Dauntless
100 TW
Anything you made on Bitcoin was not a successful investment, it was a winning bet. Gambling in Las Vegas. All the talk as though Bitcoin was some business decision has been so ridiculous.
Dauntless said:Anything you made on Bitcoin was not a successful investment, it was a winning bet. Gambling in Las Vegas. All the talk as though Bitcoin was some business decision has been so ridiculous.
neptronix said:I saw that and had to chuckle.
There were so many scams in late 2017 that cryptocurrency kinda became synonymous with being a scam, and it's very sad that nobody had designed any brakes on the train. ICOs and coins became very tasty to scammers.
Recently i just lost a side gig as a crypto mine systems administrator. The owner was tired of losing money. It was rather sad to see the thing decommissioned. The crazy thing is that he still believes in crypto. I don't get it. If you evaluate crypto as an investment just as you would any other kind of investment, it looks juicy in one way, but a complete failure in most other ways.
Arlo1 said:Dauntless said:Anything you made on Bitcoin was not a successful investment, it was a winning bet. Gambling in Las Vegas. All the talk as though Bitcoin was some business decision has been so ridiculous.
How do you compare this to the stock market or trading any currency for that mater?
neptronix said:And we have crypto currencies that are more centralized but do the scaling and performing thing very well, yet nobody is making use of them. A few of those even have stable prices. So there are properly functional cryptocurrencies out there, but nobody seems to want to use them. What does that tell you about this class of technology?
neptronix said:It doesn't scale and it doesn't perform... and scaling and performing are not on the agenda of the bitcoin core developers.
Arlo1 said:Or is there a chance this is just propaganda?
neptronix said:. . . . key figureheads started talking about how it was a 'digital gold', not a currency etc.. it was a frocking joke. . .If you didn't experience this, then clearly you weren't transacting in bitcoin. It's not something you would have forgotten otherwise. Which kind of gets back to my point.. people want to invest in it, but not really use it..
Dauntless said:Oh darn, finally the truth comes out. Neppy the shill.
Dauntless said:The moment the government can convince itself that it really IS the investment youse guys and others say it is, they ALREADY have the authority to clamp down as they please. That includes prosecuting developers, miners, etc. So your transactions can be unwound back a decade or more. And your REAL education in investing will be under way. I suppose I should bring up Blue Sky laws and securities fraud at this point.
Smoke said:First, is the cryptography used quantum resistant? I'm not well versed on quantum computing but I've heard that once quantum computers get more than around 1024 qbits, breaking a lot of the encryption that is considered very secure today will be a quick quantum computing attack. To me that looks like a ticking time bomb.
Smoke said:Second, I bet a few banana republics are going to outlaw crypto-currency after inflation pushes too much fiat currency in to crypto. I don't know how that will shake out but I bet it will be ugly and will probably shape what the eventual dominant crypto-currency looks like.
Smoke said:Third, there needs to be a widely accepted top to bottom electronics payment infrastructure. I think this is what people mean by scaling. Transactions should be instant.
Smoke said:Fourth, the allure of crypto is privacy but the more details kept in the dark, the harder it is for people to trust it. This is the Catch 22 that leads to fake crypto and outright scams. I'm not sure if this can be overcome or if governments will let this be overcome.
Smoke said:A few years back off shore bank accounts were outlawed or taxed by the US government. It's obvious they wanted all the money accountable so they can tax all of it. Every government will eventually want the same thing (if they haven't done it already).
Putting all of my money in to something that the government can't track or tax sounds great until it gets seized or nationalized.
Smoke said:We all live at the mercy of our individual governments and we all have to remember that. As much as it sucks, we are never going to get out from under their thumb. Money is a part of that and as soon as you have something worth protecting there will be people wanting to redistribute it.
neptronix said:Dauntless said:Oh darn, finally the truth comes out. Neppy the shill.Arlo1 said:Or is there a chance this is just propaganda?
2017: i'm a shill for cryptocurrency.
2018: i'm a shill against cryptocurrency.
Okay, whatever y'all wanna think :lol:
Punx0r said:The price of Bitcoin is currently below the cost to mine it
This video is all silly/bad information garbage. If a stock can be shorted then its overvalued, otherwise folks like Warren Buffett would buy all the stock up because of its good value.Arlo1 said:This video shows how much of a scam the regular markets are these days!
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This is a pretty hilarious situation. Shows crypto-coin have a long way to go. I bought a tiny bit of bitcoin to play with, I tried transferring to a few online services like those crypto online trading sites.Dauntless said:https://www.bloomberg.com/news/articles/2019-02-04/crypto-exchange-founder-dies-leaves-behind-200-million-problem
Oops, ANOTHER security issue.
TheBeastie said:This video is all silly/bad information garbage. If a stock can be shorted then its overvalued, otherwise folks like Warren Buffett would buy all the stock up because of its good value.Arlo1 said:This video shows how much of a scam the regular markets are these days!
[youtube]dsd8S5nys3g[/youtube]
The only thing I wonder about is if these guys make such videos for clickbait or are genuinely stupid. But I do like how they were attacking traditional mainstream media.
Customers of a Canadian cryptocurrency exchange are reportedly unable to access $190 million of funds after the company’s founder died with the passwords needed to access the money.
Gerald Cotten, the 30-year-old founder of QuadrigaCX, died due to complications with Crohn’s disease, according to Sky News, citing Cotten’s wife, Jennifer Robertson. The executive reportedly passed away in December while traveling in India to open an orphanage.
Citing a sworn affidavit by Robertson as she filed for credit protection, Sky News reports that Cotten held “sole responsibility for handling the funds and coins.”
About $190 million in cryptocurrency and traditional money is said to be in “cold storage,” with the digital key held by Cotten. While Robertson has Cotten’s laptop, she does not know its password and even a security expert has been unable to get past the device’s encryption.
Some QuadrigaCX customers have taken to social media to voice their frustration over the deadlock.
In a statement posted on its website on Jan. 31, QuadrigaCX said that it applied for creditor protection in the Nova Scotia Supreme Court “to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers.”
“For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us,” the company added, in its statement. “Unfortunately, these efforts have not been successful.”
Fox News has reached out to QuadrigaCX with a request for comment on this story.