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by mrvc
5481 days ago
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1. Apologies for the misunderstanding. I didn't mean to say the code will be open to exploits, I meant the code will intentionally contain a backdoor at an agencies behest. Exploits are another matter entirly and open source has its pros and cons for that purpose. 2. Then TOR bridges could be blocked at ISP level or made illegal. We're starting to see censorship arise on the internet and it's possible. 3. Many of these use cases are of course valid, But I will add their exist transaction fees which are paid when bitcoin are transferred, plus exchange fees when bitcoin is exchanged for real currency. It's not a fee free currency as suggested. I would add (and this is of course a guess) that most users will have illegal purposes and intent in mind. If only because they have most to gain from Bitcoin use. Most average folk don't ever see a 2% Visa fee as business absorbs this cost, so for a user purchase fees for everyday goods is not a value driver. I can see it being used for tax avoidance, money laundering and payment for nefarious purposes. Other use cases do not stand up to value analysis. |
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2. Tor bridges can't be blocked because the ISP won't know the IP of them. Please inform yourself about what a Tor bridge is.
3. Have you used Bitcoin? Transaction fees are voluntary. You pay them if you want the transaction to be faster. Compare that with the fees you pay with Paypal even for sending money to a friend. Or compare it with the slowness of an ACH. A Bitcoin transaction without fee still beats an ACH transaction for several days. About money laundering and illegal activities, Bitcoin is as anonymous as having an offshore account in a tax haven: it's usually possible to trace down who the person is. If you dig in the Bitcoin community you'll see one of the most repeated questions in the forums is how to report to the IRS the money earned in Bitcoins. Right now most users of Bitcoin are partly ideological, like GNU/Linux users 10 or 15 years ago. It's about freedom. About having a currency not manipulated (inflated) by Governments.
I think you're believing the FUD spread by some people about Bitcoin.