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Blockchain Tech and Cryptocurrencies

buckets said:
dawg there's a complete record of every bitcoin transaction ever that's completely open for anyone to see
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By name or number?

Is it able to be traced by name and SS#? Is it reported?
 
AnonymousDeac said:
An interesting thing happened a little more than a year ago.

In the early days of blockchain and specifically Bitcoin, as Wrangor is noting, the government was either dismissive or anti-Bitcoin. They were concerned of its use for money laundering and other illicit activities. Then, in 2016, they kinda just shut up. They realized that Bitcoin is far from anonymous and after just two transactions, they could socially engineer just about any node on the Bitcoin network. They realized that not only could they track everything happening on Bitcoin, they could do it far better than traditional methods of payment. And with most of the black market not knowing how well they could do it.

This gives the judicial branch the ability to catch criminals, the IRS the ability to monitor tax evasion, etc.

IRS: http://fortune.com/2017/08/22/irs-tax-cheats-bitcoin-chainalysis/
3 Govt Agencies: https://themerkle.com/three-us-agencies-rely-on-chainalysis-to-analyze-bitcoin-transactions/

And more than anything, I think the recent Senate hearings highlights the stance the government is likely going to take with cryptocurrencies (and cryptoassets). https://techcrunch.com/2018/02/06/virtual-currencies-oversight-hearing-sec-cftc-bitcoin/
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Copying the above post for you, RJ
 
That still says there is no regulation. There will have to be levels of regulation on this asset that stocks or even commodities don't have as you can use them to pay for goods and services.

Here's some irony. I was derided for saying EXACTLY this:

"Clayton made further comments casting doubt on the usefulness of cryptocurrencies as currency, citing common concerns around how market volatility makes transactions difficult."
 
color me shocked the guy that can't understand war or per can't understand blockchain.
 
deacphan said:
color me shocked the guy that can't understand war or per can't understand blockchain.
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I can understand them, but they are virtually worthless.



RE: PER "It was during his OregonLive years that Hollinger developed his Player Efficiency Rating (PER), a figure that attempts to combine all of a player's contributions into one number. PER has been criticized for lacking any consideration of shot defense and for overvaluing shot-taking."

"John Hollinger is vice president of basketball operations for the Memphis Grizzlies and the inventor of advanced stats such as Player Efficiency Rating (PER), Offensive Efficiency, Defensive Efficiency and Pace Factor. With the Grizzlies, Hollinger analyzes personnel decisions such as trades, draft, free agency and salary..."

If he is so good, how come he hasn't done anything of value with the Griz in over five years?

I realize theories are more important than results, but they do keep score and wins and losses.

I can't wait for the millennial excuses for him.
 
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AnonymousDeac said:
Actually, they are virtually worth $462 billion.
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How much was Enron worth? Before it wasn't.

From your own article:

"Clayton made further comments casting doubt on the usefulness of cryptocurrencies as currency, citing common concerns around how market volatility makes transactions difficult."

Fix the above and fix the problems with the taxmen around the world and they will have long-term stability.

If it's just an "asset", it's likely to fall apart leaving the last in holding the bag. The reason other "assets"/ commodities have value is you can use gold or coffee or sugar is that they have uses.

Comparing this to wireless seems very silly. From the introduction of the internet on, it was always a matter of time and scale before wireless took off.
 
RJKarl said:
How much was Enron worth? Before it wasn't.

From your own article:

"Clayton made further comments casting doubt on the usefulness of cryptocurrencies as currency, citing common concerns around how market volatility makes transactions difficult."

Fix the above and fix the problems with the taxmen around the world and they will have long-term stability.

If it's just an "asset", it's likely to fall apart leaving the last in holding the bag. The reason other "assets"/ commodities have value is you can use gold or coffee or sugar is that they have uses.

Comparing this to wireless seems very silly. From the introduction of the internet on, it was always a matter of time and scale before wireless took off.
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This is like reading every 2 paragraph "this is why crypto is going to crash SOON!!!!!1111111" clickbait article written in the last 10 years
 
Serious inquiry: are any crypto-informed folks concerned about the energy consumption component?
 
JuiceCrewAllStar said:
Serious inquiry: are any crypto-informed folks concerned about the energy consumption component?
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it's probably my biggest single concern outside of the obvious pyramid scheme.

The cost, in actual money, to process a single transaction is absolutely insane.

There's no real way to get around this. It's the flaw of the entire 'reward' system as btc (and most alts) grow in price beyond sustainability.
 
I know I'm using a crazy person as reference, but McAfee has said he'd eat his own testicle if btc doesn't hit $1mm before the end of 2020...

At that price now, it's estimated that btc would consume more electricity than the planet currently generates.

That's how insane the system is.
 
maybe a dumb question - but the price isn't necessarily directly correlated to the energy consumption, correct?
 
buckets said:
maybe a dumb question - but the price isn't necessarily directly correlated to the energy consumption, correct?
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It's about as direct as it could be.

The higher the price, naturally the more incentive there is to mine.

The more mining there is (and remember, the 'selling point' of this tech is the 'limited' quantity, meaning the same amount will be mined regardless of effort), the more energy that goes into producing non-regulated fairytail money.
 
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