AndyH
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Re: Cryptocoin?

Mon Mar 30, 2015 9:54 pm

JasonA wrote:
AndyH wrote:
The hackers took $10 million from EACH BANK THEY HIT!

All that regulation saved all those fiat users from theft, didn't it? (Wait - It didn't? How much did they lose? A BILLION?!)
And if you're money was in any of those accounts.. you would have seen NOTHING GONE because your money is insured here by the FDIC...

And with BTC... it's what???? Lost??? Vaporized?? gone??

How about just plain stolen?

want me to post articles on that? And DON'T GET ME STARTED ON Mt.GOX crap :roll: :twisted:

You really have to be a sick twisted moron to believe in this crap
Who do you think pays for FDIC insurance? WE DO. The napkins aren't free, Jason - that's econ 101.

Gox was an EXCHANGE. The 'conventional' comparison for MT Gox is a company that allows one to trade on the FOREX. The FDIC doesn't play there - and if my money's stolen/embezzled/lost or stolen by the DEA or Secret Service it's just as gone. Crypto is handled in most parts of the world as a commodity - like gold and silver. If someone breaks into a gold storage vault the FDIC doesn't fix that, either. :roll:

http://www.huffingtonpost.com/2015/03/3 ... 70758.html

So - yet again...(why so many 'agains' on this forum?!):

Keep money in your wallet until you're going to use it and NOBODY CAN STEAL IT. Crypto HAS NO BANKS because THEY ARE NOT NEEDED. Do NOT 'store' your money on someone else's computer. Period.

Seriously - I know this is sorta new stuff, but for the love of all that's holy - this is not so difficult a concept!

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Re: Cryptocoin?

Thu Apr 02, 2015 12:20 am

[MOD NOTE: This thread has been moved to Politics & Other Controversial Topics since the entire thread since page 2 has been controversial]

AndyH
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Re: Cryptocoin?

Sat Aug 22, 2015 11:44 pm

WetEV wrote:
AndyH wrote:
In 2009 the total size of the Second Life economy grew 65% to US$567 million, about 25% of the entire U.S. virtual goods market
I know little about Second Life, but Linden Labs seems to be the fiat issuer of Linden dollars, the in-game currency. Can't buy or sell them outside the game except as approved by Linden Labs. Covered by a long list of terms and conditions.

Is this incorrect?
This was not correct.

https://community.secondlife.com/t5/Fea ... -p/2941442
In 2013, we introduced a pilot program for Authorized Linden Dollar (L$) Resellers. This pilot program was designed to give Second Life Residents additional options for purchasing Linden Dollars, particularly for those based outside the US.

Since then, we have expanded the payment options for Second Life users, and today, you can easily purchase L$ in more countries than ever before, using a credit card, PayPal, or Skrill, which supports a wide range of payment methods. We’ve found that these options support the vast majority of Second Life users, and we have therefore made the business decision to close the Authorized Linden Dollar Reseller pilot program.

We are contacting program participants directly to detail the next steps for them, and they will have approximately six weeks to sell off their L$ inventory.

As of August 1, 2015, the Authorized L$ Reseller pilot program will be closed, and the LindeX will be the only authorized place to purchase L$.
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AndyH
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Re: Cryptocoin?

Sat Nov 28, 2015 12:33 am

http://www.coindesk.com/information/wha ... -bitcoins/
Global computing giant Microsoft added bitcoin as a payment option for a variety of digital content across its online platforms in December 2014.
Dell, the multinational computer technology specialist, announced in July that it is accepting bitcoin through a partnership with Coinbase. As an introductory offer, people buying with bitcoin will get a price reduction of 10% on high-end Alienware PCs
There are many, many more listed at the link - from computers to pre-paid credit cards that can be used anywhere for anything, to hotels and airline tickets.
Amagi Metals has been trading bitcoins for precious metals since 2012. Based in Denver, the company sells bullion via its e-commerce site to almost anywhere in the world and says bitcoin is a great tool for promoting interest in financial responsibility.
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AndyH
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Re: Cryptocoin?

Mon Nov 30, 2015 12:40 am

http://www.coindesk.com/meet-the-25-ban ... tartup-r3/
Meet the 25 Banks Working With Distributed Ledger Startup R3
(this is just a sample - tons of info at the link.)
In December 2013, Bank of America became one of the first banks in the US to discuss bitcoin, issuing a client note which said that the digital currency had "clear potential for growth".
In April this year, The Wall Street Journal reported that the bank's [BNY Mellon] developers had been experimenting with bitcoin's open-source code for use as part of the bank's newly created corporate recognition program. The so-called "BK Coins" would be awarded to staff for contributions to the bank's software development.
The Commonwealth Bank of Australia (CBA) announced in May that it would use Ripple technology to facilitate payments between its subsidiaries.

CBA's Chief Information Officer David Whiteing was quoted in the press as saying that the bank had "done a whole bunch of experiments" with bitcoin and other cryptocurrency technologies.

"Bitcoin is a protocol which is now being replicated by non-asset based vendors like Ripple and others. We absolutely see that's where it's going to go. The bank has a role to play in that," he added.
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WetEV
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Re: Cryptocoin?

Sat Jan 16, 2016 5:04 pm

The resolution of the Bitcoin experiment.
Very interesting. Two miners in China have more than 50% of the hash power, so have full control over Bitcoin.

My irony meter just overflowed.
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AndyH
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Re: Cryptocoin?

Mon Feb 08, 2016 2:04 pm

WetEV wrote:The resolution of the Bitcoin experiment.
<snip>
Very interesting. Two miners in China have more than 50% of the hash power, so have full control over Bitcoin.

My irony meter just overflowed.
It would be important if it was true but this isn't. The author of that piece is responsible for a fork of Bitcoin that significantly changed the parameters in ways not acceptable to the community of users. He's been throwing garbage at the wall since users abandoned his project in favor of staying the course with the 'real' BTC.

This is all a normal part of any open source consensus-based system. There are many hundreds of cryptocoins on the streets in active development and everyone's testing slightly different processes and variations. This, too, is normal in this environment.
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WetEV
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Re: Cryptocoin?

Mon Feb 08, 2016 9:03 pm

WetEV wrote:The resolution of the Bitcoin experiment.

Very interesting. Two miners in China have more than 50% of the hash power, so have full control over Bitcoin.

My irony meter just overflowed.
AndyH wrote:It would be important if it was true but this isn't.
Past 24 hours/multiple sources
F2Pool (China) 37 24%
AntPool (China) 33 21%
BTCC(China) 27 17%
===========================
62%

So the past 24 hours, needed three miners to own full control over bitcoin. Not two. All located in China.

I'm sure that's a difference that would matter, if Xi Jinping decided that Bitcoin needed to change tomorrow.

Right.

Sources include https://blockchain.info/pools?timespan=24hrs

Bitfury

Amusing possibility. Bitfury is several things:
1) An ASIC that provides very powerful and very energy efficient hashing for mining.
2) A pool, mostly composed of Bitfury ASICs, seems to be mostly located in Tbilisi, Georgia and in Iceland. #3, and growing fast.
3) An investment company, owning and financing the above.

If enough energy efficient hash power enters the network, the less efficient computers will cost more to run than they will collect as new Bitcoins or transaction fees. So Bitfury has a chance of becoming the majority of Bitcoin mining, and get full control over the network.

Irony meter continues to overflow.
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Re: Cryptocoin?

Mon Feb 08, 2016 9:53 pm

I thought most had already moved away from bitcoin because of one of many issues or flaws in the system. Timekoin is probably the most popular one to move to since it is not based on bitcoin or some alt-coin clone.

AndyH
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Re: Cryptocoin?

Tue Feb 09, 2016 11:09 pm

WetEV wrote:Irony meter continues to overflow.
The gaping hole in your 'analysis' is that those large operations in China are POOLS. They are some of the larger equipment manufacturers on the planet and they both LEASE equipment and HOST equipment (cheap electricity and bulk hosting is cheaper than shipping hardware all over the world). BITMAIN equipment runs about 1/4 of the BITCOIN network - but it's not 'Bitmain the corporation' - it's their hosting. Some of the machines they host belongs to me.

Google for the cryptoanarchist folks, Wet - they'll teach you why and how the community is working and how your fears are flawed.
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