Bitcoin and blockchain technology

Andrew Lentvorski bsder at
Tue Dec 9 23:36:19 PST 2014

On 12/7/14, 11:28 PM, Bob La Quey wrote:

> RE governments and mafias. The government is the mafia of concern. 

The government is the mafia of concern means that you need to take on
the government.  Moving your money around them doesn't solve the problem
when they can show up with tanks.

> People are worried about fees. And the centralized systems are hideously
> expensive, inefficient, insecure  and out of control.

I'd take issue with this.  Most people aren't concerned about fees
because the cost is hidden.  Many *merchants* are worried about fees,
but they'd bitch much less about fees if they got solid fraud protection
in return.

The centralized systems are none of the adjectives you use.  Hideously
expensive--only for transactions under about $10 in the US.
Inefficient?  Hardly.  My Visa card works worldwide.  Insecure?  Maybe,
but there is a tradeoff between security and convenience.  Most people
don't find the current system that insecure and Chip and PIN will solve
quite a bit of the problem when it rolls out in the US.  Out of Control?
 Credit card companies actually puts up the most resistance to specious
law enforcement requests than just about any other entity--most of them
just roll over immediately.  Law enforcement actually needs to show up
with a court order for credit card records as opposed to say my phone
records, Gmail, ISP traffic, etc.

> Check out
> The people behind this are youthful well educated members of the Filipino
> oligarchy. Not the sort of people the government is likely to take on.

Only because the net money flow is likely to be positive.  If it becomes
a way for people to move large sums of money anonymously *out* of the
country, it will get shut down post haste.

> Time will tell. As Yogi Berra said. "It's difficult to make predictions,
> especially about the future."

"The best way to predict the future is to invent it." -- Alan Kay


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