251–260 of 312 posts
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That's because people should stop using centralized exchanges that don't have their funds insured, and should instead investigate using decentralized exchanges. Cross-blockchain ones are currently being developed, with OmiseGO and KyberNetwork competing to be the first to launch. On Ethereum this ecosystem is much more developed, and you can choose between EtherDelta, IDEX, 0xProject and Radex. These exchanges elimin…
What is a decentralized exchange? Why would I want to put my money into something "decentralized" when my bank does a fine job? Cryptocurrencies are complicated and nonsensical at times. I have yet to see anything in this space that makes me actually think it's the future of anything. It's far too risky.
Because you trust that your money will still be in the bank, in full, when you want to withdraw it. People in Cyprus, Venezuela, and Zimbabwe don't have that trust because it's been broken by bailouts and hyperinflation.
As long as the economy doesn't hyperinflate, and the banks don't haircut your accounts, and the IRS doesn't freeze your funds, and the government doesn't use civil forfeiture to take your money because they suspect you could be involved in criminal activity, your money is safe.
Therefore, many people see holding cryptocurrency as a hedge against that type of stuff.
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Why is "Statistics" called "Machine Learning" ? $$hype$$
insinuating that the only reason people say machine learning and not statistics is just false. the term machine learning refers to a specific part of statistics that is very different from statistics as a whole.
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You store the seed phrase securely as well somewhere, and if the hardware wallet fails, you can still access your coins.
So then the chain continues: You need another hardware wallet to secure the seed phrase? As someone said earlier in this thread - Hardware wallets are simply another computer that stores your private key. There is nothing inherently different about its "Hardware".
You can import that seed phrase into any number of wallet programs if you lose your hardware wallet.
This kind of news is the reason why people should seriously consider buying a hardware crypto wallet if they plan to put significant sums at risk. I've started trading in this space with a modest amount, but as I plan to increase some of my investments I am definitely considering purchasing a wallet. I would sleep better if I knew my coins were not held within the exchange.
There is no such thing as a hardware wallet, it's just another computer with your private keys that you are calling a "hardware wallet". Instead of a hardware wallet, backup and encrypt your private keys to multiple places.
Their absolutely is. A hardware wallet can take unsigned transactions and sign them internally, and output a signed transaction. Your private key never leaves the hardware wallet.
Compare this to signing a transaction with a private key on a computer. Your computer can have spyware that can snoop on the key and steal your coins.
The hardware wallet has a burned ROM with a firmware that is signed and verified every time you use it.
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NEM (the cryptocurrency that was stolen) isn't decentralized.
Why not using a web site built on postgres or mysql database to track balances then, instead of using blockchain and call the thing "cryptocurrency"?
Dollar signs a person doesn't understand but sees as easy cash is the equivalent to a lightbulb being turned on amidst a swarm of insects.
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There is no such thing as a hardware wallet, it's just another computer with your private keys that you are calling a "hardware wallet". Instead of a hardware wallet, backup and encrypt your private keys to multiple places.
>There is no such thing as a hardware wallet Their absolutely is. A hardware wallet can take unsigned transactions and sign them internally, and output a signed transaction. Your private key never leaves the hardware wallet. Compare this to signing a transaction with a private key on a computer. Your computer can have spyware that can snoop on the key and steal your coins. The hardware wallet has a burned ROM with a…
So could a hardware wallet. [0]
[0] https://en.bitcoin.it/wiki/Hardware_wallet - see under "Security Risks", both the "compromised production process" and "compromised shipping process" items are places where this could occur.
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insinuating that the only reason people say machine learning and not statistics is just false. the term machine learning refers to a specific part of statistics that is very different from statistics as a whole.
hmm still sounds like statistics to me
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That's because people should stop using centralized exchanges that don't have their funds insured, and should instead investigate using decentralized exchanges. Cross-blockchain ones are currently being developed, with OmiseGO and KyberNetwork competing to be the first to launch. On Ethereum this ecosystem is much more developed, and you can choose between EtherDelta, IDEX, 0xProject and Radex. These exchanges elimin…
What is a decentralized exchange? Why would I want to put my money into something "decentralized" when my bank does a fine job? Cryptocurrencies are complicated and nonsensical at times. I have yet to see anything in this space that makes me actually think it's the future of anything. It's far too risky.
Centralized exchange: send your FBI to exchange's wallet -> exchange updates your balance in its database, i.e. postgres -> trade for NSA -> withdraw NSA, which causes the exchange to send you NSA tokens (if they have them) and update another record in its DB.
The problem is in "if they have them". While normal banks are FDIC insured and a run on the bank won't prevent them from giving you your money, crypto exchanges provide no such guarantees. If the money is stolen from the exchange, like in the case of the OP, then you are SOL. Basically, you have to trust the exchange as much as you trust your bank. And clearly one entity is way more trustworthy than another.
In the decentralized exchange case, instead of trusting an organization to keep money safe through operational processes and tight regulation, you trust a smart contract. Provided that the smart contract has no bugs, this pretty much eliminates the need to trust the exchange. You trust it just as much as you trust mathematics.
Hope my explanation is not too verbose and makes sense.
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> I don't understand why news like this doesn't have that huge of an impact of bitcoin's price.. Bitcoin seems to be hovering around 11k~ as I'm writing this. It's been at the same price it seems for the past couple of days... Personally, I would like to understand what it really means to say "the current price of BTC is ___." It's not like stocks where you can see actual bid/ask and daily volume numbers. And since t…
> It's not like stocks where you can see actual bid/ask and daily volume numbers. Actually, it's exactly like that. > And since transaction costs and times make arbitrage impractical, the price is not even the same across exchanges. Arbitrage across crypto-currencies is happening constantly. As with stocks, bonds, futures, etc. the average person is unable to take advantage. Effective arbitrage requires large sums of…
Then why doesn't it have the effect of equalizing prices across exchanges, as it does with traditional currencies across traditional currency exchanges?
I'm not arguing, I'm just asking. If I don't know what I'm talking about, I'm happy to be enlightened.