OMG. People, PLEASE STOP WITH THE RANDOM NEW CRYPTOCURRENCIES.
Hackers nab $500k as Enigma is compromised weeks before its ICO
61–70 of 249 posts
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#62Cryptocurrency is probably doomed because the makers of cryptocurrencies have a fundamental conceptual disconnect with money: what it is, why it works and what it represents. Money only works when you have a powerful state actor enforcing the legality of the transaction. When you try to escape that, you get at best a parallel system that still goes back to the state for help in keeping functioning or a system prone t…
Well Bitcoin has been doomed since 2011, so I guess if you just keep saying that, it will eventually be true. Until then, it looks like it'll be around for a while.
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#63Cryptocurrency is probably doomed because the makers of cryptocurrencies have a fundamental conceptual disconnect with money: what it is, why it works and what it represents. Money only works when you have a powerful state actor enforcing the legality of the transaction. When you try to escape that, you get at best a parallel system that still goes back to the state for help in keeping functioning or a system prone t…
bitcoin is probably doomed in US because it is taxed as asset and isn't considered a "money" by the IRS. Hence to actually legally use it as a money is a huge pain tax-wise (imagine having to calculate holding periods and capital gains each time you buy a coffee)
But US isn't entire world.
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#64Cryptocurrency is probably doomed because the makers of cryptocurrencies have a fundamental conceptual disconnect with money: what it is, why it works and what it represents. Money only works when you have a powerful state actor enforcing the legality of the transaction. When you try to escape that, you get at best a parallel system that still goes back to the state for help in keeping functioning or a system prone t…
I think you are making an assumption that seems common sense but might not actually hold: that cryptocurrency will fail if it is prone to fraud, speculation, theft, etc.
I think it's interesting that cryptocurrency has achieved its current level of success despite those things being widely known and publicized. Users accept the risk to gain the benefits of the platform.
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#65The ICO concept is fundamentally solid and is more efficient then traditional funding sources.
What currently lack is the implementation. Both technological and legal frameworks need lots of work, but I bet it'll happen
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#66Cryptocurrency is probably doomed because the makers of cryptocurrencies have a fundamental conceptual disconnect with money: what it is, why it works and what it represents. Money only works when you have a powerful state actor enforcing the legality of the transaction. When you try to escape that, you get at best a parallel system that still goes back to the state for help in keeping functioning or a system prone t…
> Money only works when you have a powerful state actor enforcing the legality of the transaction.
Fiat currencies work this way. Gold and cryptocurrencies do not, but they still work all the same, though gold is not very convenient in the modern world.
> failure, fraud and speculation.
These ICO hacks are separate from the fact that cryptocurrencies do work and are working right now. Preventing fraud is not a feature of any currency. Speculation is something that happens with any investment, I'm not sure why you think that there is or should be efforts to prevent it.
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#67OMG. People, PLEASE STOP WITH THE RANDOM NEW CRYPTOCURRENCIES.
I hear that MattDamonCoin is huge in China. Buckle up, Paul.
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#68Cryptocurrency is probably doomed because the makers of cryptocurrencies have a fundamental conceptual disconnect with money: what it is, why it works and what it represents. Money only works when you have a powerful state actor enforcing the legality of the transaction. When you try to escape that, you get at best a parallel system that still goes back to the state for help in keeping functioning or a system prone t…
bitcoin is probably doomed in US because it is taxed as asset and isn't considered a "money" by the IRS. Hence to actually legally use it as a money is a huge pain tax-wise (imagine having to calculate holding periods and capital gains each time you buy a coffee) But US isn't entire world.
People keep saying this, but it just isn't true. All you have to do is match transactions with price. It can be done automatically.
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#69I'm not sure I buy the premise that every service needs its own coin. Surely in most cases it would be better to just use the most widely used, most stable coin?
If the concept of cryptocurrency is going to survive I think there needs to be one or two clear winners to eventually bring some stability to their value.
Of course, not issuing your own coin doesn't leave as much opportunity to get rich quick off a bit of hype.
Re: Hackers nab $500k as Enigma is compromised weeks before its ICO
#70OMG. People, PLEASE STOP WITH THE RANDOM NEW CRYPTOCURRENCIES.
...OMG actually dipped and is a good buy right now...