Yesterday evening, all the bitcoin atm's disabled cash withdrawal.

submitted by [deleted] from (self.bitcoin)

sorted by:
top
newinsightfulfun
you are viewing a single comment's thread.

view the rest of the comments →

[–]jagworms 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (4 children)

I don't know wtf you just said, but it does not convince me that BTC isn't pie in the sky. Sounds like a good idea until you realize that it's just as easy to turn off as your state issued social credit digital ID.

[–]SoCo 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (3 children)

It is expressly and intentionally hard to turn off, I'm suggesting impossible. That's the beauty of decentralization. Yet, I've pointed out its centralized weakness that has been used to strangle Bitcoin before, the market enablers.

[–]raven9 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

So what happens if they shut down the exchanges?

[–]jingles 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

bitcoin is a scam... you will all get burned in the end.

[–]SoCo 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

You use an exchange they can't take down.

Definition: A decentralized exchange (or DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders.

Exchanges are centralized bottlenecks in the crytpocurrency's decentralized ecosystem. An exchange or DEX can be ran on an impossible to take down host; such as behind a domain hosts that resists censorship, behind a Tor hidden service, or using one of many peer-to-peer solutions, even running on top of a blockchain with automated contract code. A DEX can provide a whole exchange or just user to user bartering of crypto/fiat-cash, such as a zero restrictions version of LocalBitcoins.com. Before the exchanges existed, that is what crypto users did. They used localbitcoins.com and forums to buy and sell crypto between each other directly, using Ebay style reputation systems. It worked very well and I used it for years, mailing $100 bills to some unknown guy who would send coins to my address, without an issue. Then the restrictions, data collection, and account requirements increased as that site grew and was leaned on by bankers and their regulators.