An insight on Bitcoin

[Shadowferal]

As I've mentioned in another thread, an acquaintance of mine lost a lot on crypto currencies. (A lot more than $4k) He knew it was all a gamble but...addiction grabbed him by the gajones and didn't let him go.

[kail]

Umm...bank has insurance.

I'm strictly talking about cash, the paper form of the USD...banks don't insure any physical cash that you lose.

Yeah but like, losing $40 isn't usually a huge deal. Losing the password to your account with $4K in crypto...a bit more.

I mean, yeah? Not disagreeing with you its just that it has little to do with my initial reply to this:

and remember you cant rollback a bitcoin transaction, once its gone its gone. very safe!

Becasue a BTC transaction is effectively a cash transaction, that's been one of its appeals which has the downside of not having a bank look out for you

[Jastall]

I'm strictly talking about cash, the paper form of the USD...banks don't insure any physical cash that you lose.

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I mean, yeah? Not disagreeing with you its just that it has little to do with my initial reply to this:



Becasue a BTC transaction is effectively a cash transaction, that's been one of its appeals which has the downside of not having a bank look out for you.

Seems kind of a moot point nowadays, when paper is rarely used except for small transactions and the vast majority of currency is digitalized.

[kail]

Seems kind of a moot point nowadays, when paper is rarely used except for small transactions and the vast majority of currency is digitalized.

The appeal of bitcoin is having the anonymity of cash while being able to transact at a distance. Like cash, transactions are a one-way street without a bank or credit card company to protect you from fraud. Comparing it to credit card/bank services is a little off since those are done by third parties and not a characteristic of the USD.

[Shadowferal]

A person needing anonymity to make a deal/purchase in a foreign country begs the question as to why was the anonymity was necessary. Made a few purchases online for clothing and a credit card was never a problem.

Now if I were Republican politician I should wonder if an online purchase might get a bit of scrutiny these days.

[Edge-]

Comparing it to credit card/bank services is a little off since those are done by third parties and not a characteristic of the USD.

They are very much a characteristic of fiat currency. There's institutional backing for it, that's kinda like, one of the benefits it has.

[Zan15]

I'm strictly talking about cash, the paper form of the USD...banks don't insure any physical cash that you lose.

sure they do.
I take that paper form of cash.... bring it to the bank, they hold it for me and its insured.


I lose the card, pin, password to the card that allows me access to that cash its easily recoverable.


Can you say the same about bitcoin?

[Jastall]

The appeal of bitcoin is having the anonymity of cash while being able to transact at a distance. Like cash, transactions are a one-way street without a bank or credit card company to protect you from fraud. Comparing it to credit card/bank services is a little off since those are done by third parties and not a characteristic of the USD.

Anonymity is a fringe benefit for potentially questionable transactions (not that those aren't doable in fiat, mind you, money laundering's a thing). Foreign transfers and transactions are a minority to begin with for the vast majority of people, those who want them to be anonymous for whatever reason are the minority of a minority. Useful for them, hardly a selling point for anyone else.

And until Bitcoin has rapid transactions in credit and stuff like Paypass, debit/credit are very much characteristic of traditional currencies for all intents and purposes.

[Fluttershy]

A person needing anonymity to make a deal/purchase in a foreign country begs the question as to why was the anonymity was necessary. Made a few purchases online for clothing and a credit card was never a problem.

Now if I were Republican politician I should wonder if an online purchase might get a bit of scrutiny these days.

well, if anonymity isnt necessary could you show us your bank statements for the year?

[Edge-]

well, if anonymity isnt necessary could you show us your bank statements for the year?

Anonymous as in not having a record of the transaction anywhere, which I thought was like, painfully and transparently obvious but I guess isn't?

Who was talking about opening up your financial statements/information publicly, other than you?

[kail]

sure they do.
I take that paper form of cash.... bring it to the bank, they hold it for me and its insured.


I lose the card, pin, password to the card that allows me access to that cash its easily recoverable.


Can you say the same about bitcoin?

If you burned a pile of cash, your bank will insure it? This is about the currency alone, not third party institutions (i.e. your bank) promising to keep your money safe.

Some big sites like Coinbase have many ways to recover your account if you lose your credentials. If you lose an offline wallet with crypto in it, that's like losing your actual wallet with cash in it.

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Anonymity is a fringe benefit for potentially questionable transactions (not that those aren't doable in fiat, mind you, money laundering's a thing). Foreign transfers and transactions are a minority to begin with for the vast majority of people, those who want them to be anonymous for whatever reason are the minority of a minority. Useful for them, hardly a selling point for anyone else.

And until Bitcoin has rapid transactions in credit and stuff like Paypass, debit/credit are very much characteristic of traditional currencies for all intents and purposes.

Sure, I personally don't care as much about anonymity but I know that is one of BTC (and other) crypto's appeals.

[Edge-]

If you burned a pile of cash, your bank will insure it? This is about the currency alone, not third party institutions (i.e. your bank) promising to keep your money safe.

What's the crypto equivalent of voluntarily burning your cash? Intentionally losing your password? Something that like, banks and shit can still help you with?

If you lose an offline wallet with crypto in it, that's like losing your actual wallet with cash in it.

Trying to remember the last time I had like, you know, a small sum of $10K just hanging out in my wallet. Or really anything over a few hundred bucks I had specifically to make a bigger cash purpose because what kind of person who isn't already rich as fuck carries around hundreds/thousands in cash all the time?

[Forogil]

What's the crypto equivalent of voluntarily burning your cash? Intentionally losing your password? Something that like, banks and shit can still help you with?

Yes, that's sending it to an address without any owner.

However, as everything it's confusing and "Proof of Burn" is an actual concept in the bitcoin world, https://www.crypto-news.net/counterp...urn-mechanism/

[Calfredd]

well, if anonymity isnt necessary could you show us your bank statements for the year?

Pretty sure the only reason you are pushing for cryptocurrency is because you think "The Jews" can't touch it.

[Edge-]

Yes, that's sending it to an address without any owner.

Address without any owner? Really? The record held by the bank/credit card company isn't owned by the bank/credit card company?

[Forogil]

Address without any owner? Really? The record held by the bank/credit card company isn't owned by the bank/credit card company?

Crypto-currency don't require such trivialities.

And cryptocurrencies are starting to become serious competitors in some areas like Ponzi-schemes: Madoff's little scheme made 64 billion $, PlusToken netted about 11 billion $; https://news.bitcoin.com/chinese-pol...nzi-clampdown/

[Shadowferal]

well, if anonymity isnt necessary could you show us your bank statements for the year?

I'm guessing "context" is something that is completely lost on you.

[infinitemeridian]

I have an innate mistrust of anybody who claims they're into cryptocurrencies "for the tech".

[Zan15]

If you burned a pile of cash, your bank will insure it? This is about the currency alone, not third party institutions (i.e. your bank) promising to keep your money safe.

Some big sites like Coinbase have many ways to recover your account if you lose your credentials. If you lose an offline wallet with crypto in it, that's like losing your actual wallet with cash in it.

Sure, I personally don't care as much about anonymity but I know that is one of BTC (and other) crypto's appeals.

Technically the Govt will if

More than 50% of a note identifiable as United States currency is present.
– OR –
50% or less of a note identifiable as United States currency is present and the method of mutilation and supporting evidence demonstrates to the satisfaction of the Treasury that the missing portions have been totally destroyed. Burnt currency that is clearly less than one-half a complete note, and cannot be handled without compromising its integrity, is considered mutilated currency.


Not sure what burning a pile of cash has to do with forgetting passwords and Pins. That is some moving of the goalpost.

Some big sites like Coinbase have many ways to recover your account if you lose your credentials. If you lose an offline wallet with crypto in it, that's like losing your actual wallet with cash in it.

.

If i lose my wallet i still have a way to recover all my money in the bank even if i lose the ATM card or my bank information. I also have protection from it being stolen if someone finds it and wants to try to take it all.

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What's the crypto equivalent of voluntarily burning your cash? Intentionally losing your password? Something that like, banks and shit can still help you with?


Trying to remember the last time I had like, you know, a small sum of $10K just hanging out in my wallet. Or really anything over a few hundred bucks I had specifically to make a bigger cash purpose because what kind of person who isn't already rich as fuck carries around hundreds/thousands in cash all the time?

you could be this guy

https://en.wikipedia.org/wiki/Jack_W...20a%20suitcase.

On August 5, 2003, less than a year after Whittaker won the lottery, thieves broke into his car while it was parked at a strip club in Cross Lanes, West Virginia. The thieves made away with $545,000 in cash that Whittaker carried around in a suitcase.[9] When asked why he would carry that much money around with him, Whittaker responded, "Because I can." In another incident, two employees at the club, the general manager and a dancer-manager who were romantically linked, were arrested and charged with a plot to put drugs in Whittaker's drinks and then rob him.[8] On January 25, 2004, thieves once again broke into his car, this time making off with an estimated $200,000 in cash, but this was later recovered.[10]

[Magical Mudcrab]

If i lose my wallet i still have a way to recover all my money in the bank even if i lose the ATM card or my bank information. I also have protection from it being stolen if someone finds it and wants to try to take it all.

I don't think you guys even see the biggest problem. Crypto exchanges are essentially the banks of the crypto world, allowing the rapid trading of currency. However, if those exchanges lose keys related to those wallets (i.e.: cold and hot wallets), such as in the case of the individuals with the information to access the wallets pass away, all the crypto stored in them is simply gone. Potentially tens of thousands of BTC can be lost due to a company oversight or having too strict a security policy, and I believe using these websites requires you to absolve the exchange from liability for lost currency.