The State of Cryptocurrency

[ZenZimZaliben]

Power brokers don't "hate crypto," they simply acknowledge the fact it has no value except whatever is given to it through speculation.


Which begs the question no one answers: when cash is created based on a cryptocurrency, what function enforces its off-the-grid status?


That's no different than the account number and routing number the banking system already uses.

The problem stems from the anonymity of all the members in the ledger. Every investigation would require figuring out who owns every wallet the individual did transactions with. That's a monumental task and would inevitably lead to law enforcement possessing databases of wallet affiliations. This leads to the same 4th amendment challenges that gun registries run into. At the end of the day, Bitcoin's scheme protects criminals and makes for a poor tool to bring them to justice.

How can it protect criminals yet not offer the privacy to the consumer?

 

[FordGT90Concept]

Information should be private until search warrant is issued. Individuals an organizations that had dealings with the suspect are required to keep records. In cases involving encrypted devices, courts have ruled that the 5th amendment trumps gaining access to the device. People that want to stay off the grid have the right to do so.

 

[ZenZimZaliben]

Information should be private until search warrant is issued. Individuals an organizations that had dealings with the suspect are required to keep records. In cases involving encrypted devices, courts have ruled that the 5th amendment trumps gaining access to the device. People that want to stay off the grid have the right to do so.

wut? Your logic is flawed. No one said anything about decryption of my private keys. You could easily figure out someones wallet address though.

 

[FordGT90Concept]

You could easily figure out someones wallet address though.

Exactly. In other words, everyone that buys porn, illegal drugs like marijuana, and everything else that's unflattering would become public knowledge.

That's not a world I want to live in. Private -> search warrants = better for everyone.


FYI, that article I linked to from the Federal Reserve says they processed 13 million payments through a "fast ACH" (transactions clear in no more than a day).

 

[TheoneandonlyMrK]

Exactly. In other words, everyone that buys porn, illegal drugs like marijuana, and everything else that's unflattering would become public knowledge.

That's not a world I want to live in. Private -> search warrants = better for everyone.


FYI, that article I linked to from the Federal Reserve says they processed 13 million payments through a "fast ACH."

finally something i agree with you on , with regulation crypto is easily traceable for 90% of users imho since most exchanges register their users ,a fact that will keep cash in the hands of many for years to come.

fedcoin when it comes is not going to be anywhere near the great thing they will say it is just because of the direct digital traceabiltiy.

and regardless if i were to set out to buy a million pounds worth of something bad ,its still very hard to get a million pound to anyone else without a trace regardless of using fiat or crypto and all small scale deals still resort to cash ,so its not going to die , shit no one wants a porn bill turning up on something the wife sees

 

[Captain_Tom]

finally something i agree with you on , with regulation crypto is easily traceable for 90% of users imho since most exchanges register their users ,a fact that will keep cash in the hands of many for years to come.

fedcoin when it comes is not going to be anywhere near the great thing they will say it is just because of the direct digital traceabiltiy.

and regardless if i were to set out to buy a million pounds worth of something bad ,its still very hard to get a million pound to anyone else without a trace regardless of using fiat or crypto and all small scale deals still resort to cash ,so its not going to die , shit no one wants a porn bill turning up on something the wife sees

It already does with credit cards lol. If you want a private account, download a new wallet...

 

[TheoneandonlyMrK]

It already does with credit cards lol. If you want a private account, download a new wallet...

exactly im not using credit or crypto for anything dodgy to said wife i dont have , for dodgy its gota be cash

 

[Captain_Tom]

exactly im not using credit or crypto for anything dodgy to said wife i dont have , for dodgy its gota be cash

I think you need to understand that the crypto market is slowly organizing itself so that you can use a specific "coin" for the exact thing you need. Think of the market as distinctly broken up into several categories:

1) Bitcoin is an open gold standard. It anchors the market, and acts as a stable savings account. It isn't easily controlled by oligarchs like our current financial institutions are, but that doesn't mean it can't allow more accountability. On the contrary Bitcoin allows businesses to be held more accountable than ever before...If they choose to be.

2) Ethereum allows for smart contracts and tethering of data. It is an incredibly secure way to track decisions and make agreements (Hence why Canada and Brazil are looking into using it to track and protect their country's voting).

3) Coins like DASH, Monero, and Zcash allow for people to spend money with rapid verification and complete anonymity. (So stop saying Bitcoin is slow! No one cares!)

4) Makesafe and Siacoin are emerging so that people and companies can safely back up their data somewhere where NO ONE can see it. Some coins in this arena are even proposing the creation of a new internet (similar to the one discussed in the show Silicon Valley.

5) Emerging coins continue to pop up with other use-cases such as one for game distribution through a blockchain, and other coins trying to one-up the others at their own game. I am sure many creative ones will continue to appear with varying degrees of usefulness.


^I am starting to feel like a post like the one I just made needs to be pinned to the top of this chat or something. Too many people here seem to misunderstand that the cryptomarket truly is a market of different technologies working together to compliment and build off of each other.

 

[trog100]

at the moment crypto is just an investment interest to me.. if i want to buy something for real i still use ebay and paypal.. though i have read that ebay is breaking its ties to paypal..

trog

 

[TheoneandonlyMrK]

I think you need to understand that the crypto market is slowly organizing itself so that you can use a specific "coin" for the exact thing you need. Think of the market as distinctly broken up into several categories:

1) Bitcoin is an open gold standard. It anchors the market, and acts as a stable savings account. It isn't easily controlled by oligarchs like our current financial institutions are, but that doesn't mean it can't allow more accountability. On the contrary Bitcoin allows businesses to be held more accountable than ever before...If they choose to be.

2) Ethereum allows for smart contracts and tethering of data. It is an incredibly secure way to track decisions and make agreements (Hence why Canada and Brazil are looking into using it to track and protect their country's voting).

3) Coins like DASH, Monero, and Zcash allow for people to spend money with rapid verification and complete anonymity. (So stop saying Bitcoin is slow! No one cares!)

4) Makesafe and Siacoin are emerging so that people and companies can safely back up their data somewhere where NO ONE can see it. Some coins in this arena are even proposing the creation of a new internet (similar to the one discussed in the show Silicon Valley.

5) Emerging coins continue to pop up with other use-cases such as one for game distribution through a blockchain, and other coins trying to one-up the others at their own game. I am sure many creative ones will continue to appear with varying degrees of usefulness.


^I am starting to feel like a post like the one I just made needs to be pinned to the top of this chat or something. Too many people here seem to misunderstand that the cryptomarket truly is a market of different technologies working together to compliment and build off of each other.

Didn't need the lecture personally I get crypto but it is correct and helpful , i kinda meant my eleged mate dave (hypothetical obv) doesn't except crypto still and likely won't for quite some time.

 

[FordGT90Concept]

Bitcoin is an open gold standard. It anchors the market, and acts as a stable savings account.

at the moment crypto is just an investment interest to me..

^ This. Savings != Investment.

 

[ZenZimZaliben]

Savings != Investment.

Actually bitcoin is now being treated as more of a value store than a currency so that's not totally inaccurate.

 

[FordGT90Concept]

It's a security that's traded like a commodity.

 

[rtwjunkie]

privacy is only something that criminals need.. honest folks have nothing to hide

Spoken like someone who has never had privacy as a fundamental right. Once you have it, you won't give it up. It has nothing to do with having something to hide.

 

[trog100]

one here for ford and his faith in the conventional US economic management and the US dollar..

https://usawatchdog.com/biggest-ever-debt-dollar-crisis-coming-peter-schiff/

trog

Spoken like someone who has never had privacy as a fundamental right. Once you have it, you won't give it up. It has nothing to do with having something to hide.

dont you recognize ironic sarcasm when you see it.. it seems not.. i have been told that Americans dont in the past.. maybe i need to change how i put thing across..

i value my privacy greatly and i am well aware that it is being taken away.. is that more clear to you..

trog

 

[FordGT90Concept]

one here for ford and his faith in the conventional US economic management and the US dollar..

https://usawatchdog.com/biggest-ever-debt-dollar-crisis-coming-peter-schiff/

Again, that's on Congress for not balancing the budget.

 

[dorsetknob]

Pre Edit
This is a Comment and not a "sales pitch" ( but if anyone is interested i can supply a link in PM's if needed)

Starting to see Things like this for sale Localy
GTX 1060 6GB Nvidia Asus x 2
£300.00
Description
Selling both, 300 each. Moving house so need money and cryptos are too low ATM to sell. Bought in October, ran on around 50-55c

Pick up and cash on collection only

Have receipt, box and all

They are about a mile from where i live

 

[R-T-B]

Return to normalcy... Still profitable here in the northwest though.

 

[trog100]

i doubt there is a miner in the land that dosnt assume crypto will go back up again.. plus mining a couple of 1060 cards really isnt worth it.. if short of cash better £300 quid in the pocket.. it woud take ages to mine that with a pair of 1060 cards..

trog

 

[R-T-B]

i doubt there is a miner in the land that dosnt assume crypto will go back up again.. plus mining a couple of 1060 cards really isnt worth it.. if short of cash better £300 quid in the pocket.. it woud take ages to mine that with a pair of 1060 cards..

trog

I will reach ROI in less than the year most promotional interest free credit lines run for fwiw. And that IS assuming it doesn't go up from here.

 

[Vayra86]

I think you need to understand that the crypto market is slowly organizing itself so that you can use a specific "coin" for the exact thing you need. Think of the market as distinctly broken up into several categories:

1) Bitcoin is an open gold standard. It anchors the market, and acts as a stable savings account. It isn't easily controlled by oligarchs like our current financial institutions are, but that doesn't mean it can't allow more accountability. On the contrary Bitcoin allows businesses to be held more accountable than ever before...If they choose to be.

2) Ethereum allows for smart contracts and tethering of data. It is an incredibly secure way to track decisions and make agreements (Hence why Canada and Brazil are looking into using it to track and protect their country's voting).

3) Coins like DASH, Monero, and Zcash allow for people to spend money with rapid verification and complete anonymity. (So stop saying Bitcoin is slow! No one cares!)

4) Makesafe and Siacoin are emerging so that people and companies can safely back up their data somewhere where NO ONE can see it. Some coins in this arena are even proposing the creation of a new internet (similar to the one discussed in the show Silicon Valley.

5) Emerging coins continue to pop up with other use-cases such as one for game distribution through a blockchain, and other coins trying to one-up the others at their own game. I am sure many creative ones will continue to appear with varying degrees of usefulness.


^I am starting to feel like a post like the one I just made needs to be pinned to the top of this chat or something. Too many people here seem to misunderstand that the cryptomarket truly is a market of different technologies working together to compliment and build off of each other.

Riiiight. This is what all the players on the market want you to think because this is how they succeed with their ICOs. Its called marketing, and all of it should be questioned thoroughly and constantly. Every day a new best practice pops up and every coin has one goal: to find as many investments as possible. Money = influence in the system.

Honestly, crypto in its current form... it won't last because the foundation is heavily polluted, and that stench will never really go away. The game is rigged.

Do you really think the masses have any interest in divided funds across a multitude of coins, all of them volatile in one way or another? Come on man, get real. The average citizen doesn't even dare to change its bank account due to all the potential issues and work it can create. And on top of all this, no one has any desire to convert a savings account into a speculative one. All these different coins and the fragmentation it brings is counterproductive for any kind of mass adoption.

Also, when it comes to innovation, take a long look at this

http://www.undp.org/content/undp/en...pact/innovation/principles-of-innovation.html

And then consider how many boxes were ticked by Bitcoin, and how all these alt coins are filling up the gaps, or at least, 'say' they do. As I said: the foundation is screwed up, and it takes a really devout believer to think you can fix this without starting over entirely. The fundamental problem will never go away: crypto coins are all linked in one way or another. There is no 'stable' alternative when its based on the current status quo.

 

[Vya Domus]

acts as a stable savings account.

It absolutely doesn't look like it's the case.

It's price graph looks like a mountain range. If you consider that a proper way of keeping your savings ... well let's just say that the bitconnect guy will be happy to do business with you.

 

[trog100]

I will reach ROI in less than the year most promotional interest free credit lines run for fwiw. And that IS assuming it doesn't go up from here.

not exactly life style changing is it.. more so when you are talking a couple 1060 cards being the investment..

but if a person is short of ready cash i can see why they would flog a card or two..

trog

 

[Vayra86]

not exactly life style changing is it.. more so when you are talking a couple 1060 cards being the investment..

but if a person is short of ready cash i can see why they would flog a card or two..

trog

Smart people don't gamble with money they don't have or can't miss. Only the desperate do this, and they hardly fix anything by doing it. Its the worst way to manage your finances.

 

[trog100]

lending your money (savings) to a bank to speculate with is also a fools game..

and thinking your money is safe in a bank is a bigger fools game.. he he

trog