Earlier quoted context omitted.
Unless you live in Venezuela http://www.businessinsider.com/venezuela-hyperinflation-char...
Where are the hordes of people wanting to sell their bitcoins and turn them into Venezuelan bolivars? Without these people, how have Venezuelans got any chance of getting bitcoins in the first place?
CoinDash’s ICO Website Has Been Hacked
131–140 of 255 posts
Re: CoinDash’s ICO Website Has Been Hacked
#132Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?
From my understanding a lot of people use it to transfer money between countries, you buy some bitcoins, then transfer them to your bank account in a different country, and you won't have to explain to the bank where you got the money and where you are transferring them because you could just say that you mined those coins and now cashing out. Correct me if there is a flaw in my logic
Re: CoinDash’s ICO Website Has Been Hacked
#133Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?
Well I imagine there's no interest fees in crypto?
Re: CoinDash’s ICO Website Has Been Hacked
#134Earlier quoted context omitted.
I paid ~$0.60 to transfer ~$900 of Bitcoin the other day. For that amount it's not too bad, but you'd pay basically the same if you are paying for a $3 coffee. The transaction fee is based on the byte size of the transaction, not the monetary amount, so in it's current form it doesn't make sense to use Bitcoin for low-value transactions.
> fee is based on the byte size of the transaction Aren'y all bitcoin transaction really close to the same size? The amount being transferred doesn't change the size an integer contain 1 and another container 1,000,000,000 take the same amount of space (32 or 64 bits) because the spec says so. I thought transaction fees encouraged miners to include your block in a transaction.
The size of the transactions is mostly a factor of how many addresses are included. So moving 1BTC split across hundreds of addresses ("dust" in the jargon) is a lot more expensive than moving 1000BTC from a single address for instance.
Unfortunately it's generally advised to use a new receiving address for every bitcoin transaction to make it harder to trace how much money you have and how you earn and spend it (most wallet craft a new address for every receive transaction) so it's very common to end up with your assets split up across dozens or even hundred of addresses.
Re: CoinDash’s ICO Website Has Been Hacked
#135Earlier quoted context omitted.
1) Watch out for the website. And here's another tip from Vitalik, 'Reminder: if someone makes a token sale that gives discounts to large buyers, this can be circumvented via collective-buying smart contract.'[0] I think people are going to start understanding how to navigate the new investment waters. It's going to take time. I still don't have as many sources of info in the area as I'd like. That too -- if the mark…
The 'tip' can be summarised to just 'avoid token sales, you mug'
Can it? I understood it as more nuanced.
Re: CoinDash’s ICO Website Has Been Hacked
#136Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?
What are you talking about? The dollar loses to inflation every year. A 1990 dollar is $1.87 in 2017 dollars.
>What are you talking about? The dollar loses to inflation every year. A 1990 dollar is $1.87 in 2017 dollars.
Which is precisely why you don't leave money sitting in a 0% savings account. You invest it in equity, not a currency. Fiat is designed to lose value through inflation. Thats how the system works.
Expecting to hedge against inflation by dumping your money in another currency is insanity. The only way is through actual economic growth.
Re: CoinDash’s ICO Website Has Been Hacked
#137Earlier quoted context omitted.
Just to pick up on this one small point: as I understand it, the cashback you get with a credit card is more or less taken straight from the card processing fee charged to the vendor, which of course, raises prices overall and is therefore not really cashback at all. Without the fee, you would likely have just paid a lower price in the first place. The only party benefitting from the cashback scheme is, of course, th…
But do they eliminate the middleman? At least for Bitcoin, it takes an hour for any confidence that a transaction is truly valid. I'm not going to wait around for an hour just to grab my morning coffee. So obviously there's going to need to be a credit backed middle man to guarantee your transaction so the seller doesn't get screwed by a double spend. Eth is slightly better, but it still takes something on the order…
Though I feel like a lot of BTCers are not interested in this, payment networks based on top of BTC would be very interesting.
Essentially no barrier to entry, and some federation could happen.
Of course, what you end up doing is creating banks, but hey they're not regulated by the government if you are behind 5 proxies? "Hobbyist bankers" might be fun.
The ultimate frustration of bitcoin is that it can occupy the entire range of decentralization, but the community compares everything to the logical limits of "the Federal Reserve will defeat math and generate BTC" and "I don't even have to trust my own computer to do this transaction!".
Re: CoinDash’s ICO Website Has Been Hacked
#138Earlier quoted context omitted.
Just to pick up on this one small point: as I understand it, the cashback you get with a credit card is more or less taken straight from the card processing fee charged to the vendor, which of course, raises prices overall and is therefore not really cashback at all. Without the fee, you would likely have just paid a lower price in the first place. The only party benefitting from the cashback scheme is, of course, th…
But do they eliminate the middleman? At least for Bitcoin, it takes an hour for any confidence that a transaction is truly valid. I'm not going to wait around for an hour just to grab my morning coffee. So obviously there's going to need to be a credit backed middle man to guarantee your transaction so the seller doesn't get screwed by a double spend. Eth is slightly better, but it still takes something on the order…
Eth confirmation is on the order of seconds: https://etherscan.io/chart/blocktime
Re: CoinDash’s ICO Website Has Been Hacked
#139Earlier quoted context omitted.
The majority of purchases inside the store were cash because we required a $5 dollar minimum purchase for accepting cards. Most card purchases were used for gas which was already a loss leader most months out of the year, so it made more sense to keep posted prices competitive with stations in the area in order to bring people into the store rather than charge a few more cents in order to offset the cost of cards.
I thought minimum purchase requirements were against the terms of service for most credit cards. I've bought plenty of < $1 items with my credit card. I try to use it for everything to "earn" the rewards.
Maybe it was a violation of the TOS and the owner was not aware (or he was and didn't care), but this policy never caused us any trouble during my time running the store, although its entirely possible that we were just lucky enough to fly under the radar.
Re: CoinDash’s ICO Website Has Been Hacked
#140'Hacked' - or just stolen. Who could ever know in crypto-land? I am sure the ICO contract had something about lost coins in it as well.
Neither. They hacked the webpage and wrote a different address to send money to. Similar to me sending you a letter that I am Oxfam, please send me money. If only the crypto-currency world had laws and the institution of justice...
>If only the crypto-currency world had laws
A law isn't going to magic peoples coins back if they hit send to the wrong address.