Bitcoin - a decentralised digital currency

1,889 posts in this topic

7 hours ago, MikeMelga said:

immoral to buy it,

 

Las Vegas is/was run with mob money and people flocked/flock there.  At least with bitcoin, there are known highs and lows which implies a basis for investment.  Pure gambling is random at every spin of the wheel, toss of the dice, draw of the cards.

1

Share this post


Link to post
Share on other sites
5 hours ago, catjones said:

 

Las Vegas is/was run with mob money and people flocked/flock there.  At least with bitcoin, there are known highs and lows which implies a basis for investment.  Pure gambling is random at every spin of the wheel, toss of the dice, draw of the cards.

Since when is Las Vegas an example of morality?

0

Share this post


Link to post
Share on other sites
1 hour ago, MikeMelga said:

Since when is Las Vegas an example of morality?

 

You claimed that investing in bitcoin is "immoral" because it's used by organized crime.  using that logic (I thought I was clear), people who frequent Las Vegas are also immoral because casinos are run by organized crime.

0

Share this post


Link to post
Share on other sites
On 24.12.2020 16:25:23, Editor Bob said:

 

I can define a limit/stop order with the desktop version, but not with the cell phone app.

Is there a way to do this in the Kraken App (iOS)?

0

Share this post


Link to post
Share on other sites
On 1/8/2021, 11:18:03, MikeMelga said:

You can still have anonymous transactions. There lies the problem.

 

Criminals use cash for anonymous transactions as well, but that does not make cash  immoral.

 

Knives can be used to cut up meat so you can eat the meat more easily, knives can be used to kill people as well, does that make a knife immoral.

 

I remember attending some parties in the 90's, where several people said MP3, should be illegal because you can copy music with it, of course, now MP3 and other form of compression are just the norm, using MP3 to copy and store in an illegal way, is immoral, not the technology.

 

You need to understand that most things can be used for good and bad purposes, that's the same with bitcoin and other forms of payment   

,

2

Share this post


Link to post
Share on other sites
7 hours ago, yesterday said:

 

Criminals use cash for anonymous transactions as well, but that does not make cash  immoral.

 

Then why is all ramsonware done with Bitcoin? In fact, there was barely any ramsonware before bitcoin. Bitcoin enables a lot more criminal activity. It's getting so bad that big companies buy Bitcoin when the price is low just to pay ramsons.

0

Share this post


Link to post
Share on other sites

Bitcoin can still go up, but so what. It's a big Ponzi scheme. The whales will sell when the right time comes. 

 

First they said bitcoin was going to be used for microtransactions, how did that pan out? 

Then they said, oh yeah, I guess if it costs the energy of heating a house for one year to record a transaction, maybe no microtransactions. How about we consider it like digital gold, a store of value? 

 

Really, a store of value? What makes it valuable? Is it a commodity?  What can you make with it?  "It represents the energy used to produce the bitcoin from mining" OK, so can I release that energy? No? then what? And what is scarce about it if there are 7800+ cryptocurrencies , why does anybody stick with Bitcoin. It's like buying the iPhone 1 and expecting demand for it to never change while there is iPhone 20 coming out. What's going to stop people from dropping it and jumping to the next big thing?

 

Bitcoin and blockchain are revolutionary ideas, but something's not right here... 

2

Share this post


Link to post
Share on other sites
1 hour ago, wien4ever said:

Really, a store of value? What makes it valuable? Is it a commodity?  What can you make with it?  "It represents the energy used to produce the bitcoin from mining" OK, so can I release that energy? No? then what?

Actually most gold is used for jewelery and industrial purposes. Less than 20% is used as a store of value. In the even that gold lost its place as a store of value, you could still convert it into jewelery. With bitcoin... it will be just a waste of energy!

Now that I think of... if battery storage gets cheap enough, batteries could replace gold! You store energy there and you can release it and use it! Hey Bitcoin, can you do that??

1

Share this post


Link to post
Share on other sites
On 1/8/2021, 12:18:03, MikeMelga said:

You can still have anonymous transactions. There lies the problem.

Like cash?  

You still grumbling because you didn't get in at $100.

1

Share this post


Link to post
Share on other sites
45 minutes ago, bennetn said:

Like cash?  

You still grumbling because you didn't get in at $100.

Try to do ramsonware from Russia to a company in Italy with cash. Try to pay for paedophile content from Belgium (where else!) to a source in Vietnam with cash. Try to cross the border with a few millions in your luggage. You might be able to pass security, but if you are caught, it's a serious crime.

Try to do a bank transfer of a few millions without raising flags.

Bitcoin just makes that very easy.

 

Another problem about bitcoins: they keep getting robbed! And in some cases, lost! Or if someone dies, you don't have access to the money stored there in case of inheritance! And contrary to a bank, there is no government fund to cover deposits...

That's a pretty shitty storage system, you have to admit.

1

Share this post


Link to post
Share on other sites

All of these things happened before Bitcoin or any other digital currency. You're naive at best to think bitcoin is the problem.

 

Edit:  "Another problem" is just you circling back round to cash.

0

Share this post


Link to post
Share on other sites

All I can say is that I wish I had done what a work colleague did years ago, and bought when it first started. If he held what he bought (not a huge amount financially) and sold now he would be sitting pretty for the rest of his life. I only wish I had dabbled a few £ at the time = hindsight 20/20 and all that :lol::lol:

2

Share this post


Link to post
Share on other sites
7 minutes ago, Acton said:

Too late now! Looks like the bottom has just dropped out of the crypto market.

 

The pumpers are now the dumpers, nothing new there -  tomorrow it will be the reverse. 

2

Share this post


Link to post
Share on other sites
7 minutes ago, silty1 said:

 

The pumpers are now the dumpers, nothing new there -  tomorrow it will be the reverse. 

 

It's like a circular Human Centipede!

1

Share this post


Link to post
Share on other sites
Quote

Stefan Thomas has just two chances left to get his hands on his $240m (£175m) fortune.

Thomas is a San Francisco-based computer programmer, and a decade ago he was given 7,002 bitcoins as a reward for making a video explaining how the cryptocurrency works.

At the time he was paid, they were worth $2-$6 each. He stashed them away in his “digital wallet” and forgot about them.

Now each bitcoin is worth $34,000, and the contents of his wallet are valued at $240m. But Thomas has forgotten the password that will unlock his fortune

German-born Thomas has already entered the wrong password eight times, and if he guesses wrong two more times his hard drive, which contains his private keys to the bitcoin, will be encrypted – and he’ll never see the money.

 

Now that requires some lateral thinking to get the drive opened.

Try ABC123 and 12345678

They're the most popular, aren't they ?

 

What's your most used password?(warning Phishing in operation)

:ph34r:

 

Guardian: 10 attempts to remember password, then drive locks forever...

1

Share this post


Link to post
Share on other sites

Incoming Treasury Secretary Janet Yellen suggests "curtailing" the use of bitcoin

 

Quote
  • Janet Yellen on Tuesday suggested lawmakers "curtail" the use of Bitcoin amid terrorism concerns.
  • Yellen said cryptocurrency transactions were used "mainly for illicit financing."
  • It was the latest sign that lawmakers and regulators could get tough on Bitcoin and Ethereum.

Yellen's comments suggested the incoming Biden administration could be hostile to cryptocurrencies and ramp up regulation. Watchdogs around the world, from the European Central Bank to the UK's financial regulator, have recently expressed concerns about cryptocurrencies like Bitcoin.

 

More under the above link.

0

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now