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by djcapelis 3133 days ago
Show me a regulator who is able to do any of those things with cash transfers of USD?

Bitcoin can though. 51% of users could just outright fork and annul whatever transaction they want, no?

In addition, we’ve learned over and over again that non-reversibility is not necessarily even a desirable property to have in a payment system, which is why so many non-cash payment systems have built those in.
2 comments
kobeya 3133 days ago
No they have to re-write the history. The cartel of minors does not set the rules of bitcoin. It can only undo transactions by doing more work to write an alternate history. Even with the majority this is often unfeasible in practice.
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zkms 3132 days ago
> Show me a regulator who is able to do any of those things with cash transfers of USD?

Holding and/or transporting large amounts of cash is extremely fraught, especially across borders. US legal authorities regularly seize cash without due process and without meaningful judicial recourse. Most US banknotes are contaminated with cocaine, so it's prima facie laughable that a narcotic-detection-dog alert on a pile of money is seen as sufficient evidence that the money was obtained via the drug trade (thus allowing its seizure) -- yet this is a very common tactic.

The ability to transact in cash is meaningless if governments (and entities authorised by governments, look up "sewer service" or "gutter service") can seize cash without even a pretence of due process.

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