Cryptocurrency, who has it?

[TC94]

Originally Posted by VICI

While your article is well written, the core issue is people spending currency ‘bitcoin’ that may have been used for certain other type of transactions.. what’s the difference with fiat currency today that was used in a robbery, stolen or worse? Same concept.. the current holder of those assets isn’t complicit by being given the currency from a legal transaction.

Because the fiat histories aren’t recorded. No one knows where the 20’s in my wallet have been. But when law enforcement catches up to criminal activity and finally links a blockchain address to that crime, all coins that have passed through that address can be tracked for their entire history. Where they came from, where they went and where they are now. You may have to prove your methods of aquisition for those bitcoins legally if the last 5 times they were used went through drug dealers addresses. Authorities may want to know how you ended up with them.

That’s almost impossible to do with cash. You’d have to record serial numbers of each bill spent each time. Nearly impossible. But the bitcoin transactions are complete, permanent and fully public. Anyone can search them.

[Max16013]

Originally Posted by TC94

Because the fiat histories aren’t recorded. No one knows where the 20’s in my wallet have been. But when law enforcement catches up to criminal activity and finally links a blockchain address to that crime, all coins that have passed through that address can be tracked for their entire history. Where they came from, where they went and where they are now. You may have to prove your methods of aquisition for those bitcoins legally if the last 5 times they were used went through drug dealers addresses. Authorities may want to know how you ended up with them.

That’s almost impossible to do with cash. You’d have to record serial numbers of each bill spent each time. Nearly impossible. But the bitcoin transactions are complete, permanent and fully public. Anyone can search them.

People who truly wish to hide their transactions from the public and ensure anonymity will use bitcoin tumbling/mixing. Not hard


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[TC94]

Originally Posted by Max16013

People who truly wish to hide their transactions from the public and ensure anonymity will use bitcoin tumbling/mixing. Not hard


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Or Monero, Dash, or one of the other privacy coins in the article or possibly one of many not included in the article.

[kellyon]

I started buying crypto only two years ago, mostly Litecoin. But I recently found an interesting article about how to buy coins on bittrex, now it seems to be easier than I thought. BTC still remains on top and I think it could be a good opportunity for investing too.

[TC94]

I’ve been surprised at the lack of posts in this thread over the last few weeks. Market drop shake anyone out? I remain long-term bullish on a few coins and tokens, but way too much junk took way too much money from people in a very short time frame.

It will take awhile to recover but I suspect bitcoin and Ethereum will lead the way back up.

Meanwhile for the few here that are interested, we’re trying to grow our site forum use a little faster now that tech issues have been addressed.



Be wary of hardware wallets from third party sources due to the recent hacks discussed in that article. OTOH, we’re cool. :)

[TC94]

Originally Posted by TC94

I’ve been surprised at the lack of posts in this thread over the last few weeks. Market drop shake anyone out? I remain long-term bullish on a few coins and tokens, but way too much junk took way too much money from people in a very short time frame.

It will take awhile to recover but I suspect bitcoin and Ethereum will lead the way back up.

Meanwhile for the few here that are interested, we’re trying to grow our site forum use a little faster now that tech issues have been addressed.

Be wary of hardware wallets from third party sources due to the recent hacks discussed in that article. OTOH, we’re cool. :)

I see my link and signature have been removed. Wasn’t my intent to promote a commercial product or site. Memberships are free. We have nothing for sale. Think Rolex Forums but for crypto. None of the usual crypto malware, background browser mining BS, affiliate links etc.

Apologies if it violated an advertising rule. Wasn’t my intent. Thanks.

Meanwhile, bitcoin continues to slide. I blame scam ICO’s and outright pure scams for setting off regulation talk. It is sorely needed at this point though.

Is anyone buying at these levels? Tax season has me sitting on the sidelines until at least May.

[s14roller]

I for one am happy I went with my research and gut vs. FOMO.

[VICI]

I don’t see how something that has absolutely no residual or breakup value can continue to be invested in and people not to consider it speculation. This isn’t investing.

There is a lack of credible information and the people that hold these things are like boats in the water when the tsunami hits (as those who bought in late dec / early Jan).

[Flyinghunter]

I've always connected with something Warren Buffett advised years ago; If you can't completely understand the product or service, don't invest in it. He used his investment in Gillette as an example,{paraphrasing}: "I can hold my shaving razor in my hand, I need it nearly everyday, it works like its designed to work." I've used this consideration every time I buy a stock or invest. It has served me well.

[Gaijin]

I've got a buddy here that he and his wife went in hard recently in cryptos. Like bought during the frenzy when Bitcoin was peaking. He tried to talk me into it. Honestly he couldn't explain it and what he did made no sense to me. I fortunately passed.

He is getting his a#$ handed to him now and it is hard to watch. He is so deep in that he can't really pull out and is trying to pump himself up that it is all going to bounce back. He is even putting in more to different new "currencies" to hope that he gets in on the ground on a new "Bitcoin."

Painful to watch. I've discouraged him but he is so deep in it is a touchy subject. Hard for me to say, "Dude, it is a Ponzi scheme and you are getting $*&%ed."

Angers me the scammers who are making these new currencies, pumping and dumping them while guys like my friend who is a hard working man and a great husband and father get hosed.

Ponzi scheme. There I said it.

[Etschell]

Originally Posted by Gaijin

I've got a buddy here that he and his wife went in hard recently in cryptos. Like bought during the frenzy when Bitcoin was peaking. He tried to talk me into it. Honestly he couldn't explain it and what he did made no sense to me. I fortunately passed.

He is getting his a#$ handed to him now and it is hard to watch. He is so deep in that he can't really pull out and is trying to pump himself up that it is all going to bounce back. He is even putting in more to different new "currencies" to hope that he gets in on the ground on a new "Bitcoin."

Painful to watch. I've discouraged him but he is so deep in it is a touchy subject. Hard for me to say, "Dude, it is a Ponzi scheme and you are getting $*&%ed."

Angers me the scammers who are making these new currencies, pumping and dumping them while guys like my friend who is a hard working man and a great husband and father get hosed.

Ponzi scheme. There I said it.

if it wasnt this it would be something else. seems like your friend isnt the best at making financial decisions.

[Gaijin]

Originally Posted by Etschell

if it wasnt this it would be something else. seems like your friend isnt the best at making financial decisions.

I am not sure about that. He has paid off his house and banked his daughter's college tuition already. Smart. That is safe and sound. He put into cryptos during the hype to shave off some years of having to work. With these losses he might not be fishing full time as fast as he planned.

[Etschell]

Originally Posted by Gaijin

I am not sure about that. He has paid off his house and banked his daughter's college tuition already. Smart. That is safe and sound. He put into cryptos during the hype to shave off some years of having to work. With these losses he might not be fishing full time as fast as he planned.

perhaps not. just got a little greedy and it failed. you never double down though. if you are investing its better to dollar cost average from retracement levels downward.

if you are gambling there are better options than jamming money into a parabolic chart. learning lesson perhaps.

[TC94]

Originally Posted by Flyinghunter

I've always connected with something Warren Buffett advised years ago; If you can't completely understand the product or service, don't invest in it. He used his investment in Gillette as an example,{paraphrasing}: "I can hold my shaving razor in my hand, I need it nearly everyday, it works like its designed to work." I've used this consideration every time I buy a stock or invest. It has served me well.

The underlying principles of blockchain and their relationship to the associated cryptocurencies isn’t that hard to grasp. Most people throwing money into all of the garbage ICO’s last year never took the time to do any reading.

Originally Posted by Gaijin

I've got a buddy here that he and his wife went in hard recently in cryptos. Like bought during the frenzy when Bitcoin was peaking. He tried to talk me into it. Honestly he couldn't explain it and what he did made no sense to me. I fortunately passed.

He is getting his a#$ handed to him now and it is hard to watch. He is so deep in that he can't really pull out and is trying to pump himself up that it is all going to bounce back. He is even putting in more to different new "currencies" to hope that he gets in on the ground on a new "Bitcoin."

Painful to watch. I've discouraged him but he is so deep in it is a touchy subject. Hard for me to say, "Dude, it is a Ponzi scheme and you are getting $*&%ed."

Angers me the scammers who are making these new currencies, pumping and dumping them while guys like my friend who is a hard working man and a great husband and father get hosed.

Ponzi scheme. There I said it.

95%+ of projects are pure BS and will be worthless. But the fundamental tech will be disruptive despite everyone trotting out the Ponzi reference. BTW a Ponzi is a system where members are paid based on recruiting new members so that new money gets paid out to earlier investors and so on. Crypto isn’t a Ponzi scheme even though most are worthless. Crypto is traded on an exchange just like a stock, option or foreign currency. That doesn’t mean any specific one has value, just that they aren’t Ponzi schemes. But there have been numerous Ponzis based on crypto such as BitConnect and BitPetite.

Having said all of that, anyone interested shouldn’t throw out the baby with the bath water. There are some hard-working tech products out there built on their own blockchains with the associated crypto inseparable from their network product. Some of those will go on to major success.

But too many people threw away way too much money at the BS projects that will never be. I’m in favor of regulation to protect investors from their own ignorance, but a lot of the crypto world hates the idea.

[bing240sx]

it's easy to be right when the market is down.. i was up quite a but and am down a bit now but it's only money that is speculative anyways.

also, this volatility it nothing new at all. i havent been in as long as some other people but i have no issues waiting for the next bull-run... probably wont even sell then.

[TC94]

Originally Posted by bing240sx

it's easy to be right when the market is down.. i was up quite a but and am down a bit now but it's only money that is speculative anyways.

also, this volatility it nothing new at all. i havent been in as long as some other people but i have no issues waiting for the next bull-run... probably wont even sell then.

I have a small amount on the sidelines waiting to buy more of a couple of my holdings. Granted it is easier to ride out the drop because I bought in early 2017 and took out gains in Dec and Jan. I just can’t quite pull the trigger yet though.

[smak]

a lot of people confuse "greater fool" theory with ponzie schemes.

crypto is neither and G your friend sounds like he knows what he is doing.. we cant all get in on the bottom floor and weak hands are a traders Achilles heel.

as posted above though 95% of crypto is quite laughably garbage for those that can sift through and decipher what is actually going on.

a very good way to spend the next 25 minutes for any of the uninitiated:

https://www.dailymotion.com/video/x6g5s4z

[TC94]

Originally Posted by smak

a lot of people confuse "greater fool" theory with ponzie schemes.

crypto is neither and G your friend sounds like he knows what he is doing.. we cant all get in on the bottom floor and weak hands are a traders Achilles heel.

as posted above though 95% of crypto is quite laughably garbage for those that can sift through and decipher what is actually going on.

a very good way to spend the next 25 minutes for any of the uninitiated:

https://www.dailymotion.com/video/x6g5s4z

“But neither is it possible for any blockchain to promise even practical immutability without a native and valued token with which to reward those who secure it.”

From this article which waxes a little philosophical about bitcoin/

https://www.coindesk.com/programming...e-see-bitcoin/

Just adding info, not quoting you in disagreement. Thought I’d clarify.

[broken_link]

Originally Posted by TC94

“But neither is it possible for any blockchain to promise even practical immutability without a native and valued token with which to reward those who secure it.”

From this article which waxes a little philosophical about bitcoin/

https://www.coindesk.com/programming...e-see-bitcoin/

Just adding info, not quoting you in disagreement. Thought I’d clarify.

Great read. Very insightful.

[77T]

Originally Posted by TC94

“But neither is it possible for any blockchain to promise even practical immutability without a native and valued token with which to reward those who secure it.”

From this article which waxes a little philosophical about bitcoin/

https://www.coindesk.com/programming...e-see-bitcoin/

Just adding info, not quoting you in disagreement. Thought I’d clarify.

Thanks for sharing.

I agree that it does get a bit poetic at the end...like almost any Kool-Aid drinking exercise does.

It confirms the reasons Warren Buffet eschews crypto currency. Fear of the unknown.

I think when any new approach is as commonplace to future generations as we currently use a $ bill, or £ note, or €, ¥, ₽ - then it will surely be replaced some other model for exchanging value for goods and services.

You’ll know BC has gone mainstream when some future iOS update adds this:



To this:






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[gwozhog]

Don’t close the door on crypto just yet. It’s making a comeback. Bitcoin is still up 8k from year ago this time. Monero was only at 30 bucks this time last year too. My favorite new coin this year is Masari coin. Their are just so many of them now though it’s crazy. I’m still Waiting for Rolex coin to come out lol.

[ciscopro2000]

Bitcoin and crypto currencies are here to stay. It’s still an unregulated market so you will run into a lot scammers. Just be extra careful before you invest. But do your own research and understand the underlying blockchain technology before you dismiss it completely. It has great potential in industries such as banking, logistics, identity, etc. I see more and more legitimate businesses starting to accept Bitcoin. Our very own David and Tony now accept it as payment. So if you want to buy your new Rolex with bitcoins, you can certainly do that.

[Bt122]

But there is too much

[77T]

If BC and the others are currency, then we shouldn’t need to understand blockchain any deeper than we understand the Federal Reserve and/or the IMF to use a credit card or cash.

If it’s and investment (a’la currency traders) then it’s a horse of a different color since the futures market and any risk of BC exchange fraud are key to understand.

For those reasons it feel like a conflicted story as tha futures trading deflated the hype balloon quite effectively.


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[fusionstorm]

Jumped into the crypto pool recently with a purchase of CashBet Coin. Their ICO is closing soon. Online forums are pretty favorable about it.

[s14roller]

Originally Posted by fusionstorm

Jumped into the crypto pool recently with a purchase of CashBet Coin. Their ICO is closing soon. Online forums are pretty favorable about it.

For some reason it's hard for me to see savvy investors involved in online forum discussions about how good their investment prospects are...

Be cautious and GL.

[fusionstorm]

Originally Posted by s14roller

For some reason it's hard for me to see savvy investors involved in online forum discussions about how good their investment prospects are...

Be cautious and GL.

Thanks. Can't help but about the irony of reading that at this here online forum.......

[Bt122]

Blockchain is great, the currency is not... there’s too much availability of alternatives... too much supply. The original Bitcoin was exciting becaus ther was a perceived supply limit. Not everyone has one

[John07]

I myself had gotten into cryptos back in 2012, when I was only 16! Funny to think that I got into bitcoin because of a video game!!! All those times my mom was yelling at me I just laugh now because I was and still am able to do many things people my age aren't able to. It's been a fun to ride the waves up, and not so much down.. But it happens. I just started investing into "alt" coins in 2016 and have found a few that really catch my eye. I'm not entirely against the coins that aren't so "private" because I have no issue paying taxes and have nothing to hide. I'd rather be honest upfront rather than getting screwed later in the future. Something many coin holders disagree with... :P

[smak]

you can liken crypto to the watch industry.

sometimes branding supersedes form or functionality.

I dont see the amount of alternatives as an issue if you know the advantages and providence of those various "alternatives"

unfortunately with the way social media works now it is quite easy to create a percieved popular opinion and broadcast it, while stifling any well founded opposition with circular logic and paid schills.

if you find the Rolex of the bunch and know it, a decision to jump in should not be affected by all the poor imitations that crop up trying to take advantage the lack of knowledge in a new market.

I do agree that blockchain is innovative past the crypto realm as a distributed database of sorts, but these ipo's are something even I stay away from.

of course, as always, invest cautiously.. this is a largely unregulated market.