Coinbase: Swapping Bitcoin Privacy for Banking Convenience

Actually, Satoshi wrote bitcoin for exactly the reasons—banking efficiency, and trusted third parties—that you said he did not. Go read the original bitcoin article: http://bitcoin.org/bitcoin.pdf. The first paragraph motivates bitcoin as a solution to banking efficiency, by avoiding trusted third parties: "Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and th...

Full article: http://themonetaryfuture.blogspot.com/2013/02/coinbase-sw...

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Swapping #Bitcoin Privacy for Banking Convenience -- an op-ed by @jonmatonis cross-posted from @payments_source

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