Bitcoin currency

Voluntary

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I'd like the article more if it wasn't based on quite outdated information. It's a recent article, but the author clearly is not up to date with what's currently on the market. First, his sole focus is on a proof of work type of blockchains (like bitcoin, where you have miners confirming transactions) and centralized exchenges as a sole mean of trading, while DEX-es are getting more and more traction (decentralized exchanges, where assets aren't held in a third party account but in smart contracts on blockchains themselves). Considerably new thing still in early days is IBC which means inter blockchain communication allowing moving assets between blockchains (like moving bitcoin to ethereum network etc). Energy hungry POW type blockchains are also the thing of the past, being replaced by proof of stake (POS) and further DPOS (delegated proof of stake) blockchains consuming minimal electricity and allowing thousands of transactions per second with higher decentralization (no risk of a large mining pool performing a 51% double spending attack).

The pace this technology is developing is just amazing and I agree, it's not ideal but it's coming to our everyday lives fast. All big computer games companies invest heavily in blockchain today, social media including facebook, uTorrent most likely will run on blockchain soon, know Wikipedia? Check Everipedia running on blockchain and rewarding content creators and editors for their work, founded by the Wikipedia's original founder.
Ever wondered why users make social media like facebook billions of dollars of income? Well, blockchain based social media solve this for users by distributing value back to where the content is created: back to the end users.
Computer games and collectible items? You put them on blockchain and never lose them ever again, trade as you wish as it's your own property. Like gambling? No problem, there are already dozens of blockchain online casinos.
Are you worried about smart contracts security? Community based insurance is being developed, so when you're favorite dapp smart contract gets hacked etc you don't lose your money. Lost keys/passwords - there are already solutions being worked on to cover that. Not comfortable with encryption keys and tech? No problem, you won't really need to use them to interact with blockchain in the future. Secure enclaves on your mobile or laptop will be able to provide for safe handling of the authorization, you can add biometrics on top of that, 2fA or whatever really. Permissioned based chains can allow inheritance (not to lose your assets when you're gone). It's early days, so I'd only advise not to judge the day before it comes.
 


jmcc

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I'd like the article more if it wasn't based on quite outdated information.
This isn't some random "technology" journalist as would be found in the Dublin media. It is Bruce Schneier's opinions. ( Bruce Schneier - Wikipedia )

Are you worried about smart contracts security? Community based insurance is being developed, so when you're favorite dapp smart contract gets hacked etc you don't lose your money. Lost keys/passwords - there are already solutions being worked on to cover that. Not comfortable with encryption keys and tech? No problem, you won't really need to use them to interact with blockchain in the future. Secure enclaves on your mobile or laptop will be able to provide for safe handling of the authorization, you can add biometrics on top of that, 2fA or whatever really. Permissioned based chains can allow inheritance (not to lose your assets when you're gone). It's early days, so I'd only advise not to judge the day before it comes.
I don't share your faith in unbreakable systems. That paragraph above seems very much like it was written with a belief in unbreakable systems. Biometric systems have been hacked. 2FA has been hacked. In the world of cryptographers and those who compromise such systems, security is transient. It only exists for period until the technology advances to make an attack feasible or someone discovers a more efficient algorithm or flaw in the algorithms underpinning a system. The people who break these systems don't think like you. The people who break these systems break what you think are unbreakable systems.
 
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Voluntary

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1. I don't know why do you keep claiming I say blockchains are unbreakable systems, when I clearly said multiple times this is not the case. Please stop, we're moving in circles.

2. Yeah, I only mentioned biometrics or 2fa as examples, these can be added or replaced whenever desired with whatever tech is currently available. We'll use secure enclaves tomorrow and likely something else a year after. That's called progress. DPOS blockchains also need no hard forks (in the traditional meaning) to upgrade. There's no longer a need to split into a new chain based on some snapshots. POS chains are being updated in real time.

3. Whatever guru is this guy, he wrote this article based on outdated state. It's the last 12 months really which brought dpos and 3rd gen chains. It's a fast changing environment.
 

Lumpy Talbot

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I'm more interested in the distributed ledger technology of which bitcoin is one by-product. Some interesting stuff going on around the world- in Australia I believe there is a DLT firm experimenting to see if the technology can match the volatility and trading levels of the Aussie stock exchange.

It is good fun watching the banks on the subject. It is a huge threat to the easy money the banks have always made on currency and transfer transactions.

Jamie Dimon practically foams at the mouth whenever blockchain and the more popular digital currencies are mentioned. He has referred to the whole area as a bubble, But JP Morgan is at the same time investing in developing the tech through third parties.

I suspect the banks would either love to see it banned or be able to find a way to adapt it to their preferred business model- the middleman.
 

Lumpy Talbot

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Pity we don't have such such laws or some of our better known bankers and non-doms would be facing an interesting time in court.
 

Dame_Enda

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Another step towards mainstreaming of Cryptocurrency.. Coinbase (world's largest Bitcoin exchange) has released its Visa debit card in Germany, Spain, the Netherlands, Italy, France and Ireland. It will convert someone's cryptocurrency holdings into currency for online shopping and in physical stores that accept debit cards.
 

Dame_Enda

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US succeeded in getting the FATF (Financial Action Task Force on Money Laundering) of which Ireland is one of the 37 members to recommend tighter regulation of transparency of end users and originators of cryptocurrency transactions.
 

Lumpy Talbot

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Not surprised that the Americans would be pushing for transparency around cryptocurrency transactions.

They've spent years trying to lean on banking systems in offshore/freeport jurisdictions to give them access to transaction records via the SWIFT system.

The very nature of cryptocurrency systems if massively popularised would set them back decades in watching for suspicious movements of funds around the financial systems of the world.
 

Dame_Enda

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It would also restrict their ability to bully governments with sanctions. While I'm fine with sanctions against say state sponsors of terrorism, I recall during the Bush admin that at a time when Norway was considering sanctions on Israel, that Condi Rice, the US Secretary of State at the time, warned Norway not to do it. We also see a dozen US Congressmen/women warning Ireland of "severe" consequences (including Rep. Josh Gottheimer I think) if we pass Frances Black's bill banning trade with Israeli settlements. If cryptocurrencies would help countries such as Ireland avoid such blackmail then that would be another welcome consequence of them, as well as reducing an unhealthy American hegemony of our financial system.
 

Dame_Enda

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More good news for Bitcoin. China state media calling it a safehaven. Will they now lift their ban on Bitcoin trading? Perhaps China sees the currency as a means of avoiding Trump's tariffs?

Interestingly, the WH Acting Chief of Staff Mick Mulvaney used to be in the Congressional Blockchain Caucus when he was a Congressman.
 
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bormotello

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Somebody in Dublin made a fortune
Exit Scam? Dublin-Based Exchange Bitsane Vanishes With Users’ Funds
Ireland-based cryptocurrency exchange Bitsane has apparently vanished, taking as many as 246,000 users’ crypto deposits with it. The news was reported by Forbes on June 27.

Launched in 2016, Dublin-registered Bitsane LP was formerly listed as one of Ripple’s approved exchanges — a January 2018 CNBC article had also pitched the exchange as an option for investors seeking to trade XRP ahead of its listing on major platforms such as Coinbase.

According to Forbes, user withdrawals on Bitsane began faltering in May of this year, with allegedly technical reasons cited as the reason for their temporary disabling. By June 17, both the Bitsane site and its social media accounts had been deleted, with emails to Bitsane accounts bouncing back as undeliverable.

Moreover, neither the exchange’s CEO — Aidas Rupsys — nor its chief technology officer, Dmitry Prudnikov, could be reached by Forbes during the magazine’s investigation into the case. At press time, Prudnikov’s LinkedIn profile appears to have been deleted.

As of May 30 2019, Bitsane counted 246,000 registered users, with a daily traded volume of just over $7 million on March 31, per CoinMarketCap.

User groups on messaging platform Telegram and Facebook reveal users claiming to have typically lost up to $5,000, with Forbes citing an anonymous U.S. resident who says he had $150,000 in XRP and bitcoin (BTC) on the exchange prior to the company’s disappearance.
 

Lumpy Talbot

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Probably a warehouse operation set up as an SPV. Doubt anyone connected with it other than accountants somewhere in Dublin would actually have been present in the city.
 

Dame_Enda

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I would recommend people use Coinbase if they are looking for a reliable and safe exchange. I think its licensed in NY so more above board.
 

Dame_Enda

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If I owned a bunch of them, Bitcoin, could I take my profit right now?
In my experience with Coinbase there are "wallets" including one where the proceeds of a sale go before you decide whether or not to withdraw the money. You can then withdraw it to a bank account, though it took me around a week to arrive in bank account.

However the new Coinbase swipe card will apparently allow cryptocurrency to be spent in shops. The card is coming to Ireland. The revolution continues.
 

Barroso

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More good news for Bitcoin. China state media calling it a safehaven. Will they now lift their ban on Bitcoin trading? Perhaps China sees the currency as a means of avoiding Trump's tariffs?

Interestingly, the WH Acting Chief of Staff Mick Mulvaney used to be in the Congressional Blockchain Caucus when he was a Congressman.
I wonder if this is a Chinese response to Trump in the Huawei tradewar?
 

Dame_Enda

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Disturbing to hear Fed Chairman Jerome Powell warning Facebook not to go ahead with its Libra cryptocurrency until issues have been addressed. Bitcoin is down 12% on this. Clearly the financial elites and the bankers are trying to quence the new financial revolution. The future will be libertarian.
 


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