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Easiest Path to Riches on the Web? An Initial Coin Offering

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Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#91

Post by lz400 »

ransom1538 wrote: post #58

I have a fetish for watching complicated court cases play through. What you realize is a judge in a courtroom has a lot of power. They can take your money, freedom or even kids. However, if I had few hundred thousand in Ethereum encrypted placed into a few random anonymous git hub repros, well, the government can't take it. It is truly yours. No one can take it. That must be horrifying proposition for (some) governme…

Well, if a court makes you liable for some payment and you have eth assets, they will force you to liquidate and pay. They can't confiscate it but if you refuse you go to jail.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#92

Post by imaginenore »

vectorpush wrote: post #71
ransom1538 wrote: post #58

I have a fetish for watching complicated court cases play through. What you realize is a judge in a courtroom has a lot of power. They can take your money, freedom or even kids. However, if I had few hundred thousand in Ethereum encrypted placed into a few random anonymous git hub repros, well, the government can't take it. It is truly yours. No one can take it. That must be horrifying proposition for (some) governme…

How do you turn eth into spendable money without a bank account?

You can also convert to Bitcoin, then sell via localbitcoins.com.

LocalEthereum.com is being developed too.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#93

Post by agrajag »

ransom1538 wrote: post #70
xyzzy_plugh wrote: post #61

Earlier quoted context omitted.

And if you go hide a few million bucks in cash in the middle of a desert, they can't take it either. The hard part has always been getting it out and not getting caught. Nothing is truly yours.

You can trade for goods or services with your coins. You cannot trade for anything with cash dug in the desert. Cash is confiscated daily by authorities.

If I buy a house or a car with cryptocurrency that can be confiscated. If I live a lavish lifestyle while under a judgement I'm not paying, then the court can imprison me indefinitely under contempt of court.

Courts have centuries of case law for how to deal with people that hide assets from judgements. They're not going to care whether your assets are in a shell company or a cryptocurrency.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#94

Post by imaginenore »

agrajag wrote: post #87
RexetBlell wrote: post #76

Earlier quoted context omitted.

That could work, but cryptocurrencies are more convenient. You could transfer your coins anywhere in the world much easier. For example, you could donate your coins Wikileaks undetected, but it's much harder to do that with cash buried in the desert. It's also possible that the government may declare some bills invalid (what happened in India with larger bills). Also, government could inflate away your wealth by prin…

While cryptocurrencies have been great (so far) for speculation, give how quickly their worth changes they make a pretty poor store of wealth. I'd prefer my cash to be worth in 1 year roughly the same as it's worth today.

Oh, those poor bitcoin/ethereum holders, they only gained a few hundred/thousand percent in the last couple of years.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#95

Post by vectorpush »

ransom1538 wrote: post #75
vectorpush wrote: post #71

Earlier quoted context omitted.

How do you turn eth into spendable money without a bank account?

It is a currency. You can trade it for goods or services. The idea of moving it into a national currency is what we do now because we are in the early stages. I see a future where you just pay in coin.

It's a currency that can't buy much of anything, so it's close to useless as far as paying for the needs of a typical person. You can speculate about the future of crpyotcurrencies all you like, but the future you imagine is not inevitable and certainly not the reality of today or the foreseeable future.

Beyond that, if we're speculating, a world where all transactions live on a blockchain is an ideal one for a government bent on tyrannical control of the economy. It is likely that governments of the future will have advanced methods of associating wallet activity with real-life activity, especially for citizens who intend to interact with the larger law-abiding economy (if you ask me, blockchain money is the ideal currency for a tyrant). Of course, you can just continue to speculate about future crpytocurrencies that will solve all these issues and that is the reason why this type of speculation gets us nowhere.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#96

Post by daveguy »

mschuster91 wrote: post #48
taberiand wrote: post #30

Earlier quoted context omitted.

Well, if money laundering it legitimate to you...

Money laundering, in my opinion, is not only legitimate, but neccessary , given that e.g. European banking transactions end up via SWIFT or implants at the NSA headwuarters. In addition many governments try to move citizens to "electronic payment" (ranging from online banking to NFC credit cards). The reason is once again tracking, and as could be seen during the financial crisis it's easy to just confiscate money wh…

Blockchain currency definitely isn't the solution if the problem is tracking or avoiding confiscation. 1) the blockchain is a permanent immutable log. Once you do tie and identity to an address every transaction ever is immediately available. 2) the key that is the currency resides as just numbers in a computer. Maybe you have yours on a hardware wallet in a fireproof safe. Most don't. Especially those launderers who are shuffling coin around.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#97

Post by ruytlm »

Jabanga wrote: post #67
soup10 wrote: post #16

Earlier quoted context omitted.

The problem is they will pop, and then come back. They are like a resilient strain of disease. Each time people lose faith in them they develop new ideas and arguments for why they are the future. They aren't the future, they are deeply flawed ponzi-schemes, this is obvious. But we better find out what the future is before they start converting the gullible masses to a currency that is less secure in many ways that i…

>They aren't the future, they are deeply flawed ponzi-schemes, this is obvious. By definition, they are not ponzi schemes. None of your claims are obvious, and implying otherwise is disingenuous. >But we better find out what the future is before they start converting the gullible masses to a currency that is less secure in many ways that is swept under the rug. Ah yes the "gullible masses", and the wise men and women…

>By definition, they are not ponzi schemes. None of your claims are obvious, and implying otherwise is disingenuous.

So, it doesn't meet the technical definition of a very specific type of financial fraud, therefore everything is hunky dory?

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#98

Post by [deleted] »

peckrob wrote: post #74
Alex3917 wrote: post #33

Earlier quoted context omitted.

Blockchain is perhaps the most economically important invention of the last 500 years. Right now the whole space is worth less than $100B, and it's going to be worth tens or hundreds of trillions of dollars. Obviously valuations have far outpaced the present usefulness of these technologies, but because the pie is so enormous it would be irrational not to overpay. Right now prices are too out-of-whack with reality so…

> Blockchain is perhaps the most economically important invention of the last 500 years Holy cow are you serious? The most economically important in the last 500 years? So the steamship, the airplane, the automobile, the railroad, the telephone, the printing press, nuclear power, vaccinations, electricity, radio, radar, the semiconductor, television, the cell phone, penicillin, the Gregorian calendar, pasteurization,…

[deleted]

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#99

Post by vectorpush »

imaginenore wrote: post #92
vectorpush wrote: post #71

Earlier quoted context omitted.

How do you turn eth into spendable money without a bank account?

You can also convert to Bitcoin, then sell via localbitcoins.com. LocalEthereum.com is being developed too.

So the only option is to arrange an in-person meetup with a random stranger from the internet so that they can gouge me with a gigantic markup or just rob me. This sounds terrible even if I have no beef with the government, but totally absurd if I am actually trying to hide money from authorities; for all I know, the person I meet up with is a federal agent or works with them.
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