An insight on Bitcoin

[Zan15]

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.

well based on what's been happening in turkey, them losing the keys would be the least of my worry with how they just closed up shop on a few exchanges and ran away with the money.

[Fluttershy]

well based on what's been happening in turkey, them losing the keys would be the least of my worry with how they just closed up shop on a few exchanges and ran away with the money.

It requires a special kind of dumbassery to leave any -significant- amount of money in an exchange after the whole mt gox thing.

[Edge-]

It requires a special kind of dumbassery to leave any -significant- amount of money in an exchange after the whole mt gox thing.

Yet another thing that people working with "antiquated fiat" currency generally don't have to worry about.

Man, the "benefits" of crypto keep getting fewer and fewer.

[Zan15]

It requires a special kind of dumbassery to leave any -significant- amount of money in an exchange after the whole mt gox thing.

so you have to use an exchange as fast as humanly possible because at any minute it could disapear?

Well shit sign me up i need some excitement in my life!

[kail]

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

Nope, just pointing out that loss is loss when comparing the features of bitcoin vs fiat. Banks will insure whatever you deposited in their accounts, that is a key service they provide. Anything outside of their hold (i.e. paper cash that I kept comparing to) is not insured or protected. Losing a wallet with cash is the equivalent of losing an offline wallet/keys with the crypto they had on it.

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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?

I'm guessing that what some or most of the actual users of crypto find appealing: complete control and responsibility of their money.

[jonnysensible]

1 account holds 30% of all doge coins, normal stuff.

[Edge-]

I'm guessing that what some or most of the actual users of crypto find appealing: complete control and responsibility of their money.

What does that have over say, liquidating your accounts and stashing it all in cash underneath your bed? You have complete control and responsibility of your money then, too.

I'm still not seeing the "value-add" here.

[Ihavewaffles]

For a brief moment my mind saw the word bacon in the title, bitcoin

[kail]

What does that have over say, liquidating your accounts and stashing it all in cash underneath your bed? You have complete control and responsibility of your money then, too.

I'm still not seeing the "value-add" here.

Well, one is paper the other is a digital blockchain. BTC started it's appeal in the anonymity of cash but with the digital practicality of sending it over long distance.

[Shadowferal]

If you lose that crypto wallet/pin you lose everything.
If I lose what I have in pocket...I lose the chump-change I use for small purchases.

[Edge-]

Well, one is paper the other is a digital blockchain. BTC started it's appeal in the anonymity of cash but with the digital practicality of sending it over long distance.

Yeah, and? You can lose that paper. You can lose your cold storage or the exchange you're hosting it on or your password or whatever.

So is the only benefit that you can anonymously buy...uh...something worth a lot of money somewhere far away? Is that the extent of the "value-add"?

Edit: So how do you get it to yourself anonymously as well, then? Fake address and just sneak by and pick that shit up?

[Howel]

So is the only benefit that you can anonymously buy...uh...something worth a lot of money somewhere far away? Is that the extent of the "value-add"?

I wasn't even aware that this was a problem, that apparently needed solving. How many people are having their high grade sex dolls purchases leaked to the entire world, and then hounded for that fact? I've not heard off it.

[AeneasBK]

What happened to all the people with money in RBS or Northern Rock accounts did they get it all back?

[jonnysensible]

What happened to all the people with money in RBS or Northern Rock accounts did they get it all back?

80k protected?

[Zan15]

1 account holds 30% of all doge coins, normal stuff.

isn't that the same with bitcoin and a few other of the major crypto's, there are a few whales that own the majority of it or enough to completely cluster fuck it if they wanted to?

[jonnysensible]

isn't that the same with bitcoin and a few other of the major crypto's, there are a few whales that own the majority of it or enough to completely cluster fuck it if they wanted to?

yea that whale watcher twitter is good for looking how mad it is. 80% of doge is owned by 7 wallets lol

tether is looking like its gonna to be bad news for bitcoin when it falls out.

[Zan15]

What happened to all the people with money in RBS or Northern Rock accounts did they get it all back?

RBS? They are still in business so not sure?

The nationalisation of Northern Rock meant that no savers with the North East-based bank lost their funds 10 years ago.

Up to £85,000 per person, per institution is now protected if a bank, building society or credit union goes bust. In other words, if the bank collapses, savers will get any money in these accounts up to £85,000 paid back in compensation.

Joint accounts have a protection level of £170,000.

Protection above this limit is available for those who have a sudden influx of funds owing to a life event such as a divorce settlement, inheritance or pay-out from a life insurance policy, The "Temporary High Balance" protection covers deposits over £85,000 and up to £1m per institution for up to six months.

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80k protected?

80,000 pounds, or 170k or up to 1 million

[kail]

Yeah, and? You can lose that paper. You can lose your cold storage or the exchange you're hosting it on or your password or whatever.

So is the only benefit that you can anonymously buy...uh...something worth a lot of money somewhere far away? Is that the extent of the "value-add"?

Edit: So how do you get it to yourself anonymously as well, then? Fake address and just sneak by and pick that shit up?

That's just one of the appeals to crypto's value. Others are more in the line of "fuck big banks, transaction companies and the fed". Least most of the memes posted there gives me that impression.

The main appeal for BTC and others right now is an invisible investment bet. It will always be compared to the USD or Euro and seen as a buy/hold/sell the make more fiat. Because of this craze, BTC and other non-stable coins will never make it as a viable currency.

To your last question: You could transfer it from one wallet to another p2p. No name or anything in the transaction. I could make some wallet that only exists as a QR code and receive funds from someone else and nobody could ever know I have crypto.

[Zan15]

That's just one of the appeals to crypto's value. Others are more in the line of "fuck big banks, transaction companies and the fed". Least most of the memes posted there gives me that impression.

The main appeal for BTC and others right now is an invisible investment bet. It will always be compared to the USD or Euro and seen as a buy/hold/sell the make more fiat. Because of this craze, BTC and other non-stable coins will never make it as a viable currency.

You could transfer it from one wallet to another p2p. No name or anything in the transaction.

LOL the main appeal right now is the insane gambling returns......

Silly to think that the vast majority of people whom are investing in crypto will be able to remain anon.

Its going to be fun watching the IRS pluck these vast returns by the thousands.

[Edge-]

https://www.reddit.com/r/ethereum/co...hats_ethereum/

Is...this as utterly braindead as it seems? How does this compare to an actual service, like Uber or Ebay, who take a cut of sales through their platform?

Like yeah, no shit Uber or Ebay, who facilitate transactions, will take a cut of the transaction, because it's not a 1:1 transaction as you're using a third party as a middleman.

Am I missing something here or is this like, genuinely what's going on? Or just what cryptobros think is going on because it doesn't seem to reflect like, actual reality?

I'm just making sure I'm not missing something obvious here.