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(STLToday)   Trump Administration moving away from Bitcoin   ( stltoday.com) divider line
    More: Interesting, monero, Police, Crime, phone interview, Currency, Money, certain bitcoin address, Dubai-based security firm  
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2707 clicks; posted to Politics » on 02 Jan 2018 at 3:20 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



35 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2018-01-02 02:57:11 PM  
i.imgur.comView Full Size


wow
 
2018-01-02 03:23:04 PM  
Bytecoin.  8 times the value.
 
2018-01-02 03:25:50 PM  
In all seriousness, isn't this a good thing in the long run?
 
2018-01-02 03:26:07 PM  
A guy I went to high school with has been pumping up Verge and other blockchain "investments" the last few weeks. He's made virtually thousands of dollars. For $250, he'll provide a 1 hour dedicated online training session where you can learn how to make it big, just like him.

Just try to ignore the small details that indicate he's broke like many other people in central Ohio.
 
2018-01-02 03:27:49 PM  
In ten years crypto-currency will evolve into a form of printed certificates that you can exchange untraceably person-to-person.
 
2018-01-02 03:34:28 PM  
y'know, if only we put our social security into the free bitcoin market...
 
2018-01-02 03:34:30 PM  

Epicedion: In ten years crypto-currency will evolve into a form of printed certificates that you can exchange untraceably person-to-person.


Already been done. Not sure if they are still around but there was small company that made Bitcoin certificates. They had 2 QR codes on them one for the public key and one of the private key, with the private key behind lottery ticket style scratch off material. There are trust issues with them however as you need to be able to trust that the private key is really there and that no one else has a copy of the key.
 
2018-01-02 04:05:39 PM  
Crooks haven't figured out how to game the blockchain yet. It will be funny when all currencies are on a blockchain type system and money laundering becomes nearly impossible.
 
2018-01-02 04:07:57 PM  

JohnAnnArbor: Bytecoin.  8 times the value.


gifimagesdownload.comView Full Size
 
2018-01-02 04:08:17 PM  
With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.
 
2018-01-02 04:15:49 PM  
The European Union's law-enforcement agency, Europol, raised alarms three months ago, writing in a report that "other cryptocurrencies such as monero, ethereum and Zcash are gaining popularity within the digital underground."

Just grab 'em in the biscuit!
 
2018-01-02 04:16:22 PM  

Olympic Trolling Judge: With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.


Trying to explain to Bitcoin zealots that absolutely no merchant will accept $20+ TX fees to process a single transaction is an exercise in futility. 

Apparently Bitcoin is something only the most woke people understand, and banks in no way will see the benefits of crytpoassets and invest in them. It is going to COMPLETELY DESTROY BANKING YOU GUYS!!!
 
2018-01-02 04:19:44 PM  

Strategeryz0r: Olympic Trolling Judge: With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.

Trying to explain to Bitcoin zealots that absolutely no merchant will accept $20+ TX fees to process a single transaction is an exercise in futility. 

Apparently Bitcoin is something only the most woke people understand, and banks in no way will see the benefits of crytpoassets and invest in them. It is going to COMPLETELY DESTROY BANKING YOU GUYS!!!


I wonder how hard it would be to get in on those transaction fees.
 
2018-01-02 04:25:19 PM  
You know what else is gaining popularity with the Digital Underground?

img.fark.netView Full Size
 
2018-01-02 04:33:05 PM  

Jormungandr: I wonder how hard it would be to get in on those transaction fees.


How far do you live from the Three Gorges Dam?
 
2018-01-02 04:38:43 PM  

Jormungandr: Strategeryz0r: Olympic Trolling Judge: With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.

Trying to explain to Bitcoin zealots that absolutely no merchant will accept $20+ TX fees to process a single transaction is an exercise in futility. 

Apparently Bitcoin is something only the most woke people understand, and banks in no way will see the benefits of crytpoassets and invest in them. It is going to COMPLETELY DESTROY BANKING YOU GUYS!!!

I wonder how hard it would be to get in on those transaction fees.


Funny you mention that. One of the main "perks" of bitcoin is that it's limited to 21,000,000 bitcoins. Once those bitcoins are minted, mining incentives drop because new currency isn't being produced anymore. (remember: Blockchains cannot survive without miners) To combat this, my understanding (which may be wrong feel free to correct) is they will start giving miners a slice of the TX fees rather than a freshly minted bitcoin. 

But if your mining incentive is based on TX fees, that's just going to drive the TX fee even higher. This is why bitcoin alternatives are adopting what's called a Proof of Stake algorithm rather than Proof of Work (what BTC uses). Unfortunately BTC is very community driven, and that community is toxic as all hell and can't agree on anything. Hence why we went from just Bitcoin to Bitcoin Cash, Bitcoin Gold, and Bitcoin... because 3 different solutions were offered to the same problem, and 2 of them required hard forks into new currencies. 

Blockchain tech is incredible stuff, but Bitcoin's implementation of it is actually pretty shiat. When combined with the community, it gets even more shiat.
 
2018-01-02 04:53:21 PM  

Strategeryz0r: Blockchain tech is incredible stuff


The literal chaining of the blocks is dead simple. The mining and proof of work is pretty clever.

Blockchain strategies are now being marketed as simply a Merkle Tree to all the nontechnical people. It really raises my ire.

Also there are tons of applications where a decentralized chain of information is not necessary at all but all anyone can say is "BLOCKCHAIN"
 
2018-01-02 04:57:16 PM  

Esc7: Strategeryz0r: Blockchain tech is incredible stuff

The literal chaining of the blocks is dead simple. The mining and proof of work is pretty clever.

Blockchain strategies are now being marketed as simply a Merkle Tree to all the nontechnical people. It really raises my ire.

Also there are tons of applications where a decentralized chain of information is not necessary at all but all anyone can say is "BLOCKCHAIN"


I mean when you look at the distributed ledger, the distribution of work over decentralized computing pools, etc, there's a lot of avenues that blockchain tech can actually be incredibly beneficial. From the stuff we're already looking at, like cryptocurrencies, to government applications, voting systems, information security, you name it. 

If put to work correctly, blockchain tech has the capacity to do a lot of good. We're just too busy looking at it as internet monopoly money. I work for a company that creates wireless networks of smart meters and we're looking at blockchain tech as a method of securing what are, essentially, IoT devices we deploy in huge numbers.
 
2018-01-02 04:57:28 PM  

Strategeryz0r: Jormungandr: Strategeryz0r: Olympic Trolling Judge: With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.

Trying to explain to Bitcoin zealots that absolutely no merchant will accept $20+ TX fees to process a single transaction is an exercise in futility. 

Apparently Bitcoin is something only the most woke people understand, and banks in no way will see the benefits of crytpoassets and invest in them. It is going to COMPLETELY DESTROY BANKING YOU GUYS!!!

I wonder how hard it would be to get in on those transaction fees.

Funny you mention that. One of the main "perks" of bitcoin is that it's limited to 21,000,000 bitcoins. Once those bitcoins are minted, mining incentives drop because new currency isn't being produced anymore. (remember: Blockchains cannot survive without miners) To combat this, my understanding (which may be wrong feel free to correct) is they will start giving miners a slice of the TX fees rather than a freshly minted bitcoin. 

But if your mining incentive is based on TX fees, that's just going to drive the TX fee even higher. This is why bitcoin alternatives are adopting what's called a Proof of Stake algorithm rather than Proof of Work (what BTC uses). Unfortunately BTC is very community driven, and that community is toxic as all hell and can't agree on anything. Hence why we went from just Bitcoin to Bitcoin Cash, Bitcoin Gold, and Bitcoin... because 3 different solutions were offered to the same problem, and 2 of them required hard forks into new currencies. 

Blockchain tech is incredible stuff, but Bitcoin's implementation of it is actually pretty shiat. When combined with the community, it gets even more shiat.


If the amount of a currency is fixed and unable to grow, doesn't that produce deflation?  Usually that scenario is associated with gold, but if you can only have 21 million BTC ever that should be even worse.
 
2018-01-02 05:00:56 PM  

ArkPanda: Strategeryz0r: Jormungandr: Strategeryz0r: Olympic Trolling Judge: With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.

Trying to explain to Bitcoin zealots that absolutely no merchant will accept $20+ TX fees to process a single transaction is an exercise in futility. 

Apparently Bitcoin is something only the most woke people understand, and banks in no way will see the benefits of crytpoassets and invest in them. It is going to COMPLETELY DESTROY BANKING YOU GUYS!!!

I wonder how hard it would be to get in on those transaction fees.

Funny you mention that. One of the main "perks" of bitcoin is that it's limited to 21,000,000 bitcoins. Once those bitcoins are minted, mining incentives drop because new currency isn't being produced anymore. (remember: Blockchains cannot survive without miners) To combat this, my understanding (which may be wrong feel free to correct) is they will start giving miners a slice of the TX fees rather than a freshly minted bitcoin. 

But if your mining incentive is based on TX fees, that's just going to drive the TX fee even higher. This is why bitcoin alternatives are adopting what's called a Proof of Stake algorithm rather than Proof of Work (what BTC uses). Unfortunately BTC is very community driven, and that community is toxic as all hell and can't agree on anything. Hence why we went from just Bitcoin to Bitcoin Cash, Bitcoin Gold, and Bitcoin... because 3 different solutions were offered to the same problem, and 2 of them required hard forks into new currencies. 

Blockchain tech is incredible stuff, but Bitcoin's implementation of it is actually pretty shiat. When combined with the community, it gets even more shiat.

If the amount of a currency is fixed and unable to grow, doesn't that produce deflation?  Usually that scenario is associated with gold, but if you can only have 21 million BTC ever that should be even worse.


Honestly? I have no clue. The economic angle is foreign to me, I'm just a tech guy. But the BTC loyalists out there would tell you that it will stay high in price because of the fact it's capped at 21 million. I say if you're not minting new currency, and your miners are paid from TX fees, then it's pretty clear TX fees will drastically increase or your mining pool will disappear. One or the other.
 
2018-01-02 05:31:39 PM  
You'd think Trump would be a huge/yuge fan of something that's pretty much custom made for money laundering.
 
2018-01-02 06:02:14 PM  
Any technology that makes money laundering/tax evasion easier won't last long.

Crypto fan boys seem to think Uncle Sam can't shutdown bitcoin.  They're wrong.
 
2018-01-02 06:12:37 PM  
ArkPanda:
If the amount of a currency is fixed and unable to grow, doesn't that produce deflation?  Usually that scenario is associated with gold, but if you can only have 21 million BTC ever that should be even worse.

It's a soft limit, not a hard one.  As bitcoins are mined, mining them becomes harder.

Bitcoin is a commodity rather than a currency.  It's meant to be a digital analog to gold (hence the "mining").  It would be a bad idea to use it as a national currency for the same reasons as gold (and many other reasons).

Once all the bitcoins are mined, miners will survive as long as the commodity has some value.

First, there will likely be a handful of organizations that exchange bitcoins and use the fees to run mining farms.

Second, the blockchain can be manipulated if any one entity is doing most of the work.  There's an inherent incentive to mine for anyone with a stake in bitcoin.
 
2018-01-02 06:13:56 PM  

Strategeryz0r: ArkPanda: Strategeryz0r: Jormungandr: Strategeryz0r: Olympic Trolling Judge: With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.

Trying to explain to Bitcoin zealots that absolutely no merchant will accept $20+ TX fees to process a single transaction is an exercise in futility. 

Apparently Bitcoin is something only the most woke people understand, and banks in no way will see the benefits of crytpoassets and invest in them. It is going to COMPLETELY DESTROY BANKING YOU GUYS!!!

I wonder how hard it would be to get in on those transaction fees.

Funny you mention that. One of the main "perks" of bitcoin is that it's limited to 21,000,000 bitcoins. Once those bitcoins are minted, mining incentives drop because new currency isn't being produced anymore. (remember: Blockchains cannot survive without miners) To combat this, my understanding (which may be wrong feel free to correct) is they will start giving miners a slice of the TX fees rather than a freshly minted bitcoin. 

But if your mining incentive is based on TX fees, that's just going to drive the TX fee even higher. This is why bitcoin alternatives are adopting what's called a Proof of Stake algorithm rather than Proof of Work (what BTC uses). Unfortunately BTC is very community driven, and that community is toxic as all hell and can't agree on anything. Hence why we went from just Bitcoin to Bitcoin Cash, Bitcoin Gold, and Bitcoin... because 3 different solutions were offered to the same problem, and 2 of them required hard forks into new currencies. 

Blockchain tech is incredible stuff, but Bitcoin's implementation of it is actually pretty shiat. When combined with the community, it gets even more shiat.

If the amount of a currency is fixed and unable to grow, doesn't that produce deflation?  Usually that scenario is associated with gold, but if you can only have 21 million BTC ever that should be even worse.

Honestly? I have no clue. The economic angle is foreign to me, I'm just a tech guy. But the BTC loyalists out there would tell you that it will stay high in price because of the fact it's capped at 21 million. I say if you're not minting new currency, and your miners are paid from TX fees, then it's pretty clear TX fees will drastically increase or your mining pool will disappear. One or the other.


Nah....Visa makes plenty of profits off of a cut of 1.4-2.4%.

And they loose billions in fraud.

With no fraud to worry about, Bitcoin transactions should be profitable at a much lower percentage.
 
2018-01-02 06:14:56 PM  

scotchcrotch: Any technology that makes money laundering/tax evasion easier won't last long.

Crypto fan boys seem to think Uncle Sam can't shutdown bitcoin.  They're wrong.


Bitcoins make tax evasion much more difficult since all the transactions are published in the block chain.
 
2018-01-02 06:37:37 PM  

mcreadyblue: scotchcrotch: Any technology that makes money laundering/tax evasion easier won't last long.

Crypto fan boys seem to think Uncle Sam can't shutdown bitcoin.  They're wrong.

Bitcoins make tax evasion much more difficult since all the transactions are published in the block chain.


And how is the block chain going to trace it back to you to report taxes?
 
2018-01-02 07:20:16 PM  

scotchcrotch: mcreadyblue: scotchcrotch: Any technology that makes money laundering/tax evasion easier won't last long.

Crypto fan boys seem to think Uncle Sam can't shutdown bitcoin.  They're wrong.

Bitcoins make tax evasion much more difficult since all the transactions are published in the block chain.

And how is the block chain going to trace it back to you to report taxes?


The Blockchain is an online ledger containing every transaction you make.  Think of it like a bank statement, but instead of having to try to figure which banks you have accounts at, it's right there in the open for anyone to see.
 
2018-01-02 07:41:16 PM  

TedCruz'sCrazyDad: scotchcrotch: mcreadyblue: scotchcrotch: Any technology that makes money laundering/tax evasion easier won't last long.

Crypto fan boys seem to think Uncle Sam can't shutdown bitcoin.  They're wrong.

Bitcoins make tax evasion much more difficult since all the transactions are published in the block chain.

And how is the block chain going to trace it back to you to report taxes?

The Blockchain is an online ledger containing every transaction you make.  Think of it like a bank statement, but instead of having to try to figure which banks you have accounts at, it's right there in the open for anyone to see.


I know what an online ledger is.

I'm asking how an anonymous ledger is going to be traced back to fiat currency when it's liquidated.
 
2018-01-02 08:00:03 PM  

mcreadyblue: Strategeryz0r: ArkPanda: Strategeryz0r: Jormungandr: Strategeryz0r: Olympic Trolling Judge: With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.

Trying to explain to Bitcoin zealots that absolutely no merchant will accept $20+ TX fees to process a single transaction is an exercise in futility. 

Apparently Bitcoin is something only the most woke people understand, and banks in no way will see the benefits of crytpoassets and invest in them. It is going to COMPLETELY DESTROY BANKING YOU GUYS!!!

I wonder how hard it would be to get in on those transaction fees.

Funny you mention that. One of the main "perks" of bitcoin is that it's limited to 21,000,000 bitcoins. Once those bitcoins are minted, mining incentives drop because new currency isn't being produced anymore. (remember: Blockchains cannot survive without miners) To combat this, my understanding (which may be wrong feel free to correct) is they will start giving miners a slice of the TX fees rather than a freshly minted bitcoin. 

But if your mining incentive is based on TX fees, that's just going to drive the TX fee even higher. This is why bitcoin alternatives are adopting what's called a Proof of Stake algorithm rather than Proof of Work (what BTC uses). Unfortunately BTC is very community driven, and that community is toxic as all hell and can't agree on anything. Hence why we went from just Bitcoin to Bitcoin Cash, Bitcoin Gold, and Bitcoin... because 3 different solutions were offered to the same problem, and 2 of them required hard forks into new currencies. 

Blockchain tech is incredible stuff, but Bitcoin's implementation of it is actually pretty shiat. When combined with the community, it gets even more shiat.

If the amount of a currency is fixed and unable to grow, doesn't that produce deflation?  Usually that scenario is associated with gold, but if you can only have 21 million BTC ever that shoul ...


And yet with nobody taking any cuts of the TX fees it still costs 20 bucks to send any transaction over the BTC network. Therein lies the problem. If that's what it costs before miners have to take an incentive out of it, and is also the primary reason some merchants are now reversing their stance on taking bitcoin, what's it going to look like after? Even with Visa's fraud issue, they're more likely to create their own blockchain iteration and continue onward powering it themselves. 

Kind of like JPMC is doing with Quorum... This is yet another reason it is outrageous people think cryptocurrencies scare banks. Banks are putting this all to work for them too, and they have a lot more to bring to the table than a toxic community like BTC. Ripple is out there exploiting this fact, hence the recent spike in XRP prices.
 
2018-01-02 08:28:04 PM  

scotchcrotch: TedCruz'sCrazyDad: scotchcrotch: mcreadyblue: scotchcrotch: Any technology that makes money laundering/tax evasion easier won't last long.

Crypto fan boys seem to think Uncle Sam can't shutdown bitcoin.  They're wrong.

Bitcoins make tax evasion much more difficult since all the transactions are published in the block chain.

And how is the block chain going to trace it back to you to report taxes?

The Blockchain is an online ledger containing every transaction you make.  Think of it like a bank statement, but instead of having to try to figure which banks you have accounts at, it's right there in the open for anyone to see.

I know what an online ledger is.

I'm asking how an anonymous ledger is going to be traced back to fiat currency when it's liquidated.


It's not anonymous.

img.fark.netView Full Size

https://www.forbes.com/sites/andygree​n​berg/2013/09/05/follow-the-bitcoins-ho​w-we-got-busted-buying-drugs-on-silk-r​oads-black-market/#1eae7daaadf7
 
2018-01-02 08:33:44 PM  
ArkPanda:
If the amount of a currency is fixed and unable to grow, doesn't that produce deflation?

Yes, if your amount stays fixed and demand for your currency continues to grow. Bitcoin is currently highly deflationary, and that is hindering its use as a currency. Why spend today when your purchasing power is likely to increase tomorrow?
 
2018-01-02 09:36:37 PM  
For a while I thought Bitcoin was the money in your Wii account to play old NES games
 
2018-01-02 10:30:10 PM  

Strategeryz0r: And yet with nobody taking any cuts of the TX fees it still costs 20 bucks to send any transaction over the BTC network. Therein lies the problem. If that's what it costs before miners have to take an incentive out of it, and is also the primary reason some merchants are now reversing their stance on taking bitcoin, what's it going to look like after? Even with Visa's fraud issue, they're more likely to create their own blockchain iteration and continue onward powering it themselves. 

Kind of like JPMC is doing with Quorum... This is yet another reason it is outrageous people think cryptocurrencies scare banks. Banks are putting this all to work for them too, and they have a lot more to bring to the table than a toxic community like BTC. Ripple is out there exploiting this fact, hence the recent spike in XRP prices.


The transaction costs for sending Bitcoin is purely transaction fees. Fees are currently being driven up by competition for the limited number of transactions per block. The biggest problem facing Bitcoin is the communities inability to decide on how to address the transaction rate issue. It doesn't help that Bitcoin miners who are making extra money off the problem have a lot of influence over any solution to the problem.
 
2018-01-02 11:20:21 PM  

Strategeryz0r: Jormungandr: Strategeryz0r: Olympic Trolling Judge: With this development, the number of people using Bitcoin as a currency drops to... approximately zero.

But it's still a great investment, believe me.

Trying to explain to Bitcoin zealots that absolutely no merchant will accept $20+ TX fees to process a single transaction is an exercise in futility. 

Apparently Bitcoin is something only the most woke people understand, and banks in no way will see the benefits of crytpoassets and invest in them. It is going to COMPLETELY DESTROY BANKING YOU GUYS!!!

I wonder how hard it would be to get in on those transaction fees.

Funny you mention that. One of the main "perks" of bitcoin is that it's limited to 21,000,000 bitcoins. Once those bitcoins are minted, mining incentives drop because new currency isn't being produced anymore. (remember: Blockchains cannot survive without miners) To combat this, my understanding (which may be wrong feel free to correct) is they will start giving miners a slice of the TX fees rather than a freshly minted bitcoin. 

But if your mining incentive is based on TX fees, that's just going to drive the TX fee even higher. This is why bitcoin alternatives are adopting what's called a Proof of Stake algorithm rather than Proof of Work (what BTC uses). Unfortunately BTC is very community driven, and that community is toxic as all hell and can't agree on anything. Hence why we went from just Bitcoin to Bitcoin Cash, Bitcoin Gold, and Bitcoin... because 3 different solutions were offered to the same problem, and 2 of them required hard forks into new currencies. 

Blockchain tech is incredible stuff, but Bitcoin's implementation of it is actually pretty shiat. When combined with the community, it gets even more shiat.


Meh, first attempts are always shiat, but they still change the world.
 
2018-01-02 11:36:22 PM  

iron de havilland: [i.imgur.com image 382x255]

wow


You laugh, but that's the cryptocurrency I want to play with.

Doesn't take itself too seriously, community seems friendly, and is trading for around a US Penny each. If I get a pile of Dogecoin and then somehow lose it all, I won't actually feel like I've lost "real money", but it still has an actual "cash value".

/also, by far the most appropriate cryptocurrency to go with my internet pseudonym
// If any kind souls feel like contributing to my quest to understand cryptocurrency, feel free to through a few Dogecoin at DTkDbVHjayGEBiyqbCYgJx8YtHE6qAdnrU  so I actually have some to play with.
/// Much job-hunt. Very Poverty.
 
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