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Comment by TedDoesntTalk | Hacker News Reader

> We have forgotten why we used cryptocurrencies in the first place. The original promise of cryptocurrency was to become independent from banks.

Lots of things evolve and change and their original intent is twisted. It’s ok. Life goes on.

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> Lots of things evolve and change and their original intent is twisted. It’s ok. Life goes on.

Maybe, but that doesn't mean that a technology is still useful after it's lost its unique selling proposition.

But this is like saying email lost its unique selling proposition after Yahoo web Mail came along. Email was always useful and is still useful. Coinbase is like the first Webmail. Maybe it turns out most people like managing their Bitcoin through an app and not running a node 24/7 in the same way that most people are ok using an app for email even though it is still technically possible for anyone to run their own mail server.

People usually forget the fact that there was a reason why central bank or regular banks were created in the first place. It seems like the reason(s) still exist, hence Coinbase or any other crypto-exchanges are in demand.

How does that decentralized fiat on ramp look?

Fiat on ramps are already decentralized. Anyone can sell cryptocurrency for fiat. There is no centralized list of people who are allowed to sell cryptocurrency for fiat.

I believe it can be found at https://www.fincen.gov/financial_institutions/msb/msbstatese....

That's clearly not true. People have been arrested for acting as money transmitters.

Just because something is illegal in certain jurisdictions it doesn't make whatever no longer decentralized. If running tor nodes was illegal, it wouldn't mean the tor is centralized.

Imagine your SO saying this to justify cheating.

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