patrick.net

The value of shitcoin is based on fiat currency.
I'm holding a piece of paper with a ONE printed on it.
What's it worth? Another piece of paper with a ONE printed on it.

I'm truly amazed that bitcoin is not yet illegal to own. It gives great freedom to individuals and takes power away from central governments.

It's certainly a threat to the dollar, along with all other currencies, and wars have been started over smaller threats to the dollar, such as Iraq's pricing oil in Euros.

So why isn't bitcoin illegal yet?

Graybox says

proof of works

Yeah,my cash in not accepted anywhere,immediately.

anonymous says

Graybox - you have any thoughts on this ? Ethereum, The Next Big Thing In Cryptocurrency

The cryptocurrency ether, which hails from the open source blockchain network Ethereum, is now valued at over $100 per token for the first time since the Ethereum platform went live in the summer of 2015. Much like the fellow cryptocurrency bitcoin, the market value of ether has surged upwards over the past few weeks. Coindesk reported ether’s value skyrocketed 900 percent so far this year.

The New York Department of Fiscal Services has already approved Ethereum trading and ether tokens are officially a regulated currency. Ethereum has also attracted investment from major corporations like Microsoft and JPMorgan Chase, two of the 30 companies that now make up the Enterprise Ethereum Alliance. Yet the new blockchain technology is still largely shrouded in mystery.

How come the article doesn't mention $50M stolen from Etherium about a year ago via exploit? Wasn't deemed important enough to make it into "three things you need to know about", I guess....

anonymous says

StrawMan - wish I had an answer for you, I came across the article looking for something on blockchain, never heard of the stuff before.

I googled little more: apparently, there has been several other successful attacks on Ethereum since the first one in June 2016 which prompted them to execute number of "hard forks". Fuck that shit.

As for Bitcoin: they lost even more - $460M - in notorious Mt. Gox Exchange hack. Still want to put serious money in that shit? What recourse will you have if it's stolen?

rando says

So why isn't bitcoin illegal yet?

Too useful for intel agencies and their criminal Laundering fronts

Someone asked me about bit coin.

My response. The creator of bitcoin will run off with all the money and you don't want to be one holding it. It's just a matter of time.

If you can't use bitcoin to buy a house or deposit into any bank for cash, it's not investible.

I firmly believe that cryptocurrency is the future. It is ridiculously disruptive because of its independence, resilience, potential anonymity, and versatility. Central banks have to be shitting their pants. It makes me wonder if the Fed is sopping up liquidity as quickly as reasonably possible because so much idle cash is going into crypto and leaving the realm of their control.

Regarding theft or loss, one has so many ways to protect against that. Simply store in a sophisticated offline hard wallet or cold storage. There are ways to even hide your large account reserves in your wallets so that no one knows they exist. If done properly, there is no better monetary medium for protecting against loss.