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but coinbase doesn't hold my USD, the FDIC insured bank does. Right,and there's no possible way that the information needed to automatically transfer money, say, what a server does, could possibly be found on a server. Or there's no possible way someone could change another's bank account information and have the server transfer money. Or there's no possible way the database could be modified to set a cash balance of $655351337 and then transfer it out. Or there's no way that a person could just flat out embezzle the money and run Fdic isn't hacker insurance, that's a separate thing
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Nov 14, 2017 05:20
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Ham Sandwiches posted:No, my argument is, if you care about the polar bears and the melting ice caps and little nigerian kids going without electricity in their shacks because the nearby coin farm is causing rolling brownouts then this must be a terrible time That's because you haven't thought about any of these problems for more than 2 seconds. You don't actually comprehend the problems at all.
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Nov 14, 2017 06:42
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Drone_Fragger posted:Coinbase, probably. In that it says it's fdic approved but when you check the us governments fdic finder it isn't on there. Probably something to do with them not complying with any of the requirements and refusing the us government access to audit them, lol. I'm going to be rich.... In spirit
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Nov 14, 2017 06:45
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Sentient Data posted:Right,and there's no possible way that the information needed to automatically transfer money, say, what a server does, could possibly be found on a server. Or there's no possible way someone could change another's bank account information and have the server transfer money. Or there's no possible way the database could be modified to set a cash balance of $655351337 and then transfer it out. Or there's no way that a person could just flat out embezzle the money and run i also think that the risk of having cash funds stolen out of a bank account is lower than having crypto funds stolen out of a hot wallet on an exchange. for one thing, tracing bank transfers of stolen funds should be a lot easier than tracing bitcoin transactions. i think the risk of getting caught would be higher for someone who's trying to transfer large amounts of money from one bank to an account they control at another bank than they would be for someone only taking cryptocurrencies from an exchange. one nice thing about bitlicense is that it regulates the cyber security programs of the licensees, see here if you're interested: quote:Section 200.16 Cyber security program this discussion has been all about FDIC insurance, but my initial point was that coinbase has done a lot of things to mitigate exchange risk: they are regulated, licensed, and bonded, they maintain segregated funds, put USD balances in custodial accounts with FDIC insured institutions, have insurance for their hot wallet crypto, and keep the majority of deposited crypto in cold wallets where it's safe from hacks
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Nov 14, 2017 06:48
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Ham Sandwiches on the matter of electricity usage, do you actually care about the true cost of a bitcoin transaction or do you just care about the price going up?
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Nov 14, 2017 06:49
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Is Bitcoin still propped up by what basically amounts to money laundering?
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Nov 14, 2017 07:26
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Mustached Demon posted:Is Bitcoin still propped up by what basically amounts to money laundering? Has money laundering gone away yet?
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Nov 14, 2017 08:06
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Deflecting glaring technical issues with "I'm sure it'll get fixed!!!!" is retarded and hilarious
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Nov 14, 2017 08:22
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Did they ever solve the problem of the blockchain constantly growing and everyone having to DL it each time?
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Nov 14, 2017 09:07
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Mustached Demon posted:Is Bitcoin still propped up by what basically amounts to money laundering? Now it's propped up by the biggest exchange (Bitfinex) cooking its books and "buying" a bunch of bitcoins whenever the price is falling, using what amounts to a stack of IOUs with fine print reading "this IOU is worthless and not redeemable for anything". This works because that same exchange doesn't permit withdrawals in actual cash, only bitcoins and IOUs, and somehow enough bitcoiners are gullible enough to believe that the IOUs are worth what they say they're worth despite not being redeemable for anything. Lately many bitcoiners have been raising red flags regarding this scam but that hasn't stopped Bitfinex from doing it or other bitcoiners from buying into it Otherwise yes I'm sure money laundering, ransomware, and drug purchases haven't stopped providing fuel as well but the IOU thing (Tethers) seems to be a much bigger fraction of business, as in hundreds of millions of dollars worth of IOUs getting used to purchase Bitcoins in order to buoy the price over the course of a day or two.
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Nov 14, 2017 09:44
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NoNotTheMindProbe posted:Did they ever solve the problem of the blockchain constantly growing and everyone having to DL it each time? no and despite what idiot fucker ham wanker says, it's a problem that is 100% intrinsic to any truly distributed blockchain and it's unfixable without some level of centralisation
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Nov 14, 2017 09:59
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https://twitter.com/ButtCoin/status/930297347506130945 but what is there is cryptographic evidence of the child consenting,
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Nov 14, 2017 12:38
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 I wonder how much this is gonna tank the price of ETH
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Nov 14, 2017 12:39
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pretty cool shi t
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Nov 14, 2017 12:41
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Im enormously shocked
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Nov 14, 2017 12:45
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Im enormously... GAY??!
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Nov 14, 2017 12:57
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a hot gujju bhabhi posted:Im enormously... GAY??! there are only 2 confirmations of that oh I can see that you're holding another man's dick so I guess that's a third confirmation
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Nov 14, 2017 13:24
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https://twitter.com/WhalePanda/status/930400090950209536 more good news for bistcion, because we only post good news here!! source: http://finance.caijing.com.cn/20171114/4360561.shtml google trashlate: ==== Sichuan: Bitcoins in Electricity Production Illegal Operation of Grid-connected Hydropower Stations All Stop Bitcoin Production Domestic regulatory requirements to close the bitcoin exchange, the bitcoin upstream of the industry chain - "mining", also began to be affected. November 14, Tencent Finance "front-line" learned from the Bitcoin Miner's Office, Sichuan Electric Power Company has issued a circular that the use of electricity to produce bitcoin is illegal operations, requiring grid-connected hydropower stations need to stop production of bitcoin, or will be Be "to be solved network punishment." "Digging" is a jargon in the bitcoin world, which specifically refers to the use of the computing power of the chip to continuously "hash collide" in the blocks generated by the bitcoin system to win the accounting right to obtain the system Bonus bitcoin. This boring and repetitive process is vividly called "mining" in the Bitcoin industry. In the process of "mining", the largest expenditure is the amount of electricity consumed per day consumed by the initial investment in the miner and the daily operation of the miner. In order to reduce production costs, bitcoin mines mostly "live with electricity." Tencent "Prism" had previously reported that benefiting from the abundant electricity resources in Inner Mongolia and Sichuan, China has the world's largest bitcoin mine and has a monopoly on the production of bitcoin. A bitcoin mine owner once told Tencent Finance, "Sichuan has the largest amount of water resources in the country. There are thousands of large and small hydropower stations with abundant power. Sometimes, because of over-supply of electricity, some of the water that should have been used to generate electricity We can only let it go, we call it 'discarded water.' "Bitcoin saved these" abandoned water. " The water that would otherwise have been diverted from the hydropower station was used to generate power for bitcoin mines, huge gains were made by hydropower plants, and miners were given the coveted low-cost electricity. However, with the domestic regulatory tightening of the Bitcoin Exchange and the conflict of interests between power companies and small-scale hydropower stations, the power supply urgently needed by bitcoin mines has gradually been tightened up by local electricity companies. A miners told Tencent Finance, Sichuan, on the one hand, issued a circular at the policy level, requiring no new small hydropower stations; the other hand, the power company is stepping up its acquisition of small hydropower stations to promote the latter's power grid, bitcoin mine low-cost Electric space increasingly cramped. ==== PREDICTION: this won't affect the price in any manner, but it's still GOOD NEWS. that said, I'm sure everyone in BTC and BCH dividing miners between them and playing transaction clog games will be delighted
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Nov 14, 2017 14:34
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invest in my new coin. bootycoin
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Nov 14, 2017 14:39
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a hot gujju bhabhi posted:no and despite what idiot fucker ham wanker says, it's a problem that is 100% intrinsic to any truly distributed blockchain and it's unfixable without some level of centralisation It's in the Wiki, so it's as good as solved.
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Nov 14, 2017 14:50
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how are you guys dealing with taxes when you exchange back into USD? does coinbase issue capital gains statements, or is it more of a stick your fingers in your ears and hope you don't get audited thing?
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Nov 14, 2017 15:57
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The bank will catch them at some point. Which is funny to think about. Bitcoin is self-defeating by design. There are no more regular miners. The network isn't distributed. Before long, the big miners won't be able afford the electricity to mine. Its inevitable. temple fucked around with this message at 16:35 on Nov 14, 2017 |
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Nov 14, 2017 16:31
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rabble rabble posted:how are you guys dealing with taxes when you exchange back into USD? does coinbase issue capital gains statements, or is it more of a stick your fingers in your ears and hope you don't get audited thing? While HS screams “it’s a currency!!1!” the IRS already decided otherwise and is actively seeking anybody who made large btc profits. quote:If you’re a long-time Coinbase user and have neglected to pay taxes on your bitcoin profits, you may soon find yourself in legal hot water, because a U.S. district court is likely to force the bitcoin exchange to hand over records from thousands of U.S. customers to the Internal Revenue Service (IRS). https://www.cryptocoinsnews.com/coinbase-likely-to-lose-battle-to-protect-users-from-irs-bitcoin-tax-probe/
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Nov 14, 2017 17:22
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divabot posted:https://twitter.com/ButtCoin/status/930297347506130945 lol what the gently caress down n out posted:While HS screams “it’s a currency!!1!” the IRS already decided otherwise and is actively seeking anybody who made large btc profits. Well then. 
Waffle House fucked around with this message at 17:25 on Nov 14, 2017 |
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Nov 14, 2017 17:23
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Waffle House posted:lol what the gently caress It's the standard modern day ultra scumbag move of taking someone's quote out of context to attack them. He probably means that you can't legalize something on the basis of not directly harming anyone.
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Nov 14, 2017 17:31
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temple posted:The bank will catch them at some point. Which is funny to think about. IIRC, Bitcoin mining difficulty adjusts every ~2 weeks depending on the number of miners. If no one mines, the difficulty goes down. However, if the mining capacity dropped off by like 80-90% all at once for some reason, I think transaction confirmation speed and rate will also go down 80-90%, and the next adjustment would take more than 2 weeks? So Bitcoin could get to a point where it fucks itself into oblivion if there's a bad crash and everyone moves to mining something else all at once. I might be wrong though because I haven't looked at Bitcoin since about 2011.
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Nov 14, 2017 17:40
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wide stance posted:It's the standard modern day ultra scumbag move of taking someone's quote out of context to attack them. that's an excellent medium-lukewarm take on the basis of no evidence. well done you are very intelligent. meanwhile, the actual context doesn't improve it in the slightest. He was explicitly justifying Rick Falkvinge's views on child porn. Inept posted:IIRC, Bitcoin mining difficulty adjusts every ~2 weeks depending on the number of miners. If no one mines, the difficulty goes down. However, if the mining capacity dropped off by like 80-90% all at once for some reason, I think transaction confirmation speed and rate will also go down 80-90%, and the next adjustment would take more than 2 weeks? So Bitcoin could get to a point where it fucks itself into oblivion if there's a bad crash and everyone moves to mining something else all at once. I might be wrong though because I haven't looked at Bitcoin since about 2011. yeah, the "frisbee on the roof" scenario. i think it's unlikely this time, though things may be sloooow like over the weekend (hour-long block times, etc). divabot fucked around with this message at 17:53 on Nov 14, 2017 |
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Nov 14, 2017 17:50
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wide stance posted:It's the standard modern day ultra scumbag move of taking someone's quote out of context to attack them. You decided to insist that someone didn't have the context on a thing and was merely quoting them specifically to make them look bad when you yourself didn't have any clue of the context and now you have defended a retard of the type to insist on the nature of ephebophilia, so you have taught me the importance of understanding context
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Nov 14, 2017 18:13
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Why does everything warp back to child porn 
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Nov 14, 2017 18:14
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EorayMel posted:Why does everything warp back to child porn
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Nov 14, 2017 18:16
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It's definitely the people calling out the dude who are scumbags. lol What is wrong in your brain when you kneejerk defend a quote like that?
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Nov 14, 2017 18:20
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People who are obsessed with not having laws or regulations of any kind are often awful loving people and have their beliefs because a thing they want to do is illegal, hope that helps
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Nov 14, 2017 18:48
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nothing i want to do should be illegal fyi
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Nov 14, 2017 18:52
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quote:The IRS claims that, despite the bitcoin price’s astronomical appreciation over the years, only a few hundred individuals have reported bitcoin profits on their annual tax returns. lol
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Nov 14, 2017 18:55
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EorayMel posted:Why does everything warp back to child porn you ask this in a bitcoin thread 
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Nov 14, 2017 19:05
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divabot posted:you ask this in a bitcoin thread is assisted living dracula from aqua teen?
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Nov 14, 2017 19:28
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its from dracula dead and loving it
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Nov 14, 2017 19:29
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divabot posted:PREDICTION: this won't affect the price in any manner, but it's still GOOD NEWS. Satoshi himself could announce that he's using a secret kill switch to disable the bitcoin protocol and the price on Bitfinex would still go up
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Nov 14, 2017 21:52
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It's aqua teen! https://www.youtube.com/watch?v=PRdnzfiif0M
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Nov 14, 2017 22:01
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Inept posted:IIRC, Bitcoin mining difficulty adjusts every ~2 weeks depending on the number of miners. If no one mines, the difficulty goes down. However, if the mining capacity dropped off by like 80-90% all at once for some reason, I think transaction confirmation speed and rate will also go down 80-90%, and the next adjustment would take more than 2 weeks? So Bitcoin could get to a point where it fucks itself into oblivion if there's a bad crash and everyone moves to mining something else all at once. I might be wrong though because I haven't looked at Bitcoin since about 2011.
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Nov 15, 2017 01:38
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