BITCOIN as an alternative to regular currency

[wearthefoxhat]

Hacking the bitcoin exchanges is/was always a popular past-time.

1. Mount Gox

https://www.youtube.com/watch?v=9lJP22qa6Ak


2. Bitfinex

https://www.youtube.com/watch?v=GR3rUlD ... LL&index=9


A few others in the top 10

https://crystalblockchain.com/articles/ ... n-history/


The blockchain isn't as anonymous as those prefer it to be. Transactions can be traced with certain software, through to cash out and can also be blacklisted if need be so they can't be used for trading/purchasing. The governments, more so the U.S, know this and are getting better at setting up prosecutions where/when they see fit.

If Bitcoin is classified as speculative/gambling, then source of funds audits could be an issue, especially if any assetts were bought/sold historically. (tax man will want some of the action)

[alexmr2]

The blockchain isn't as anonymous as those prefer it to be. Transactions can be traced with certain software, through to cash out and can also be blacklisted if need be so they can't be used for trading/purchasing. The governments, more so the U.S, know this and are getting better at setting up prosecutions where/when they see fit.

What about privacy coins like Pirate Chain ARRR?

[ShaunWhite]

Doesn't Bitcoins' appalling environmental impact bother anyone? According to Fortune, each Bitcoin transaction consumes 1,173 kilowatt hours of electricity.

[wearthefoxhat]

Doesn't Bitcoins' appalling environmental impact bother anyone? According to Fortune, each Bitcoin transaction consumes 1,173 kilowatt hours of electricity.

True.

One abiding memory, back in the day, were the chinese bitcoin miners that slept in the warehouses that were full to the brim of servers trying to solve the code for the rewards. They were there just to change out the fans that would constantly need replacing, The heat must have unbearable. Then China pulled the plug over concerns for power supplies during their cold winters. They also said it bred illegal and criminal activities.

mining.png

[wearthefoxhat]

The blockchain isn't as anonymous as those prefer it to be. Transactions can be traced with certain software, through to cash out and can also be blacklisted if need be so they can't be used for trading/purchasing. The governments, more so the U.S, know this and are getting better at setting up prosecutions where/when they see fit.

What about privacy coins like Pirate Chain ARRR?

Couldn't say, but is anything truly private? (they said that about Bitcoin initially)

[alexmr2]

Doesn't Bitcoins' appalling environmental impact bother anyone? According to Fortune, each Bitcoin transaction consumes 1,173 kilowatt hours of electricity.

I was going to say factories that print paper money also impact the environment but had no idea of the transaction consumption . A few thousand kettles boiling worth of electricity vs handing over some notes (not sure about the impact of traditional digital bank transactions).

Edit: Not sure if that is the mining cost or transaction consumption when you transfer one to someone else but it's still a lot when you add them all up. Would be good to see a comparison of the consumption for each currency system

[alexmr2]

The blockchain isn't as anonymous as those prefer it to be. Transactions can be traced with certain software, through to cash out and can also be blacklisted if need be so they can't be used for trading/purchasing. The governments, more so the U.S, know this and are getting better at setting up prosecutions where/when they see fit.

What about privacy coins like Pirate Chain ARRR?

Couldn't say, but is anything truly private? (they said that about Bitcoin initially)

Something I wasn't aware of until a few months ago is that anyone who has your wallet address can see how much is in your wallet, and the wallets of the biggest holders are publicly viewable with the amount in each. Someone has almost $5 billion DOGE coin which would have been $35 billion at the peak price.

Privacy coins are supposed to fix this but I can't say if it's 100% secure because for example someone could buy Monero (privacy coin) on Binance and I'm sure the government would be able to work with Binance to track down what is going on if it was important enough

[wearthefoxhat]

What about privacy coins like Pirate Chain ARRR?

Couldn't say, but is anything truly private? (they said that about Bitcoin initially)

Something I wasn't aware of until a few months ago is that anyone who has your wallet address can see how much is in your wallet, and the wallets of the biggest holders are publicly viewable with the amount in each. Someone has almost $5 billion DOGE coin which would have been $35 billion at the peak price.

Privacy coins are supposed to fix this but I can't say if it's 100% secure because for example someone could buy Monero (privacy coin) on Binance and I'm sure the government would be able to work with Binance to track down what is going on if it was important enough

Could be Elon Musk..

He's started to accept dogecoin as payment for a Tesla, he's now urging Mcdonalds to accept payments too...

[ShaunWhite]

Privacy coins are supposed to fix this but I can't say if it's 100% secure because for example someone could buy Monero (privacy coin) on Binance and I'm sure the government would be able to work with Binance to track down what is going on if it was important enough

Far from taking the financial system out of the hands of governments its playing right into them. As soon as I realised its all about keeping an audit trail of money movement I was suspicious as no government on earth will readily give up their tax revenues. I'd rather get paid (and pay) in nice intraceable folding money rather every penny being accounted for and I'm much happier having my privacy in my hands than hoping someone else will respect it for me.

I prefer not to get involved with crypto until its impact is better understood, social media has disrupted geopolitics in dangerous and unexpected ways so that's not a great endorsement for handing over the global economic system to a bunch of get rich quick modern day alchemists.

[Tetras]

Doesn't Bitcoins' appalling environmental impact bother anyone? According to Fortune, each Bitcoin transaction consumes 1,173 kilowatt hours of electricity.

The current financial system has a mindboggling environmental impact, if crypto replaced it, even with proof of work, it would be far, far superior (in terms of the energy cost of maintaining it), but most cryptos are, or are switching to proof of stake (like Ethereum plans to). At least with proof of work, in contrast, there was the opportunity for regular people to get some kind of compensation for securing that system (proof of stake is more elitist, because the largest holders get most of the rewards).

[mcgoo]

This, I think, explains things very well. The enviromental aspect is discussed. The control and surveillance aspects of stable/fed coins are a little scary Food for thought
https://youtu.be/xw9VshkgxJ4

PS. I don't see this as financial advice. Imho,dyor and all that.
^^ ass covering

[megarain]

This, I think, explains things very well. The enviromental aspect is discussed. The control and surveillance aspects of stable/fed coins are a little scary Food for thought
https://youtu.be/xw9VshkgxJ4

PS. I don't see this as financial advice. Imho,dyor and all that.
^^ ass covering

Is the ass covering neccessary ?

I dont know, but if it is, then a great deal of what we all say should be prefaced by (Lifetime profitable trader, very profitable trader, massive lifetime loser etc).

[mcgoo]

This, I think, explains things very well. The enviromental aspect is discussed. The control and surveillance aspects of stable/fed coins are a little scary Food for thought
https://youtu.be/xw9VshkgxJ4

PS. I don't see this as financial advice. Imho,dyor and all that.
^^ ass covering

Is the ass covering neccessary ?

I dont know, but if it is, then a great deal of what we all say should be prefaced by (Lifetime profitable trader, very profitable trader, massive lifetime loser etc).

I thought about the necessity (and it was a little tongue in cheek) but since the nanny state here has gone truly bonkers in covid times perhaps I am little bit more paranoid than usual ,

[Euler]

This years Darwin award goes to.....

https://twitter.com/__femb0t/status/1494789467084926980

[jamesedwards]

Out of interest who declares their Crypto profits to HMRC? I have some modest profits this tax year but well below the threshold for capital gains tax.

I'm in two minds whether to declare the profit on my Self Assessment to remain squeaky clean, or whether declaring that I am dabbling in Crypto might generate unwanted attention.

Views?