Crypto Currency

Discussion in 'West Mall' started by AC, Mar 25, 2020.

  1. AC

    AC 2,500+ Posts

    Sweet! Post a pic of it sometime and post it here. My Mfg only does Bitcoin and they screwed up my advertising.
     
  2. Vol Horn 4 Life

    Vol Horn 4 Life Good Bye To All The Rest!

    We were passing through on our way back home from Fredricksburg and I probably won't be back out there anytime soon. If I see one at another station somewhere I'll snap a pic, but it looked something like the one below. It may actually be the same machine. I was shocked to see one coin is worth nearly $50k.

    [​IMG]
     
    • Like Like x 1
  3. Monahorns

    Monahorns 5,000+ Posts

    It was worth $60k until Elon Musk discontinued Tesla payments using bitcoin. What an ***.
     
    • Like Like x 1
  4. AC

    AC 2,500+ Posts

    That would be Chain Bytes. That’s the Mfg that makes my machines. Bitcoin ATM’s is my side business. The owner is a pain in my ***, but they make good machines.
     
  5. AC

    AC 2,500+ Posts

  6. AC

    AC 2,500+ Posts


    After that dump this morning! Bitcoin’s theme song is.........
     
  7. Monahorns

    Monahorns 5,000+ Posts

    People in power increasing their fight against crypto. Need to continue to build the infrastructure so that it can be used in gray/black market type ways.
     
  8. Seattle Husker

    Seattle Husker 10,000+ Posts

    For Crypto to ever reach the equivalence of formal currencies the transaction costs/time need to come WAAAAAAYYYYYY down. A 10 minutes transaction and the equivalent of an ATM transaction/credit card fee for every transaction makes usage untenable.
     
  9. AC

    AC 2,500+ Posts

    Not if you store it for it’s long term store of value characteristics. I never, never, never spend my Bitcoin! Too valuable!
     
  10. Driver 8

    Driver 8 Amor Fati

    I can't speak to "crypto" but for bitcoin the layer 2 solutions (eg, lightning network) will be the way to do high transaction volumes at low cost
    Other blockchain/cryptocurrency projects may provide fast settlement but this would likely come with a security tradeoff
     
    • Like Like x 1
  11. AC

    AC 2,500+ Posts

    Strike is doing lightning network payments, globally. You can even get paid in Bitcoin on strike.
     
    • Agree Agree x 1
  12. Seattle Husker

    Seattle Husker 10,000+ Posts

    From what I read a Bitcoin payment is currently taking ~10 minutes to reconcile. I'm certain its possible to bring that down but until that transaction is measured in second rather than minutes it's a huge barrier to adoption.
     
  13. Driver 8

    Driver 8 Amor Fati

    I've seen a couple of interviews with Jack Mallers and what he's doing with Strike sounds amazing - using LN for near-instant payments globally, converted into most local currencies without a need to own underlying BTC
    Game changer if he can scale it
     
  14. AC

    AC 2,500+ Posts

    I have a strike account, maybe I should start using it now!
     
  15. AC

    AC 2,500+ Posts

  16. AC

    AC 2,500+ Posts

    upload_2021-6-8_9-24-43.png
    Above is how the FBI caught the hackers and got back the Bitcoin from the Colonial Pipeline hack. Exchanges must follow federal KYC ( know your customer) laws and if Bitcoin is involved in a crime, the authorities can always catch perpetrators using an exchange. Crime doesn’t pay in Bitcoin. Every coin is tracked!
     
  17. Horn6721

    Horn6721 10,000+ Posts

    Ac
    I sent you a pm
     
    • Like Like x 1
  18. Seattle Husker

    Seattle Husker 10,000+ Posts

    These criminals made a mistake by using an exchange as their crypto-wallet. Had they had it deposited to a cryptowallet on a personal harddrive it wouldn't have been retrievable. It's anyone's guess whether the FBI/NSA have a way to track the transaction to single IP Address thus able to raid the location of the harddrive. Still, even with that retrieving the harddrive there is very little chance they recovered any money.
     
    Last edited: Jun 8, 2021
  19. OUBubba

    OUBubba 5,000+ Posts

  20. AC

    AC 2,500+ Posts

    I’m not an IT guy. But I would never send anyone Bitcoin as ransom. If, in Colonial pipeline case, it hits an exchange it can be recovered though. You have to exchange Bitcoin for money or goods your buying so it can be traced back to a perpetrator. KYC laws keep getting stricter. Bitcoin is traceable and cash is not! Much more elicit activity in cash than Bitcoin.
     
    • Like Like x 1
  21. AC

    AC 2,500+ Posts

    Forbes and Bloomberg are notorious for spreading Bitcoin FUD. Fear, unbelief, doubt.
    Central Banks are scared of Bitcoin! That means Bitcoin is legitimate. Read up on inflation!
     
    • Agree Agree x 1
  22. OUBubba

    OUBubba 5,000+ Posts

    The perception is that the emergence of crypto currencies have made moving big $ equivalents anonymously much more easy and this is feeding the ransomware crisis we have. I don't know if that's the reality.
     
  23. OUBubba

    OUBubba 5,000+ Posts

    This is me when I think of bitcoin.
     
    • Funny Funny x 2
  24. iatrogenic

    iatrogenic 2,500+ Posts

    Yeah....that's where they made a mistake....:rolleyes1:
     
    • Funny Funny x 1
  25. AC

    AC 2,500+ Posts

    Reality is there is $2 trillion per year of illicit activity in USD. Bitcoin is a fraction of that. Bitcoin IS traceable cash is not. So crime with Bitcoin can be caught.
    Bitcoin threatens the USD! So Bitcoin FUD makes the news cut on MSNBC, CNBC, and FOX.
     
  26. Monahorns

    Monahorns 5,000+ Posts

    AC, do you have any perspective on the Bitcoinization of some countries like El Salvador?
     
  27. AC

    AC 2,500+ Posts

  28. AC

    AC 2,500+ Posts

    Here is a good follow up:
     
  29. Seattle Husker

    Seattle Husker 10,000+ Posts

    For those that follow the Crypto Currency market you know it generally follows Bitcoin. When Bitcoin is up, most currencies follow suit, when down they do the same.

    What is behind the dip in Bitcoin? Look no further than China cracking down on Bitcoin mining organizations. 76% of Bitcoin mining is being done in China. The Sichuan province just ordered the closing of all Bitcoin mining operations. That involved 26 registered mining operations. This is happening all over China.

    Lot's of pressure all around on the intensive Bitcoin mining industry that collectively uses as much power as Argentina.
     
  30. bystander

    bystander 10,000+ Posts

    Thinking strictly supply and demand, would a cessation of all mining activities world wide increase it's value?
     

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