Lenelby Posted January 13, 2021 Share Posted January 13, 2021 3 minutes ago, Chunketh said: Funny thing occurred to me last night. With its value this high, you can bet that there are some shady characters working on a hack. I know its prohibitively expensive, but at these prices someone is bound to attempt a 51%. What would be the point? Even if it were possible. You would spend a prohibitive amount of money and then end up with something worthless. It would be like winning Monopoly. Very satisfying but game over. Quote Link to comment Share on other sites More sharing options...
Chunketh Posted January 13, 2021 Share Posted January 13, 2021 1 minute ago, goldbug9999 said: But you are sure that this value, which you have no idea of, is critical to golds overall value. I see. lol of course it is, its just impossible to say what that number is given how long its utility use has been occurring. Hence the mask. You chose to pick a 90% drop as a number for no other reason than to make bitcoins 100% drop look sane in the story where gold's utility value disappeared overnight. Utterly barking! The key message here is that is HAS a utility use, meaning people NEED it to do "stuff". What "stuff" is bitcoin used for? Aside from gambling that is? Answer : It isn't and that's why people saying that bitcoin will replace gold are either mistaken or fraudsters preying on the mistaken. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted January 13, 2021 Share Posted January 13, 2021 9 minutes ago, Chunketh said: Funny thing occurred to me last night. With its value this high, you can bet that there are some shady characters working on a hack. I know its prohibitively expensive, but at these prices someone is bound to attempt a 51%. Er doofus, a 51% attack gets harder as bitcoin price rises (due to the hash rate increase). Sill I'm going to add "someone might hack it" to the beginners guide, cheers. Quote Link to comment Share on other sites More sharing options...
Frugal Git Posted January 13, 2021 Share Posted January 13, 2021 (edited) 42 minutes ago, zugzwang said: She joined a number of regulators from across the world in calling for implementing global rules for cryptocurrencies. "There has to be regulation. This has to be applied and agreed upon ... at a global level because if there is an escape that escape will be used," Lagarde said. Ok, so they regulate it. That it’s even in the conversation could be interpreted that they want to ‘legitimise’ it. rather than ban it.... make your own mind up what that means for the price. Edited January 13, 2021 by Frugal Git Quote Link to comment Share on other sites More sharing options...
Lenelby Posted January 13, 2021 Share Posted January 13, 2021 41 minutes ago, zugzwang said: Christine Lagarde says non! "(Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity," Lagarde said in an interview at the Reuters Next conference. Lagarde did not provide specific examples of money laundering cases but said she understood there had been criminal investigations into illegal activity. She did not elaborate. Funny business. She should know. Convicted fraudster. Quote Link to comment Share on other sites More sharing options...
Chunketh Posted January 13, 2021 Share Posted January 13, 2021 1 minute ago, Lenelby said: What would be the point? Even if it were possible. You would spend a prohibitive amount of money and then end up with something worthless. It would be like winning Monopoly. Very satisfying but game over. Some people want to watch the world burn. You could also steal some of the coin before folk had a chance to realise and cash out (risky), short a few stocks (easy), short on bitcoin yourself by selling pre attack and buying back in if it ever recovered (easy). The point is that it is technically possible and those with that kind of ability will never get caught. It also might not be that expensive, if you are sufficiently gifted. Quote Link to comment Share on other sites More sharing options...
Warlord Posted January 13, 2021 Share Posted January 13, 2021 10 minutes ago, Chunketh said: Funny thing occurred to me last night. With its value this high, you can bet that there are some shady characters working on a hack. I know its prohibitively expensive, but at these prices someone is bound to attempt a 51%. MT GOX was the only exchange in the early days based in Japan they got hacked and accounts were looted. Place got shut down in the end. Things have come a long way since then but hackers in overseas jurisdictions still love BTC and want paying in it for their ransomware attacks I guess this is one of the few "uses" of BItcoin nowadays, Not exactly a ringing endorsement or something you want to be associated with Quote Link to comment Share on other sites More sharing options...
Chunketh Posted January 13, 2021 Share Posted January 13, 2021 1 minute ago, goldbug9999 said: Er doofus, a 51% attack gets harder as bitcoin price rises (due to the hash rate increase). Sill I'm going to add "someone might hack it" to the beginners guide, cheers. Thats it, gloss over it with your crib sheet of I dont want to hear it. Other chains HAVE been hacked, it IS a risk Jesus wept, you really are properly invested in this aint you. Quote Link to comment Share on other sites More sharing options...
Chunketh Posted January 13, 2021 Share Posted January 13, 2021 9 minutes ago, goldbug9999 said: Er doofus, a 51% attack gets harder as bitcoin price rises (due to the hash rate increase). Sill I'm going to add "someone might hack it" to the beginners guide, cheers. Hashing power is linked to price, but not a direct function of it. A higher price will invite more CPU power into the system in terms of rewards but it is not a requirement of it. Also, given that CPU power is an expensive proposition and a medium term investment, I suspect there is probably a lag in uptake. That is before you consider the global shortage of next gen GPUs. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted January 13, 2021 Share Posted January 13, 2021 11 minutes ago, Frugal Git said: Ok, so they regulate it. That it’s even in the conversation could be interpreted that they want to ‘legitimise’ it. rather than ban it.... make your own mind up what that means for the price. I assume she means exploit it ourselves via taxation rather than criminalise it. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted January 13, 2021 Share Posted January 13, 2021 16 minutes ago, Lenelby said: Funny business. She should know. Convicted fraudster. Indeed! I merely posted the link to illustrate how interested TPTP are in BTC now. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted January 13, 2021 Share Posted January 13, 2021 10 minutes ago, Chunketh said: Other chains HAVE been hacked, it IS a risk Yeah ones like verge with tiny market caps, I think it has 1/1000th of bitcoins cap. Smaller coins are vulnerable to someone repurposing bitcoin miners thus using the hash power of a bigger (hashwise) chain to attack a smaller one, they can then move their ill gotten gain into bitcoin where it cant be seized. Bitcoin being far and away the biggest chain itself does not have this repurposed hashing vulnerability. Also there is no safe haven to move any successfully stolen funds into. Quote Link to comment Share on other sites More sharing options...
Chunketh Posted January 13, 2021 Share Posted January 13, 2021 4 minutes ago, goldbug9999 said: Yeah ones like verge with tiny market caps, I think it has 1/1000th of bitcoins cap. Smaller coins are vulnerable to someone repurposing bitcoin miners thus using the hash power of a bigger (hashwise) chain to attack a smaller one, they can then move their ill gotten gain into bitcoin where it cant be seized. Bitcoin being far and away the biggest chain itself does not have this repurposed hashing vulnerability. Also there is no safe haven to move any successfully stolen funds into. Its far from easy, granted. It isn't zero risk though. There are already mining viruses in the wild, clunky and obvious for the most part. Just imagine if someone made something really subtle and got it spread far and wide....shudder Quote Link to comment Share on other sites More sharing options...
Chunketh Posted January 13, 2021 Share Posted January 13, 2021 11 minutes ago, zugzwang said: I assume she means exploit it ourselves via taxation rather than criminalise it. Shes looking for an agreed framework of how they deal with it, which probably includes a quick method of destroying it. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted January 13, 2021 Share Posted January 13, 2021 2 minutes ago, Chunketh said: Shes looking for an agreed framework of how they deal with it, which probably includes a quick method of destroying it. The central banks can easily destroy bitcoin - by stopping the money printing 🙂 Quote Link to comment Share on other sites More sharing options...
markyh Posted January 13, 2021 Share Posted January 13, 2021 1 hour ago, zugzwang said: Christine Lagarde says non! https://www.businesslive.co.za/bd/world/europe/2021-01-13-christine-lagarde-calls-for-global-regulation-of-bitcoin/ Frankfurt — European Central Bank (ECB) president Christine Lagarde called on Wednesday for global regulation of bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed. Bitcoin has come out of its niche in recent years and is now bought by ordinary people, investment funds and even large corporations. Some have even taken out loans to buy more of the cryptocurrency, whose value has increased almost tenfold since last March. But its largely anonymous nature has raised concerns that it could be used for money laundering and other illegal activities. "(Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity," Lagarde said in an interview at the Reuters Next conference. Lagarde did not provide specific examples of money laundering cases but said she understood there had been criminal investigations into illegal activity. She did not elaborate. The cryptocurrency sector is still mostly lightly overseen or unregulated, though global standards in areas such as anti-money laundering have emerged. She joined a number of regulators from across the world in calling for implementing global rules for cryptocurrencies. "There has to be regulation. This has to be applied and agreed upon ... at a global level because if there is an escape that escape will be used," Lagarde said. Good luck with that. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted January 13, 2021 Share Posted January 13, 2021 6 minutes ago, goldbug9999 said: The central banks can easily destroy bitcoin - by stopping the money printing 🙂 The money's already been printed - $ quadrillions of it - as credit derivatives in the shadow banking system. Nothing to do with the central banks. https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/ Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted January 13, 2021 Share Posted January 13, 2021 Who knew there were so many HPCers on the side of the bankster cartels? Quote Link to comment Share on other sites More sharing options...
Warlord Posted January 13, 2021 Share Posted January 13, 2021 @markyhyou have to be INSANE to sell gold and buy Bitcoin BTC is nothing. You need to wake up and cash in now before its too late. Quote Link to comment Share on other sites More sharing options...
Brendan110_0 Posted January 13, 2021 Share Posted January 13, 2021 1 hour ago, zugzwang said: Christine Lagarde says non! https://www.businesslive.co.za/bd/world/europe/2021-01-13-christine-lagarde-calls-for-global-regulation-of-bitcoin/ Frankfurt — European Central Bank (ECB) president Christine Lagarde called on Wednesday for global regulation of bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed. Bitcoin has come out of its niche in recent years and is now bought by ordinary people, investment funds and even large corporations. Some have even taken out loans to buy more of the cryptocurrency, whose value has increased almost tenfold since last March. But its largely anonymous nature has raised concerns that it could be used for money laundering and other illegal activities. "(Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity," Lagarde said in an interview at the Reuters Next conference. Lagarde did not provide specific examples of money laundering cases but said she understood there had been criminal investigations into illegal activity. She did not elaborate. The cryptocurrency sector is still mostly lightly overseen or unregulated, though global standards in areas such as anti-money laundering have emerged. She joined a number of regulators from across the world in calling for implementing global rules for cryptocurrencies. "There has to be regulation. This has to be applied and agreed upon ... at a global level because if there is an escape that escape will be used," Lagarde said. Funny actually, talking about illegally earned FIAT money going into Bitcoin - how did they have access to it to begin with to transfer? Maybe ask HSBC Et al. Quote Link to comment Share on other sites More sharing options...
markyh Posted January 13, 2021 Share Posted January 13, 2021 1 minute ago, Warlord said: @markyhyou have to be INSANE to sell gold and buy Bitcoin BTC is nothing. You need to wake up and cash in now before its too late. I was getting bored of new All Time Highs, now i just long for them again, shuts all you twats up. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted January 13, 2021 Share Posted January 13, 2021 1 minute ago, Warlord said: @markyhyou have to be INSANE to sell gold and buy Bitcoin BTC is nothing. You need to wake up and cash in now before its too late. Why are you sooooo concerned with another strangers financial wellbeing? If he wanted the advice of someone who cashed out at $12 I'm sure he would ask you. Quote Link to comment Share on other sites More sharing options...
Warlord Posted January 13, 2021 Share Posted January 13, 2021 1 minute ago, MonsieurCopperCrutch said: Why are you sooooo concerned with another strangers financial wellbeing? If he wanted the advice of someone who cashed out at $12 I'm sure he would ask you. And you know what Monsieur? I might buy back @ $12 within the next 10 years and i'll send you one just for a laugh Quote Link to comment Share on other sites More sharing options...
markyh Posted January 13, 2021 Share Posted January 13, 2021 6 minutes ago, Warlord said: And you know what Monsieur? I might buy back @ $12 within the next 10 years and i'll send you one just for a laugh There is only one way yuo will be buying back in @ $12, you will be paying $12 for 1 Satoshi. 😂 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted January 13, 2021 Share Posted January 13, 2021 11 minutes ago, Warlord said: And you know what Monsieur? I might buy back @ $12 within the next 10 years and i'll send you one just for a laugh I just don't find your advice sincere mate. It always seems to be based on the salty tears of anguish having sold your precious bitcoins for buttons. Quote Link to comment Share on other sites More sharing options...
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