[Cryptography] A little history, was What is total world transaction volume?

John Levine johnl at iecc.com
Thu Feb 9 10:54:44 EST 2017


>In other words, people will start spending liability currencies issued
>by web wallet providers (e.g. Coinbase).  Those currencies will be
>redeemable for actual bitcoin on the blockchain, with varying degrees of
>probability.  The risk will be the technological, financial, or
>fiduciary failure of the issuer.

This leads to an obvious question -- if you have to trust Coinbase or
whoever issues your wallet, what's the point of tying it to bitcoin,
other than bitcoin's ineffable coolness?

If I'm going to use a stored value card, I'll use one issued by a real
bank whose books are audited and against whom I have recourse if my
money disappears.

R's,
John


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