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StateOfMind ago

A great post. Thank you so much for writing this. One question (from a complete newbie), if it is completely peer-to-peer without any central authority, how come Coinbase shut down Voat's merchant account? That seems very similar to what the credit card processing company did where there is still some managing entities that can shut one down. What am I missing?

go1dfish ago

The US Government is the central authority of the Dollar, but PayPal still shuts down people's PayPal accounts.

Coinbase is like PayPal for bitcoin. They can't do shit to the bitcoin Voat actually holds, only shut down the account on their site.

Also Coinbase didn't actually shut down Voat's merchant account. Or rather they shut down all of them for everyone. They don't offer that particular service anymore (being a direct gateway for payment receipts)