|
RPATDO_LAMD posted:When i scan my debit card at the grocery store checkout and a number in my bank account goes down by 50 and a number in the business's account goes up by 50 is that not already a digital currency? There was zero moving of paper money or gold or whatever at any point. Your debit/cc number actually flies through the internet, and various counterparties along the way for your bank on the other side to check for money/approval. This is a risk, albiet extremely small given that the 16 digit PAN is likely encrypted before it leave the device that you scanned it on. From my understanding a CBDC would use digital signatures so you could sign transactions without having to expose/send your secret. And yeah no stupid Blockchain needed to accomplish this.
|
#
?
Aug 28, 2022 05:14
|
|
|
|
| # ? May 31, 2024 05:43 |
|
|
CoolCab posted:legal authorities are very good at tracking those and slightly worse at tracking some cryptos. It's a public ledger, the only reason it's "slightly worse" is that they haven't put the eye of Sauron on it. On a long enough timeline a given pile of money will eventually touch a corporation that authorities can lean on (including a tumbler) and then they're nicked. It's actually easier in some ways because you can put a digital watch one (in a way you can't for a chest full of gold coins).
|
|
#
?
Aug 28, 2022 05:28
|
|
|
ChronoBasher posted:Your debit/cc number actually flies through the internet, and various counterparties along the way for your bank on the other side to check for money/approval. This is a risk, albiet extremely small given that the 16 digit PAN is likely encrypted before it leave the device that you scanned it on. this is wrong in about 6 different interesting ways, but the most notable are 1. POS checkouts are almost never connected to the internet, they connect to banks directly 2. apple pay already works like how you describe and paywave pretty much works like how you describe but you're completely right that nothing is happening that requires blockchain and in fact would make it worse
|
|
#
?
Aug 28, 2022 05:35
|
|
|
lol, even as a thought experiment, buttcoin seem to be re-inventing the wheel but worse because some dumb code monkey thought about THING and didnt think to ask anyone in said industry and just drunkingly skim wikipedia.
|
|
#
?
Aug 28, 2022 05:43
|
|
|
i said some. most criminal routes go through monero now which afaik hasn't been meaningfully defeated, and if there's one good obscuring crypto in the chain it's not that hard to "clean" crime money. that's legit the only advantage, drugs or tax fraud or divorce fraud or darker poo poo.
|
|
#
?
Aug 28, 2022 05:50
|
|
|
Why use a (ugh) bank or (even worse, puke) a financial services processor like Mastercard when I can boof the Blockchain and risk my wallet being spoofed or the value of my bitbutts fluctuating wildly from the time I hit PAY to the time some Miner hashes my ledger.
|
|
#
?
Aug 28, 2022 05:51
|
|
|
What happens when I get drunk and fall for a fake seal plushie knock-off scam website with my credit card: I realise, freeze my card thus rendering it impossible for scam artists to do anything to it, call the bank and get all my money back, and a fake seal plushie knock-off shows up in my mailbox anyway a few weeks later. What happens with blockchain: Goodbye, money.
|
|
#
?
Aug 28, 2022 06:31
|
|
|
ChronoBasher posted:Your debit/cc number actually flies through the internet... It does not. There is an extremely secure network that's been around for decades to handle debit/cc transactions. I learned how to administer parts of it in the late 20th century. I do remember the licensing costs were considerable. e: you are correct in that blockchain offers nothing except an enormous waste of computing power. e: blockchain is so loving stupid. tango alpha delta fucked around with this message at 06:45 on Aug 28, 2022 |
|
#
?
Aug 28, 2022 06:40
|
|
|
chaosbreather posted:this is wrong in about 6 different interesting ways, but the most notable are Lol. Lmao. POS system do connect to the internet. Canada got hit with a massive internet outage recently and it caused massive economical damages because no POS systems could connect to the banks. They just use an encrypted tunnel, a VPN.
|
|
#
?
Aug 28, 2022 06:56
|
|
|
War Wizard posted:Lol. Lmao. POS system do connect to the internet. Canada got hit with a massive internet outage recently and it caused massive economical damages because no POS systems could connect to the banks. They just use an encrypted tunnel, a VPN. IIRC, Interac was down, but my Costco credit card still worked just fine. And of course cold hard cash always wins. e: a VPN would create too much overhead to handle the volume of transactions. Having worked for another ISP, I suspect that a production change at Rogers probably broke a few overnight batch jobs which threw the POS system out of sync. tango alpha delta fucked around with this message at 07:22 on Aug 28, 2022 |
|
#
?
Aug 28, 2022 06:58
|
|
|
War Wizard posted:Lol. Lmao. POS system do connect to the internet. Canada got hit with a massive internet outage recently and it caused massive economical damages because no POS systems could connect to the banks. They just use an encrypted tunnel, a VPN. Back in the day (like late 90s) they used leased lines, but now that you just use regular IP over 5G and even the social club at my work has a wireless EFTPOS terminal (I think it's just a mobile phone with a USB gadget) so you can buy cheap drinks at lunch time. quote:e: a VPN would create too much overhead to handle the volume of transactions. Having worked for another ISP, I suspect that a production change at Rogers probably broke a few overnight batch jobs which threw the POS system out of sync. You could buy dedicated VPN concentrators 20 years ago.
|
|
#
?
Aug 28, 2022 07:28
|
|
|
War Wizard posted:Lol. Lmao. POS system do connect to the internet. Canada got hit with a massive internet outage recently and it caused massive economical damages because no POS systems could connect to the banks. They just use an encrypted tunnel, a VPN. That is crazy, here in Australia there are dedicated cell services and poo poo
|
|
#
?
Aug 28, 2022 07:39
|
|
|
A lot of places in Europe, especially restaurants, have portable terminals that just connect via 4G. It's absolutely not a problem though, just because something communicates over the internet doesn't make it insecure. Encrypting your connection is a negligible overhead. And unlike shitcoins, there are safety nets. If your card gets skimmed or stolen you can block and replace it without giving up your entire bank account. You can contest fraudulent charges and get your money back. The only people interested in crypto are people who are either entirely blind to how it's worse than regular banking in every way, or have an ulterior motive because they're one of the scammers or manipulators themselves.
|
|
#
?
Aug 28, 2022 07:58
|
|
|
Bitcoin=scamcoin
|
|
#
?
Aug 28, 2022 08:00
|
|
|
They want me to give a gently caress about merchant fees, but I'm not the merchant. I'm the customer who gets services: accepted everywhere, not responsible for fraud, consumer protections, ECT. What if crypto: you pay the transaction fee, and you have absolutely none of the perks or protections. Sign me up
|
|
#
?
Aug 28, 2022 08:18
|
|
|
But you see, you pay the transaction fee to the bitcoiner, which is the important part
|
|
#
?
Aug 28, 2022 08:55
|
|
|
be
|
|
#
?
Aug 28, 2022 09:45
|
|
|
Yeah, Bitcoin is like a credit card kinda except instead of a bank there's an "exchange". And the exchange has no insurance so if it dies you lose all your money. And instead of the bank and possibly the government being aware of your purchases literally anyone who cares to look is. And the transaction fees are hundreds to thousands of percent more. And the electricity use is tens of thousands to hundreds of thousands of percent more. And all transactions are irreversible save begging the person you sent it to to send it back. And if you sent it to the wrong address it's just gone forever. And even if it is sent back then you have to pay the hundred-to-thousand percent fees again. And it's hyper vulnerable to scams. And the value of it fluctuates on a second-to-minute basis. And transaction can take an hour or more to finalize. BUT it's 'crypto' so that counts for something?
|
|
#
?
Aug 28, 2022 10:08
|
|
|
https://twitter.com/LilMoonLambo/status/1563576451038711815
|
|
#
?
Aug 28, 2022 14:07
|
|
|
CoolCab posted:i said some. most criminal routes go through monero now which afaik hasn't been meaningfully defeated, and if there's one good obscuring crypto in the chain it's not that hard to "clean" crime money. that's legit the only advantage, drugs or tax fraud or divorce fraud or darker poo poo. Once you put money from one monero wallet into another, it is well and truly gone without a trace. The problem with the strong privacycoins is exactly what you mention, though: it's only for crimes. Nobody is pumping it with legitimate fool investors. As thin as the cash pond is for Bitcoin, it's even thinner out in those waters. Because nobody is taking major ransoms on privacycoins, ransom actors can't easily cash out on privacycoins, so they don't take ransoms on privacycoins, so they can't... (repeat). If retail losers started using privacycoins, identifying cryptoextortion actors by wallet would be tremendously more difficult if not impossible.
|
|
#
?
Aug 28, 2022 14:08
|
|
|
raverrn posted:Yeah, Bitcoin is like a credit card kinda except instead of a bank there's an "exchange". Bitcoin: it's money, but worse! (tm)
|
|
#
?
Aug 28, 2022 14:41
|
|
|
Lv99 Slacker posted:What transacting with bitcoin looks like nowdays Just watching 37 individual videos of people using gift cards to buy nachos, as one does.
|
|
#
?
Aug 28, 2022 15:22
|
|
|
if its decentralized how come a single person make number go somewhere?
|
|
#
?
Aug 28, 2022 15:23
|
|
|
PhazonLink posted:if its decentralized how come a single person make number go somewhere? He is de centre.
|
|
#
?
Aug 28, 2022 15:46
|
|
|
Collateral Damage posted:
Yep. A few years ago I had to travel for work reasons and somewhere between here and there and back here my CC info ended up with someone it shouldn't have. Don't know if it was skimmed or if a waiter snapped a pic of it or what, but mysteriously I started having some low-value bullshit transactions followed by like $500 of Best Buy. My net loss? I mean, technically my time is worth something so I guess I the twenty minutes of my time that I spent talking to AmEx on the phone was worth something. Plus there was a small hassle as I waited for a new card to come to me.
|
|
#
?
Aug 28, 2022 16:14
|
|
|
bitcoin solves all of these problems and provides digital energy to the future i will not explain how or why
|
|
#
?
Aug 28, 2022 16:26
|
|
|
Collateral Damage posted:The only people interested in crypto are people who are either entirely blind to how it's worse than regular banking in every way, or have an ulterior motive because they're one of the scammers or manipulators themselves. There's a third class of bitcoiners. They're people who have managed to gently caress up their finances in a major way, getting into trouble with either the taxman or a bank, and then decided that in fact they're blameless and it's the corrupt government or greedy banksters that are to blame. They favor cryptos out of resentment and a need to get "even" with their perceived oppressors. Much like sovereign citizens really
|
|
#
?
Aug 28, 2022 16:30
|
|
|
Collateral Damage posted:A lot of places in Europe, especially restaurants, have portable terminals that just connect via 4G. It's absolutely not a problem though, just because something communicates over the internet doesn't make it insecure. Encrypting your connection is a negligible overhead. Yep Encryption solves everything, if only bitcoin used encryption
|
|
#
?
Aug 28, 2022 17:57
|
|
|
hello as suggested by Strong Sauce here is a Facebook post from a girl who I went to high school with (who is now a stone cold lunatic anti vaxxer living down in Florida) haljordan fucked around with this message at 18:36 on Aug 28, 2022 |
|
#
?
Aug 28, 2022 18:19
|
|
|
It can never be, "Well, poo poo, I was wrong and I hosed up and took a huge loss for no benefit", it always has to be, "Well at least I had the journey" as though clicking some buttons and handing my life savings to some scammer was like becoming an ascetic monk or some poo poo
|
|
#
?
Aug 28, 2022 18:51
|
|
|
Gort posted:It can never be, "Well, poo poo, I was wrong and I hosed up and took a huge loss for no benefit", it always has to be, "Well at least I had the journey" i'm pretty sure i could convince this woman into giving me money for MORE crypto
|
|
#
?
Aug 28, 2022 18:51
|
|
|
Gort posted:as though clicking some buttons and handing my life savings to some scammer was like becoming an ascetic monk or some poo poo
|
|
#
?
Aug 28, 2022 18:56
|
|
|
haljordan posted:i'm pretty sure i could convince this woman into giving me money for MORE crypto If they can be convinced to not take a free, harmless, life-saving vaccine, that takes all of like a half hour to go and get they can be convinced of anything. Biden is a lost old man and a criminal mastermind. Wait no he is just riddled with dementia but also fully in control of the CIA.
|
|
#
?
Aug 28, 2022 19:01
|
|
|
FilthyImp posted:You don't have that grind mentality, you take the L and get back stronger, work harder, get those GAINS. It only takes 1 degree to make water boil and that 1 degree of effort is what separates the people that can and the people that won't. #blessed #boss #learningevryday lol grind/hustle mentality is one of the most cancerous ideas in labor, like the lovechild of Stockholm syndrome and toxic positivity. also isnt that the specific heat of water, and you keep needing to input energy to increase temp?
|
|
#
?
Aug 28, 2022 19:18
|
|
|
i like how the new bitcoin true believer claims that because a lot of people are now interested in digital currencies this somehow makes bitcoin the standard? To believe that you would have to ignore that it's functionally useless as a currency and only has value as the household name digital gambling horse in the horse race. Bitcoin is a proof of concept that gave people ideas that doesn't mean it's even relevant to those ideas anymore.
|
|
#
?
Aug 28, 2022 19:48
|
|
|
Grindset types think of success in terms of a video-game stat that, once you reach a certain level, you’ve “made it” and are therefore the winner of the game. So “making it” is literally the same as grinding in WoW. Just keep going and at some point you’re guaranteed to win
|
|
#
?
Aug 28, 2022 20:11
|
|
|
some what related , I learned about this other new bullshit vocab word. https://en.wikipedia.org/wiki/Quiet_quitting ah yes quitting even though I still have the job????
|
|
#
?
Aug 28, 2022 20:23
|
|
|
PhazonLink posted:some what related , I learned about this other new bullshit vocab word. it's something made up by middle management mad that people aren't working 104 unpaid hours per week to boost their kpis
|
|
#
?
Aug 28, 2022 20:29
|
|
|
It is funny how idiot columnists in papers like wsj are super mad that people would dare just work what is expected of them.
|
|
#
?
Aug 28, 2022 20:33
|
|
|
|
| # ? May 31, 2024 05:43 |
|
|
FilthyImp posted:Almost without fail these zombie accounts that go "Yeah, I dropped off in like 03 and then Lowtax Died so I decided to check out the ol neighborhood" turn out to be completely hosed up weirdos. At least it's not one of those assholes who registered in 2004 and never left, they're the worst.
|
|
#
?
Aug 28, 2022 20:43
|
|
