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Thread: Cryptocurrency---

  1. #1

    Cryptocurrency---

    from coinbase.com, an explanation:
    At its core, cryptocurrency is typically decentralized digital money designed to be used over the internet. Bitcoin, which launched in 2008, was the first cryptocurrency, and it remains by far the biggest, most influential, and best-known. In the decade since, Bitcoin and other cryptocurrencies like Ethereum have grown as digital alternatives to money issued by governments.

    The most popular cryptocurrencies, by market capitalization, are Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Other well-known cryptocurrencies include Tezos, EOS, and ZCash. Some are similar to Bitcoin. Others are based on different technologies, or have new features that allow them to do more than transfer value.

    Crypto makes it possible to transfer value online without the need for a middleman like a bank or payment processor, allowing value to transfer globally, near-instantly, 24/7, for low fees.

    Cryptocurrencies are usually not issued or controlled by any government or other central authority. They’re managed by peer-to-peer networks of computers running free, open-source software. Generally, anyone who wants to participate is able to.

    If a bank or government isn’t involved, how is crypto secure? It’s secure because all transactions are vetted by a technology called a blockchain.

    A cryptocurrency blockchain is similar to a bank’s balance sheet or ledger. Each currency has its own blockchain, which is an ongoing, constantly re-verified record of every single transaction ever made using that currency.

    Unlike a bank’s ledger, a crypto blockchain is distributed across participants of the digital currency’s entire network

    No company, country, or third party is in control of it; and anyone can participate. A blockchain is a breakthrough technology only recently made possible through decades of computer science and mathematical innovations. Most importantly, cryptocurrencies allow individuals to take complete control over their assets
    Funny how they left off the 'allow thieves to take complete control over OTHER PEOPLES assets' part...

    Am I the only one who's getting sick and tired of internet thieves with their ransomware attacks getting rich while threatening the global supply chain-last month it was the pipeline, this month (so far ) it's the beef industry - and knowing they can't get caught because THERE'S NO WAY TO FOLLOW THE DAMN MONEY! Of course Swiss bank accounts and such make hiding money easy, but what good is 'every single transaction ever made is verified' if there's absolutely no deterrent for stealing other people's money? I doubt anyone can convince me crytocurrency is actually a GOOD thing...

    And speaking of ransomware, don't these big companies have software to find it? I mean, my bottom-of-the-barrel Windows Defender found it on MY computer awhile back-
    ransomvirus.jpg

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  2. #2
    I don’t have any interest in using it ,but I know people who use it and occasionally comment on it. They understand all the angles and
    know how to use it “safely”. Some who prefer “real” paper money might also eschew gold as “garish, heavy, and too soft for every day use”
    Last edited by Mel Fulks; 06-01-2021 at 11:52 PM.

  3. #3
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    And speaking of ransomware, don't these big companies have software to find it? I mean, my bottom-of-the-barrel Windows Defender found it on MY computer awhile back
    The problem is these companies have people using corporate computers who have no awareness of the online threat. Some of my former coworkers would spend more time surfing the internet at work than actually doing their job.

    When the internet is crashed by ransomeware pirates, all hoards of bitcoins will likely vanish in to the ether.

    jtk
    Last edited by Jim Koepke; 06-02-2021 at 8:08 PM. Reason: spelling
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  4. #4
    If you accepted Bitcoin for some random transactions back in the early days, you probably would have had no idea what to do with it, and probably held on to it. In retrospect, this was a good bet. DAMHIKT.

    The new joke one, DoggyCoin? (That was how it was originally pronounced.) Oh, that’s good.

  5. #5
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    From what I've heard the bad guys are doing background research to find specific victims within a company before sending them comprised/infected emails/attachments that appear to be from legitimate business partners. ex: as in "payment for invoice #0397648" sent to someone specific in accounts payable.

    There is cyber insurance but it can be expensive. I know of one large entity that could not afford it so they joined with others in the same business to make a self insured partnership/co-op.

    That said I suspect that some companies just consider ransomware as a cost of doing business rather than increasing their security posture
    Last edited by Mike Soaper; 06-02-2021 at 8:14 PM.
    Maryland

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    One person made a claim saying the more layers of security a system uses, the higher the chance for one of the layers being vulnerable.

    Much of my email goes unopened because the sender is either unrecognized or from a source that bombards me daily with an "IMPORTANT MESSAGE."

    If it was really important they would find a reliable way to get it to me.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

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    I have written my congressmen pleading with them to ban it. It's only real use is to sell drugs and pay ransoms. Do we really need to to take complete control over their assets?

    Tesla has stopped allowing payment by bitcoin. That brilliant Musk realized that a Tesla bought with bitcoin has a much larger carbon footprint than a gasoline car bought with dollars. China does most of the bitcoin "mining" and objects to all the pollution it is causing; they are likely to ban it. Bitcoin uses 1.7% of the world's electricity. That might sound insane, 1.7% of the worlds electricity being used for something that is inherently harmful, but that is the truth.
    Last edited by Wade Lippman; 06-02-2021 at 10:15 PM.

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    Quote Originally Posted by Doug Dawson View Post
    If you accepted Bitcoin for some random transactions back in the early days, you probably would have had no idea what to do with it, and probably held on to it. In retrospect, this was a good bet. DAMHIKT.
    There was Big Bang Theory about that. They lost their record of it, and so lost all their money.

  9. #9
    Gold can be melted into new shapes, that makes it hard to trace. Crooks like gold. Governments like gold and want all they can get. They
    use it wisely “only for good...never for evil “. Government has had to confiscate gold from greedy people. You don’t need gold, and gold
    teeth are not real teeth ... if you stop buying gold teeth , people won’t know your teeth are fakes. This has been a public service tip.

  10. #10
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    One good thing about gold is if it all ever takes a ride in that proverbial hand basket, gold is easy to beat into crude utensils and can even be cast in to bullets for hunting.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  11. #11
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    "Mining" for ctypto currency reminds me of the philosophy of better vacuums. Crpto currency does not exist and has no value. As you buy a better, stronger vacuum you have to pay more for less and less until a perfect vacuum is absolutely nothing. Ever priced a Torr level vacuum pump or a difusion pump?
    I am sure no one here worries about the bearing lube on their dust collector motor and uses vacuum safe grease instead of factory stuff. No one drills out the bolt heads for venting either do they.
    Bill D
    Last edited by Bill Dufour; 06-03-2021 at 10:34 AM.

  12. #12
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    Quote Originally Posted by Wade Lippman View Post
    Bitcoin uses 1.7% of the world's electricity. That might sound insane, 1.7% of the worlds electricity being used for something that is inherently harmful, but that is the truth.
    How is that number estimated? (And how does it compare to the amount of electricity used by people watching cute animal videos on YouTube?)
    Last edited by Stephen Tashiro; 06-03-2021 at 11:54 AM.

  13. #13
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    Quote Originally Posted by Kev Williams View Post
    from coinbase.com, an explanation:


    Funny how they left off the 'allow thieves to take complete control over OTHER PEOPLES assets' part...

    Am I the only one who's getting sick and tired of internet thieves with their ransomware attacks getting rich while threatening the global supply chain-last month it was the pipeline, this month (so far ) it's the beef industry - and knowing they can't get caught because THERE'S NO WAY TO FOLLOW THE DAMN MONEY! Of course Swiss bank accounts and such make hiding money easy, but what good is 'every single transaction ever made is verified' if there's absolutely no deterrent for stealing other people's money? I doubt anyone can convince me crytocurrency is actually a GOOD thing...
    Cryptocurrency has nothing to do with enabling ransomware. The criminals would just find another way to get paid if cryptocurrency didn't exist.

    Businesses don't take cyber security serious enough because of money. It can cost millions to hundreds of millions to do proper cyber security. The thing is once an attack happens there is usually a blank check to spend on improving cyber security. Maersk spent somewhere around $500 million recovering from their ransomware attack. They essentially had to rebuild most of their computer systems from scratch.

  14. #14
    Quote Originally Posted by Wade Lippman View Post
    I have written my congressmen pleading with them to ban it. It's only real use is to sell drugs and pay ransoms.
    A big point of Bitcoin (and other cryptocurrencies) is that it’s beyond government control. And it’s a totally different concept from organized crime.

    Except that you _do_ have to integrate it into your tax structure as an investor. Not that I think it’s a good retirement investment, it’s too volatile. So you get into these totally wild tax obligations if you ride it short-term. Ugh. If you never want to pay taxes, try real estate. :^)

    I’ll add that one good “investment strategy” for Bitcoin is to invest in it from within a Roth IRA and then when it gets up to the point where it’s making you physically ill, switch it over to an index fund. That may or may not be a good strategy _now_. Like the local tv weather forecasters sign off with, “Your guess is as good as mine.” I don’t give investment advice. :^)
    Last edited by Doug Dawson; 06-03-2021 at 12:41 PM.

  15. #15
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    Quote Originally Posted by Doug Dawson View Post
    A big point of Bitcoin (and other cryptocurrencies) is that it’s beyond government control. And it’s a totally different concept from organized crime.

    Except that you _do_ have to integrate it into your tax structure as an investor. Not that I think it’s a good retirement investment, it’s too volatile. So you get into these totally wild tax obligations if you ride it short-term. Ugh. If you never want to pay taxes, try real estate. :^)

    I’ll add that one good “investment strategy” for Bitcoin is to invest in it from within a Roth IRA and then when it gets up to the point where it’s making you physically ill, switch it over to an index fund. That may or may not be a good strategy _now_. Like the local tv weather forecasters sign off with, “Your guess is as good as mine.” I don’t give investment advice. :^)
    It certainly is not beyond government control. You simply make owning and mining illegal. That won't stop it anymore than making heroin illegal stops heroin, but investors won't buy it and victims won't be able to make payment in it. Hopefully the rest of the world will follow (China's lead). Since it has no intrinsic value, it is not hard to see serious restrictions driving it's price to zero.

    Sure, criminals will find other ways. The two popular ways now to get money from victims is bitcoin and gift cards. I don't see paying a $1M ransom in gift cards.

    Just today from the Biden administration...
    “We are looking at crypto as a means of illicit finance,” the official said, “but by no means are these new steps limited to new technologies like crypto.”


    The official also said the effort would likely involve updates to the Bank Secrecy Act, the primary means by which law enforcement can track how money moves through financial institutions.


    “We’ll be looking for ideas of how to modernize these systems to respond to new technologies,” the official said. The memo does not name individual countries, specific currencies or particular kinds of assets.

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