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Thread: Blockchain Tech and Cryptocurrencies

  1. #1

    Blockchain Tech and Cryptocurrencies

    About 2 years ago I got interested in cryptocurrencies, but didn't really start reading about blockchain technology until this past year. The more I read, the more I realized the countless possibilities for both the currencies and blockchain technology. There are all sorts of community functions, presentations and podcasts that discuss all manner of topics ranging from digital currency pricing to future uses of blockchain technology. So let's hear it Pit: What are your favorite blockchain/cryptocurrency information channels? Where do you think the technology is going?
    Last edited by Demonwolverine; 08-30-2017 at 10:32 AM.

  2. #2
    Robert O'Kelley
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    I viewed Ethereum programmable contracts as a game changer and invested a little when it was $14.
    I've diversified a little bit and have some Bitcoin, Litecoin, and Ripple.
    Some major companies are getting behind the tech, from banks to IBM.

  3. #3
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    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.
    Last edited by vtwhat etc; 08-30-2017 at 12:17 PM.

  4. #4
    One of my neighbors has been making over $20k a month as a bitcoin mule. So whether it is a longterm scam or not, there are ways to get paid in the meantime.

  5. #5
    What does a bitcoin mule do?

  6. #6
    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.

  7. #7
    Then why is the mule needed? What service is he providing that earns 20k/mo?

  8. #8
    Access to the underlying bitcoin. The source bank accounts take a few days to get authenticated and have purchase limits ($5k/week) even after authentication, so for larger transactions the parties need to source the bitcoin from people already holding it. Like if I wanted to do an immediate transaction with $25k worth of bitcoin, I can't just go buy it if I don't already have it, I have to use someone else's.

    Again, my understanding is very non-tech, this is just how they have described it to me. But I can see that the money is legit.

  9. #9
    What's the best exchange to use for someone wanting to throw 1k at some coin?

  10. #10
    I've been using coinbase for about a year.

  11. #11
    Is there a very layman's term explanation for why it would be beneficial to have an amount of money invested into this?
    I know how to spell definitely.

  12. #12
    Quote Originally Posted by Screamindemon3 View Post
    What's the best exchange to use for someone wanting to throw 1k at some coin?
    Coinbase is quick and easy. However, no matter which exchange you decide on, you may want to include a hardware wallet as part of your investment.

  13. #13
    Quote Originally Posted by lbE08 View Post
    Is there a very layman's term explanation for why it would be beneficial to have an amount of money invested into this?
    You can either work it daily in the mule role, or you just buy it in the hopes that the per coin value appreciates over time like a stock.

    And yeah coinbase is the primary purchase interface for most people.

  14. #14
    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    You can either work it daily in the mule role, or you just buy it in the hopes that the per coin value appreciates over time like a stock.

    And yeah coinbase is the primary purchase interface for most people.
    When you say "mule" do you mean "mine?"

  15. #15
    No, mining is a much longer process to be involved in the actual creation of the coin. There is money there too, but is a much longer return process.

    Being a mule is primarily done via a bot called bitconnect (warning, do NOT open that site on any computer that you care about about not getting malware, all this shit is in the gray fringe of what is smart to do, but again not illegal - basically anyone doing it gets a chromebook or other throwaway laptop that has nothing else on it). Again, layman's understanding, but think of the pilot fish that attach to a shark. The bot is riding on the transaction and kicks off a percentage of the transaction to the mule for access to their coins.

  16. #16
    #ClawsIn #ManUp
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    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.
    Oh hey! If it makes you feel any better, I've lost a lot of potential dollars from selling some of the BTC I've owned since 2013. Sold some at $700. Sold some at $2500. Still have some but oh what could have been.

    If anyone is actually interested I'd be happy to do an AMA on this subject. I spent 3 years at Capital One leading their blockchain strategy and now do consulting to help companies leverage the tech. And if you're in Kansas City, I'll be on a panel during next months TechWeek conference.

  17. #17
    I'm interested in the explain-like-I'm-five breakdown of blockchain.

  18. #18
    Nothing in my tech life stings quite as much as not buying bitcoins when I did a work-related research project on blockchain 7 years ago. My stupid, empty bitcoin wallet still sits unused with the date of its creation stamped above it, back when they'd just hit parity with the dollar and I decided to snag 500 bitcoins, only to run into an issue getting the funds transferred and eventually gave up on the effort as pointless.

    Would be worth $2.3M today. Not that I (or just about anyone) would have held onto them that long, but still.

    Blockchain is such an amazing idea. Next up Ethereum, Bitcoin Cash, Primecoin... Parallel economies driven by these currencies, and the fallout from the governments being damaged by them - it'll be fascinating to see where it ends up in 10 years.

  19. #19
    Quote Originally Posted by DCDeac View Post
    Nothing in my tech life stings quite as much as not buying bitcoins when I did a work-related research project on blockchain 7 years ago. My stupid, empty bitcoin wallet still sits unused with the date of its creation stamped above it, back when they'd just hit parity with the dollar and I decided to snag 500 bitcoins, only to run into an issue getting the funds transferred and eventually gave up on the effort as pointless.

    Would be worth $2.3M today. Not that I (or just about anyone) would have held onto them that long, but still.

    Blockchain is such an amazing idea. Next up Ethereum, Bitcoin Cash, Primecoin... Parallel economies driven by these currencies, and the fallout from the governments being damaged by them - it'll be fascinating to see where it ends up in 10 years.
    I've thought about buying a bunch of Ethereum as it is less than 1/10 the price of bitcoin ... think it is worth it? (with the recognition that all of this shit is extremely speculative).

  20. #20
    #ClawsIn #ManUp
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    Quote Originally Posted by JuiceCrewAllStar View Post
    I'm interested in the explain-like-I'm-five breakdown of blockchain.
    Here's how I usually explain it during training sessions.

    Imagine we're in a room with 50 people. I take out a $20 bill and I give it to you. How does everyone in the room know that I gave you that $20? They saw it happen. They can see the physical $20 bill and the transfer of it from me to you. They can verify that I am now $20 poorer and you are $20 richer.

    However, what if we weren't in the same room but rather online. I could send you an email promising you $20. But that's just an IOU. And I could make that same promise to anyone else. But if use a blockchain network, we can now make a transaction that sends you $20 worth of value. And each person in that room is now a node (think computer) on the network that watches the transactions and validates them. They see that I am giving you $20 worth of value and note that in their ledger. And every 10 minutes or so, they all talk to each other and confirm that they're all seeing the same thing.

    And if one person in that room had to go the bathroom (or a computer was off the network), that's okay because when the newest ledger is shared among everyone, they can get be caught up with everyone else. And this can all be done without the need for a trusted intermediary. Yes, Venmo is a great app that allows us to transfer money domestically, but you need that central 3rd party to manage the network and validate everything. With blockchain, you can do all this without that trusted third party.

    Now the beauty of blockchain is that it's far more than just bitcoin and cryptocurrency. Anything that can be digitized can be transacted on the network. Everledger has done this with diamonds to prove ownership. They create a digital fingerprint of the diamond by it's unique features and can track that diamond from blood free mining to the wholesaler to the retailer to the end customer. And if it's ever stolen and shows up in a pawn shop, they can verify the true owner.

    There's a decent more complexity between different types of blockchains and a lot more value as well but that's the ELI 15 maybe.

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