There have been a few exchanges and alt coins that were clearly scams and/or ponzi schemes in hindsight that just shut down completely taking people's money. Bitconnect being the most recent coin and can't remember the name of the exchange that also closed shop without notice but there was one recently. Buyer beware as in all things in life.Edwardo wrote:Or the original designers of the crytocurrency or exchanges themselves coding in a backdoor.sociopath wrote:have been wondering if this recent hack of the Coincheck exchange was by people who knew how to exploit the CPU bugs mentioned
Bitcoins worth more than gold
- spitthedog
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Indian government making noises about regulation yesterday.
During his budget speech today, Jaitley stated:
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”
Also yesterday.
European Central Bank Governing Council member Ewald Nowotny toughened his stance on cryptocurrencies.
“Bitcoins weren’t created transparently and publicly, and they are suitable for money laundering,” Nowotny told the newspaper. “For a long time, I had the view that investment in Bitcoin should be a private matter. But I got the feeling that a legal provision is needed.”
The European Union started to tighten laws about cryptocurrencies last year. It is trying to rein in derivatives linked to bitcoin, is cracking down on exchanges operating without permission, and targets money launderers trying to use bitcoin as a smokescreen. The bloc’s financial-services chief has urged all EU agencies to put their “heightened attention” on the issue.
Nowotny said it was “absurd” that savings associations were investigated for their compliance with money-laundering rules, while at the same time “the floodgates are open” with bitcoin.
“I like what the Chinese central bank governor has said: bitcoins aren’t a matter for monetary policy in China, but for the police,” he said.
During his budget speech today, Jaitley stated:
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”
Also yesterday.
European Central Bank Governing Council member Ewald Nowotny toughened his stance on cryptocurrencies.
“Bitcoins weren’t created transparently and publicly, and they are suitable for money laundering,” Nowotny told the newspaper. “For a long time, I had the view that investment in Bitcoin should be a private matter. But I got the feeling that a legal provision is needed.”
The European Union started to tighten laws about cryptocurrencies last year. It is trying to rein in derivatives linked to bitcoin, is cracking down on exchanges operating without permission, and targets money launderers trying to use bitcoin as a smokescreen. The bloc’s financial-services chief has urged all EU agencies to put their “heightened attention” on the issue.
Nowotny said it was “absurd” that savings associations were investigated for their compliance with money-laundering rules, while at the same time “the floodgates are open” with bitcoin.
“I like what the Chinese central bank governor has said: bitcoins aren’t a matter for monetary policy in China, but for the police,” he said.
"I don't care what the people are thinking, i ain't drunk i'm just drinking"
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Aren't all cryptocurrencies open source?Edwardo wrote: Or the original designers of the crytocurrency or exchanges themselves coding in a backdoor.
Wouldn't an exploit like that be spotted by the community pretty fast?
And why would an exchange want to steal all of the deposits. That's small potatoes given the fees charged. Crypto exchanges make a fortune.
I don't trade these coins because my only ability is to buy high and sell low but I'm not going to publish ill informed rubbish like edwardo who obviously has not researched anything before making statements
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Lol, do not rely so much on mainstream media. They are well known for their FUD messages as they generally have no clue about cryptocurrency. The Indian story has already been debunked: https://cointelegraph.com/news/india-bi ... ion-speech
As of regulations, fine. They are largely targeted at ICO's and other investment types. I have no problem with identification requirements at exchanges. Bitcoin usage for money laundry is one of dumbest things to do due to the fact that all transactions are public. So it is just being used to instill fear and slow down adoption (remember: there are only max +- 21m Bitcoins). If you want to launder your money you will use a privacy coin such as Monero or just stick with fiat currency and some shell companies.
Besides currencies there is now in increase in business applications. We had Ethereum Smart Contracts and it's Chinese sibling NEO. Recently VeChain (DNV GL & PwC partnership) and Walton started in the supply-chain / IoT and RFID field. This could lead to interesting transformations:
- IoT Device -> Device Payment: e.g. your autonomous driving car parks itself and pays the fee automatically or picks up a customer and charges him the correct fee.
- Anti-counterfeiting: embed a tamper evident tag/sensor in products and record production details on the blockchain. Consumers/end-users can scan their product and validate authenticity. (sure there will still be a black market but it might become less attractive). In the far future that black market might be eliminated once our houses are fully smart. Any product coming in would be scanned, no tag? send out an alarm message.
Besides luxury products this would also be interesting for pharma, food and industries such as automotive and aerospace. Remember Kobe Steel?
- Supply Chain Tracking: from production to consumer log each step on the blockchain. You could track for example that fish has been stored frozen throughout the process until it reached your supermarket / restaurant. Your organic vegetables have not been exposed to harmful chemicals, etc.
Sure a normal database could do this however each company would have their own versions and fields and backup methods (what? no backup??). There is no central authority to validate the data.
If a central authority was to be created it forces companies into providing correct data. Uploading false data could lead to termination of the service. If your main competitors are playing fair it would result in a loss of all your customers thus bankruptcy.
PS if you do not own Bitcoin this is the best way to enjoy the price volatility: https://rollercoasterguy.github.io/
As of regulations, fine. They are largely targeted at ICO's and other investment types. I have no problem with identification requirements at exchanges. Bitcoin usage for money laundry is one of dumbest things to do due to the fact that all transactions are public. So it is just being used to instill fear and slow down adoption (remember: there are only max +- 21m Bitcoins). If you want to launder your money you will use a privacy coin such as Monero or just stick with fiat currency and some shell companies.
Besides currencies there is now in increase in business applications. We had Ethereum Smart Contracts and it's Chinese sibling NEO. Recently VeChain (DNV GL & PwC partnership) and Walton started in the supply-chain / IoT and RFID field. This could lead to interesting transformations:
- IoT Device -> Device Payment: e.g. your autonomous driving car parks itself and pays the fee automatically or picks up a customer and charges him the correct fee.
- Anti-counterfeiting: embed a tamper evident tag/sensor in products and record production details on the blockchain. Consumers/end-users can scan their product and validate authenticity. (sure there will still be a black market but it might become less attractive). In the far future that black market might be eliminated once our houses are fully smart. Any product coming in would be scanned, no tag? send out an alarm message.
Besides luxury products this would also be interesting for pharma, food and industries such as automotive and aerospace. Remember Kobe Steel?
- Supply Chain Tracking: from production to consumer log each step on the blockchain. You could track for example that fish has been stored frozen throughout the process until it reached your supermarket / restaurant. Your organic vegetables have not been exposed to harmful chemicals, etc.
Sure a normal database could do this however each company would have their own versions and fields and backup methods (what? no backup??). There is no central authority to validate the data.
If a central authority was to be created it forces companies into providing correct data. Uploading false data could lead to termination of the service. If your main competitors are playing fair it would result in a loss of all your customers thus bankruptcy.
PS if you do not own Bitcoin this is the best way to enjoy the price volatility: https://rollercoasterguy.github.io/
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I've been hodling a lot of walton WTC for a while now. Great tech.
Anyone who doesn't like Capitalism is a pathetic loser. God bless the USA and no place else.
https://coinmarketcap.com/currencies/walton/DetroitMuscle wrote:I've been hodling a lot of walton WTC for a while now. Great tech.
with walton's market cap i cant figure out why is doesnt appear in the top 100 at https://coinmarketcap.com/coins/
edit: appears here https://coinmarketcap.com/tokens/
no replying to those who misinterpret/misread what i write. this aint kindergarten
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It's rank 36 on CMC right now..sociopath wrote:https://coinmarketcap.com/currencies/walton/DetroitMuscle wrote:I've been hodling a lot of walton WTC for a while now. Great tech.
with walton's market cap i cant figure out why is doesnt appear in the top 100 at https://coinmarketcap.com/coins/
edit: appears here https://coinmarketcap.com/tokens/
Anyone who doesn't like Capitalism is a pathetic loser. God bless the USA and no place else.
JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards.
the vultures are circling
the vultures are circling
no replying to those who misinterpret/misread what i write. this aint kindergarten
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Seems the arse has dropped out of bitcoin. Pity, nice run while it lasted.
Has it? I see it at $8300 now, up some $700 today alone. It may not be at $20k like it was briefly, but it's still been unbelievably resilient so far, despite all the gloom and doom from various government's proclamations about banning crypto currencies.Just Robbed wrote:Seems the arse has dropped out of bitcoin. Pity, nice run while it lasted.
"The final straw actually involved my mortal enemy vladimir, who you may or may not know is an insufferable, overposting asshat."
One of the largest exchanges in NA was down for 24 hours due to server sync issue. Explains a bit but ya, lots of bot trading atm.
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