultimate power of a decentralized blockchain, nobody has ultimate power and everyone votes with their resources.
I would be willing to bet the current administration would in fact do whatever they could to undermine the dollar's value, including propping up a digital currency when it should fail.
I don't see a reference to a government bailout in the article you listed. The chain was forked by the community to the state before the hack and most users switched over this supporting this fork and calling it Etherium going forward.
You say that but I work in fintech (granted, one of the larger more corporate ones, after an acquisition) and we are heavily regulated, and audited.
You're almost there. Think to yourself now: what was it that happened in the past that necessitated the need for a large regulatory apparatus, auditors, etc.?
Wall Street is heavily regulated and audited, and still is 'beyond reckless', causing global financial calamities multiple times.
>You say that but I work in fintech (granted, one of the larger more corporate ones, after an acquisition) and we are heavily regulated, and audited.
I have seen some toe curling shit in fintech.
funniest thing I read this year on HN - well played mate, well played!!!
How big was it when you joined?
Bitcoin is a crypto-currency/blockchain. Coinbase is a corporation that allows users to buy/trade crypto-currencies.
With Bitcoin you do not get government bailouts like what happened with the beyond reckless banks in 2008.
"With Bitcoin you do not get government bailouts" -- yeah maybe not yet? Is it beyond belief that a government with leadership deeply invested in crypto currencies might take action if something super disruptive happens?
Possible. But Bitcoin is hard capped at 21 million coins. The government can peint more paper money to bail a company out if it makes stupid decisions, but they cannot print more Bitcoin. This will devalue the paper currency even more and also increase the value of Bitcoin. Bitcoin is called a hedge against inflation for a reason.
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> With Bitcoin you do not get government bailouts like what happened during the beyond reckless banks in 2008
It is not beyond imagination that the most popular Bitcoin blockchain (and thus, the label of being the "real" Bitcoin) could change at some point in the future.
"Bitcoin" is not immune from the implications of political fuckery.
By what mechanism? The whole point of bitcoin is that you can’t force a consensus change. This is enforced by the algorithm and the laws of thermodynamics.
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Bitcoin has forked a few times it's creation: https://en.wikipedia.org/wiki/List_of_bitcoin_forks The determining factor for which fork is successfully is bases on the Bitcoin node runners and miners choosing which fork they devote their resources to.
Governments around the world are 100% attempting different plans to destabilize or destroy Bitcoin because it harms their interests and ability to print money from thin air. But at the end of the day it's a distributed ledger, so even if they do find a way to manipulate or damage or takeover the network the Bitcoin users can just fork it from before they did their damage and continue from there. That is the ultimate power of a decentralized blockchain, nobody has ultimate power and everyone votes with their resources.
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I would be willing to bet the current administration would in fact do whatever they could to undermine the dollar's value, including propping up a digital currency when it should fail.
There was a government* bailout in Ethereum, however. https://en.wikipedia.org/wiki/The_DAO
The government of Ethereum is not the US government.
I don't see a reference to a government bailout in the article you listed. The chain was forked by the community to the state before the hack and most users switched over this supporting this fork and calling it Etherium going forward.
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Ah yes, I remember all the times they hacked bitcoin
It's been a while, but it has happened:
https://nvd.nist.gov/vuln/detail/CVE-2010-5139
lol monero in username
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There's a great index of hacks here https://www.web3isgoinggreat.com/?theme=hack
It's breathtaking how frequent these are.
That’s like saying the $USD was hacked when a bank gets breached.
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