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Comment by CyberRabbi | Hacker News Reader

It’s hyperbole to say Bitcoin has no social benefit. It, at least, allows individuals to exchange payments between each other online without needing the consent of any private corporation or monopoly. Maybe it’s not the most efficient way of doing it but decentralization has a cost. I think we are all patiently waiting for better alternatives.

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Those individuals need the consent of at least two private corporations (whatever entity converts spendable money to Bitcoin and back on either end). Compare that to sending an envelope full of dollars.

> Those individuals need the consent of at least two private corporations

Not true, you can exchange Bitcoin locally with other individuals. Mailing paper money or checks over postal service is not comparable to making payments using Bitcoin online. Especially when considering international payments.

Yeah, but ultimately you want to spend that bitcoin on something, otherwise you're just trading rare baseball cards with your friend. At that point (and at the point where someone bought bitcoin to send you) you need contact with the real money system.

> you need contact with the real money system.

Yeah that’s what I’m saying. People meet up in real life and exchange Bitcoin for cash locally. Various forums, web systems, and message boards exist to facilitate this.

>> without needing the consent of any private corporation or monopoly

I'd say we all subsidize bitcoin and the likes indirectly and unwillingly through the price hikes in HW directly or indirectly attributed to something of dubious (to put it mildly) tangible value.

Bitcoin mining on anything other than ASICs is fools errand for many years now.

It still competes for fab space and raw materials.

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