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Bitcoin on the way out?


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#1 drdredel

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Posted 16 January 2016 - 05:59 PM

https://medium.com/@...01f7#.3rb5nkfy7
The Blind have lost their sense of "sight";
The Deaf have lost their sense of "hearing";
Republicans have lost their sense of "common".

#2 Practical Girl

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Posted 17 January 2016 - 11:06 AM

Is Bitcoin "dead"- truly? I don't know. But Hearn's piece demonstrates yet another example of how technology doesn't solve all.

Goodness- the business failed...Because the community did? I get that he goes to technology and then all the blah blah blah. But good GOD- when people don't embrace that technology is only but one piece of a successful business, they almost always fail. Yep, it takes a village to power a business. But relying on on the villagers to do that is a silly, naive model that for some reason, some start-up tekkies can't get.

Wild. 18,000 ways to download anything you could possibly want and yet? The fundamentals of business still apply to businesses. Who knew?
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--- On September 17, 1787, as Benjamin Franklin was leaving the deliberations of the Constitutional Convention, at Independence Hall, in Philadelphia, a woman called out to him, saying, “Well, Doctor, what have we got, a republic or a monarchy?”
“A republic,” Franklin said, “if you can keep it.”


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#3 indy

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Posted 17 January 2016 - 12:56 PM

This death certificate is premature but it is definitely terminal (it'll probably be on life support for some time though).

#4 AnBr

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Posted 17 January 2016 - 05:04 PM

It is the currency of the dark web.
Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995


“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe


“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

— Franklin Delano Roosevelt
Second inaugural address January, 1937

#5 indy

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Posted 03 August 2016 - 05:58 AM

Hackers have stolen bitcoins worth about $65 million after attacking a major digital currency exchange.

http://money.cnn.com...il_topeditorial

#6 LFC

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Posted 25 May 2017 - 12:49 PM

Fidelity Investments announced that they will allow clients to see their holdings of Bitcoins and other virtual currencies on the company's website.

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Fidelity Investments will allow its clients to see their holdings of bitcoin and other virtual currencies held on digital asset exchange Coinbase on the company's website, said Chief Executive Abigail Johnson on Tuesday.

The move will make the Boston-based asset manager one of a handful of large financial services firms to have integrated digital currencies into its website.

A Fidelity spokesman said the new initiative may be launched in the second or third quarter this year.

The company is testing the Coinbase holdings integration with its employees, Johnson said.

"I love this stuff – bitcoin, ethereum, blockchain technology – and what the future holds," Johnson said at a blockchain conference called Consensus in New York City.

[snip]

Fidelity has also been testing bitcoin internally by allowing it in its cafeteria, though fewer than 100 employees made purchases using the virtual currencies, Johnson added. The Fidelity chief executive noted that usability was slowing down adoption.

"If you are looking for bitcoin to beat Visa at the point of sale today, you are going to be disappointed, Johnson said. "If you are looking at this technology as just a faster settlement system for financial transactions ... also disappointing."

The asset manager still has faith in virtual currencies, she added.

"But I am still a believer – and it's no accident that I'm one of the few standing before you today from a large financial services firm that hasn't given up on digital currencies," Johnson said. The company has also been investing in blockchain and has backed software company Axoni.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#7 LFC

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Posted 08 December 2017 - 03:15 PM

Bitcoin has been going batshit crazy and is probably in bubble territory.

Posted Image
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#8 LFC

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Posted 08 December 2017 - 03:16 PM

I liked this chart of what a bubble looks like.

Posted Image
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#9 LFC

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Posted 12 December 2017 - 05:31 PM

Criminals are laundering Bitcoins through iTunes.

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Even though drug dealers and cybercriminals rake in mountains of the digital currency Bitcoin, crooks still face a key problem: how to convert that bitcoin, which at the time of writing is valued at around $16,000 per unit, into something much more usable, such as dollars.

Maybe meet someone in person to exchange it for cash, or purchase other items that they can later sell for fiat currency?

There’s one other bizarre method: Some schemers are essentially laundering their bitcoins through song purchases on Apple-owned media store iTunes. Although it’s unlikely to be widespread, the approach results in a legitimate payment from Apple—meaning fraudsters are then largely free to use their ill-gotten gains however they see fit.

“Pretty straight forward,” one scammer, who says they have carried out the laundering process, told The Daily Beast.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#10 LFC

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Posted 21 December 2017 - 05:03 PM

Bitcoin insanity continues.

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Beverage company Long Island Iced Tea Corp’s stock skyrocketed Thursday on the news that the company would pivot to cryptocurrency. Shares spiked more than 300 percent after the company said it would rename itself Long Blockchain Corp, Reuters reported. Despite the shift in business strategy the beverage maker has no previous experience with blockchain technology. It will still continue its core business of selling Long Island iced tea and Long Island lemonade. Several Twitter users have drawn comparisons to the dot-com bubble of the late ’90s when simple adding “.com” to an otherwise benign business name would result in a jump in stock price of around 74 percent.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#11 Beelzebuddy

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Posted 22 December 2017 - 10:36 AM

View PostLFC, on 21 December 2017 - 05:03 PM, said:

Wheee!
Fear Sells!

Cui bono?

"The real problem of humanity is the following: we have paleolithic emotions; medieval institutions; and god-like technology." - EO Wilson.

#12 indy

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Posted 22 December 2017 - 10:55 AM

I would have shorted this if there were an efficient, trustworthy way to do it. I looked into it a few weeks ago but nothing appeared where the costs of the transactions weren't excessive. Of course, it's gyrating wildly as of the last few days (down as much as 30% today) and I still could have made some money, but not worth it. I can play with fire in the back yard for nothing.

#13 LFC

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Posted 26 December 2017 - 11:54 AM

Down about 30% from its peak a week ago. Welcome to Mr. Toad's Wild Ride.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#14 golden_valley

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Posted 26 December 2017 - 06:43 PM

The things you learn about your kids...my 21 year said "Gee I should have hung on to my bitcoin instead of spending it to get a fake ID when I was a freshman."

#15 LFC

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Posted 02 January 2018 - 04:45 PM

This screams "BUBBLE!!!" in every language that exists or ever has existed.

Quote

Jesus Coin promises to “outsource sin,” “decentralize Jesus,” and “provide miracles exclusively to Jesus Coin owners.”

Jesus Coin is a satirical cryptocurrency, a form of digital money that can be bought, sold, and traded like stock but has no intrinsic value. And in the final days of 2017, when bitcoin prices and cryptocurrency hype are near an all-time high, even jokes like Jesus Coin are making serious cash.

“There over 600 cryptocurrencies currently traded,” a Jesus Coin representative told The Daily Beast. “None of them have any intrinsic value. Our point is that if you’re going to trade something with no value whatsoever, at least let’s make it about Jesus. He was a badass, after all.”

Promising that “Jesus would be pumped to have his own coin,” Jesus Coin is a parody of the breathless rhetoric surrounding new cryptocurrencies. Cryptocurrencies became the object of increased attention this year when bitcoin, the best-known cryptocurrency, surged in value to over $15,000 per coin. The growing profile of established currencies like bitcoin and Ethereum led to a new wave of “altcoins”: smaller and more volatile cryptocurrencies, which sometimes claim to be “backed” in dubious businesses.

Take Christ Coin, for example. Unlike the satirical Jesus Coin, Christ Coin says it’s an earnest product. The coin advertises itself as “the first pre-mined Christian-based Cryptocurrency. It is used to financially reward people who read the Bible, post/view content and interact with the community on the Life Change Platform.”

In a Facebook message, Christ Coin told The Daily Beast that the product was not a joke. But a wave of satirical (but still functional) currencies like Jesus Coin are blurring the distinction between earnest and parody technobabble.

The most obvious parody to launch this year calls itself Useless Ethereum Token. The coin openly advertises as being worth nothing.

“The UET ICO transparently offers investors no value, so there will be no expectation of gains. No gains means few investors, few investors means few transactions, and few transactions means no Ethereum network lag,” the Useless Ethereum Token website reads.

“Seriously,” it appeals to readers, “don’t buy these tokens.”

Yet, inexplicably, people keep buying Useless Ethereum Tokens. As of Wednesday, Useless Ethereum Token had raised $251,500 in coin sales.

As the article continues my eye rolling became more severe. UGH!
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#16 LFC

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Posted 18 January 2018 - 11:55 AM

Right-wingnuts continue to be fleeced. Now some of the shearers are turning to Bitcoin instead of just gold ... and prepper kits.

Quote

If you’re a regular reader of Breitbart News, you may have noticed a relatively new genre of advertisements in your inbox. They are hopeful, even promising messages, offering recipients exclusive financial advice that will massively boost their retirement savings.

The trick comes down to a simple investment: Bitcoin.

“Turn a single $100 bill into a retirement fortune,” one ad reads, “in a matter of months.”

Putting one’s money in bitcoin is—most financial experts would insist—not the safest investment for someone to make, let alone a person nearing or in retirement. But those very people happen to be the primary readers of conservative websites. And advertisers have long viewed conservative newsletters and email marketing campaigns as an effective way to hawk their products.

It is, in many ways, the new gold rush, only with a vastly different political context.

For years, advertisers used conservative media to pitch gold as a logical investment in the context of the sensational news headlines of the day. The marketing push hit its heyday during the financial crisis, when it often followed conspiratorial predictions of economic collapse by pundits such as, most notably, Glenn Beck.

With Donald Trump in the White House and an economy considerably improved from nine years ago, claims of an impending government-induced financial collapse don’t have the same appeal to conservative news consumers. So advertisers are instead marketing cryptocurrencies like bitcoin and ethereum by promising get-rich-quick schemes, eye-popping returns, and promises of a massive nest-egg for seniors and retirees, without any of the potential downsides.


Lots of examples of the scam emails follow but here's a real beaut.

Quote

Winning America sends up to five emails per day to its subscribers. The majority of those emails are advertisements. Since its founding last year, the group has sent more than two dozen sponsored emails regarding bitcoin and other cryptocurrencies.

Some of those ads have come from Agora. Some of the advertisers have pushed more traditional precious metal investment advice. At least one has branched out to various markets. That advertiser, Goldco, pitches itself as “one of the premier Precious Metals IRA companies in the United States.” But it recently started a subsidiary, CoinIRA, devoted entirely to cryptocurrencies, and is now marketing bitcoin-based retirement funds through conservative email newsletters.

“Bitcoin could triple your IRA/401(k) value,” claimed one of Goldco’s Winning America emails last week. The page to which it directed recipients included a line of considerable appeal to a more conservative audience: “Today’s banks are tightly regulated by the government: Bitcoin gives you control of your own money.”

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#17 LFC

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Posted 26 January 2018 - 12:08 PM

This might give Bitcoin a boost!

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The Moonlite Bunny Ranch, the famous Las Vegas brothel that was the setting for the HBO series “Cathouse,” is looking to cash in on the bitcoin trend.

Dennis Hof, owner of the ranch, said in a press release that his brothels are currently looking at ways to accept bitcoin as a payment for services.

“We have some of the richest men in the world coming in and out of my brothels” Hof said. “Our high dollar clientele is accustomed to getting anything they want here, so when I started hearing requests from them to look into accepting Bitcoin, I took those suggestions very seriously.”

Hof said that his excessive cash trade has added to the desirability of the cryptocurrency.

“We have guys carrying duffel bags full of cash right up to our cashier’s window, and we’ve had to install a safe the size of Fort Knox to hold it all,” Hof said. “Not that I mind good old-fashioned cold cash, but bitcoin is making it so much more practical for those same clients to live out their sexual fantasies here at the Bunny Ranch without literally having to carry a lot of excess baggage.”

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#18 indy

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Posted 29 January 2018 - 09:17 AM

535 million in bitcoin lost to hackers:

https://www.cnbc.com...to-hackers.html

Two bitcoin traders held at gunpoint and forced to transfer their bitcoin:

http://www.dailymail...in-robbery.html

Someone explain to me again why this is more secure than storing cash under your mattress?

#19 LFC

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Posted 29 January 2018 - 11:11 AM

View Postindy, on 29 January 2018 - 09:17 AM, said:

Someone explain to me again why this is more secure than storing cash under your mattress?

"Gubmint bad." Sheesh, and I thought you were smart.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#20 J-CA

    Probably in one of my drunken stupors..

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Posted 30 January 2018 - 10:25 AM

View Postindy, on 29 January 2018 - 09:17 AM, said:

Someone explain to me again why this is more secure than storing cash under your mattress?
If you store money under your mattress after the robbers shoot you they take it, and your estate loses the money.
If you store your bitcoin on an encrypted harddrive after the robbers shoot you nobody can gain access to it.. wait, where was I going with this?
I am the burrito until someone hands me to a philosopher.





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