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Comment by westoque | Hacker News Reader

Isn't it ironic to use a REST API to send BTC vs say using what any cryptocurrency is intended for? To use their native APIs to transfer value. The aim of decentralization is to eliminate that third party but this puts it back. We've come full circle.

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A better wording would be that the aim of decentralization is the option to eliminate the third party. If someone wants to use a third party to transact then he should have the freedom to do so. Similarly, if someone wants to transact with another party directly then this should also be allowed.

The idea "everyone should be their own bank" is a great idea, and most should endeavor to do that, but it fails often for a variety of legal and regulatory reasons.

Suppose you are a company, with a myriad of shareholders, do you: (a) Setup a crypto wallet and give Frank and Bill the keys, or (b) Outsource to reputable 3rd party.

I can tell you which your shareholders would prefer.

The Bitcoin network supports a theoretical maximum of 7 transactions per second, so they’re probably eager to do it some other way.

Lightning though... Amiright!?

I'm setting up a node as soon as my ssd arrives.

Coinbase has been the slowest to adopt new bitcoin features since they realized their business model is actually an altcoin casino.

Is "as soon as my ssd arrives" the new "the check is in the mail"?

Ha, no I really do have one coming.

You are setting up a Lightning node? For?

> You are setting up a Lightning node?

Yes.

> For?

To learn, and for myself and friends to use. Vague question.

I want the Lightning network to be the BTC solution to transaction throughput and privacy, but I don't know that it is. Figure best way to find out is to get my hands dirty.

Ok. I’m interested in monetising modern crypto mining so I’m always interested in hearing about people’s ideas.

I don't this is ironic. I think this is a pretty cynical attempt at wrapping the "Coinbase platform" around more layers of crypto than they already had.

Embrace, extend...

Middlemen have to middle, that’s the model of a middleman. As long as they provide some perceived value over the same without middlemen they will be profitable. In this case, coinbase abstracts crypto away from technically illiterate who want to ride the crypto wave without learning the technicals.

People who understand technicals might use AWS which provides tremendous value for many. I believe Coinbase wants to build AWS for crypto.

Haven't used it directly in forever but bitcoind had a rest API early on.

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