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Comment by mkleczek | Hacker News Reader

https://news.ycombinator.com/item?id=46432107

I wonder if (when?) elites are going to use and support Bitcoin. Oppressive governments will force citizens - even such powerful as judges - to search for escapes.

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The banking cartel will outlaw any real alternative. Bitcoin, Brics crypto system, whatever. And they will confiscate gold like back in the 30s. If they don't their magic money faucet will end. And they started wars for much smaller threats to their dominance.

First, a French judge has no power in the US. Second, Bitcoin is utter shit: it is not sustainable and mainly used to prop up criminals. Third, if money can be hidden and taxation becomes very difficult or impossible, society will collapse, and the "elite" loses its position. Bitcoin is not an alternative.

Cash is more anonymous and less trackable than Bitcoin and the society didn't collapse.

Then why should we use bitcoin?

Cash is a bit bulky and can't be sent over fiber.

https://en.wikipedia.org/wiki/Hawala

Hawala is such a simple, effective, and relatively anonymous system that bypasses banking that the government had to convince the populace that anyone who uses it is a terrorist. It also helps they use the arab name even though it is of Indian origin.

Because it’s faster, easier, safer and cheaper to transfer large volumes of capital than say loading a plane with gold or sending a bag of cash.

As long as you're quick to cash in and cash out of it. Potential gains are fun, but losing 10% a month isn't.

That's not a real problem though, stablecoins exist.

You're not wrong, but the conversation was about Bitcoin, not cryptocurrency in general.

You can't get (much) cash without the transaction being traced or criminal in many countries. There's a limit to legal cash transactions.

Arguments about amount are immaterial to me. Cash transactions of say $500k are physically doable in many systems.

And cash transaction don't require burning the Amazon, of course.

Cryptocurrencies work fine. If the debanked were to use them, they would find 90% of their restrictions lifted immediately and without permission from anyone.

No, society will not collapse; it will stabilize. There are many forms of taxation, e.g. property, tarrifs, etc. that are unaffected.

Those who call Bitcoin utter shit always have an agenda and insecurities rooted in a feared loss of status.

Bitcoin is utter shit because of its use of proof of work rather than proof of stake.

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