Post
Topic
Board Speculation
Re: Gold collapsing. Bitcoin UP.
by
HeliKopterBen
on 26/05/2015, 23:18:18 UTC
Quote from: Lawrence Summers
Until now whenever we’ve needed to transfer money we’ve had to rely on a third party, whether it be a bank, a clearing house or a payment network. Bitcoin offers, for the first time, a method for transferring value and making payments from anywhere to anywhere, in real-time, without any intermediary.

^ Bitcoin is powerful because it is borderless and permissionless.  

This is not true, and people keep repeating it at a concerning rate. The reality isn't quite so snappily summed up, but it's wildly different from this presentation, and that makes it very dangerous misinformation.
I agree but not in the senstionalist sense that you like to put it.

So, bitcoin is permissionless? I don't see how it's possible to sensationalise such a basic fact. Bitcoin holders can be prevented from spending their bitcoin by a majority of miners: that's just plain statement of facts.


I used the term 'permission-minimized.'  How many times has someone been prevented from spending their coins?  None that I am aware of.  It's just another theoretical attack that doesn't work in practice.