To reply to the different threads
I'm not sure what you mean by this - reporting to regulatory bodies will never be a function built in to Bitcoin. It only becomes possible to implement some kind of compliance at the point of converting to/from fiat currency (or goods). That's not to say that there won't necessarily be businesses and individuals who will flout regulations (as there are with people who only deal in cash), just that it's got nothing to do with Bitcoin per se.
Our law states that we are allowed to move R 1m in a discretionary allowance to foreign markets,
but we have to report every year how much we move across. This is done daily by the banks on our behalf.
If we are to replace fiat, then this function needs to be taken over by the bitcoin exchanges.
They must also prevent people from moving money across if they've exceeded the thresholds.
(as 1 example). This is law for SA so it has to be implemented for bitcoin to be legalized.
The transactions are transparent but the identity of the parties is not visible. Anyone can see what was paid to an address, but the address can be changed at will. So, yes, it is true that you can get an idea of who is behind a single transaction (after all you know that you paid Bob at a certain address, for eg), but it's much harder to see beyond that depending on how much effort the user puts into privacy (Bob might create a unique address for every transaction).
Didnt know that but practically how does that work?
Will Bill Gates change his address on a weekly basis?
Also how does the audit trail hold up then? I thought thats the main feature of blockchain
is that you always have to follow the thread?
If a person can do this without an audit trail is blockchain really transparent or did I misunderstand you?
I don't see any logical issues, unless you're a bank or a government. It's no different from hard cash, other than it can be handled remotely. As with hard cash, if I pay Bob R1000 in cash, there is no record (apart from if he chooses to write up an invoice) and the actual transaction involves no middle man. It is equally irreversible - if I give the wrong guy R1000 and he walks off with my money, that's that (generally).
Some of the Logical issues involve
- scaling to the whole world so that it becomes a transactional currency (youve touched on this with the new network)
- changing the psychology of Bitcoin holders to go from HODL to transaction use
(we all still know the story of the 10,000 bitcoin pizza guy...why use it for transactions then)
- If you accidentally send money to the wrong account, getting it back. (Fraud and Incorrect payments)
- Continuity - If a person dies, how can an estate move the money the next of kin
(we've seen a couple of Bitcoin people not write their passwords down, die and nobody could get their millions)
Heres one:
https://www.wired.com/story/crypto-exchange-ceo-dies-holding-only-key/
- Continuity - what happens if enough people died with their passwords over time?
Basically the price will just skyrocket causing uncontrolled inflation
as supply diminishes as you cant make more bitcoin
- Security - you can actually change the chain if you are the majority miner...
- And finally the perception that Bitcoin is unsafe
https://www.forbes.com/sites/forbes...why-are-crypto-exchanges-are-hacked-so-often/
And finally I forgot to add...hypothetically I'm now a crypto convert.
Which one do I get... Bitcoin? or Bitcoin cash, or ripple.
Overnight anyone of these can disappear as they are not backed by anything
and be replaced by a different one.
There are currently over 1500 different coins....You have more chance predicting holding the right penny
stocks than you do the right crypto coin.
So far with all of these banks still outperform
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