Page 2 of 3 FirstFirst 123 LastLast
Results 16 to 30 of 31

Thread: Cryptocurrency---

  1. #16
    We have had gov. involvement in money for a long time. It’s for the treasury not us. When govs confiscate gold people just refuse to accept
    Its worthless paper and trade in goods ...or the gold ....they forgot to turn in. Our gov tried all the crooked stuff ,then finally relented and quit hogging all the gold. I don’t think it will try to get rid of bit coin.

  2. #17
    Quote Originally Posted by Brian Elfert View Post
    Cryptocurrency has nothing to do with enabling ransomware. The criminals would just find another way to get paid if cryptocurrency didn't exist.
    NOTHING? The fact that CC is THEE preferred, and pretty much ONLY ransom payment method used by hackers, I'm convinced it has EVERYTHING to do with it. If they'll just find another way, I say LET THEM.
    ========================================
    ELEVEN - rotary cutter tool machines
    FOUR - CO2 lasers
    THREE- make that FOUR now - fiber lasers
    ONE - vinyl cutter
    CASmate, Corel, Gravostyle


  3. #18
    Join Date
    Sep 2016
    Location
    Modesto, CA, USA
    Posts
    9,879
    I have read that almost 100% of crypto mining is in China on coal fired electric plants and/or in Iran to get around sanctions running on oil fired generators.
    Bill D

  4. #19
    Quote Originally Posted by Bill Dufour View Post
    I have read that almost 100% of crypto mining is in China on coal fired electric plants and/or in Iran to get around sanctions running on oil fired generators.
    Bill D
    That’s IMO the biggest problem with cryptocurrencies, it is extremely unfriendly to the climate, it is so resource intensive. So it shouldn’t go on forever, obviously. Maybe that’s a natural limit to it’s role in our civilization. Take that, Satoshi and all your trendy bandwidth-hogging sandal-nibbling friends! :^)
    Last edited by Doug Dawson; 06-03-2021 at 5:21 PM.

  5. #20
    Join Date
    Sep 2016
    Location
    Modesto, CA, USA
    Posts
    9,879
    I suppose they could convert to running on solar power in the Sahara desert during the day only.
    Bill D

  6. #21
    Join Date
    Mar 2019
    Location
    Los Angeles, California
    Posts
    961
    I have little to add except to say that I am 100% dependent on my 401k and there is no frigging way I am going to invest in anything this volatile. Perhaps some have got lucky, but I am unwilling to take these kinds of risks.
    Regards,

    Tom

  7. #22
    Quote Originally Posted by Thomas McCurnin View Post
    I have little to add except to say that I am 100% dependent on my 401k and there is no frigging way I am going to invest in anything this volatile. Perhaps some have got lucky, but I am unwilling to take these kinds of risks.
    Amen! Jack Bogle is whispering the same thing in my ear.

  8. #23
    Join Date
    Apr 2013
    Location
    Kansas City
    Posts
    2,652
    Quote Originally Posted by Kev Williams View Post
    NOTHING? The fact that CC is THEE preferred, and pretty much ONLY ransom payment method used by hackers, I'm convinced it has EVERYTHING to do with it.
    I've heard that same statement repeated several times by public and private security experts in the last couple of weeks.
    < insert spurious quote here >

  9. #24
    Quote Originally Posted by Brian Elfert View Post
    Cryptocurrency has nothing to do with enabling ransomware. The criminals would just find another way to get paid if cryptocurrency didn't exist.
    Quote Originally Posted by Kev Williams View Post
    NOTHING? The fact that CC is THEE preferred, and pretty much ONLY ransom payment method used by hackers, I'm convinced it has EVERYTHING to do with it. If they'll just find another way, I say LET THEM.
    In all fairness, yes crypto and blockchain tech have features that are attractive to criminals and bad actors. But they also have potential applications and features attractive to legitimate investors, businesses and consumers.

    Think of the early internet days when many people associated the internet with porn simply because the porn industry was an early adopter. Or how there was a time when a young eBay was almost exclusively associated with beanie babies and collectible tchotchkes but not much else.

    It just remains to be seen how crypto will evolve and where it will go. It's a highly speculative investment at this point IMO.
    Personally I wouldn't gamble any more money on it that I wasn't prepared to lose. At least at this point.

    But on the other hand, crypto doesn't seem to represent any kind of threat to my life, so I'm just watching it with mild interest but without strong objection.
    Last edited by Edwin Santos; 06-04-2021 at 5:57 PM.

  10. #25
    OK, so I'll concede that CC doesn't have EVERYTHING to do with ransomware/cyber-crime. But Chris Krebs does back me up, at least somewhat...

    -sorry it's sideways, played right on my computer before I uploaded it. I hate stupid smart phones...

    ========================================
    ELEVEN - rotary cutter tool machines
    FOUR - CO2 lasers
    THREE- make that FOUR now - fiber lasers
    ONE - vinyl cutter
    CASmate, Corel, Gravostyle


  11. #26
    Quote Originally Posted by Kev Williams View Post
    OK, so I'll concede that CC doesn't have EVERYTHING to do with ransomware/cyber-crime. But Chris Krebs does back me up, at least somewhat...

    -sorry it's sideways, played right on my computer before I uploaded it. I hate stupid smart phones...
    Kev,
    I hope I didn't sound argumentative. Chris Krebs is a totally impressive guy. He has a valid point and so do you.
    But as he says, the rise of crypto has coincided with ransomware attacks, he didn't go so far as to say it is the source or cause of them.

    Changing subjects a bit, the whole area of cybercrime is exploding. There is a recent book called The Perfect Weapon that talks about state sponsored and private cybercrime and the destruction it is capable of wreaking. A hair raising read for sure. I think HBO made a documentary based on the book too.

    If we end up in a cybercrime driven crisis (heaven forbid), and if cryptocurrency is linked as an enabler, yes, I could see governments taking action. But if by that time, crypto has continued to grow in a legitimate market involving thousands or even millions of honest investors, big and small, it may be an issue as to how to penalize the criminals and not inflict collateral damage on the innocent.
    There are already a few mainstream traded ETF-like crypto funds that have broad market presence. Supposedly more ETFs are on the way.
    I think it's fair to expect the retail investor base to only grow.

    Edwin
    Last edited by Edwin Santos; 06-04-2021 at 5:56 PM.

  12. #27
    Join Date
    Mar 2019
    Location
    Los Angeles, California
    Posts
    961
    As a happy ex-lawyer, now a woodworker, I defended dozens of computer takeovers and fraudulent wire transfers and ACHs. One commondenominator was the cheerful giving of personal information by the victim to the fraudster, like DOB, SSN, phone numbers. More common was opening up an email from somebody you didn't know and clicking on a link which was a keystroke monitor, which enabled Russians (oops, they are our friends now, right?) to literally see everything you type for several weeks, including getting your web sites and passwords.

    The larger banks have agreements with other large banks to freeze the accounts of fraudsters, called hold harmless agreements, and we got a lot of money back from fraudsters, although anything over 50 cents on the dollar was a huge a victory.

    Bottom Line: Don't share personal information, Don't open emails from people you don't know, and Don't click on embedded links in emails.
    Regards,

    Tom

  13. #28
    Agree with Edwin. And it took the government many years to stop the “cereal box top” exchange. That was a weak currency that had to be
    propped up by taped on dimes and quarters.

  14. #29
    I was happy to see that the feds were able to hack the hackers and got $2.3mil of the $4.4mil pipeline ransom back. Wonder if the trail may lead to some humans that could use a rude awakening...
    ========================================
    ELEVEN - rotary cutter tool machines
    FOUR - CO2 lasers
    THREE- make that FOUR now - fiber lasers
    ONE - vinyl cutter
    CASmate, Corel, Gravostyle


  15. #30
    Quote Originally Posted by Kev Williams View Post
    I was happy to see that the feds were able to hack the hackers and got $2.3mil of the $4.4mil pipeline ransom back. Wonder if the trail may lead to some humans that could use a rude awakening...
    yeah ,we can all be glad we only paid 2 million for our oil. But we would never be rude to those people. We paid for another pipe line but it
    ain’t long enough right now. Maybe it’s in ‘the pipeline’.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •