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Old 11-24-2017, 10:58 PM   #46
AltonKelsey
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It is all well and good that the currency is supposed to be fraud proof, but my experience in the world is that there is always a way.

Although I will participate in the cryptocurrency frenzy, I think the one big issue is that since there is no regulation, if someone does figure out a way to scam the system, then there is nobody to prosecute.
I'd think plain old vanilla criminal code would work very nicely in the case of theft.
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Old 11-25-2017, 11:03 AM   #47
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Quote:
Originally Posted by Dave Schwartz View Post
It is all well and good that the currency is supposed to be fraud proof, but my experience in the world is that there is always a way.

Although I will participate in the cryptocurrency frenzy, I think the one big issue is that since there is no regulation, if someone does figure out a way to scam the system, then there is nobody to prosecute.
It's supposed to be secure, and was touted as being outside .GOV tracking - neither is probably true.

As for "no regulation" concerns, that can be said for the financial industry as a whole, IMHO. Very few people fitted for orange jumpsuits coming out of the debacle of 2007/2008.

Here's another blurb of electricity usage for the cryptos. While I think the extrapolations of growth are suspect (since there's theoretical limits to the number of each brand of coin), the underlying issue is the same - it's not a very green technology.

https://powercompare.co.uk/bitcoin/

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According to Digiconomistís Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoinís current estimated annual electricity consumption stands at 29.05TWh.

Thatís the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map above). More than Ireland or Nigeria.

If Bitcoin miners were a country theyíd rank 61st in the world in terms of electricity consumption.
I would not be surprised to see .GOV use this data to justify nationalizing the cryptos, freezing mining operations, and mandating the use of their controlled current coin levels for their own uses.
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Old 11-25-2017, 01:12 PM   #48
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I'd think plain old vanilla criminal code would work very nicely in the case of theft.
But who does the arresting and how do they enforce?
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Old 11-26-2017, 12:27 PM   #49
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Did you ever buy? Over 8100 now. I bought and sold in the 4k range, got out due to concerns over China exiting the market, got back in at 6k a week or so ago. 10k easy peasy by EOY.

9200 this morning.
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Old 11-26-2017, 09:33 PM   #50
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But who does the arresting and how do they enforce?
Is this a mystery? If you hack a server in the USA the FBI gets you.

Elsewhere, whoever is in charge.

I didn't know being prosecuted for a crime was something hit and miss.
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Old 11-28-2017, 02:43 PM   #51
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9985 right now. BRING IT ON!
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Old 11-28-2017, 03:57 PM   #52
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Is this a mystery? If you hack a server in the USA the FBI gets you.

Elsewhere, whoever is in charge.

I didn't know being prosecuted for a crime was something hit and miss.
I don't believe the word "hacking" was mentioned. The word you used was "theft."

So, my questions are, "Where was the crime committed?" and "Who has jurisdiction to investigate?"

It sounds to me like the crime would be committed "on the internet," as opposed to a physical country.

But even to use your response, how well does the FBI do with the Nigerian money scams? If that is any indication, then I'd say that there would not even be an investigation.
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Old 11-29-2017, 01:00 AM   #53
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What other theories you got? https://www.vanguardngr.com/2017/10/...top-u-s-firms/
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Old 11-29-2017, 01:38 AM   #54
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LOL - You do realize that $3.7m is like 2% of the take in Nigeria, right?

You actually made my point.
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Old 11-29-2017, 11:49 AM   #55
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Iím still not sure what it is, but it isnít a currency.

Currencies are transactional and a store of value. Bitcoinís current success in the latter completely eliminates it use for the former.

Who, in their right mind, spends something today that could be worth 10% more tomorrow?
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Old 11-29-2017, 01:16 PM   #56
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It certainly feels like 1999, as we hear "its different this time". Its always "different" at the height of manias. Cisco was supposed to become the biggest company in the world, remember that? JDS Uniphase was going to revolutionize all telecommunications, too. Still waiting for that to happen.
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Old 11-29-2017, 01:24 PM   #57
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Really? I posted a single data point, and you assume that was the only case?

https://newtelegraphonline.com/2017/...minals-2-years




https://www.theregister.co.uk/2017/0...nline_scamming

I await your next commentary

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Old 12-06-2017, 09:17 AM   #58
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9985 right now. BRING IT ON!
Will we hit 13k today? Plenty of catalysts next week with futures and forks. BRING IT ON!
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Old 12-06-2017, 02:21 PM   #59
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Will we hit 13k today?

YES WE CAN!
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Old 12-08-2017, 01:06 PM   #60
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Insanity!!
The move the past few weeks is total insanity!
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