Crypto Currency Thread (Vol.2)

[dimots]

Condi said:

Anyone would think there was a reason rules, regulators and ombudsmen were created in the first place?!

Because the government can't help but interfere in free market economics?

[anonymous-user]

Condi said:

You want to play in the deregulated world of crypto and then expect the regulator to be involved when an unregulated company in an unregulated industry doesn't do what you expect?

Anyone would think there was a reason rules, regulators and ombudsmen were created in the first place?!

CRYPTO might be unregulated but coinbase is regulated by the FCA as an emoney issuer.

[halo34]

Condi said:

You want to play in the deregulated world of crypto and then expect the regulator to be involved when an unregulated company in an unregulated industry doesn't do what you expect?

Anyone would think there was a reason rules, regulators and ombudsmen were created in the first place?!

2. SERVICES.

2.1 E-Money Services.

The following services (the "E-Money Services") may be provided to you by Coinbase Payments:

(A) a hosted digital wallet (“E-Money Wallet”) enabling you to store electronic money issued by CB Payments, which is denominated in fiat currency (“E-Money"); and

(B) certain payment services enabling you to send and receive E-Money (as set out below).

The E-Money Services are regulated by the UK Financial Conduct Authority (“FCA”). Coinbase Payments is an authorised electronic money institution authorised and regulated by the FCA with register number 900635.

[Condi]

The Spruce Goose said:

CRYPTO might be unregulated but coinbase is regulated by the FCA as an emoney issuer.

Interesting, some of the business operates under the FCA, some not; although that any of it was regulated was something I didn't know and did have to look up.

[halo34]

Condi said:

Interesting, some of the business operates under the FCA, some not; although that any of it was regulated was something I didn't know and did have to look up.

Great apology

[Condi]

halo34 said:

Great apology

Always here to learn!

And take the piss, but mainly to learn. Still waiting for someone to tell me what it's used for?! ducks

[Northernboy]

Condi said:

I don't know what banks charge to move money around among themselves, but I doubt it $6.50 a time cost.

At this rate your $10 pizza will have a 60% surcharge over paying with Visa or cash!

We don’t charge anything. We move tens or hundreds of billions back and forth with no charges.

It’s a very efficient and fast system, with a lot of controls to ensure no-one is left facing the credit of anyone else any more or for any longer than is absolutely necessary.

[Condi]

Africa is often spoken about as somewhere crypto could offer real advantages to the local population.

Going well so far then.....

cryptodaily said:

The cryptocurrency investment platform Africrypt has fallen victim to a scam. Investors lost a total of $3.6 Billion when the two brothers, Ameer Cajee and Raees Cajee disappeared with the assets.

Africrypt Hack Kept Under Wraps For Months
The first sign of trouble was back in April 2021, when the cryptocurrency investment platform was hacked, and a staggering $3.6 Billion (R54 Billion) was siphoned out of investor wallets. Despite being one of the biggest scandals to have hit South Africa, the incident did not attract global attention. This was because the investors and clients were categorically asked by Ameer Cajee in a written message not to alert authorities about the incident under the guise of recovering the assets.
An excerpt from the message reads,

“We urge all clients to please be patient as we attempt to resolve the situation at hand. It is understandable that clients may proceed the legal route, but we ask clients to please acknowledge that this will only delay the recovery process.”

Africrypt Hack Could Be Inside Job
Within days of this incident, the company’s founder-brother duo Ameer and Raees Cajee disappeared to the UK. Both of them were unreachable, indicating their role in the hack. Calls to both their phone numbers went straight to voicemail, while the company website also went down.

The “hacking” of the private wallets on the Africrypt platform is highly suspicious as one of the addresses used by the hackers was used for a standard crypto transaction prior to the hack. This points to an inside job. Investigators are looking into the flow of cryptocurrency transactions to certain large local exchanges.

Africrypt Money Laundering Operation? Sky-High Assets Raise Questions
Multiple regulatory authorities are conducting investigations into the whole operation of Africrypt. The fact that this low-key crypto company with less than two years of trading had been holding crypto assets worth over $3 Billion could indicate signs of a money-laundering operation. Even more suspicious is the fact that clients were made to sign an investment agreement that limits the company’s liability for the loss of funds.

According to Darren Hanekom of Hanekom Attorneys,

“Whilst we are aware of the many opportunities available for young people in the cryptocurrency space, we were suspicious of the claims that over 100 000 Ethereum coins were mined from home-based computer systems. Given South Africa’s high electricity costs, and unstable power generating capabilities, we found this claim particularly difficult to accept.”

Whether this was an international money laundering operation gone wrong, or an actual case of a crypto hack, it remains to be seen. However, the situation has further destabilized South Africa’s reputation as a safe financial haven, especially so soon after the MTI collapse and increased the growing urgency for crypto regulations in the country.

[TobyTR]

jammy-git said:

dimots said:

Condi said:

God love Matt Levine (Bloomberg opinion writer)

Matt Levine said:

If you are doing crime, cash has a lot of advantages over bank transfers. You can store and transfer cash anonymously without permission, without going through the know-your-customer procedures and anti-money-laundering checks of the U.S. banking system; also cash payments are more or less irreversible, so U.S. authorities can’t just go to your bank and tell it to reverse a payment to you. And cash is fairly useful: You can use it to pay for some things (particularly things that criminals might want), and if you want other things you can turn cash into other currencies fairly easily.

Bitcoin is digital cash. But it has a built in ledger so it's better than cash. Banks are just control systems implemented by governments.

But it isn't' money in your hand, which cash cash will always have as an advantage.

A much more accurate form of digital cash would be Monero and PirateChain; fungible and more importantly 100% privacy-by-default.. Bitcoin will never be digital cash or money because it will never be 100% private by default, it's public for all to see.

Monero and PirateChain is what Bitcoin was supposed to be back in 2010-2011. People will value true privacy going forwards when the Central Bank Digital Currencies get unleashed.

[TobyTR]

anyone wanting a future tip: look into DERO

a proper rival to Ethereum but with objectively better development and tech, plus private smart contracts are the future. It's got the makings of a top-20 market cap coin. Thank me in a year from now.

[whatxd]

TobyTR said:

anyone wanting a future tip: look into DERO

a proper rival to Ethereum but with objectively better development and tech, plus private smart contracts are the future. It's got the makings of a top-20 market cap coin. Thank me in a year from now.

In 2019 we had a poster called Dr Steve Brule who posted about a project no one had heard of called Chainlink at $0.50. He was mocked by several posters, Condi included.

I expect you'll get the same response

[jammy-git]

Condi said:

halo34 said:

Great apology

Always here to learn!

And take the piss, but mainly to learn. Still waiting for someone to tell me what it's used for?! ducks

It's to acknowledge regret when you're wrong.

[anonymous-user]

whatxd said:

In 2019 we had a poster called Dr Steve Brule who posted about a project no one had heard of called Chainlink at $0.50. He was mocked by several posters, Condi included.

I expect you'll get the same response

For every chain-link posted there are 20 stcoins posted.

[robuk]

TobyTR said:

anyone wanting a future tip: look into DERO

a proper rival to Ethereum but with objectively better development and tech, plus private smart contracts are the future. It's got the makings of a top-20 market cap coin. Thank me in a year from now.

Seems it is being hyped this last week - price shooting up. Whats changed?

[halo34]

The Spruce Goose said:

For every chain-link posted there are 20 stcoins posted.

And 16 posts belittling, so actually - the ratios of frothing at the mouth vs shill to actual potentials is way out of whack.

[Bluedot]

halo34 said:

The Spruce Goose said:

For every chain-link posted there are 20 stcoins posted.

And 16 posts belittling, so actually - the ratios of frothing at the mouth vs shill to actual potentials is way out of whack.

I think the good thing about this thread is the lack of shilling to the moon crap.
Every Alt coin has great prospects, great team, great market cap blah blah blah.

[Vanity Projects]

The Spruce Goose said:

For every chain-link posted there are 20 stcoins posted.

I’d be happy sticking £100 in 20 stcoins if one of them pulls off a better than 20:1 return like chain link

It’s a bit like only betting on 200:1 shots in the grand national, if you can ride out 200 races and if one of those wins before then, you’re happy.

(...and of course like all good ‘look at my portfolio’ pics, you can declare “I won £20,000 on the horses” and pretend it didn’t cost you £19,900 to get there )

[Ari]

TobyTR said:

anyone wanting a future tip: look into DERO

a proper rival to Ethereum but with objectively better development and tech, plus private smart contracts are the future. It's got the makings of a top-20 market cap coin. Thank me in a year from now.

Awesome!

Erm, what does it do..?

[dimots]

TobyTR said:

A much more accurate form of digital cash would be Monero and PirateChain; fungible and more importantly 100% privacy-by-default.. Bitcoin will never be digital cash or money because it will never be 100% private by default, it's public for all to see.

Monero and PirateChain is what Bitcoin was supposed to be back in 2010-2011. People will value true privacy going forwards when the Central Bank Digital Currencies get unleashed.

I diverge from cypherpunk fundamentalism there and I think that bitcoin offers sufficient anonymity at chain level and so much utility in the blockchain that it is worth it. Monero/Piratechain are technically superior in some ways, but the traceability of bitcoin can also offer benefits to users in the sense of accountability and management of your digital footprint. Layer 2 protocols like Lightning can offer enhanced privacy for daily spending.

I imagine a future where your digital rights are self-managed and secured on the blockchain. You have the right to know where your personal data (be that nude pics, home address or comments on forums) is being shared and you have the right to remove it or modify it. The 'Pods' concept Tim Berners Lee is espousing is somewhat close to it, the recent Internet Watch Foundation/Childline initiative that's been in the news this week highlghts the issue but in my view takes an antiquated and ineffective approach to fixing it.

I think bitcoin genuinely strikes a good balance between privacy and traceability and offers lots of possible benefits and applications. I know Monero does have a chain, but I don't know if there is the potential to build in privacy/rights management applications in the same way as there is with the bitcoin blockchain...I am assuming not.

Tim Berners Lee 'Pods' privacy project - https://solid.mit.edu/

NY Times article on Pods - https://www.nytimes.com/2021/01/10/technology/tim-...

The Childline thing: https://www.bbc.co.uk/news/uk-57562152

[ooid]

Hughe Hendry (former Eclectica), just become a youtuber too, and making some interesting comments about crypto. From my observation, it is mostly about the current generation and their lack of wealth that might be driving cryptos further?..

He was quite fun to watch during 2008-2009 mess though on T.V.