Crypto Currency Thread

[Behemoth]

The US Federal Reserve is made up of 12 regional reserve banks, of which St Louis is one, + the Fed's board in DC. The Federal Reserve of St Louis published a paper about Bitcoin. Fascinating stuff, given that this is published by a central bank. It's also very well written.

https://files.stlouisfed.org/files/htdocs/publicat...

[dimots]

I like the concept of 'cash data files', I don't think I have encountered that before, it's a good layman's term.

The article also clearly describes the double spend problem and how it is effectively solved by bitcoin without reliance on a central authority, it clearly defines consensus, the state of the bitcoin 'market' based on speculation over future price, and much more.

I think it's the best summary overview I have ever read.

[ADEuk]

Binance is more profitable than Deutsche Bank.
From a piddlingly small market.
The big boys want in
Crypto isn't going to disappear anytime soon.
Ignore the fud

[anonymous-user]

dieseluser07 said:

How come your not a fan?

I genuinely dont think any crypto like litecoin will survive because what exactly does having another currency solve?

the business model is a massive premine, that xrp can make 100-500 million usd a month(nearly 300 million xrp released last month) just selling them off. Also the potential market is massively over rated, but the tech is spot on. the biggest threat is xrp going legit and listing on stock exchange, token would become less value quickly.

Edited by Thesprucegoose on Wednesday 3rd October 12:50

[dieseluser07]

Thesprucegoose said:

dieseluser07 said:

How come your not a fan?

I genuinely dont think any crypto like litecoin will survive because what exactly does having another currency solve?

the business model is a massive premine, that xrp can make 100-500 million usd a month(nearly 300 million xrp released last month) just selling them off. Also the potential market is massively over rated, but the tech is spot on. the biggest threat is xrp going legit and listing on stock exchange, token would become less value quickly.

Edited by Thesprucegoose on Wednesday 3rd October 12:50

Why would going on the stock exchange reduce xrp price?

[anonymous-user]

dieseluser07 said:

Why would going on the stock exchange reduce xrp price?

Sorry not sure what you mean. Xrp is a hybridised share token/ value store. They, xrp, also but back xrp to keep price higher which I think is probably the only crypto coin that does.

[wisbech]

ADEuk said:

Binance is more profitable than Deutsche Bank.
From a piddlingly small market.
The big boys want in
Crypto isn't going to disappear anytime soon.
Ignore the fud

You forgot HODL

[Some Gump]

dimots said:

I was asking about god or a higher power because of course ultimate approval of all actions of the Bank of England (e.g. appointment of Governor) rest with the Queen who is in position because of her divine right to rule. We even have her picture on our bank notes...have you noticed?

You surely therefore have to accept that belief in god has more of a proven link to the current system of finance than conspiracy theories do to bitcoin?

How does that differ to the mythical beast that is Satochi?

Fwiw you're devaluing your argument with this post. The queen as state figurehead debate is a seperate.issue, but to pretend that she is in place now by divine right rather than via the will of the people* is silly.

• Most people, not all people, obviously!

[anonymous-user]

wisbech said:

You forgot HODL

i never get why people post st like this, it just makes it sound like a ponzi scheme.

[Behemoth]

Some Gump said:

How does that differ to the mythical beast that is Satochi?

The anonymity of Satoshi Nakomoto is purely operational security. This person knew exactly what they were doing, from the very beginning when the bitcoin.org domain was registered for the project with perfect anonymity. Any known creator would be a clear target for attack if Bitcoin were ever to be successful. Remember that Bitcoin has precedence. It did not appear from nowhere. Previous private currencies had been shut down and creators prosecuted. E-gold is an example https://en.wikipedia.org/wiki/E-gold#Criminal_pros... . Even if not prosecuted by government, they would be subject to everything from social attack to simply being mugged on the high street.

[Some Gump]

You've been told that it's purely operational security. Fact is you don't have a clue who it is. It could be a perfectly well meaning computer scientist. It could be a team of people. It could even be a government, or worse.
The thing is there is no logic to criticise stirling based on the queens image being there and some tenuous link to religion and the belief thst god exists and is good, whilst simultaneously showing faith that Satochi exists, and is benevolent.

This is why i was saying that your post didn't help your argument.

[Behemoth]

Some Gump said:

You've been told that it's purely operational security. Fact is you don't have a clue who it is. It could be a perfectly well meaning computer scientist. It could be a team of people. It could even be a government, or worse.
The thing is there is no logic to criticise stirling based on the queens image being there and some tenuous link to religion and the belief thst god exists and is good, whilst simultaneously showing faith that Satochi exists, and is benevolent.

This is why i was saying that your post didn't help your argument.

It wasn't my post & I chose not to pass comment on the Queen nonsense.

Given the anonymity, yes Satoshi could be anyone. But some of these theories are highly probable (libertarian comp sci) whilst others (malicious govt) are extraordinarily unlikely. The opsec is very obvious once you learn a little & I came to that conclusion pretty quickly without anyone needing to tell me. I'm happy to run with my estimate of probabilities on this & take the risk that nonsense conspiracy theories are just that.

[Condi]

Behemoth said:

I came to that conclusion pretty quickly without anyone needing to tell me. I'm happy to run with my estimate of probabilities on this & take the risk that nonsense conspiracy theories are just that.

Just about sums up my thoughts on Bitcoin and the rest of the nonsense currencies.

[dimots]

Some Gump said:

You've been told that it's purely operational security. Fact is you don't have a clue who it is. It could be a perfectly well meaning computer scientist. It could be a team of people. It could even be a government, or worse.
The thing is there is no logic to criticise stirling based on the queens image being there and some tenuous link to religion and the belief thst god exists and is good, whilst simultaneously showing faith that Satochi exists, and is benevolent.

This is why i was saying that your post didn't help your argument.

I was just trying to prick James B's pomposity.

He proposed a link between cryptocurrency and conspiracy theories.

I proposed a link between sovereign currency and religion.

I think we are both talking st and I hope that has helped to highlight the point.

[Bluedot]

H4 and Daily charts certainly showing that Bitcoin is due a breakout either up or down in the next week or two.

[anonymous-user]

yes my finger in the said the same, also it might rain or not.

[James_B]

NickCQ said:

Negligible cost measured in bitcoins, but when you add in the volatility cost versus fiat you clearly have costs.

As with the insults, costs on his side don’t count, only costs on the other side.

I had to transfer a seven figure sum recently to buy a house. I was not in the country, the seller was not in the country, yet the whole transfer was done in seconds for a total cost of £25.

These claims that it is expensive and slow to transfer proper currencies are either ignorance or lies.

Edited to add, my trading book at work is slightly unusually positioned at the moment, and needs to borrow over $10bn each day and deposit the equivalent amount of GBP. Total cost for doing so is negligible, I am only paying the interest rate costs, not any transfer fees.

Edited by James_B on Sunday 7th October 10:18

[James_B]

Behemoth said:

Really, James. It's there in plain sight. You're a man seemingly obsessed with conspiracy theories and yet there are none. I trust your forex data analysis abilities are better than your skills at parsing an interweb forum.

So still no link then?

Come on, not hard, if I’ve missed it please just show me where.

[James_B]

dimots said:

I was asking about god or a higher power because of course ultimate approval of all actions of the Bank of England (e.g. appointment of Governor) rest with the Queen who is in position because of her divine right to rule. We even have her picture on our bank notes...have you noticed?

You surely therefore have to accept that belief in god has more of a proven link to the current system of finance than conspiracy theories do to bitcoin?

Oh dear.

No, as there is no God of course the queen is not there by divine right.

And if you have not noticed the propensity for the Bitcoin zealots like you to have the same cluster of other weird beliefs then you need to pay more attention.

[James_B]

dimots said:

I was just trying to prick James B's pomposity.

He proposed a link between cryptocurrency and conspiracy theories.

No, I didn’t. I posited a link between those who proselytise about bitcoin and those who believe conspiracy theories.

Come on, please at least try to keep honest here. If you need to twist the words of others so far from what they wrote you are clearly not managing to make your valid points very well.

As for pomposity, one of us actually works in the markets so has proper knowledge, you are just wanting to appear authoritative by fiat.