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Thread: Blockchain Tech and Cryptocurrencies

  1. #61
    Quote Originally Posted by vtwhat etc View Post
    Blockchain stuff is cool and innovative.

    Cryptocurrencies, in general, though are a total joke.

    As somebody who has followed them for 7 years, I can't really name a company or individual directly involved in BTC that hasn't turned out to be a massive scam.

    Long term, I can't see how governments can allow ownership to be legal which will be the real doom for crypto. Just IMO, though.

    I'm 4 months away from losing a $1k bet to nony on this subject, though... so I'm full of salt.
    really this take is incorrect in almost every sentence except for the part about government will fight this...that's true as hell, as an ancient history scholar i can tell u the 1 thing a government wont tolerate is fucking with their medium of exchange.

    dubai is selling condos for 50 BTC a piece, bitcoins recently increased ten-fold in value. which do u think runs an economy better, a government that arbitrarily prints money, or a truly anonymous currency whose supply is bound by mathmatics and paper money still weighs a lot.

    most digital currencies will die or merge (mergeing more common) and it completely changes economics as we know it
    This sentence is false.

  2. #62
    u can even buy real 90s USD using bitcoins, the bill are supposed to be burned but a few people at the treasurey department prefer to sell actual dollars for cents on the dollar in bitcoins.

    if i want i can have a 55gal drum of ephedrine (base for meth) shipped right to my door, or an uzi, or an RPG launcher (RPGs sold seperate) buy a sex slave and put out a hit and i can promise u that despite the rampant scamming and conning, be a smart shopper and make test buys and you'll be alright.
    This sentence is false.

  3. #63
    I've been trying to read up on blockchain and found this article to be helpful, however I'm struggling a bit with understanding these paragraphs on encryption and sending messages. Can someone dumb this down for me?

    https://medium.com/@micheledaliessi/...k-98c8cd01d2ae

    In order to be able to perform transactions on the blockchain, you need a wallet, a program that allows you to store and exchange your Bitcoins. Since only you should be able to spend your Bitcoins, each wallet is protected by a special cryptographic method that uses a unique pair of different but connected keys: a private and a public key.

    If a message is encrypted with a specific public key, only the owner of the paired private key will be able to decrypt and read the message. On the other way, if you encrypt a message with your private key, only the paired public key can be used to decrypt it. When David wants to send Bitcoins, he needs to broadcast a message encrypted with the private key of his wallet, so he and only him can spend the Bitcoins he owns as David is the only one to know his own private key necessary to unlock his wallet. Each node in the network can cross check that the transaction request is coming from David by decrypting the transaction request message with the public key of his wallet.

    When encrypting a transaction request with your wallet’s private key you are generating a digital signature that is used by blockchain computers to double check the source and the authenticity of the transaction. The digital signature is a string of text that is the result of a combination of your transaction request and your private key, therefore it cannot be used for other transactions. If you change a single character in the transaction request message the digital signature will change, so no potential attacker can change your transaction requests or alter the amount of Bitcoins you are sending.

  4. #64
    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    I'm far from a tech expert, but my layman's understanding is that they facilitate a bitcoin transfer, by providing the underlying bitcoin, for a percentage cut, regardless of whether the bitcoin value itself went up or down or where it came from. So they are making money either way.

    I asked an FBI forensic accountant about it, and the way he described it was as if someone in Charlotte asked you to drive your van across the border to Rock Hill for $500 after they load it up for you, but don't look in the back of the van and don't ask any questions. But in the bitcoin world, it isn't technically illegal regardless of what is in the van.
    they are moneychangers, nothing more. there are 4-6 steps to making a safe purchase using digital currency. one step u have to take is convert ur yen or quai or rupees into bitcoins. that requires aa money exchange an they take a fat cut usually.

    by the way bitcoins are used for legitimate transactions every day, and governments will try to fight but they'll ultimately lose, ever last one, guarenteed. but yeah, why pay 300$ for my prescription through my MD and walgreens when I can get it for 20$ from a pharmaceutical company in india.
    This sentence is false.

  5. #65
    Anybody got the scoop on Ripple? I heard from one person that it is like $0.14/unit in Kraken (which I don't have), and heard from another that if the banks pick a universal blockchain to utilize, it might be that one.

  6. #66
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    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    Anybody got the scoop on Ripple? I heard from one person that it is like $0.14/unit in Kraken (which I don't have), and heard from another that if the banks pick a universal blockchain to utilize, it might be that one.
    Banks will not be choosing Ripple. In fact, we spent a great deal of time laughing at their product. They've pitched to just about every bank and all the major ones have had the same response. There is no value without the banks on board and there is no value for the banks to use their platform rather than creating one themselves.

    And they can't reach critical mass because there is no benefit to being an early adopter to the tech.

    I believe their coins have risen in value due to the ecosystem rather than any success with their product.

  7. #67
    Good to know, gracias.

  8. #68
    Quote Originally Posted by AnonymousDeac View Post
    Banks will not be choosing Ripple. In fact, we spent a great deal of time laughing at their product. They've pitched to just about every bank and all the major ones have had the same response. There is no value without the banks on board and there is no value for the banks to use their platform rather than creating one themselves.

    And they can't reach critical mass because there is no benefit to being an early adopter to the tech.

    I believe their coins have risen in value due to the ecosystem rather than any success with their product.
    If you donít mind me asking, what type of job do you have where you get pitched for cryptocurrency usage ?

  9. #69
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    Quote Originally Posted by DEACisGO View Post
    If you don’t mind me asking, what type of job do you have where you get pitched for cryptocurrency usage ?
    Led the blockchain strategy for Capital One for 3 years before leaving for consulting earlier this year. Started off as a side project within our Technology Strategy group and turned into a larger practice.

  10. #70
    Quote Originally Posted by AnonymousDeac View Post
    Led the blockchain strategy for Capital One for 3 years before leaving for consulting earlier this year. Started off as a side project within our Technology Strategy group and turned into a larger practice.
    That’s cool, sounds like this is your thread!

  11. #71
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    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    Anybody got the scoop on Ripple? I heard from one person that it is like $0.14/unit in Kraken (which I don't have), and heard from another that if the banks pick a universal blockchain to utilize, it might be that one.
    Lol, just send us your USD now.

    We'll keep a good eye on it for you.

  12. #72
    Anyone else mess around with any of the cryptocurrency lending bots? I've been using bitconnect for a little while now and am currently making like $1k/week straight cash homey profit. A dude I know who has been in it a few months longer is up to close to $10k/week at this point. I assume it is going to collapse on itself at some point in the next six months to year or so as the compounding numbers become unsustainable, but I'll ride it as much as I can until it does.

    Regalcoin is supposedly the next big one, they market themselves as bitconnect2.0 and started their lending bot as of October 1. A friend of mine got in it and says it is well above 1% per day return with a quicker principal withdrawal period than bitconnect. But it also looks Chinese so could be one giant scam, so I've stayed away so far.

  13. #73

  14. #74
    OMG SO RICH

  15. #75
    BTTT as Bitcoin is up to over $8,200 per coin.

    My friend who has been in Bitconnect since March/April is currently raking over $60k/MONTH cash. That is fucking insane, especially for doing basically nothing. He had a 1/2-ton safe installed in his basement a few weeks ago. I got in way too late but am still getting $1k every 4-5 days; I'll take it. Regalcoin is also still rolling. Hextra supposedly is strong too, but I haven't followed it too closely.

  16. #76
    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    BTTT as Bitcoin is up to over $8,200 per coin.

    My friend who has been in Bitconnect since March/April is currently raking over $60k/MONTH cash. That is fucking insane, especially for doing basically nothing. He had a 1/2-ton safe installed in his basement a few weeks ago. I got in way too late but am still getting $1k every 4-5 days; I'll take it. Regalcoin is also still rolling. Hextra supposedly is strong too, but I haven't followed it too closely.
    Explain

  17. #77
    Quote Originally Posted by Screamindemon3 View Post
    Explain
    They have a lending platform/bot built into their site. Some people say it is legit, others say it is a straight ponzi, I don't know who is right. All I know is that the cash that comes out is legit, so I don't care if it is a ponzi as I'm not running it so long as I'm not the one left holding the bag at the end, which at this point I'm not. There are several similar sites like I've mentioned. Some, like bitpetite, clearly are Russian ponzis as they fold after a few weeks/months and the money disappears. The seemingly more stable ones, like Bitconnect and Regalcoin, have their own blockchain coin so have some semblance of legitimacy.

    Anyway, you acquire some bitcoin and transfer it to their site, usually in exchange for their proprietary coin. They then lend out your coin, and you get a daily interest payment. The base rate averages about 0.8% per day, and then you get a kicker depending on the value of the bitcoin you put in ($1k = 0.1%; $10k = 0.25%). Your principal is locked for a certain number of days depending on how much you put in ($10k = 120 days; $500 = 280 days). So you can't take the principal out, but you can take the interest out daily or you can roll it back in. Assuming you think it has some ponzi elements, the question is how long you think it will last before it collapses, which dictates your withdrawal strategy. The longer you think it will last, the more you reinvest your daily interest profits versus withdrawing them, to get a greater snowball effect.

    My friend started with like $1k investment to see if it worked and wasn't a full scam. After seeing it worked, I think he threw in $10k. He fully reinvested for a couple months, then went to like a 50/50 withdrawal/reinvest strategy to get his capital back via the profits. He is currently pulling all cash every day until the end of the year, then will go back to splitting. There is no perfect strategy, just whatever you think works best. I got my principal back via the daily profits and have been reinvesting everything since; I'll continue to do that through the end of the year and then go to a split at that point. It compounds so damn quickly that the temptation is to keep reinvesting, as the numbers get silly really quick.

    DISCLAIMER: This is risky as fuck, so don't do it with your grocery money. You have to view this as going to Vegas and not caring if you lose all of whatever you put in. But so far so good; at this point I'm not out anything and I make more interest in one day on what I have in there than I do on all of my checking / money market accounts in an entire year combined.

  18. #78
    Interested to hear Nonnys take on it

  19. #79
    Quote Originally Posted by TownieDeac View Post
    You've also gotta be ok with the concept you could be funding terrorism
    Eh, not much different than buying a tank of gas or a tub of hummus or an ounce of weed in that regard.

  20. #80
    Quote Originally Posted by Screamindemon3 View Post
    Interested to hear Nonnys take on it
    I would hope he would be anti-terrorism.

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