Bitcoin - a decentralised digital currency

1,889 posts in this topic

On 11/01/2021, 12:19:38, MikeMelga said:

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.

 

I bought 10 bitcoins back in 2014. And left them on MtGox

I might get €1400 back which is a small profit but not the €300k+ it should be.

 

Yes I shouldn't have left them on mtgox but I did. And as MM says there is no central authority to define rules, ensure safeguards etc

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I'm sorry for your bad luck MMM! 

 

If it is any consolation we are all f'ed in the end:

 

 

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On 21. Januar 2021 um 13:29:36, MadAxeMurderer said:

 

I bought 10 bitcoins back in 2014. And left them on MtGox

I might get €1400 back which is a small profit but not the €300k+ it should be.

 

Yes I shouldn't have left them on mtgox but I did. And as MM says there is no central authority to define rules, ensure safeguards etc

Well, a guy forgot his password to his digital wallet and has two more guesses left (out of 10) before his looses access to 7,002 bitcoins. $220 million. Ouch!!!

 

https://www.google.com/amp/s/www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.amp.html

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I am not sure if anyone aware of pi network - https://minepi.com/

 

Looks like another digital currency in 2nd stage of development right now. There are many critics like bitcoin had in early 2009. They have published a whitepaper  but its still not clear if there is real blockchain behind the mining from mobile.

 

But anyways, since it is free and already have 10M+ Users base, I installed it on my mobile :D and already have some pi's

 

If any one is interested they can register using below reg code: (as of now you can only get it from someones referral)

 

 

 

Pi is a new digital currency developed by Stanford PhDs, with over 10 million members worldwide. To claim your Pi, follow this link https://minepi.com/thedanglingpointer and use my username (thedanglingpointer) as your invitation code.

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EU plans to ban Bitcoin to curb terrorism funding

https://www.cissp.com/law-ethics/838-eu-plans-to-ban-bitcoin-to-curb-terrorism-funding

 

Big European states call for cryptocurrency curbs to protect consumers

https://www.reuters.com/article/us-eu-economy-cryptoassets/big-european-states-call-for-cryptocurrency-curbs-to-protect-consumers-idUKKBN26219G

 

Biden’s nominee to head the Treasury Department. She was the former chair of Economic Advisors during the Clinton Administration, and the chairwoman of the Federal Reserve System. She has said that “she will say outright that she is not a fan” of bitcoin, saying that many of the transactions that “do take place on bitcoin are illegal, illicit transactions.” She has speculated on the “very high” energy usage of bitcoin, as well as cybersecurity concerns around anonymous cryptocurrencies.

https://www.forbes.com/sites/rogerhuang/2020/12/15/how-a-biden-administration-is-likely-to-approach-bitcoin/?sh=655284645ffc

 

North Korean hackers steal billions in cryptocurrency.

https://www.technologyreview.com/2020/09/10/1008282/north-korea-hackers-money-laundering-cryptocurrency-bitcoin/

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30 minutes ago, MikeMelga said:

EU plans to ban Bitcoin to curb terrorism funding

A  good excuse but another reason is because the banks and the state will be sweating that they are losing control when people can spend money anonymously. We can't be having that now can we ? :ph34r:

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banning crypto?   haha, good luck with that.

They haven't a clue but they feel they need to "do something" but don't even know where to start

 

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9 minutes ago, Jonny said:

losing control when people can spend money anonymously.

 

Cash is entirely anonymous. If the state didn't want people to be able to spend money anonymously, they'd switch to an exclusive system of electronic payments.

 

It really is about the laundering money from criminal acts, terrorism financing, tax evasion, and other illicit activities - all of which are in the interests of a civilized society. I enjoy a get-rich-quick scheme as much as the next guy, but we're really getting to the point where there are more downsides to cryptocurrencies than advantages.

 

3 minutes ago, bennetn said:

They haven't a clue but they feel they need to "do something" but don't even know where to start

 

 

Something tells me they could switch all the government supercomputers to bitcoin mining, perhaps even through a concerted effort by multiple nations, take control of more than 50% of the network, and crash the entire thing any time they want. Cryptocurrencies still exist at the whim of the state.

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13 minutes ago, El Jeffo said:

If the state didn't want people to be able to spend money anonymously, they'd switch to an exclusive system of electronic payments.

 

Isn't that what's happening ? With coronavirus it's quite convenient that we're increasingly being told to use cards instead of cash. Even in backwards old Germany. Some shops are even refusing cash so you can see where this is going.

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No offense, but is your tinfoil hat on tight enough?

 

Sure, there are signs everywhere encouraging electronic payments, but nobody is turning down cash here in Berlin. Strangely enough, I've observed just the opposite around here: the burrito place and burger joint I frequent have both stopped accepting payment cards in the last year.

 

<sarcasm>On the bright side, if all the microchips that people are getting injected with the vaccine can be reprogrammed for bitcoin mining, we'll all be rich soon.</sarcasm>

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34 minutes ago, El Jeffo said:

 

Cash is entirely anonymous. If the state didn't want people to be able to spend money anonymously, they'd switch to an exclusive system of electronic payments.

 

It really is about the laundering money from criminal acts, terrorism financing, tax evasion, and other illicit activities - all of which are in the interests of a civilized society. I enjoy a get-rich-quick scheme as much as the next guy, but we're really getting to the point where there are more downsides to cryptocurrencies than advantages.

 

 

Something tells me they could switch all the government supercomputers to bitcoin mining, perhaps through a concerted effort by multiple nations, take control of more than 50% of the network, and crash the entire thing any time they want. Cryptocurrencies still exist at the whim of the state.

 

Something tells me that you don't understand how a decentralised cryptocurrency works if you think that's a permanent solution. 

You can trace bitcoin transactions to wallets (and often they do) and, just like offshore bank accounts, you then just need to match a person to a wallet.

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I actually know quite a bit about how it works. Efforts to trace crypto-transactions can be stymied by a laundry service, for example.

 

I don't see how any of that disputes my assertions, however. NSA supercomputers could be repurposed to conduct a sustained 51% attack and destabilize the entire blockchain, in addition to the government's ability to stymie people's ability to turn cryptocurrency into fiat money.

 

It''s already been proven that bitcoin was used to finance some of the domestic terrorists that led the insurrectionist attack on the Capitol. I think at some point, governments will decide that there's just too much potential for harm. We seem to be approaching a tipping point right now.

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Destabilise or crash the entre thing?  Long term it's not an option even if it did work as current mining power far exceeds any supercomputer resources .  If you're doing crypto right then there is no reason to turn into fiat.

What's happening right now is more discouraging for illegal transactions as the value is to variable so while bitcoin can be a store of value, it's expensive to use.  The SEC ruling coming on XRP could also have a big impact but only in the US.

The genie is out of the bottle now, you'll never get all the governments in the world to work together to put it back in.  

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14 minutes ago, bennetn said:

Destabilise or crash the entre thing?

Either/or. If the integrity of the blockchain is compromised, which a sustained 51% attack can achieve, the entire system will collapse. It wouldn't surprise me if the U.S. government had a contingency plan on the books to do that very thing.

 

Nobody knows the true amount of computing resources they have at their disposal.

 

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6 minutes ago, El Jeffo said:

Either/or. If the integrity of the blockchain is compromised, which a sustained 51% attack can achieve, the entire system will collapse. It wouldn't surprise me if the U.S. government had a contingency plan on the books to do that very thing.

 

Nobody knows the true amount of computing resources they have at their disposal.

 

 

 

Integrity of the blockchain compromised?  What does that mean?

Whatever it is, it's nowhere near the mining resources already in use and that's just Bitcoin - what about the other crypto's?

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9 minutes ago, bennetn said:

Integrity of the blockchain compromised?  What does that mean?

And you accuse me of not knowing how crypto works?

 

Anyone who gains control over 51% of the network capacity can reverse and overwrite transactions at will. It's always been assumed that no one would ever try, because they'd only be harming themselves and tanking their own investments in mining resources in the process. But a dedicated state actor aiming to crash the system faces no such constraints.

 

And both of our guesstimates of potential mining resources are nothing but conjecture - the computing resources of government security agencies are classified.

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They can reverse transactions in the unwritten blocks, they cannot rewrite history.

It's not because they would be harming themselves it's because it takes a huge amount of money and power to compete with the existing mining processes and even government agencies have finite resources and that's before the competing government decide to throw a spanner in the works or the miners up their game.  The current Bitcoin mining resources are not conjecture, you can go take a look at at the current hash rates.

An ASIC mining pool will shit all over any supercomputer pool, you're "plan" is just not practical nor workable for bitcoin never mind all the other crypto's (which you keep conveniently forgetting). 

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Banning Bitcoin can easily be done legally. Just forbid any company or individual from accepting it as a means of payment and convertion to local currency. There! Done!

No way to pay for groceries, online shopping, etc.

No need to forbid owning it. No need to control transactions between users. Just make it 90% useless. Rats will sell it immediately, value will drop like crazy, then people abandon it as it is a terrible holder of value. It will also be useless for stuff like ransomware, as companies will not be allowed to buy it.

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