Crypto Currency Thread
Discussion
Condi said:
Why would it never get to zero?
What gives it any value at all? (The answer is other people believing it has a value, not any intrinsic value or use.) Lose that and where does it get value from? So logically, if nobody can find a use for it, then it will be worth nothing.
How many times must you repeat this question? Why don’t you just read the responses you had previously? Can you imagine how the world would be different if every financial transaction was recorded on a permanent ledger, could be interrogated, reviewed, analysed and considered? Can you imagine if instead of taxing, lending, trading and bartering in an opaque environment every penny spent was visible? Can you imagine a system that could do this in open view, perfectly securely and without exposing too much personal data? Bitcoin has value, you are way way way off the mark here.What gives it any value at all? (The answer is other people believing it has a value, not any intrinsic value or use.) Lose that and where does it get value from? So logically, if nobody can find a use for it, then it will be worth nothing.
dimots said:
How many times must you repeat this question? Why don’t you just read the responses you had previously? Can you imagine how the world would be different if every financial transaction was recorded on a permanent ledger, could be interrogated, reviewed, analysed and considered? Can you imagine if instead of taxing, lending, trading and bartering in an opaque environment every penny spent was visible? Can you imagine a system that could do this in open view, perfectly securely and without exposing too much personal data? Bitcoin has value, you are way way way off the mark here.
This is already how transactions work in professional finance. Not only are deal details published but so are bid and offer sizes, volumes, and a host of other details.Every algorithm needs to be submitted to scrutiny, every piece of market data needs an owner, an update frequency, and has to be independently verified and validated monthly.
Risk models are audited, capital is set aside for stressed outflows, undrawn credit lines, drawn credit lines et.
Every person involved in trading or sales in a bank is regulated, has to evidence their understanding of the regulatory environment periodically, and has every call, email and chat message recorded, read, and trawled by AI to find any signs of malfeasance.
The idea by cryptocurrency fans that the City is somehow shady and hidden is just not true.
dimots said:
How many times must you repeat this question? Why don’t you just read the responses you had previously? Can you imagine how the world would be different if every financial transaction was recorded on a permanent ledger, could be interrogated, reviewed, analysed and considered? Can you imagine if instead of taxing, lending, trading and bartering in an opaque environment every penny spent was visible? Can you imagine a system that could do this in open view, perfectly securely and without exposing too much personal data? Bitcoin has value, you are way way way off the mark here.
Can you imagine how the world would be different if every financial transaction was recorded on a permanent ledger, could be interrogated, reviewed, analysed and considered? i beleive George Orwell and Xi Jinping already imagined it. Sounds f
king awful to me. Like tesco clubcard but on a wider scale, allowing god knows who to know everything that has nothing to do with them.without exposing too much personal data
It's either anonymous or it isn't. If it's anonymous then your first concept doesn't hold water.
Anyeay, this is a new angle Dimots. What happens ned to the core value being bringing access to a banking system to sub saharan africans, and instant (lol) free (haha) transactions for the world?
Some Gump said:
Can you imagine how the world would be different if every financial transaction was recorded on a permanent ledger, could be interrogated, reviewed, analysed and considered?
i beleive George Orwell and Xi Jinping already imagined it. Sounds fking awful to me. Like tesco clubcard but on a wider scale, allowing god knows who to know everything that has nothing to do with them.
without exposing too much personal data
It's either anonymous or it isn't. If it's anonymous then your first concept doesn't hold water.
Anyeay, this is a new angle Dimots. What happens ned to the core value being bringing access to a banking system to sub saharan africans, and instant (lol) free (haha) transactions for the world?
When did I ever say that? That could happen but it’s never been my take on why bitcoin is revolutionary. I see bitcoin as a protocol for payments between computers without a third party. It’s secure and it builds a permanent ledger. It affords the world limitless opportunities some of which I’ve attempted to predict in previous posts.i beleive George Orwell and Xi Jinping already imagined it. Sounds f
king awful to me. Like tesco clubcard but on a wider scale, allowing god knows who to know everything that has nothing to do with them.without exposing too much personal data
It's either anonymous or it isn't. If it's anonymous then your first concept doesn't hold water.
Anyeay, this is a new angle Dimots. What happens ned to the core value being bringing access to a banking system to sub saharan africans, and instant (lol) free (haha) transactions for the world?
Kent Border Kenny said:
This is already how transactions work in professional finance. Not only are deal details published but so are bid and offer sizes, volumes, and a host of other details.
Every algorithm needs to be submitted to scrutiny, every piece of market data needs an owner, an update frequency, and has to be independently verified and validated monthly.
Risk models are audited, capital is set aside for stressed outflows, undrawn credit lines, drawn credit lines et.
Every person involved in trading or sales in a bank is regulated, has to evidence their understanding of the regulatory environment periodically, and has every call, email and chat message recorded, read, and trawled by AI to find any signs of malfeasance.
The idea by cryptocurrency fans that the City is somehow shady and hidden is just not true.
All very very expensive and very prone to error.Every algorithm needs to be submitted to scrutiny, every piece of market data needs an owner, an update frequency, and has to be independently verified and validated monthly.
Risk models are audited, capital is set aside for stressed outflows, undrawn credit lines, drawn credit lines et.
Every person involved in trading or sales in a bank is regulated, has to evidence their understanding of the regulatory environment periodically, and has every call, email and chat message recorded, read, and trawled by AI to find any signs of malfeasance.
The idea by cryptocurrency fans that the City is somehow shady and hidden is just not true.
JPJPJP said:
So rigorous and effective is the current system that, earlier this month, Coventry building society reported it had, by virtue of using the wrong formula to calculate it, misreported it’s risk weighted assets by £222m or so.... for nearly 11 years.
And a crypto ledger solves this how, exactly? Some Gump said:
And a crypto ledger solves this how, exactly?
In no way whatsoever. Merely an example to show one of many things that the current system’s controls & rules that you were lauding up are very far from flawlessOn the other hand, an open rwa book would, I’m certain, have led to the erroneous calculation being spotted in less than the 10+ years it persisted for under the watch of the PRA, Coventry’s auditors etc.
dimots said:
Kent Border Kenny said:
This is already how transactions work in professional finance. Not only are deal details published but so are bid and offer sizes, volumes, and a host of other details.
Every algorithm needs to be submitted to scrutiny, every piece of market data needs an owner, an update frequency, and has to be independently verified and validated monthly.
Risk models are audited, capital is set aside for stressed outflows, undrawn credit lines, drawn credit lines et.
Every person involved in trading or sales in a bank is regulated, has to evidence their understanding of the regulatory environment periodically, and has every call, email and chat message recorded, read, and trawled by AI to find any signs of malfeasance.
The idea by cryptocurrency fans that the City is somehow shady and hidden is just not true.
All very very expensive and very prone to error.Every algorithm needs to be submitted to scrutiny, every piece of market data needs an owner, an update frequency, and has to be independently verified and validated monthly.
Risk models are audited, capital is set aside for stressed outflows, undrawn credit lines, drawn credit lines et.
Every person involved in trading or sales in a bank is regulated, has to evidence their understanding of the regulatory environment periodically, and has every call, email and chat message recorded, read, and trawled by AI to find any signs of malfeasance.
The idea by cryptocurrency fans that the City is somehow shady and hidden is just not true.
Behemoth said:
The main chain can remain transparent with various privacy options existing on upper layers. It isn't a simple binary choice.
Oh but it is. At least in debate terms.At times in this thread, pro bitcoiners were claiming anonymity and an escape from tyrannical government as a perk. If that is true, then it in anonymous. Not "slightly difficult" but impossible to trace. If the government is the CIA then "skightly awkward" doesn't count as anonymous.
At other times, transparency was trumped by pro-bitcoiners. No secrets!
It's either one or the other.
If it's transparent, then bitcoin (often described as a tool to evade a tyrannical government) isn't a step away from big brother, it's bending over, lubing up and asking them for an appointment at any time in the future that they see fit. Lets remember that over time culture changes. What was acceptable in 1970 now isn't. Imagine a campaigning group wanting to oust everyone that watched Bernard Mannings racist s
t back in the day? Oh look, immutable permanent evidence it was you. Welcome to kangaroo court.If it's not transparent, then it's a haven for criminals. finance via the internet not requiring that scene from Ronin requiring shooters and sean bean. No used 20's. No shootahs. Roof coulour irrelevent!
The distinction for bitcoin is totally binary. It's either like a transaction with used 20's or its a transaction that leaves a trail. There is. No in between.
No, you're wrong. It's far more nuanced and is evolving. Some transactions can be fully traced with varying degrees of effort and some are already impossible to trace no matter how much effort is employed.
Like any other form of cash, some will go through institutional KYC & AML and some will pass between individuals without oversight & surveillance.
Like any other form of cash, some will go through institutional KYC & AML and some will pass between individuals without oversight & surveillance.
g4ry13 said:
Wasn't it always going to be a risk that as bitcoin became more difficult to mine and required more computing power that only a few parties will have the ability to do so and basically control the supply / keep the network going?
Rather than ever increasing consolidation I see the opposite happening.Bitcoin production requires two essential inputs: advanced chips & electricity. Chip manufacturers are in China and so is much of the cheapest electricity. That won't always be the case.
The cheapest electricity worldwide is hydro power & China doesn't have a monopoly on rain & rivers.
Chip tech advances are slowing off (Moore's law no longer applies) & I expect tooling & manufacturing to spread out from China over time, not least because the US feels vulnerable with that kind of hi tech sourcing dependency (not just for bitcoin mining of course).
Also bear in mind that bitcoin mining is pooled. Even the largest server farms are in a geographically distributed & disconnected mining pool & there is no minimum requirement or threshold to join one. The software pools run is also upgrading to become more flexible, allowing miners to switch their pool allegiance much more easily.
Is FCA authorised Travelex another fantastic advert for the effectiveness of the way the current system works?
With the oversight by the FCA and all the FCA registered people in the business, how did it come to ignore credible warnings that it's IT security was wholly ineffective for so long?
With the oversight by the FCA and all the FCA registered people in the business, how did it come to ignore credible warnings that it's IT security was wholly ineffective for so long?
Thesprucegoose said:
Anybody been keeping up with news.
''Craig Wright, bitcoin’s self-declared creator, says the much anticipated “bonded courier” has arrived.''
This is to do with court case, so we should know if he created BTC this month. The markets seem to be accepting he is the creator.
Yep, the Tulip Trust.''Craig Wright, bitcoin’s self-declared creator, says the much anticipated “bonded courier” has arrived.''
This is to do with court case, so we should know if he created BTC this month. The markets seem to be accepting he is the creator.
Watching BSV move past BCH was something!
Crypto is a mad world.
Thesprucegoose said:
Anybody been keeping up with news.
''Craig Wright, bitcoin’s self-declared creator, says the much anticipated “bonded courier” has arrived.''
This is to do with court case, so we should know if he created BTC this month. The markets seem to be accepting he is the creator.
The other side has requested a 90 day extension to the discovery stage of the legal proceedings...''Craig Wright, bitcoin’s self-declared creator, says the much anticipated “bonded courier” has arrived.''
This is to do with court case, so we should know if he created BTC this month. The markets seem to be accepting he is the creator.
https://www.coindesk.com/in-new-court-filing-craig...
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