Comment by mrtksn
6 hours ago
The problem with Bitcoin being on your computer is that its useless there. No one in the gambling world cares about on-chain exchanges either.
Besides, when its in your computer they send you a modified computer with an esim and steal it just like that: https://news.ycombinator.com/item?id=50054092
The whole thing is a shady casino where the code is the law and who knows maybe the Binance guy actually made a deal to send $5B of crypto for a really cool NFT when drunk and now pretends that its a hack? We will never know, the code is the law and the law says that someone else has it now.
In crypto, you should gamble fast lose or win and get out. Pay/receive the ransom and get out. Pay/receive your drug/guns/espionage money and get out. You should never keep crypto if you are not OK with losing it.
>The problem with Bitcoin being on your computer is that its useless there.
If you want to use the BC on your computer, you can transfer it to wherever you want.
Like Binance you mean? It's slow, expensive and they get you at the place where you transfer it. You transfer it because its useless in your computer.
Binance, and most other exchanges, don't charge platform deposit fees. USDC/T is not expensive to transfer.
3 replies →
Its the difference between gold and fiat.
Pirates wanted gold because they did not belong to any State to issue them IOU.
But owning the gold in a locker and trading with the IOU of the bank means you need to trust the bank instead.
You skipped the step where gold and silver is used as coinage for everyday transactions. You can in fact own the physical metal and spend it without an IOU.
Although you physically can transact with physical gold. It isn't practical.
2 replies →
Pirates of the Spanish Main, Pieces Of Eight popular conception wanted plunder, and gold was being shipped in fat galleons. Fiat currency was not available for them to plunder, because banknotes were not, in any significant commune, mined in Spain's new-world colonies and transported to Castile.
Pirates were not necessarily stateless. Drake sailed with a letter of marque. I'll grant there may be contemporary pirates off the horn of Africa who would be hard pressed to obtain a passport.
Blackbeard's thoughts on financial mechanisms are lost to us, sadly.
I think you're trying to explain that fiat currency is predicated on trust. Thanks; that cleared up some misconceptions.
Unfortunately, it turns out that crypto is also, on inspection, predicated on trust: chiefly, trust in the infosec of whatever party maintains your wallet. That trust has been violated maaany times. I've also personally formatted a disk holding a decent chunk of coin (fuck me for trusting myself).
A better analogy would be if gold could spontaneously vaporise and escape any container. Hydrogen is notoriously difficult to contain - it would be a more accurate metaphor.