Promise & Perils of Cryptocurrency - US Congress
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- Опубліковано 17 лип 2018
- Recorded July 18th, 2018
Witnesses testify at a House Financial Services subcommittee on the whether the government should consider cryptocurrencies as money and their potential domestic and global uses. - Наука та технологія
Mr. Sherman could be a member of the inquisition in medieval times.
Adam S. All who oppose is the defiler a tax evader! Your freedom strapped by folks like him
TAX EVADER! TERRORISTS! NARCO DEALERS!
Solehin Sabtu, yep, and you know, I would like to ask this sherman guy, what currency are using terrorists and gangsters if not the bloody dollar...
Adam S. My thoughts too. Thou must trust us and only us because WE say everyone else is evil. You have no right to choose for yourself who you will trust and if you do we will threaten to break our promise to pay you back for your investment in social security even if it is rightfully yours. Therefore you should trust us and outlaw math, cryptocurrency and even the wind and stars in the sky. Smart. Not.
Daniel Dick , well said.
It’s a good thing that it’s not up to these people to decide. That’s why it was created without their permission.
These people are the gate keepers.
They are no longer needed. It is out of their hands.
Dany Cervantes it hurts when your no longer needed but you got to when your no longer relevant, the little people took this hit why not the "big" ones?
No more more banks!
No more middle man!
Consider the fact that Satoshi Nakamoto's Bitcoin Cash design is also resistant to AI cyber attacks.
Mr Sherman
The us dollar is currrntly used in high percentage of illicit transactions.
Whatever the currency , it is not immune from doing whatever its owners wish.
The Iran nuclear agreement for example required pallets of us dollars to be delivered to the Iranian government.
The Iran Contra affair was another.
So should we ban the USD?
Crypto transactions are traceable with effort & not quite as anonymous as you seem to believe.
Mr Sherman, let me answer your question what problem are to be solved. Simple, excluding the Banks feasting on the transactions saves a lots.
when the general public gets the option to buy everything from pizza to plane tickets with Bitcoin, look out - it’ll create a buying frenzy the likes of which we’ve never seen.
"What is the problem that a currency other than the National medium of exchange trying to solve?" It's the problem of corruption in the National system that a Cryptocurrency is providing an alternative to +/-.., on the basis that every question is the answer +/-. Ie it's more of the same.
The only reason this meeting is possible is because government is the guarantee of the use of force. Time educating the populace than these panel is far reaching and progressive
No better example look 55:00
Crypto is my life i dont trust anyone to handle my shit, i wipe my own ass happily:)
It's not really peer to peer if the transaction has to go thru a miner is it?
10nth Man Miners are there to verify that the transactions in the block match all other transactions being made within the chain. They are rewarded for this service by receiving coins for their work.
Without people verifying the validity of the transaction there might be double spend. You can’t spend the same dollar twice can you? Once you spend it it’s no longer yours.
Dany Cervantes while all of what you said is true, it does not change the fact that if the pool of miners that picks up my initial transaction is not the one to get the block reward then my transaction will not be confirmed. Therefore it is not truly peer to peer.
Transactions are confirmed when the majority of miner's data matches, it's called consensus. If there's an outlier then it is not part of the chain. This keeps people from trying to create counterfeit transactions. It's a feature.
Unless you're purposely trying to create false transactions, I don't see why you should worry.
I believe you are right. That is why projects like The Lightning Network, and Raiden Network will be able to scale the number of transactions to immense numbers, and lower the transaction costs in the process.
10nth Man in a true peer to peer transaction as you are describing, you would have to worry if your peer, whom you are transacting with, is not trying to cheat you. Most people are honest, but many people are not, some people delight in scamming others. I would not want to use a system like that.
Bitcoin Jesus explains it all: ua-cam.com/video/l1si5ZWLgy0/v-deo.html
I will trust a miner more than the PRIVATE FEDERAL RESERVE BANK.