http://www.americanbanker.com/bankthink/the-cryptocurrency-that-dare-not-speak-its-name-1072352-1.html
"And very much unlike Bitcoin, which relies on a distributed public ledger known as the blockchain, Option 2 calls for a central ledger and a central authority to set the rules."
Seems they're totally missing the point. :(
"Without a CEO in charge of the currency or anyone to subpoena, how do you control the bitcoin economy? The law is designed to deal with centralized institutions in which identifiable managers are deemed responsible for an organization's conduct."
Oh-oh.. NOW I'd getting scared. These clowns will completely destroy every good thing about cryptocurrencies, and use them instead to even more tightly control people. And where the US leads, the rest of the world will follow, starting with sheeple like our very own Tony and Co. :(
But think of the money they'll save by doing away completely with those annoyingly hard to track coins and notes in our pockets. :diablo:
Quote from: 'Fulvio' pid='66100' dateline='1422378083'http://www.americanbanker.com/bankthink/the-cryptocurrency-that-dare-not-speak-its-name-1072352-1.html
"And very much unlike Bitcoin, which relies on a distributed public ledger known as the blockchain, Option 2 calls for a central ledger and a central authority to set the rules."
Seems they're totally missing the point. :(
"Without a CEO in charge of the currency or anyone to subpoena, how do you control the bitcoin economy? The law is designed to deal with centralized institutions in which identifiable managers are deemed responsible for an organization's conduct."
Oh-oh.. NOW I'd getting scared. These clowns will completely destroy every good thing about cryptocurrencies, and use them instead to even more tightly control people. And where the US leads, the rest of the world will follow, starting with sheeple like our very own Tony and Co. :(
But think of the money they'll save by doing away completely with those annoyingly hard to track coins and notes in our pockets. :diablo:
OK,i read all your posts and links but i think Bitcoin & the like are Deadmen walking and when the end comes the smarties will have got their pot of Gold and be long gone.I just find it hard to believe the International decision makers will allow cryptocurrencies to usurp Monetary markets that have taken over 2000 years to develop.Anyway time will tell and its certainly an interesting topic to follow.
Quote from: 'Basil' pid='66110' dateline='1422398200'...the smarties will have got their pot of Gold and be long gone.I just find it hard to believe the International decision makers will allow cryptocurrencies to usurp Monetary markets that have taken over 2000 years to develop.Anyway time will tell and its certainly an interesting topic to follow.
What smarties? With the exception of pre-mined scam coins, there's noone in a position to make off with the pot, whether it contains gold or anything else.
As for 'allowing', well, they can't stop it, any more than they can stop the sun from shining and your solar panels generating. Best they can do is scare people off, or force their own (controlled) version down their throats.
I think a lot of people confuse the technology and the scams. The tech is 100% safe, secure and totally bulletproof. But where there's money, there's crime, and no end of scumbags trying to work out ways of stealing your lunch, or putting a tax on it. The general populace, being ignorant, then make incorrect assumptions, which destroys confidence and erodes value. No different to what happens all day every day with fiat currencies, commodities and sharemarkets, none of which are well understood by Joe Average either.
Ok Fulvio,i'm not going to argue as i'm on the outside looking in but time will tell,i'm just surprised someone with a Mainframe background can't see where this is all headed.
Some of the 'Smarties' involved...
http://mitbitcoinproject.org/
Quote from: 'Basil' pid='66223' dateline='1422504789'Some of the 'Smarties' involved...
'Involved'? huh?
We had a look at that project when it started, and considered replicating it with Dogecoin. I've actually been talking to school principals about giving students wallets and coins, and getting a mini-ecosystem going within the school to 'close the loop' and allow kids to buy stuff at the tuckshop for example.
The reason is to develop a model that works, then implement it in places where wages are extremely low, and a few cents earned from tips or faucets can actually make a significant difference. Its possible to earn enough in an hour to pay for lunch in some of the poorer countries.
If the same people who control fiat money end up getting a stranglehold on crypto, these types of initiatives are dead. Because all they care about is profit, for themselves. The general population only exists to provide that profit, through taxes, fees and other 'rents' on necessary services. The banks make over US$2 billion a year in fees on repatriation remittances from expat workers to their families in Africa, for example. Globally, it would be an order of magnitude higher. This is money literally taken from the mouths of starving children to make fat cats fatter, and its abhorrent. If the loop can be closed, so that there is no necessity to continually swap back and forth to fiat, these payments can be made instantly, securely, and for free.
Which is what's got the banksters and their bought politicians running so scared.
Quote from: 'Fulvio' pid='66251' dateline='1422583802'Quote from: 'Basil' pid='66223' dateline='1422504789'Some of the 'Smarties' involved...
'Involved'? huh?
I think that may be the wrong link,i was given a few by a Friend but basically the MIT guys were having a real close look at it.
http://mitbitcoinproject.org/
I've read a lot of articles by David Perry and he goes to great lengths on a regular basis to say its not a Ponzi or Pyramid type arrangement and the early adopters won't be running away with the cash,etc. etc., but every scam artist in the World that can use a computer is trying to exploit it.
I don't know enough to say the whole thing is going to crash but it has a Mt. Gox feel to it to me,anyway i may be wrong,time will tell,but my warning to you is beware of Subliminal messages on some sites.
Quote from: 'Basil' pid='66273' dateline='1422599500'[every scam artist in the World that can use a computer is trying to exploit it.
Oh, absolutely!
There is a neverending stream of crooks trying to steal your coins and abscond with them. Most focus on Bitcoin, because that's the big boy with a multibilliondollar market cap, but they're active throughout the cryptosphere. One of the Ponzis shut down recently with over half a million dollars disappearing:
https://www.cryptocoinsnews.com/bitcoin-ponzi-cryptodouble-disappears-least-2233-bitcoins/
What gets me is that there was plenty of discussion from the very beginning, and everyone knew it was a Ponzi. Yetthey still chose to give them their money!
https://bitcointalk.org/index.php?topic=905242.60
Guess you just can't protect people from themselves, can you? :diablo:
Anyway Fulvio keep posting,i also read your links,it will be interesting to see where it heads in the years ahead.
Quote from: 'Basil' pid='66360' dateline='1422748729'Anyway Fulvio keep posting,i also read your links,it will be interesting to see where it heads in the years ahead.
Yeah. Right now there's a bit of despondency about. I'm trying to counter it with stuff like this:
http://www.reddit.com/r/dogecoin/comments/2udby2/just_realised_that_typhoondoge_will_push_me_into/
Which is really just a last ditch effort to get a few more coins to buy food for the victims this week. But I really hadn't thought about my holdings, since they're scattered across maybe thirty wallets.
Interestingly, I had a long chat with a bloke over in WA the other night, who has a different angle on all this. He's heavily into a currency called
Unobtainium, which strives to be extremely rare, and he's one of a group of aussies using this coin as part of a strategy that also involves precious metals. It sounded intriguing, and I'll definitely ring him again, but I can't see mass adoption in it somehow.
He even offered to buy some of my silver coins, but I had to decline, as I haven't had the heart to even look at them, let alone properly noodle 'em
(apart from the 3d coins that Kim checked in hospital).
Looks like another few Mill. down the drain with Mycoin...
http://www.zdnet.com/article/mycoin-closes-its-doors-387-million-in-investor-funds-vanishes/
I read an article a few days ago that the EU needs Cryptocurrencies like a whole in the head,i was in a Internet Cafe at the time,when i find link again i will post.
No one can see things in "Cyberspace" so that's one reason I like CASH in my hand, not electronic fantasy money.
Quote from: 'Basil' pid='67010' dateline='1423955211'Looks like another few Mill. down the drain with Mycoin...
Yeah, there's no shortage of crooks out to steal anything they can.
Its like leaving your gold bars sitting in some poorly-protected vault someplace... of course someone's going to come along and clean it out if they can.
Quote from: 'Goldseeker' pid='67098' dateline='1424070827'No one can see things in "Cyberspace" so that's one reason I like CASH in my hand, not electronic fantasy money.
Except MOST money is "electronic fantasy money", no matter what currency or who issued it.
You don't have CASH in your bank account
(heck, you don't even own your account, the bank does, and their promise to pay it out if you ask for it isn't worth the paper its printed on.. ever hear of a 'bank run'?). Nor do you use CASH to pay for stuff with a card, or online, or when you send money overseas.
Its all just "electronic fantasy money", and there is a lot more of it doing the rounds than there is actual physical representations of it.
Just like when the central banks sold off all their gold, and effectively double-dipped.. remember that? :P
I don't mind the ides of me writing on a bit of paper and it's money, it's called a cheque :mocking: There's a lot of different ways of being able to pay someone these days :)
And yes Fulvio there is so much that is all in cyberspace it's not funny because where would they keep/store trillions and trillions and trillions and trillions of paper notes, and no not your bedroom but nice try.
Quote from: 'ausjack' pid='67136' dateline='1424122542'... and no not your bedroom but nice try.
And why not? I'd be more than happy to build some furniture out of them. Literally sleep on a few million... ;)
Quote from: 'Goldseeker' pid='67098' dateline='1424070827'No one can see things in "Cyberspace" so that's one reason I like CASH in my hand, not electronic fantasy money.
Well, here's an interesting comment I ran over in /r/news. Be warned, the thread run to about 500 comments, many of them quite ignorant:
http://np.reddit.com/r/news/comments/2w3d8h/bter_was_hacked_again_and_175_million_worth_of/
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[–]neuromonkey 1 point an hour ago*
> It's backed up by the principle of "it's worth IS what someone will pay for it"
Yup. That's "worth." It's worth something because people say it is. The fact that we aren't on a metal standard has nothing to do with it. Gold only has value because people say it does. A stock share in a company has worth because the buyers and sellers of those shares arrive collectively at a "market value." A corporation with zero capitalization can suddenly become very valuable, and a corporation with all sorts of real property can plummet in value.
You can't eat silver. You can trade it for food, though. That is its value. The rate of exchange is it's "worth."
> Being on the silver standard is the reason why American dollars were worth so much for so long, each dollar had silver backing it up.
Nonsense. Silver isn't a magical material with an inherent "worth." Silver, like dollars, is only worth something because we agree that it has value. The silver standard didn't inherently prevent inflation. Silver was worth an hour of labor, a meal, a horse, a house. Dollars are worth those things as well. The exchange rate of both can be variable. We decided to decouple that variability. That had good and bad aspects to it, but in any case, it was necessary.
I'd be willing to be that you use fiat currency all the time. I'll bet you'd be pretty pissed off if your employer decided that they weren't going to give you any, because it wasn't "worth" anything.
> Allowing the silver standard to be removed from our currency will go down in history as what hurt America the most, and the worst thing to happen to us in the 20th century.
More nonsense. If it didn't happen when it did, it would have had to happen later because of the increasingly complex nature of our economy. After WWII, in the 60s, in the 80s, in the 90s--none of those eras could have functioned properly with a silver standard. Do you honestly think that Queen Anne was a brilliant economic theorist? Good god, no. A metal standard was used because it's simple and it tends to stabilize certain things. It also creates a special kind of control over wealth, namely, if you happen to have an army who has physical control over the silver, it doesn't really fucking matter what's printed on a piece of paper. You control the REAL wealth.
Cryptocurrencies take control farther away from any government's control. Learn how they work and you'll quickly see the truth of that. They are not merely "more imaginary," they are just as real as fiat currency, with the added benefit of being anonymous, decentralized (in that everyone can see and verify that transactions occurred, not having to simply take a bank's word for it,) and beyond governmental regulation.
If you honestly believe your American dollars to be without worth, I heartily invite you to give them all to me. I will happily dispose of them for you.
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Just added a couple of links to my page at http://fulvio55.altervista.org/
https://dogecoin.backslash.io/fulvio55 - Doge
https://www.backslash.io/fulvio55 - BTC
I thought about the ramifications before posting this on Reddit:
http://www.reddit.com/r/dogecoin/comments/2w9n9k/backslash_now_gives_personalised_payments_pages/
Mainly because it exposes my identity via FB and Twitter, but then I came to the conclusion that its not a bad thing as such. Anonymity is a two-edged sword, and often harms reputation and credibility. Even persistent Pseudonymity does, I think. Being able to say "this is me" without exposing ALL my addresses provides a nett benefit, IMO.
When accepting payments, its as easy as keeping that page open and showing it to someone to scan and send the coins. Particularly useful when you don't have an active internet connection, say because you use an iPod rather than an iPhone. :angel: