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CoinDash’s ICO Website Has Been Hacked

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Re: CoinDash’s ICO Website Has Been Hacked

#141

Post by jdmichal »

davnicwil wrote: post #41
nikolay wrote: post #16

Where'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?

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…

Cash has transaction costs too. You have to store the cash in a local safe. You have to pay for counting and accounting of the cash. You have to pay for safe transport of cash from onsite to offsite. You have to pay for trust, because disappeared cash is generally unrecoverable.

As long as there is no difference between the cash price and card price, it's rational for a customer to use a card with rewards. And I have never seen anything outside of gas with differential pricing. And you know what? I just avoid those gas stations as much as possible, because I can pay a similar price at another station and get my cash back.

Re: CoinDash’s ICO Website Has Been Hacked

#142

Post by albertgoeswoof »

simias wrote: post #55
nikolay wrote: post #16

Where'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?

I'm not as negative as you are, I think this is all very interesting, from the outside looking in. It really helps understanding the pros and cons of our monetary system, the good and the bad. It's pretty educational I think. Of course it's sad for people who invest money they can't afford to lose, but really "investing" in cryptocurrencies is more like playing roulette than anything else and they should've known bet…

I don't really know why this is being downvoted, BTC and cryptocurrencies are really interesting economically. Even if they have no direct impact on society as a whole it's valuable to see proposed alternatives to our banking and financial systems put forward and discussed in detail (e.g. it really exposes what a bank / government actually provides)

Re: CoinDash’s ICO Website Has Been Hacked

#143

Post by jdmichal »

usaphp wrote: post #132
nikolay wrote: post #16

Where'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

AKA money laundering? I mean, I guess if you're into wildly illegal actions, sure.

Re: CoinDash’s ICO Website Has Been Hacked

#144

Post by imron »

ChrisClark wrote: post #129
imron wrote: post #102

Earlier quoted context omitted.

And over €12,000,000 at the price 2 weeks ago. Who knows what the price will be next week, but it won't be anywhere near €6,000,000 if they try to sell that much at once.

Though, the 24 hour trading volume for ETH is $1.5 Billion USD. So it won't affect the price as much as you'd think.

$1.5 Billion, made up of many smaller transactions (~USD 15.5k on average according to this site [0]).

A number of large transactions to convert that much ETH to USD, would significantly affect speculator confidence, triggering others to sell.

0: https://bitinfocharts.com/ethereum/

Re: CoinDash’s ICO Website Has Been Hacked

#145

Post by xur17 »

davnicwil wrote: post #41
nikolay wrote: post #16

Where'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?

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…

Having the sender pay the fee seems like an obstacle for consumer adoption. I agree that consumers are never going to use cryptocurrency vs. credit cards to pay if:

1) It costs them money to use 2) No cashback

It would be interesting to test a cryptocurrency where the recipient payed the fee, and could optionally send cashback. I'm not exactly sure how this would work, but the incentive structure would more optimally aligned for everyone involved.

Re: CoinDash’s ICO Website Has Been Hacked

#146

Post by mhluongo »

imron wrote: post #93
mhluongo wrote: post #40

Earlier quoted context omitted.

Right, but it can also be frozen due to the whims of the bank, garnished by the IRS, taken by wire fraud... Obviously cryptocurrencies are sharp tools, but they're stronger financial primitives than what we have. We just need to use them to rebuild the consumer-facing components.

> but it can also be frozen due to the whims of the bank, garnished by the IRS, taken by wire fraud... If given the choice between the whims of banks vs the whims of cryptocurrency speculators, and the potential for wire-fraud vs the potential for wholesale 'hackfraud', I think I'll take the whims of the banks please.

Obviously it's early. No reason there we can't have. Stable store of value as cryptocurrencies mature.

Regarding bank whims, if you're a properly banked person who's never had an issue, great. If you've never had trouble with the IRS or anyone else who can take your money by force- great. But that's not everyone.

Re: CoinDash’s ICO Website Has Been Hacked

#147

Post by kcanini »

simias wrote: post #73
davnicwil wrote: post #41

Earlier 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…

That's the definition of insurance. The problem with bitcoin, if you think that's a problem, is that there's no obvious way to implement this scheme. You'd have to insure your coins to a third party but then you'd probably have to give them some control over your wallet so that you can't just "steal" your own coins and make a claim. But clearly people want this type of guarantee so I think the cryptopunk dream of hav…

I can think of at least two real-world uses where cryptocurrency is a better choice than fiat: (1) sending money overseas with very low transaction fee, and (2) transacting on the black market.

Re: CoinDash’s ICO Website Has Been Hacked

#148

Post by cyphar »

lightbyte wrote: post #140
dullgiulio wrote: post #61

Earlier quoted context omitted.

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.

It won't magic anything, the person gets caught and court makes a ruling like every other criminal action. That's like saying that laws can't magic a stolen bag of cash in a getaway car back to it's rightful owner. You're right that it's not magic, it's the justice system. And if they don't have the coins, they have to sell assets or go bankrupt.

Re: CoinDash’s ICO Website Has Been Hacked

#150

Post by mhluongo »

klodolph wrote: post #87
mhluongo wrote: post #50

Earlier quoted context omitted.

It's not. If you're trying to say it can be used as a unit of account, well.. okay, but same for the dollar. But it's inflationary on top of the obvious speculative swings, versus eg Bitcoin that's got a capped supplY. EDIT: misread! Obviously ETH lost a lot of value.

I'm not sure what you mean by "it's not". Are you saying that ethereum was not twice as valuable a month ago? Or something else? I don't know how this would be connected with whether it can be used as a unit of account—obviously ethereum is only really used as a unit of account for ethereum contracts, due to its volatility.

Aha, I totally misread, sorry! I thought you said 2 were 2.
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