Cryptocurrency

[titans&bucs&bearsohmy! 2,745]

7 minutes ago, Frozenbeernuts said:

I'm assuming this is a troll attempt at this point since we have plenty of arguments that clearly outline bitcoins utility. But I like talking about it so I will give an example of why bitcoin isn't this useless digital entity that people think.

Bitcoin right now is being used as a payment network. If you don't think it has any use as a payment network then neither do PayPal, Venmo etc. Even if you don't want to consider bitcoin the currency itself having any use, you can use fiat on the bitcoin network. Strike app can take any currency and convert it to any other currency using bitcoin. A large bonus is that it only costs .3% where current networks charge between 2.5% and 3.5%. Not only are the lower fees a bonus, but no other network can swap between currencies without running into increasing fees. That right there proves there is a use case

Facebook generates revenue? Only at the expense of their consumers data. You have to be naive to not see how Facebook tries to shape the way people think with their targeted Facebook posts. Bitcoin generates a ton of revenue to miners, and even you can generate user fees by running a full node. Full nodes facilitate the transactions and generate income for the operator, though at a small % per fee. But with enough fees, it can be a genuine income on the side

Bircoin also provides ROI for people who invest in it. Your own government has acknowledged bitcoins importance for generating tax revenue, and there are an increasing amount of people in high places who are waking up to how useful bitcoin really is

We will end on the development of the network and the services built on top of it. The network is improving through things like Lightning Network. Instant transactions for extremely cheap. There are startups galore from people getting into bitcoin and building services for people to use. Its easy to see "digital money" and write it off, but you severely underestimate how many projects and how much money is being dumped into tech and services surround bitcoin. The amount of innovation happening is incredible. And we are just getting started. This is still the beginning.

If digital money turns you off, then you must live in the stone age or are 80 years old. Everything is being run on the internet. Our dollars are transacted across the internet far more than cash in hand, so don't act like the almighty dollar is this safe haven to not be corrupted by being digital.

I would think crypto would be great for things like money laundering, hiding assets from government, terroist outfits and cartels moving money, and other shady things like that.

True? How do you think that will play out?

[Alias Detective 1,402]

https://www.usatoday.com/story/money/2021/08/13/crypto-seen-path-equity-black-latino-and-lgbtq-investors/5431122001/

Who is buying the bulk of cryptocurrencies? Black, Latino and LGBTQ investors for this key reason.

A recent Harris Poll survey found that in the U.S., 30% of Black and 27% Hispanic investors own cryptocurrency, compared with just 17% of White investors.

 

[Frozenbeernuts 2,264]

59 minutes ago, titans&bucs&bearsohmy! said:

I would think crypto would be great for things like money laundering, hiding assets from government, terroist outfits and cartels moving money, and other shady things like that.

True? How do you think that will play out?

I'm not sure. I cant deny that those things become easier, but tons of tech things make life easier for criminals in some aspects. Cell phones made it easier for terrorists to detonate bombs and communicate.

Money laundering and criminal activity will always exist. There will be steps taken to minimize it im sure. The argument made by people like Warren that its used by criminals is mind numbingly absurd. How about the billions of cash dollars that flow into Mexico and South America to fuel the drug cartels? How about the CIA and US government purposely funding cartels of their choosing and terrorist organizations?

We can make the same argument that the government could install cameras in every single house in America to root out crime. It would stop some crime, but do we allow that to happen just to eliminate some crime? Of course not.

There are politicians that want to turn us into China. Complete surveillance on everyone. Fortunately I think there are still enough politicians out there who realize the benefits of bitcoin. More are being elected or discovering this as time passes. We aren't going the opposite way. Plus anyone who owns bitcoin benefits. There is a personal gain element tied to any person who owns bitcoin.

Eventually you will be using bitcoin and not even know it. Well US citizens will. The normal payment systems will start dabbling in using the bitcoin rails without people realizing it

[titans&bucs&bearsohmy! 2,745]

7 minutes ago, Frozenbeernuts said:

I'm not sure. I cant deny that those things become easier, but tons of tech things make life easier for criminals in some aspects. Cell phones made it easier for terrorists to detonate bombs and communicate.

Money laundering and criminal activity will always exist. There will be steps taken to minimize it im sure. The argument made by people like Warren that its used by criminals is mind numbingly absurd. How about the billions of cash dollars that flow into Mexico and South America to fuel the drug cartels? How about the CIA and US government purposely funding cartels of their choosing and terrorist organizations?

We can make the same argument that the government could install cameras in every single house in America to root out crime. It would stop some crime, but do we allow that to happen just to eliminate some crime? Of course not.

There are politicians that want to turn us into China. Complete surveillance on everyone. Fortunately I think there are still enough politicians out there who realize the benefits of bitcoin. More are being elected or discovering this as time passes. We aren't going the opposite way. Plus anyone who owns bitcoin benefits. There is a personal gain element tied to any person who owns bitcoin.

Eventually you will be using bitcoin and not even know it. Well US citizens will. The normal payment systems will start dabbling in using the bitcoin rails without people realizing it

Oh I'm all for anything that makes the governments life harder. Fock them.

But you know they aren't going to take it lying down. The empire will strike back. 

[Frozenbeernuts 2,264]

4 minutes ago, titans&bucs&bearsohmy! said:

Oh I'm all for anything that makes the governments life harder. Fock them.

But you know they aren't going to take it lying down. The empire will strike back. 

They are trying. I believe that bitcoin is too wide spread to stop.

[Cdub100 3,909]

4 hours ago, titans&bucs&bearsohmy! said:

I would think crypto would be great for things like money laundering, hiding assets from government, terroist outfits and cartels moving money, and other shady things like that.

True? How do you think that will play out?

False.

Crypto, specifically Bitcoin is absolutely terrible for all of those things you listed.

[titans&bucs&bearsohmy! 2,745]

6 hours ago, Cdub100 said:

False.

Crypto, specifically Bitcoin is absolutely terrible for all of those things you listed.

Ok... can you explain? I'm not trying to argue, I'm ignorant here. 

[Frozenbeernuts 2,264]

6 hours ago, Cdub100 said:

False.

Crypto, specifically Bitcoin is absolutely terrible for all of those things you listed.

It depends. Bitcoin straight to a wallet can be traced. Using coinjoin allows coins to become much more difficult if not impossible to trace

[Cdub100 3,909]

19 minutes ago, titans&bucs&bearsohmy! said:

Ok... can you explain? I'm not trying to argue, I'm ignorant here. 

Sure no problem. I actually explained it in that pipeline hack thread. And the hackers got busted exactly liked I explained.

Bitcoin is a public ledger. Meaning every single transaction is known to the public and can be checked. If you hack me and demand 1 BTC you will never be able to spend that btc. The wallet address you tell me to send it to will be tracked until the end of time. Think you can send it to another wallet? Sure no problem but the public ledger shows you sent that bitcoin from XYZ wallet to ABC wallet. You can break apart that bitcoin into single bits. 0.00000008 BTC and put it in 10,000 different wallets. No problem tracking it, because it's all on the public ledger. 

To explain it another way You hack me and tell me to put 1 BTC in a wallet in the middle of the street. The minute you pick up that wallet you're busted. Even if you picked it up and got away you have to tell the whole world anytime you want to spend it or even move it to a different wallet.

Trust me, when I say governments LOVE when criminals use crypto.

 

 

*There are privacy coins that don't have a public ledger out there like monero. Which I said the pipeline hackers should have used.

 

ETA - Just for giggles let say you told me to send the bitcoin to this address: bc1qmar9a9esk5hq4teva7v8d28weg2gzxda0n3w7e

Go ahead and look it up. I see where the BTC went after I sent it.

[Cdub100 3,909]

9 minutes ago, Frozenbeernuts said:

It depends. Bitcoin straight to a wallet can be traced. Using coinjoin allows coins to become much more difficult if not impossible to trace

There are * for everything. I guarantee you if the government wants to know where BTC is going on that site they will get it.

My point still stands.

[titans&bucs&bearsohmy! 2,745]

6 minutes ago, Cdub100 said:

Sure no problem. I actually explained it in that pipeline hack thread. And the hackers got busted exactly liked I explained.

Bitcoin is a public ledger. Meaning every single transaction is known to the public and can be checked. If you hack me and demand 1 BTC you will never be able to spend that btc. The wallet address you tell me to send it to will be tracked until the end of time. Think you can send it to another wallet? Sure no problem but the public ledger shows you sent that bitcoin from XYZ wallet to ABC wallet. You can break apart that bitcoin into single bits. 0.00000008 BTC and put it in 10,000 different wallets. No problem tracking it, because it's all on the public ledger. 

To explain it another way You hack me and tell me to put 1 BTC in a wallet in the middle of the street. The minute you pick up that wallet you're busted. Even if you picked it up and got away you have to tell the whole world anytime you want to spend it or even move it to a different wallet.

Trust me, when I say governments LOVE when criminals use crypto.

 

 

*There are privacy coins that don't have a public ledger out there like monero. Which I said the pipeline hackers should have used.

Ok, thanks. Didn't know that. I thought one of the big plusses to crypto was privacy. Guess I was wrong. 

[Cdub100 3,909]

Just now, titans&bucs&bearsohmy! said:

Ok, thanks. Didn't know that. I thought one of the big plusses to crypto was privacy. Guess I was wrong. 

I edited my post to give you an example. Please check it out.

[titans&bucs&bearsohmy! 2,745]

2 minutes ago, Cdub100 said:

I edited my post to give you an example. Please check it out.

One thing I'd like crypto to do is remove government control of money.

It's focking ridiculous. We hear about this “global economy” all the time... well let me assure you, it doesn't apply to the little guy. Banking laws are ridiculous the world over and moving money around is a nightmare.

I don't WANT the government to be able to track money. Or limit how much and where you send it.

It's your money. You should be free to do what you like with it. 

[Cdub100 3,909]

1 minute ago, titans&bucs&bearsohmy! said:

One thing I'd like crypto to do is remove government control of money.

It's focking ridiculous. We hear about this “global economy” all the time... well let me assure you, it doesn't apply to the little guy. Banking laws are ridiculous the world over and moving money around is a nightmare.

I don't WANT the government to be able to track money. Or limit how much and where you send it.

It's your money. You should be free to do what you like with it. 

Totally agree.

[Cdub100 3,909]

ADA is now the #3 coin.

Amazing growth.

[jerryskids 6,800]

On the subject of @Frozenbeernuts point regarding the value of crypto beyond a currency (specifically the network), I got this email this morning which talks about blockchain and Etherium (and another company I want to investigate).  Blockchain has a clear future growth and value well beyond crypto; heck my wife uses it for pricing databases at her company (side note -- having a wife who is a database expert may prove to be of value as we move down our crypto journey).  Anyway:

Quote

Since the advent of the internet, humans have been creating a lot of digital data. Companies these days are forced to continually  become more data-centric and conscious of its evolving use cases.  Because, frankly, what’s the point of creating data if you can’t wield it as a resource?

 

Database management systems are such a big business that the company Oracle, which got its start in 1977, has now grown to become the second largest software company in the world. 

 

The built-in transparency of blockchain technology means they are constantly overflowing with data. Anyone can easily see on-chain data such as big transactions, pricing info, transfers between wallets and more.

 

Just as companies were driven to adapt and connect to the internet, we’re seeing a massive opportunity for these same companies to now connect to the blockchain. This will give them the ability to execute secure transactions, utilize smart contracts to automate manual functions, and even expand their product offerings. 

 

Since their invention, blockchain data has lived in silos and has not been very easily accessible. Many companies were simply blocked from doing business on the blockchain. 

 

That is, until Chainlink. Chainlink is a decentralized oracle built on Ethereum that serves as a bridge between businesses, platforms and blockchains. Essentially, you can use Chainlink to pipe in real-world data—such as weather, economics, sports, energy statistics and more—which can then be executable on the blockchain or turned into blockchain-based applications. Chainlink also works the other way around, giving start-ups the ability to take blockchain data and turn them into real-world applications such as events, payments and gaming. (Chain.link)

 

While Chainlink provides very practical things, such as crypto pricing data feeds, its use cases are near endless. This week, Chainlink Labs (LINK), announced their plans to launch a multi-chain, interoperable protocol.

 

What does this mean? Read the rest of our Market Round up to learn more about Chainlink’s CCIP and how its bringing about a more accessible and interoperable blockchain protocol.

 

[Frozenbeernuts 2,264]

48 minutes ago, jerryskids said:

On the subject of @Frozenbeernuts point regarding the value of crypto beyond a currency (specifically the network), I got this email this morning which talks about blockchain and Etherium (and another company I want to investigate).  Blockchain has a clear future growth and value well beyond crypto; heck my wife uses it for pricing databases at her company (side note -- having a wife who is a database expert may prove to be of value as we move down our crypto journey).  Anyway:

 

I really don't know much about any coin besides bitcoin. I know enough about ethereum to know its not decentralized and its not as secure as it claims to be. Ethereum also has a larger chace of an incumbent supplanting it with a similar platform

If you are looking for an investment, invest the largest share of your portfolio into bitcoin. It is the safest and most likely coin to survive the test of time

When it comes to other coins, ask yourself, does this service need a block chain? If so, does it make this product better than without a block chain?

99% of current coins will be extinct eventually. Its really hard to identify which ones will be around. Use smaller amounts to gamble on a huge jump on some if you want to add a little extra risk. I dont have any suggestions for alt coins

[Alias Detective 1,402]

20 hours ago, titans&bucs&bearsohmy! said:

One thing I'd like crypto to do is remove government control of money.

I don't WANT the government to be able to track money. Or limit how much and where you send it.

It's your money. You should be free to do what you like with it. 

 

20 hours ago, Cdub100 said:

Totally agree.

Even sending your money to terrorist organizations?  

[titans&bucs&bearsohmy! 2,745]

1 hour ago, Alias Detective said:

 

Even sending your money to terrorist organizations?  

Even then.

It's not worth costing everyone else their freedom to slightly impede criminals. 

[Cdub100 3,909]

1 hour ago, Alias Detective said:

 

Even sending your money to terrorist organizations?  

Not sure what kind of argument you're trying to make. The number one assets used by terrorist, bank fraud, and all around illegal activities is the United States dollar.

So when people use that crypto terrorist strawman it means literally nothing to me.

[Frozenbeernuts 2,264]

Amazing how quiet the people who have no clue what they are talking about get when bitcoin is going up. Funny how that works. I am actually not happy about it since I have a few weeks until I get a lump sum to put into bitcoin. Oh well, anything below 60k is a steal.

50k will be coming soon. I hope the doubters secretly knew cdub and I were right and bought in when it was below 40k.

At a bare minimum bitcoin is doubling from here to the end of the year. What other asset can you guarantee will double? You can't. Unless its crypto. But I prefer the safety of bitcoin

[Alias Detective 1,402]

18 minutes ago, Frozenbeernuts said:

Amazing how quiet the people who have no clue what they are talking about get when bitcoin is going up. Funny how that works. I am actually not happy about it since I have a few weeks until I get a lump sum to put into bitcoin. Oh well, anything below 60k is a steal.

50k will be coming soon. I hope the doubters secretly knew cdub and I were right and bought in when it was below 40k.

At a bare minimum bitcoin is doubling from here to the end of the year. What other asset can you guarantee will double? You can't. Unless its crypto. But I prefer the safety of bitcoin

What other asset can you guarantee will double? 

[jerryskids 6,800]

40 minutes ago, Frozenbeernuts said:

Amazing how quiet the people who have no clue what they are talking about get when bitcoin is going up. Funny how that works. I am actually not happy about it since I have a few weeks until I get a lump sum to put into bitcoin. Oh well, anything below 60k is a steal.

50k will be coming soon. I hope the doubters secretly knew cdub and I were right and bought in when it was below 40k.

At a bare minimum bitcoin is doubling from here to the end of the year. What other asset can you guarantee will double? You can't. Unless its crypto. But I prefer the safety of bitcoin

I’m getting there; I want to educate myself more but I’ve been hella busy with the house move. We’ve done a few token transactions but looking to get bigger.  

[Cdub100 3,909]

Sell sell sell

[Frozenbeernuts 2,264]

46 minutes ago, jerryskids said:

I’m getting there; I want to educate myself more but I’ve been hella busy with the house move. We’ve done a few token transactions but looking to get bigger.  

You aren't coming on here with 0 minutes of research done and going Its a beanie baby fake bull shlt thing. I respect anyone who doesn't know about it and wants to learn. Doesn't know about it but wants to teach how fake it is? Gtfo

[jerryskids 6,800]

2 hours ago, Frozenbeernuts said:

You aren't coming on here with 0 minutes of research done and going Its a beanie baby fake bull shlt thing. I respect anyone who doesn't know about it and wants to learn. Doesn't know about it but wants to teach how fake it is? Gtfo

Oh, I can see it’s real.  There are some fundamental things I kinda get, but not yet, again I think mostly from a lack of time.  I feel close to an “aha” moment.

On the long-term side, you said you are just Bitcoin I think?  Are you familiar with “white papers” and do you ever read them for other currencies?  

[Cdub100 3,909]

Bought'em at the bottom now we here.

 

[Cdub100 3,909]

I have an idea for a crypto business. This would take what I'm currently doing right now mining, staking, running nodes etc... and scaling it up. This is not a new idea but I don't think there are a lot of these types of companies.

I have an LLC, a draft business plan, and a couple of small investors interested, but I'm not sure how to kick this off.

[jonmx 2,429]

8 hours ago, Cdub100 said:

I have an idea for a crypto business. This would take what I'm currently doing right now mining, staking, running nodes etc... and scaling it up. This is not a new idea but I don't think there are a lot of these types of companies.

I have an LLC, a draft business plan, and a couple of small investors interested, but I'm not sure how to kick this off.

Seems like the logical thing would be to follow your business plan.   

[Cdub100 3,909]

16 minutes ago, jonmx said:

Seems like the logical thing would be to follow your business plan.   

*Looks at business plan*

Get money.

[jonmx 2,429]

3 hours ago, Cdub100 said:

*Looks at business plan*

Get money.

So these small investors aren't enough to get started?  

[Cdub100 3,909]

9 hours ago, jonmx said:

So these small investors aren't enough to get started?  

They are interested, but finance is complicated. Honestly, this came about because I have friends who are interested in crypto, but it's complicated if you're doing more than just buying and holding. They just want to give me their money and invest for them.

[titans&bucs&bearsohmy! 2,745]

55 minutes ago, Cdub100 said:

They are interested, but finance is complicated. Honestly, this came about because I have friends who are interested in crypto, but it's complicated if you're doing more than just buying and holding. They just want to give me their money and invest for them.

I'd speak to a lawyer first. I have no idea if a license or some such would be required to be a ”crypto broker” as it were, but I'd find out if were you. 

[Cdub100 3,909]

8 minutes ago, titans&bucs&bearsohmy! said:

I'd speak to a lawyer first. I have no idea if a license or some such would be required to be a ”crypto broker” as it were, but I'd find out if were you. 

Crypto is property, but you bring up a good point. I'm not a finical advisor.... Like I said it's more complicated than it seems.

[Cdub100 3,909]

Crypto is still in the wild wild west days. Pretty soon the sheriff is going to move in and if you're not already in the space barrier to entries will go up.

I need to get off my @ss and just start doing it.

I've made a ton of money. I'm almost to the point of being able to leave my full-time job and I want to help others do the same.

[edjr 6,593]

NOSE DIVE!!

Try to sell on Coinbase and their systems are down

[Cdub100 3,909]

2 hours ago, edjr said:

NOSE DIVE!!

Try to sell on Coinbase and their systems are down

Typical for Coinbase.

[MTSkiBum 1,620]

I have turned more negative on crypto currency and especially block chain technology over the last few years. Crypto currency is too volatile to be an actual currency. There are other limitations, slow, energy inefficient, etc.

I understand there are faster crypto's however those are not popular, which leads me to believe even more this is just gambling on the new "gold". If being able to use crypto in a day to day transaction was important then bitcoin would have went away years ago.

Crypto does have uses, for it is a good storage of money in countries such as Venezuela that have rampant inflation. Then of course the gambling aspect, nothing wrong with trying to time markets if that is what you are into.

 

It officially jumped the shark when we did a block chain proof of concept to send data from one of my applications to a major oil companies system It was driven by some upper management type person who had no ideas about system integrations nor what block chain does.
 

[Cdub100 3,909]

I was going to post how this weekend I surpassed my highest portfolio value. 

Just looked. Lost 100k in value 

[RaiderHaters Revenge 4,351]

What the hell happened today. I too almost reached my peak prior to this dive