61–70 of 286 posts
I like crypto. I like defacto drug decriminalisation and sanctions busting. But it was never gonna make it past AML.
Anti money laundering is (rightly or wrongly) pretty incompatible with crypto. The question "where did these funds come from" is something no one using crypto can really answer honestly and it's the core question in AML. I like crypto. I like defacto drug decriminalisation and sanctions busting. But it was never gonna make it past AML.
Maybe the ones who have something shady going on are just the noisiest?
Earlier quoted context omitted.
This perspective is just so alien to me. I don't understand how anyone can casually express such vulgar celebration of the state, knowing the misery that it inflicts on the most vulnerable in society, with money as its chief method of lifelong emotional torment. Moreover, your predictions seem completely bombastic to me. Has there ever been a case where governments banned something and the resulting black market sett…
The State can be replaced democratically. Crypto is full of pump and dump and exit scams. Bitcoin et al are also algorithmically supply inelastic. As demand for the coins decreases (due to the inability to actually buy them), the price will decline. This is basic supply and demand economics.
Tell that to my friend who had his family's fortune wiped out in Argentina twice due to government seizure and hyperinflation before fleeing the country. Are these people just supposed to just take it on the chin for generations until their governments/societies stabilize?
I don't know how anyone can see no value in a medium of exchange outside of government currency controls.
Its great to see Governments finally acting against Crypto. The technology will float around, but the actual formal legal exchange of fiat for crypto should be banned. This will indirectly disable Ransomware, since businesses will not be able to purchase the coins. And by reducing the price of coins, reduce the waste (electricity, hardware, human effort) associated with 'mining' them.
The opposite is pretty much happening, regulation. So government is licensing the exchanges and after that the licenced exchanges will have much better foothold in their business as the unlicenced exchanges get kicked out. In the long run for the legit users of crypto this will be for the better.
Good. This is welcome and excellent news, I hope more regulators follow suit of this to more unregulated exchanges in the future. Cryptocurrencies are only used for scammers and fraudsters. I would go as so far as to banning them all.
I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…
Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?
For long term storage, you need indestructible and physically secured backup of your keys. Basically, you just need to write down the 12 or 24 seed words generated by your hardware wallet and try to keep the words safe from destruction and theft. It's recommended to use a indestructible material such as steel for these, and then store or hide them safely. For more advanced security, seed words can be split in multiple parts using the SLIP39 seed format.
For hardware wallets, e.g.:
For long term storage, e.g.:
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Also a good idea to use ECC Memory with the ZFS filesystem. That combination can correct any single-bit error, and detect and warn about any double-bit error, significantly reducing the chance of losing data to bitrot. And if you’re backing up your keys on USB drives, use high-endurance SLC NAND industrial drives. They provide the highest reliability and endurance available. https://www.embeddedarm.com/blog/slc-nand-…
"There's nothing special about ZFS that requires/encourages the use of ECC RAM more so than any other filesystem."-Matthew Ahrens
"There's nothing special about ZFS that requires/encourages the use of ECC RAM more so than any other filesystem. If you use UFS, EXT, NTFS, btrfs, etc without ECC RAM, you are just as much at risk as if you used ZFS without ECC RAM. Actually, ZFS can mitigate this risk to some degree if you enable the unsupported ZFS_DEBUG_MODIFY flag (zfs_flags=0x10). This will checksum the data while at rest in memory, and verify it before writing to disk, thus reducing the window of vulnerability from a memory error.
I would simply say: if you love your data, use ECC RAM. Additionally, use a filesystem that checksums your data, such as ZFS."
https://arstechnica.com/civis/viewtopic.php?f=2&t=1235679&p=...
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Doesn’t matter what you do with your cryptocurrency, the value can easily evaporate because of the actions of others, including binance and those who use it and other dodgy exchanges which make up the vast majority of crypto ‘transactions’. What happens when you want to sell it for fiat you can actually use and nobody wants to buy? So many people pouring money into this space have never seen a bear market or a bank r…
Bitcoin isn't that new thing any more, to me it looks like fiat holders have seen too many bitcoin holders gain significant value. Yes, there are also those that lose their BTC for whatever reason but to me it seems to be quite a minority compared to those who actually have made good dough just holding BTC. To the tune of having retired on their stash.
If you didn’t cash out already and are taking your coins offline etc, you’re the bag holder.
Earlier quoted context omitted.
Doesn’t matter what you do with your cryptocurrency, the value can easily evaporate because of the actions of others, including binance and those who use it and other dodgy exchanges which make up the vast majority of crypto ‘transactions’. What happens when you want to sell it for fiat you can actually use and nobody wants to buy? So many people pouring money into this space have never seen a bear market or a bank r…
Bitcoin isn't that new thing any more, to me it looks like fiat holders have seen too many bitcoin holders gain significant value. Yes, there are also those that lose their BTC for whatever reason but to me it seems to be quite a minority compared to those who actually have made good dough just holding BTC. To the tune of having retired on their stash.
I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…
Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?