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Bitcoin on the way out?


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#21 drdredel

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Posted 07 February 2018 - 09:07 AM

All kidding aside, some flavor of blockchain tech is going to become the alternative to centralized data storage.

This is all fun and games now but 5 years from now I'm willing to bet every major financial and media service is going to be operating in some flavor of distributed block
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#22 LFC

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Posted 21 March 2018 - 02:58 PM

Bitcoin's blockchain contains child pornography potentially making it illegal in a lot of countries.

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While the practical and financial viability of the Bitcoin blockchain is still an open question, new research shows that the whole thing could already be illegal in most countries. Researchers in Germany discovered that the ledger system that provides the backbone for Bitcoin contains hundreds of links to child pornography and at least one image thought to be child pornography.

The team from Germany’s RWTH Aachen University presented their new paper at a conference in Curaçao recently, and their findings have the potential to derail the entire multi-billion dollar blockchain industry.

Individual blocks in the overall “chain” store records of transactions and can potentially store small notes or files—often the notes are just used to acknowledge what the transaction was for. The researchers set out to study the approximately 1,600 files that were stored on the blockchain at the time. (We say, “at the time,” because more files may have been added recently, not because those 1,600 files might be gone. The idea of the blockchain is that the ledger is permanent.)

The team found that 99 percent of the files consisted of either text or an image and a relatively small number of files contained sexual content—only eight. But one of those files was identified as a pornographic image of a subject who was likely underage. Two other files contained a total of 274 links to child abuse, 142 of those links directed to the dark web.

The researchers write, “our analysis shows that certain content, e.g., illegal pornography, can render the mere possession of a blockchain illegal.” According to the paper, 112 countries prohibit the possession of child pornography and of those countries, many have other restrictions that prohibit the distribution of that kind of material.

The article goes on to discuss the difficulty this could cause for miners or even companies that just maintain their own copy of the blockchain.
" '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."

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#23 indy

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Posted 09 April 2018 - 09:25 AM

Posted Image

#24 LFC

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Posted 21 November 2018 - 11:23 AM

Bitcoin continues its slide.
  • It had been rattling around $6,500 since mid-September.
  • On Nov 13 it was $6,269.64.
  • The next day it closed at $5,564.45.
  • Yesterday it closed at $4,380.00.
  • Today it's struggling to claw its way back to $4,500.

On top of that it looks like its sky-high bubble may have been illegally manipulated. Gee, what a shock.

Quote

The Justice Department is reportedly looking into whether traders used tether, a controversial cryptocurrency that founders say is backed one-to-one by a U.S. dollar, to prop up bitcoin during its record-breaking rally, according to Bloomberg News, which cited three people familiar with the matter.

Some academics are also skeptical. University of Texas finance professor John Griffin, who has a 10-year track record of spotting financial fraud, and graduate student Amin Shams published a study in June that said at least least half of the jump in bitcoin was due to coordinated price manipulation.

At key moments when bitcoin was declining, they said tether was used to buy bitcoin to help “stabilize and manipulate” the cryptocurrency’s price.

" '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

#25 golden_valley

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Posted 04 February 2019 - 02:56 PM

Uh oh! Lost password freezes $190 million in after the only guy with password dies. QuadrigaCX is the company.

#26 D. C. Sessions

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Posted 04 February 2019 - 08:52 PM

Dunning-Krugerands.
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#27 drdredel

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Posted 07 February 2019 - 11:29 AM

maybe it's time to rename it "Bitchcoin"
The Blind have lost their sense of "sight";
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Republicans have lost their sense of "common".

#28 LFC

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Posted 07 March 2019 - 11:22 AM

Coinbase apparently has a Dept. of WTF Are We Thinking? I understand wanting to get talent into your organization but they don't appear to understand the market for their wares.

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Cryptocurrency fans value privacy. They are distrustful of governments. They’re paranoid about possible hacks.

So cryptocurrency users were not impressed when Coinbase, a major cryptocurrency exchange, partnered with former members of a notorious hacking company that sells spyware to oppressive regimes. Now some users are fleeing. “#DeleteCoinbase before they delete you,” @btc, a major bitcoin Twitter account wrote Friday.

“Not that I’m @coinbase’s biggest customer by any stretch of the imagination, but I’m done,” another user wrote above a screenshot of his deleted account.

Coinbase is supposed to make cryptocurrency easy. The company lets users buy and sell virtual money from a sleek smartphone interface, theoretically avoiding the scams that plague the crypto scene. But Coinbase users said the company invited the grifters into its corporate ranks when it acquired the analytics firm Neutrino last month. Neutrino’s executives are former executives of Hacking Team, an infamous surveillance company that sells hacking services to law enforcement, corporations, and governments looking to crack down on dissent.

“The bitcoin community has historically been very close to internet freedom movements such as WikiLeaks, and Hacking Team represents the dark side of technology, used to restrict freedoms instead of liberate humanity,” bitcoin evangelist Francis Pouliot told The Daily Beast. “Hacking team, and the surveillance apparatus of which neutrino is a part of, are natural enemies of bitcoin users.”

" '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

#29 LFC

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Posted 25 March 2019 - 09:55 AM

Looks like 95% of all Bitcoin trading volume is fake.

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Hands up, anyone who is surprised that a little-known crypto exchange that apparently had the largest bitcoin trading volume on CoinMarketCap has been exposed as a wash trading scam platform. In the world of crypto where apparently everyone made it to Lamboland during the 2017 bull run, and absolutely everybody knew when to sell, no one will admit that they have been played. Since Bitwise published its investigation two days ago showing that at least 95 percent of all bitcoin trading volume is faked on unregulated exchanges, the standard refrain has been “Everyone already knew that.”

To admit otherwise would be to admit that one is a “noob” and possibly a “bagholder,” but the fact that platforms like CoinBene continue to exist and perpetrate what should be a transparent scam is indicative of a deeper problem within crypto. For whatever reason, otherwise sensible and rational investors seem to have internalized the idea that crypto “does not operate on conventional rules” and as such, it is OK to ignore what their experience or good sense tells them.

In the case of CoinBene, which purportedly has the largest daily bitcoin trading volume on CoinMarketCap, the scam is transparent – fake a high trading volume, and attract ICO suckers who want to get their sh*tcoin listed on a high volume platform without going through the regulatory processes of say, Coinbase or Gemini. In return for helping them jump the queue, charge them as much as $3 million per listing, and smile to the bank as their sh*tcoin inevitably sinks and eventually turns into a deadcoin. It’s almost like a victimless crime.

" '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

#30 LFC

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Posted 18 April 2019 - 07:46 PM

These people are as stupid as the one's who don't believe they have to pay taxes or are sovereign citizens.

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Nadia Thepdet takes beautiful photos of the ocean. One recent picture on her Instagram shows the sun setting over the waves. In another, she stands on a boat off Thailand’s coast, holding a golden coin with bitcoin logo.

But Thepdet’s love of bitcoin and the sea could cost her her life.

She and her boyfriend Chad Elwartowski are cryptocurrency evangelists who tried to live out the libertarian idea of seasteading. The concept, beloved by tech types like Peter Thiel, proposes a set of floating islands in international waters. The idea is to escape countries and laws.

Now the law is coming for Thepdet and Elwartowski. The couple moved into the first off-shore house by seasteading company Ocean Builders earlier this year. Their new home was located atop an oil rig-like structure 12 miles off the Thai coast, technically in international waters—but Thailand says they weren’t far enough from the coast. Thai authorities accuse the couple of breaching a law prohibiting acts that endangers Thai sovereignty, according to the Bangkok Post.

Breaking the law is punishable by death, or life in prison. Now Thepdet and Elwartowski say they’re on the run.

“This is ridiculous,” Elwartowski wrote in a Monday Facebook post. “We lived on a floating house boat for a few weeks and now Thailand wants us killed.”

At its heart, seasteading is like living on a glorified houseboat. The idea has a strong fan base among a certain fringe of libertarians and anarcho-capitalists who believe in establishing a new society with little to no government.

One of seasteading’s earliest and most notorious failures was “Operation Atlantis,” a 1968 effort to build libertarian civilization aboard a boat in international waters. The plan sank with the boat, which caught fire while leaving New York and went belly-up in a hurricane near the Bahamas. (The plan’s founder later tried to build paradise on an offshore oil rig that was also swept away in a hurricane.)

More modern visions of seasteading have imagined entire cities built across boats or oil rigs. Ocean Builders, which is run by early bitcoin adopters, says it wants to build the first seasteading homes. If all goes according to plan, those houses might become the beginning of a city at sea.

Some of seasteading’s biggest backers come from the cryptocurrency community, where Thepdet was a minor celebrity, posting as “Bitcoin Girl Thailand.” The pair claimed to have generated their wealth from the untraceable digital currency, which is a favorite of libertarians.

In a Facebook post last year, Thepdet envisioned luxury homes floating on the ocean. The reality was less glamorous.

In February, Ocean Builders announced it had constructed “the world’s first seastead in international waters 12 nautical miles out from Phuket, Thailand.” Thepdet and Elwartowski’s new home was very basic: a short, round room atop stilts.

It was also very illegal, Thailand authorities allege. “If it is left untouched, it will hinder ship navigation since the route is used for the transport of oil to Phuket,” a government source told the Bangkok Post. The government reportedly alleges the structure was in Thai maritime waters.

One seasteader said the couple’s plan to live 12 nautical miles off the coast came with legal setbacks.

“12nm [nautical miles] is not ‘the high seas,’” Patri Friedman, founder of the Seasteading Institute, wrote on Facebook. “It is the Contiguous Zone, where a state has many rights, several of which seem likely to pertain here. Do not listen to anyone who tells you that the high seas starts at 12nm; it means they haven’t even spent 5 minutes reading Wikipedia.”

" '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





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