well yes, bitcoin does have flaws in its design that not only result in high fees, low throughput etc, but comparing it to visa is unfair, because visa "transactions" are analogous to simply changing two numbers in a spreadsheet, while bitcoin is obviously trying to do this in a secure and decentralized way
it does use a lot of energy, but imo it's a fair price to pay for the opportunity for countries to, say, evade certain sanctions and work around the dominance of the US dollar and all the accompanying negative consequences, but there are so many inefficiencies in the way human society works that provide literally no value and use vastly more energy, that i would say that bitcoin is worth it
if bitcoin successfully paves the way for the workarounds around the current dominant financial system, governments and users can and likely will adopt coins with a more fair and less energy wasteful PoW or switch to coins that use PoS
visa uses a proprietary protocol, and we have no idea what's going on in reality, security through obscurity has been shown times and times again to be shit
Your placing value in decentralization. Why? Because you’ve deluded yourself into thinking that this will somehow trigger revolution?
no, as i mentioned, as bitcoin is not controlled by one single entity, it can be used by people/countries somehow excluded from financial relations by use of sanctions
decentralization does not provide any inherent value, on the contrary actually, implementing decentralized protocols of any kind is always less efficient and much more complex, but with the current uncontrolled state of the financial sytem bitcoin provides a workaround for people/countries in need of such technology
unfortunately i can't, and it's unrealistic that any government would force them to do so, that's why bitcoin came around, and even if they did publish it, there is no way to make sure they're actually using this very protocol to exchange transactions, plus it doesn't eliminate transaction censorship and surveillance
They do, just not in a very public way to people outside the cryptography community, and there's no audit of course on the implementations. All of Visa's protocols are in some form in the papers published by Visa Research.
The one I liked is that visas network does 25k the transactions per second with 1/150k the energy cost per transaction.
You say that to bitcoin people and they "but the total energy of every bank is more"
That's why you measure per transaction.
That's why bitcoin is nothing but a pointless environmental disaster.
They also claim it promotes green energy instead of excess use of the cheapest energy they can get.
Invest in bitcoin
cash out
buy solar panels
infinite energy cheat
:centrist: :galaxy-brain:
well yes, bitcoin does have flaws in its design that not only result in high fees, low throughput etc, but comparing it to visa is unfair, because visa "transactions" are analogous to simply changing two numbers in a spreadsheet, while bitcoin is obviously trying to do this in a secure and decentralized way
it does use a lot of energy, but imo it's a fair price to pay for the opportunity for countries to, say, evade certain sanctions and work around the dominance of the US dollar and all the accompanying negative consequences, but there are so many inefficiencies in the way human society works that provide literally no value and use vastly more energy, that i would say that bitcoin is worth it
if bitcoin successfully paves the way for the workarounds around the current dominant financial system, governments and users can and likely will adopt coins with a more fair and less energy wasteful PoW or switch to coins that use PoS
Visa does it in a secure and centralized way.
Your placing value in decentralization. Why? Because you've deluded yourself into thinking that this will somehow trigger revolution?
visa uses a proprietary protocol, and we have no idea what's going on in reality, security through obscurity has been shown times and times again to be shit
no, as i mentioned, as bitcoin is not controlled by one single entity, it can be used by people/countries somehow excluded from financial relations by use of sanctions
decentralization does not provide any inherent value, on the contrary actually, implementing decentralized protocols of any kind is always less efficient and much more complex, but with the current uncontrolled state of the financial sytem bitcoin provides a workaround for people/countries in need of such technology
So force Visa to publish protocols.
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unfortunately i can't, and it's unrealistic that any government would force them to do so, that's why bitcoin came around, and even if they did publish it, there is no way to make sure they're actually using this very protocol to exchange transactions, plus it doesn't eliminate transaction censorship and surveillance
They do, just not in a very public way to people outside the cryptography community, and there's no audit of course on the implementations. All of Visa's protocols are in some form in the papers published by Visa Research.