Crypto Currency Thread (Vol.2)
Discussion
dimots said:
Condi said:
How? Knowing which solicitor he uses doesn't identify him - they don't put a list of clients online do they?!
Everything you post online helps build a picture. You need to be careful not to leave too many fingerprints or to link accounts together. If you have poor opsec you will reveal who you are. It was very easy to find Rob, took a minute or so.
A44RON said:
dimots said:
Condi said:
How? Knowing which solicitor he uses doesn't identify him - they don't put a list of clients online do they?!
Everything you post online helps build a picture. You need to be careful not to leave too many fingerprints or to link accounts together. If you have poor opsec you will reveal who you are. It was very easy to find Rob, took a minute or so.
But it’s all ok because he has nothing to hide from authorities.
But he likes BTC because authorities can’t control it.
BTC needs a fork with privacy features before I touch it again.
The current BTC is screwed now it’s integrated with mainstream system.
Bitcoin is not integrated with the mainstream system. It has to transfer value from the system to on-chain. The more value transferred the better.
Bitcoin is private enough with good opsec. It can be made more private with wallets that do coinjoin.
The guy claimed it is perfectly safe to reveal personal data online. It’s not.
The only stats that matter are hash rate and total value locked.
Bitcoin is private enough with good opsec. It can be made more private with wallets that do coinjoin.
The guy claimed it is perfectly safe to reveal personal data online. It’s not.
The only stats that matter are hash rate and total value locked.
dimots said:
Bitcoin is not integrated with the mainstream system. It has to transfer value from the system to on-chain. The more value transferred the better.
Bitcoin is private enough with good opsec. It can be made more private with wallets that do coinjoin.
The guy claimed it is perfectly safe to reveal personal data online. It’s not.
The only stats that matter are hash rate and total value locked.
No he didn't, he suggested that you can't work out the identity of a person from the firm of solicitors they use...Bitcoin is private enough with good opsec. It can be made more private with wallets that do coinjoin.
The guy claimed it is perfectly safe to reveal personal data online. It’s not.
The only stats that matter are hash rate and total value locked.
Hashrate is the most important metric. If hashrate is high, the bitcoin network is strong. It is currently the most powerful computer network on the planet, and that power is used to secure bitcoin. It also needs to remain decentralized but that's a separate issue, generally hashrate high = bitcoin best digital store of value on the planet.
The TVL or total value locked is another metric that refers to the total value of all on-chain assets locked to the blockchain. As bitcoin are still being created and people trade bitcoin for profit this value is primarily driven by trading activity and profit taking. I believe this will change over the long term to see bitcoin being used primarily as tokens for exchange of value on and off the blockchain in representation of other assets that will be locked and for loans collateralized in bitcoin.
I believe all debt should be locked to the blockchain, one of its primary innovations is triple entry accounting - aka the 'permanent ledger' which is decentralized and immutable (as long as hashrate stays high, see first point) - and that can revolutionize the way we currently deal with loans and collateral.
So that's it. Price is a distraction, privacy is a distraction. The most important innovation bitcoin offers is creating a secure public unhackable decentralized value store for the planet. Not government owned, not manipulated, not private, not expensive. It's a protocol and if you think of it like that you might realise it's not a scam, it's not a get rich quick scheme, it's not a private members club you're not invited to, it's for everyone and it's pretty amazing.
The TVL or total value locked is another metric that refers to the total value of all on-chain assets locked to the blockchain. As bitcoin are still being created and people trade bitcoin for profit this value is primarily driven by trading activity and profit taking. I believe this will change over the long term to see bitcoin being used primarily as tokens for exchange of value on and off the blockchain in representation of other assets that will be locked and for loans collateralized in bitcoin.
I believe all debt should be locked to the blockchain, one of its primary innovations is triple entry accounting - aka the 'permanent ledger' which is decentralized and immutable (as long as hashrate stays high, see first point
) - and that can revolutionize the way we currently deal with loans and collateral.So that's it. Price is a distraction, privacy is a distraction. The most important innovation bitcoin offers is creating a secure public unhackable decentralized value store for the planet. Not government owned, not manipulated, not private, not expensive. It's a protocol and if you think of it like that you might realise it's not a scam, it's not a get rich quick scheme, it's not a private members club you're not invited to, it's for everyone and it's pretty amazing.
dimots said:
I'm not going to give out personally identifiable information like that online and you shouldn't be asking for it. Don't be a dumbo.
Here is my post a few days ago below. He would be happy to get your solicitors details for his property purchase, as apparently three solicitors (conveyancing firms) already refused to deal with him if he declares part of his deposits that came from his crypto profits. None of them has the right amount of insurance for their AML checks for crypto.From my understanding over 500 pages of crypto chat here but no crypto millionaires here has bought a property yet in U.K.
ooid said:
From my friend,
Sold his ETH and Bitcoin, months ago, sitting in his savings account with other savings accumulated by his income.
Solicitor asked the source of the savings in the presented account (income + crypto). Solicitor said, they are not able to verify this so they would not count it as part of his deposit.
Sold his ETH and Bitcoin, months ago, sitting in his savings account with other savings accumulated by his income.
Solicitor asked the source of the savings in the presented account (income + crypto). Solicitor said, they are not able to verify this so they would not count it as part of his deposit.
My brother in law did with gains from trading ETH (mainly). I can't prove that of course - but it might have some validity given my "anti" stance on a lot of this tomfoolery. Obviously he didn't pay in Crypto, but I remember him telling me to get in ETH at around $1-2. He made well into "7 figs". No Lambo's though.
ooid said:
dimots said:
I'm not going to give out personally identifiable information like that online and you shouldn't be asking for it. Don't be a dumbo.
Here is my post a few days ago below. He would be happy to get your solicitors details for his property purchase, as apparently three solicitors (conveyancing firms) already refused to deal with him if he declares part of his deposits that came from his crypto profits. None of them has the right amount of insurance for their AML checks for crypto.From my understanding over 500 pages of crypto chat here but no crypto millionaires here has bought a property yet in U.K.
ooid said:
From my friend,
Sold his ETH and Bitcoin, months ago, sitting in his savings account with other savings accumulated by his income.
Solicitor asked the source of the savings in the presented account (income + crypto). Solicitor said, they are not able to verify this so they would not count it as part of his deposit.
Sold his ETH and Bitcoin, months ago, sitting in his savings account with other savings accumulated by his income.
Solicitor asked the source of the savings in the presented account (income + crypto). Solicitor said, they are not able to verify this so they would not count it as part of his deposit.
How is this different to profiting from shares or gold?
A related question - if you can't use Bitcoin (or profits from Bitcoin) to buy a house what can you do with it? We've established earlier in this thread that you can't use it to buy a cup of coffee or a Tesla, so its utility would appear to be somewhat limited...
funinhounslow said:
Serious question - what is the issue here? As far as I understand it, all transactions are in the public domain, so isn't it straightforward to show you purchased Bitcoin at X, sold it at Y giving you profit of Z?
How is this different to profiting from shares or gold?
Clearly the issue is the source of that profit.How is this different to profiting from shares or gold?
Purchase Price: X
Sale Price:Y
Profit: Z= Y-X
They can not verify how much of the (Y-X) is actually legitimate and not coming from money laundering or illegal activities. Apparently current AML checks can verify sources like other assets such as stocks, shares, gold and currency but not crypto.
There is also the 'borrower' profile but that's another story.
dimots said:
It's not true it's a bulls
t 'my mate' comment. Exchanges do KYC, your bank does KYC, if you get through that your solicitor or conveyancer has absolutely no concerns whatsoever.
my bull*s*h*t friend would really need help on this but do not worry I told him to look for 'Saul Goodman' t 'my mate' comment. Exchanges do KYC, your bank does KYC, if you get through that your solicitor or conveyancer has absolutely no concerns whatsoever.
ooid said:
Clearly the issue is the source of that profit.
Purchase Price: X
Sale Price:Y
Profit: Z= Y-X
They can not verify how much of the (Y-X) is actually legitimate and not coming from money laundering or illegal activities. Apparently current AML checks can verify sources like other assets such as stocks, shares, gold and currency but not crypto.
There is also the 'borrower' profile but that's another story.
Absolute rubbish.Purchase Price: X
Sale Price:Y
Profit: Z= Y-X
They can not verify how much of the (Y-X) is actually legitimate and not coming from money laundering or illegal activities. Apparently current AML checks can verify sources like other assets such as stocks, shares, gold and currency but not crypto.
There is also the 'borrower' profile but that's another story.
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