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Cryptocurrency is crap


shootingstar
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https://www.cbc.ca/news/canada/nova-scotia/quadriga-court-cryptocurrency-banks-1.5030612

Proof that even the banks don't trust cryptocurrency...court case mounting after youngish founder of crypto firm dies unexpectedly. And investors can't get their funds back.

Posting for any friends ….who have ventured in this zone.  I have ZERO faith in this. Someone can control algorithm anyway...  Just let me know if you have sophisticated programming skills forever without each generation of hackers.

And about bitcoin basics.  http://www.slaw.ca/2018/10/31/ten-things-about-bitcoin-that-lawyers-should-know-on-bitcoins-tenth-anniversary/    Just don't be an idiot to fall for it..  If you have money to hire lawyer....getting justice costs money.  Even if this area becomes regulated, it will be hard to enforce.  It's like a cloud service company promising forever they will protect your personal information when it leaves govn't authorities. 

A Canadian law blog, written by and read by Canadian lawyers.

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just figuring this out?

The banks are a Rockefeller cabal. The banks don't want crypto because it will put them out of biz. Bohemian Grove. George Bush. watch Nick cage National Treasure...or was it Raising Arizona? I forget.

I just love that this guy didn't trust anyone or anything to save a backup password. If he used Chrome he could have saved it easy

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6 minutes ago, shootingstar said:

https://www.cbc.ca/news/canada/nova-scotia/quadriga-court-cryptocurrency-banks-1.5030612

Proof that even the banks don't trust cryptocurrency...court case mounting after youngish founder of crypto firm dies unexpectedly. And investors can't get their funds back.

Posting for any friends ….who have ventured in this zone.  I have ZERO faith in this. Someone can control algorithm anyway...  Just let me know if you have sophisticated programming skills forever without each generation of hackers.

I dunno, a lot of people have made a lot of money from the whole adventure.  Some have lost lots, too.

I am siding with Warren Buffet on it, though, it is purely speculative and has no inherent value other than what the market attaches to it.  Tulips and such.  I see the value of a worldwide currency, though, it would be nice to see a country or two adopt it as official currency, then you would see it rise the hell up.

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11 minutes ago, Scrapr said:

just figuring this out?

The banks are a Rockefeller cabal. The banks don't want crypto because it will put them out of biz. Bohemian Grove. George Bush. watch Nick cage National Treasure...or was it Raising Arizona? I forget.

I just love that this guy didn't trust anyone or anything to save a backup password. If he used Chrome he could have saved it easy

Scrapr there's no area of law covering crypto and bitcoin properly nor the consumer.  Even the lawyers right now have challenge figuring it out to protect clients.  I stress:  justice costs money....to litigate / to be protected.  

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1 minute ago, shootingstar said:

Scrapr there's no area of law covering crypto and bitcoin properly nor the consumer.  Even the lawyers right now have challenge figuring it out to protect clients.  I stress:  justice costs money....to litigate / to be protected.  

easy peasy. pay your lawyer (and pay off the judge) in crypto!

I too think crypto is tulip mania territory. 

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Asia Times has a regular column on crypto.

A lot of people have lost a lot of money. So I don't have a problem with calling it crap. I suspect digital currency has a future (maybe, that's more of a guess than anything) but it will be limited, and nothing at all like the Wild West situation that exists now.

 

https://www.asiatimes.com/section/the-chain/?_=5770394

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12 minutes ago, late said:

Asia Times has a regular column of crypto.

 

A lot of people have lost a lot of money. So I don't have a problem with calling it crap. I suspect digital currency has a future (maybe, that's more of a guess than anything) but it will be limited, and nothing at all like the Wild West situation that exists now.

 

https://www.asiatimes.com/section/the-chain/?_=5770394

It makes one wince. It doesn't surprise me the bilking that's going on across the Pacific.  But it's here too..

Let's not become gullible seniors. Did I offend?  I hope not..we're old enough.  ?

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Since it's backed by nothing physical or political and it's value is based so highly on emotion plus the artificial limit imposed by the increasing difficulty built-in to "mining" it, cryptocurrency requires finding the next-greater-fool to sell it to in order to make money.

It could have a future, but not as Bitcoin, etc. - only as an extension of the Dollar, Pound, Euro, Yuan, Yen, Ruble, etc.

The Canadian case has a lot of people speculating intentional fraud due to the fact the amount of information processed seems to much to have been done by one laptop.

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10 minutes ago, MickinMD said:

Since it's backed by nothing physical or political and it's value is based so highly on emotion plus the artificial limit imposed by the increasing difficulty built-in to "mining" it, cryptocurrency requires finding the next-greater-fool to sell it to in order to make money.

It could have a future, but not as Bitcoin, etc. - only as an extension of the Dollar, Pound, Euro, Yuan, Yen, Ruble, etc.

The Canadian case has a lot of people speculating intentional fraud due to the fact the amount of information processed seems to much to have been done by one laptop.

Yup.

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18 hours ago, JerrySTL said:

If you are an environmentalist, you don't want cryptocurrency. Computer mining of bitcoins and such is now the 6th or 7th biggest user of computers and using more and more every day. That's a lot of electricity being used.

Wow - we are doomed!  Between that and all the NSA bullshit, what a waste!

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11 hours ago, MickinMD said:

Since it's backed by nothing physical or political

What's the strength of a currency back by "political capital"?

18 hours ago, JerrySTL said:

If you are an environmentalist, you don't want cryptocurrency. Computer mining of bitcoins and such is now the 6th or 7th biggest user of computers and using more and more every day. That's a lot of electricity being used.

Probably depends on the source of the electricity?  And, going forward, as we progress to clean and/or green electricity/power production, that becomes less of an issue.  Gold mining certainly is comparable to coal mining and fracking in "not good stewardship of land" perspective.

But again, we are in the infancy of cryptocurrency, so all this will likely sort itself out in the not-to-distant future.

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The amount of energy crypto uses is staggering. Some place in the NW recently refused to allow a big crypto place to be built because they didn't want the additional strain on the power grid. And that's when the number of users is minuscule.

Once the security problems get ironed out, it will likely play a role in large currency transactions. But crypto, as it is now, carries too much baggage to gain widespread use.

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1 hour ago, late said:

The amount of energy crypto uses is staggering. Some place in the NW recently refused to allow a big crypto place to be built because they didn't want the additional strain on the power grid. And that's when the number of users is minuscule.

Once the security problems get ironed out, it will likely play a role in large currency transactions. But crypto, as it is now, carries too much baggage to gain widespread use.

I'm guessing quantum computing will put the energy and the security issues to rest.

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