Bitcoin


#1856

In ten years time you will rue the chance you had to stick a few quid in ripple, ethereum, bitcoin, iota, Eos etc.

Noticed you are changing your tune already…rise from the ashes lol. So there is a future for crypto now.

The inventor(s) of bitcoin deserves the Nobel prize for economics more than the Robert Shiller’s of this world. It’s not perfect but economically its a transformative technology.


#1857

The only ripple I’ll be at is a Galaxy one…


#1858

These are the only type of answers that come up to the question, what are Crypto currencies actually going to be used for? What use case do they solve?

These arguments only hold up while the number Crypto currencies transactions are at a nuisance level for tax avoidance/criminal activity. If the use of Crypto raises to the level that there is significant volumes of traffic on it, the semi-anonymous nature of it will be clamped down hard on.

There are many ways to do this.

It’s a straight forward job to identify people involved in Crypto currency transfers. It takes a little time and effort, but how to do it is known and straight forward. The majority of people that have or have had Crypto coins at some time obtained them through public exchanges that require KYC information to be held on them. With a little paper work the relevant authorities can get that information. From these people it is then just another step to identify any unknown people who traded with the ‘known’ wallets; rinse and repeat.

An even easier way to kill off Crypto is something as follows. For example, every single international money transfer into and out of China has to be registered with authorities; failure to do so is a serious criminal offense. Using this, make a handful of transactions from a non Chinese Crypto wallet into a number of different business in China. Wait for a couple of weeks to see that the transactions are not appropriately logged as international money transfers. Send a bunch of cops to grab and throw the owners of the business in jail; publicize it everywhere. The idea is not to send them to Jail permanently, or even to convict them, rather make it too dangerous and or too inconvenient to be involved with Crypto in anyway. Is this legal, moral? Is this coercion? Possibly, but do you really want to be arguing this with a judge while you sit in jail for an unknown amount of time?


#1859

“BBVA’s latest implementation of blockchain tech follows a previous trial wherein the bank used crypto startup Ripple’s blockchain in a successful real-world money remittance pilot between Spain and Mexico. The pilot saw 50-euro-denominated payments from Spain to Mexico in a matter of seconds, compared to traditional banking wires that take up to 4 days.”
ccn.com/spains-bbva-registe … lockchain/


#1860

It’s not always as simple as you make out. If your wallet is one transaction away from Bitstamp you’re right, but there are many techniques that can be used to increase anonymity. The scenario some of us are interested in is: what if the crackdown fails?

lightning.network/


#1861

:unamused:

First you would have to know a transfer actually took place and between which jurisdictions and for what purpose.

You don’t need to transfer on an exchange you know. You just need a private key and a public key and access to a coin wallet.

You simply can give a person a piece of paper or a USB stick with the keys and it becomes their account.

How does one know that an individual holds these public keys and private keys? They are called decentralised currencies for a reason.

You call that straightforward?

Even when you transfer from an exchange it’s easy to anonymise.

This was the spin.
cointelegraph.com/news/530-mill … m-confirms

This was the reality.
news.bitcoin.com/nem-foundation … coincheck/


#1862

Speculatively further down the line trading in digitised copies of real world objects could be a huge use case.

So property, works of art, vintage cars, stuff that may be hard to move around and valuable. With a smart contact and immutable digital copy you have something that can be traded with a high degree of confidence.

In the case of cars or second hand products you could imagine that the products current state is tracked with sensors all through its life cycle and the object itself is imaged to a very high resolution. This digital copy could be updated in real time or at set intervals. You wouldn’t need to see or touch the object that was traded and no agent is required as a middleman.


#1863

The US town banning new Bitcoin mines

bbc.com/news/video_and_audi … coin-mines

Warren Buffett on buying bitcoin: ‘That is not investing’
finance.yahoo.com/news/warren-b … ccounter=1


#1864

Reading Buffets comments it’s clear he doesn’t have the foggiest idea about cryptocurrencies or their diverse uses.


#1865

He doesn’t have to go into the minutie.

He looks at the fundamentals and he identifies value.
Afaik the man is some kind of savant at that particular task.


#1866

As Buffet has explained many times, he knows what he knows, and avoids the rest.
He doesn’t buy gold either.


#1867

Mining is an environmental disaster. All the major mining rigs/groups have centralised the bitcoin blockchain with their processing power. It’s gone against the original idea to be decentralised. There will be a major shakeup down the line and only some will survive. Bitcoin is like Altavista or Myspace due to first mover advantage. Tech is advancing all the time and it will render blockchain 1.0 and 2.0 obsolete.


#1868

Agreed,so newer blockchains and even Ethereum are moving to PoS , DPoS, DBFT and non Blockchains such as DAG.

IOTA and NANO use PoW but the resources required are very minor compared to Bitcoin.

By the way IOTA is building up critical mass now folks should take a look at it. It’s criticised endlessly by bitcoiners and miners as it represents a big threat to their investments.


#1869

After taking the time to calmly read through this thread again I’ve decided I need to take a more objective view and broaden my information sources. Remove the emotions and use cold hard logic.

Having read this article from a respected financial publication it’s really made me think again.

businessinsider.com/williams … 13-12?IR=T

I owe you all an apology.

For absolutely fu#*ing nutin!

(Sorry couldn’t resist it, some of you will get the reference have a good Sunday folks XD ).


#1870

Study claims Bitcoin uses as much energy as Ireland, but experts don’t agree
euronews.com/2018/05/18/stud … st-n875211

Greenhouse gases/CO2 emissions/sustainability… makes one wonder…

Bitcoin wasters


#1872

Very cheeky to use a comment such as 'people like you

DONT PUT WORDS IN OTHER PEOPLES MOUTHS.

Decentralisation is a core tenet of something like Bitcoin. That’s why crypto nuts always check how decentralised the holdings of a given currency are.
Crypto decentralisation is easily trackable through the block chain. Hashing difficulty is also publicly known.

Bitcoin is trusted because it is highly distributed and it would be extremely expensive to launch a 51% attack on it.

The verge is a well known shitcoin it’s been hacked multiple times already.

There are many newer platforms that are moving away from PoW to PoS and DPoS. They all exhibit various degrees of resistance to hacking but still depend on good distribution of the coins themselves.


#1873

twitter.com/SatoshiLite/status/ … 9405273088

Doesn’t take much to attack some smaller coins.

For clarity, the right-most columns mean ‘one could rent from Nicehash for $0.5M per hour 2% of the hashrate of BTC’, so you won’t be double-spending doing that.


#1874

cnet.com/news/bitcoin-hack-makes-cryptocurrency-value-tumble/


#1875

Going to try a 51% attack on Einsteinium. Wish me luck. 8DD


#1877

Google bans crypto-mining apps from Play Store
bbc.com/news/technology-44980936

Thousands of cryptocurrency projects are already dead
techcrunch.com/2018/06/29/thousands-of-cryptocurrency-projects-are-already-dead/

deadcoins.com/