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Things cryptocurrency enthusiasts probably won't tell you

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Re: Things cryptocurrency enthusiasts probably won't tell you

#121

Post by jamiek88 »

trakout wrote: post #109
kwelstr wrote: post #107

In my opinion, the regulators should focus on exchanges applying KYC and make the exchanges function the same a stock exchanges. If I buy a stock in the US through a brokerage house, they have my info and every year they send me a 1099 with my profit/loss for the year that I give my accountant to add to my income tax report. Once the exchanges are regulated like that it would be very difficult to launder money or avo…

There is a focus on building decentralized exchanges at the moment. Regulation will become more difficult when these become mainstream.

If bitcoin wants to be part of the global financial system avoiding regulation is not the way.

That just basically supports the OP.

Every thread devolves to how to avoid taxes, kyc etc.

Re: Things cryptocurrency enthusiasts probably won't tell you

#122

Post by swfsql »

quuquuquu wrote: post #119
swfsql wrote: post #111

Earlier quoted context omitted.

It's correct it's just numbers in the screen. But this is not to say we can't abstract anything form it, or it's worthless. After all, the internet and yourself are "just stuff flying around".

Child porn is a crime committed via Internet. It is vigorously prosecuted. Identity theft is a crime committed via Internet. It is lazily prosecuted. Stock fraud ("securities" fraud) is a crime that is also vigorously prosecuted. Bitcoin and alt coins, just like WoW gold, are not stocks. Therefore how can the state say Big Vern is committing securities fraud, and that we should spend millions of dollars attempting to…

I didn't comment exactly on THAT, only on your first points. Anyway, I actually believe Bitcoin is not private property to begin with. But I still think contracts are legally enforçable.

Re: Things cryptocurrency enthusiasts probably won't tell you

#123

Post by jamiek88 »

darawk wrote: post #66

Most of the author's points are silly. I was a customer of Bitfinex, and I lost a significant sum of money in the hack, but they paid me back. I couldn't be happier with their handling of it. I'm upset that their poor security practices led them to get hacked in the first place, but once it happened, their handling was pretty ideal. I don't know anyone who was a customer of theirs and doesn't approve of how they hand…

Are those funds in fiat in your bank account?

Or are they Cryptsy points on the exchange?

Re: Things cryptocurrency enthusiasts probably won't tell you

#124

Post by dreit1 »

Animats wrote: post #63

Well, we're about to find out if the Bitcoin exchanges in China have all the assets they should. The PBOC told them to stop trading, turn over copies of their records to the PBOC, and refund the balances of their customers. We should know within days which exchanges were stealing customer assets. The exchange executives were told not to try to leave China. (Remember Big Vern? Paul Vernon, CEO of Cryptsy. Took the mon…

People actually knowledgable in the crypto community would have told you literally years ago that the Chinese exchanges were shit. ChangPeng Zhao who now runs binance out of Hong Kong, made a reddit post (now deleted) stating exactly what was going on. The issue of exchanges "investing" client funds was known two years ago, and most people stayed away from these exchanges.

Re: Things cryptocurrency enthusiasts probably won't tell you

#125

Post by quuquuquu »

swfsql wrote: post #122
quuquuquu wrote: post #119

Earlier quoted context omitted.

Child porn is a crime committed via Internet. It is vigorously prosecuted. Identity theft is a crime committed via Internet. It is lazily prosecuted. Stock fraud ("securities" fraud) is a crime that is also vigorously prosecuted. Bitcoin and alt coins, just like WoW gold, are not stocks. Therefore how can the state say Big Vern is committing securities fraud, and that we should spend millions of dollars attempting to…

I didn't comment exactly on THAT, only on your first points. Anyway, I actually believe Bitcoin is not private property to begin with. But I still think contracts are legally enforçable.

I apologize, that's tunnel vision on my part from other comments XD

I don't really understand what contract there is to legally enforce. Say I send some bits to Big Vern's site. One day, the bits aren't there anymore. If it was a legally incorporated real bank, and my bits represented real dollars or Euros or etc, then I would be fuming pissed and would be suing.

But Big Vern did not run a site with any express guarantees, and I did not send him any legal tender. So we were effectively operating in a legal vacuum.

One time I left my car at a repair shop. All the cars they had in the lot were stolen. The police didn't arrest the shop owner for negligence. They just went and tried to find the thieves.

Re: Things cryptocurrency enthusiasts probably won't tell you

#126

Post by dreit1 »

OJFord wrote: post #75
earlz wrote: post #22

I think that the cryptocurrency/blockchain space is the next big thing in the world on-par with the internet. But it still has a long way to go. In the late 90s you could say "X on the internet" and get tons of investment. Now it's the same but with "X on the blockchain". We are going through growing pains now, and there definitely needs to be some regulation introduced to curb the many scams. My personal hope though…

> I receive my salary in bitcoin based on spot price tied to USD Why would you want that? Why not just receive USD, and buy BTC each month if you like the price?

exchange fees, and a general dedication to cryptocurrency

Re: Things cryptocurrency enthusiasts probably won't tell you

#127

Post by SippinLean »

TheLilHipster wrote: post #3

Most cryptos are definitely pump and dump ponzis designed to eat your money, there is definitely a technocracy-like barrier for entry if you want to join the crypto bandwagon. Focus your time and energy on BTC, ETH and an anonymous coin like XMR. Any other offering should be met with skepticism.

I've seen some you could argue are a pump and dump, an actual Ponzi Scheme on a blockchain would be nearly impossible, it relies on a central ledger so the bad actor can disproportionately transfer the new investors' assets to old.

There's been a recent example of someone running a Ponzi using BTC, but that's not an example of a currency being a Ponzi, which is a thing more specific than "scam."

Re: Things cryptocurrency enthusiasts probably won't tell you

#128

Post by dreit1 »

AgentME wrote: post #30
TheLilHipster wrote: post #3

Most cryptos are definitely pump and dump ponzis designed to eat your money, there is definitely a technocracy-like barrier for entry if you want to join the crypto bandwagon. Focus your time and energy on BTC, ETH and an anonymous coin like XMR. Any other offering should be met with skepticism.

>Focus your time and energy on BTC, ETH and an anonymous coin like XMR. Any other offering should be met with skepticism. To elaborate/explain on this point for those less familiar: those three cryptocurrencies actually are based on real technical innovation, and have developer communities producing more technical innovation. There are many other cryptocurrencies that have zero technical innovation (or completely non…

Yes the number of coins that produce nothing is large, but the top coins account for like 90% of the market cap. The pump and dump game is overstated

Re: Things cryptocurrency enthusiasts probably won't tell you

#129

Post by zaphar »

quuquuquu wrote: post #119
swfsql wrote: post #111

Earlier quoted context omitted.

It's correct it's just numbers in the screen. But this is not to say we can't abstract anything form it, or it's worthless. After all, the internet and yourself are "just stuff flying around".

Child porn is a crime committed via Internet. It is vigorously prosecuted. Identity theft is a crime committed via Internet. It is lazily prosecuted. Stock fraud ("securities" fraud) is a crime that is also vigorously prosecuted. Bitcoin and alt coins, just like WoW gold, are not stocks. Therefore how can the state say Big Vern is committing securities fraud, and that we should spend millions of dollars attempting to…

As I understand it the SEC has begun to classify crypto-coins as an official asset class based on various criteria[0]. This means that while bitcoin and other alt-coins may not be a "Stock" they are being considered a "Security" under U.S. regulation and thus saying Big Vern commited securities fraud is not inconsistent with U.S. regulation.

[0]: http://www.businessinsider.com/bitcoin-price-security-equity...

Re: Things cryptocurrency enthusiasts probably won't tell you

#130

Post by CryptoPunk »

killerstorm wrote: post #88
prostoalex wrote: post #69

Earlier quoted context omitted.

All ICOs and tokens are on Ethereum. While Bitcoin has had a script capability for quite a bit, it didn't get much traction.

There are many ICOs and tokens on other platforms, including Bitcoin. E.g. [see here]( https://coinmarketcap.com/tokens/ ). #3 and #4 are on Omni, which is Bitcoin-based. Ethereum is actually technically inferior as a platform for tokens, but it has a fantastic community which is very much into tokens, so that's why it is much bigger than what you see on other platforms (BitShares, Nxt, Omni, Counterparty, WAVES...)

Ethereum-based tokens have grown to 85% of the total token market cap. Most if not all of the applications built around Ethereum's ERC20 standard, like Etherdelta and 0x, are possible because the EVM enables Turing Completeness. That makes Ethereum far superior to the other platforms mentioned as a token platform.
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