Crypto Currency Thread

Crypto Currency Thread

Author
Discussion

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
I can't help thinking how funny it would be if I had to give Condi a whole bitcoin. I feel far more protective of bitcoins that I do of cash and they are harder to let go from an emotional perspective!

The most I can possibly lose is $6700 so not my arse is not 'nipping' whatever that means.

Oakey

24,259 posts

161 months

Friday 7th December 2018
quotequote all
Can I have your cash now you're all in on BTC? biggrin

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
Oakey said:
Can I have your cash now you're all in on BTC? biggrin
I'm very far from all in on btc biggrin

Oakey

24,259 posts

161 months

Friday 7th December 2018
quotequote all
Did you buy your BTC, mine them or get them some other way, given them, etc (you said you never handed any personal details over earlier)?

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
All of the above, but I don't have my mined coins any more...I lost them biggrin

I have given personal details to buy them on an exchange, and I have paid tax on bitcoin related profits, but I have also transacted with btc for the privacy benefits, I have sent and received btc using the changetip and tippr bots, and much more. It's an experiment at this stage but one which I firmly believe is making progress.

Scaling and usability should be priorities for 2019. Personally I wish the SEC/Exchange/Futures/Regulator noise would just stop.

DonkeyApple

34,377 posts

114 months

Friday 7th December 2018
quotequote all
dimots said:
I can't help thinking how funny it would be if I had to give Condi a whole bitcoin. I feel far more protective of bitcoins that I do of cash and they are harder to let go from an emotional perspective!

The most I can possibly lose is $6700 so not my arse is not 'nipping' whatever that means.
I can’t help thinking how funny it is that you haven’t worked out yet why the bet would be settled in a real currency.

Surely this latest price action has given a clue? For example, if BTC were to price at zero USD how would you settle the difference?

I appreciate it is all moot but surely you do actually understand the basic mechanics involved?

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
DonkeyApple said:
I can’t help thinking how funny it is that you haven’t worked out yet why the bet would be settled in a real currency.

Surely this latest price action has given a clue? For example, if BTC were to price at zero USD how would you settle the difference?

I appreciate it is all moot but surely you do actually understand the basic mechanics involved?
I thought I already explained this to you? If one bitcoin exchanges for half of what I owe to Condi I will have to give him two. For a financial expert you really struggle with the basics.

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
If Condi really wants the debt settled in fiat I would be happy to pay all or part of the amount to a charity as long as my donation can be anonymous.

I'm sure we can work out how to get the confirmation of payment so he knows I have donated.

Lemming Train

3,388 posts

17 months

Friday 7th December 2018
quotequote all
dimots said:
If Condi really wants the debt settled in fiat I would be happy to pay all or part of the amount to a charity as long as my donation can be anonymous.
wobble

Seems legit!

Some Gump

11,027 posts

131 months

Friday 7th December 2018
quotequote all
dimots said:
All of the above, but I don't have my mined coins any more...I lost them biggrin

I have given personal details to buy them on an exchange, and I have paid tax on bitcoin related profits, but I have also transacted with btc for the privacy benefits, I have sent and received btc using the changetip and tippr bots, and much more. It's an experiment at this stage but one which I firmly believe is making progress.

Scaling and usability should be priorities for 2019. Personally I wish the SEC/Exchange/Futures/Regulator noise would just stop.
What are the privacy benefits? Within a legal framework i don't understand them. It can't be mail order dildos because they'd have your address. It can't be porn because your ISP can track you down. Hell, given the public ledger and how they caught the silk road people, I'm not even sure it's private!

So aye, what is the benefit of a private.transaction for any legal purpose? Real benefits please, not hypothetical zombie apocalypse / government goes rogue scenarios!

DonkeyApple

34,377 posts

114 months

Friday 7th December 2018
quotequote all
dimots said:
DonkeyApple said:
I can’t help thinking how funny it is that you haven’t worked out yet why the bet would be settled in a real currency.

Surely this latest price action has given a clue? For example, if BTC were to price at zero USD how would you settle the difference?

I appreciate it is all moot but surely you do actually understand the basic mechanics involved?
I thought I already explained this to you? If one bitcoin exchanges for half of what I owe to Condi I will have to give him two. For a financial expert you really struggle with the basics.
Another way to look at this is that as a financial expert whose career has been spent writing and trading OTCs maybe I know how OTCs work and maybe I am suggesting that you don’t?

Let’s take this back a step. If BTC were to value at zero USD how would you settle your obligation using your method? The answer to that highlights precisely the flaw in your method and why it is incorrect.

DonkeyApple

34,377 posts

114 months

Friday 7th December 2018
quotequote all
dimots said:
If Condi really wants the debt settled in fiat I would be happy to pay all or part of the amount to a charity as long as my donation can be anonymous.

I'm sure we can work out how to get the confirmation of payment so he knows I have donated.
The correct way to settle is to agree a spot price in Cable and to simply transfer the relevant GBP. That is the correct course of action.

Demanding to be anonymous is bonkers. Demanding to settle in the underlying asset is bonkers. Demanding to pay to a charity is bonkers.

You can do whatever you want to do but making out that you’re a secret agent who only pays their bills with pork pies and to random third parties just adds fuel to the earlier arguments by others that the crypto market is awash with people who don’t understand the absolute basics of money and have a tendency to correlate with conspiracy loons. wink

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
DonkeyApple said:
Another way to look at this is that as a financial expert whose career has been spent writing and trading OTCs maybe I know how OTCs work and maybe I am suggesting that you don’t?

Let’s take this back a step. If BTC were to value at zero USD how would you settle your obligation using your method? The answer to that highlights precisely the flaw in your method and why it is incorrect.
And likewise if dollars were valued at zero right?

DonkeyApple

34,377 posts

114 months

Friday 7th December 2018
quotequote all
dimots said:
And likewise if dollars were valued at zero right?
Asset v currency. Kind of proves that a V1.0 crypto is an asset not a currency doesn’t it. wink

But at least the penny has now dropped for you, that you get why settlement is made via the currency you have priced in and I’m pleased to have been able to help you understand the flaw in your reasoning.

I feel that we can at least move forward now.

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
DonkeyApple said:
The correct way to settle is to agree a spot price in Cable and to simply transfer the relevant GBP. That is the correct course of action.

Demanding to be anonymous is bonkers. Demanding to settle in the underlying asset is bonkers. Demanding to pay to a charity is bonkers.

You can do whatever you want to do but making out that you’re a secret agent who only pays their bills with pork pies and to random third parties just adds fuel to the earlier arguments by others that the crypto market is awash with people who don’t understand the absolute basics of money and have a tendency to correlate with conspiracy loons. wink
Paying a bet made with a hostile third party on an anonymous internet message board with any method of payment that reveals your identity is 'bonkers'.

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
Some Gump said:
What are the privacy benefits? Within a legal framework i don't understand them. It can't be mail order dildos because they'd have your address. It can't be porn because your ISP can track you down. Hell, given the public ledger and how they caught the silk road people, I'm not even sure it's private!

So aye, what is the benefit of a private.transaction for any legal purpose? Real benefits please, not hypothetical zombie apocalypse / government goes rogue scenarios!
I can't believe we are this far into this thread and people are still asking questions like this.

Condi creates a new wallet. He can post it on here.

I create a new wallet. I can post it on here.

I send btc from my wallet to his. We can ALL see it move. It is recorded for all time on the blockchain and can be viewed at blockexplorer.com or blockchain or wherever.

The transaction is PROVEN.

The transaction is ANONYMOUS.

Pretty cool huh? This is how internet payments are supposed to work.

Oakey

24,259 posts

161 months

Friday 7th December 2018
quotequote all
Condi was never hostile? I think you're confusing him to the other poster?

Also, I don't get this anonymity thing, I've already got your name and address from the mail you left on your kitchen island in that photo of your kitchen on your Imgur, I even know what school your kids are at from the stuff on your fridge wink

tertius

5,507 posts

175 months

Friday 7th December 2018
quotequote all
dimots said:
Some Gump said:
What are the privacy benefits? Within a legal framework i don't understand them. It can't be mail order dildos because they'd have your address. It can't be porn because your ISP can track you down. Hell, given the public ledger and how they caught the silk road people, I'm not even sure it's private!

So aye, what is the benefit of a private.transaction for any legal purpose? Real benefits please, not hypothetical zombie apocalypse / government goes rogue scenarios!
I can't believe we are this far into this thread and people are still asking questions like this.

Condi creates a new wallet. He can post it on here.

I create a new wallet. I can post it on here.

I send btc from my wallet to his. We can ALL see it move. It is recorded for all time on the blockchain and can be viewed at blockexplorer.com or blockchain or wherever.

The transaction is PROVEN.

The transaction is ANONYMOUS.

Pretty cool huh? This is how internet payments are supposed to work.
Whilst that is all true and I agree rather amazing, it does not in any way answer his question for WHY you feel privacy is so critical for this specific use case. Especially since the only requirement is a transfer from one individual to another.

dimots

1,048 posts

35 months

Friday 7th December 2018
quotequote all
Oakey said:
Condi was never hostile? I think you're confusing him to the other poster?

Also, I don't get this anonymity thing, I've already got your name and address from the mail you left on your kitchen island in that photo of your kitchen on your Imgur, I even know what school your kids are at from the stuff on your fridge wink
Hehe. Very good biggrin And a perfect example of what I mean...I should be more careful not less!

NickCQ

2,034 posts

41 months

Friday 7th December 2018
quotequote all
dimots said:
Personally I wish the SEC/Exchange/Futures/Regulator noise would just stop.
Even if laws have been broken?