Bitcoin Visa debit cards are cancelled

Post by ActsJuvenile » Sat, Jan 06, 2018, 3:40 AM UTC

throwaway2983 wrote: post #115

ActsJuvenile wrote: post #101

Earlier quoted context omitted.

Wire transfer fraud. I am an insider in the Bitcoin industry, and within 1 day of opening a new bank account we started seeing fraudulent wires flooding in. When we dug deeper, it was shocking to see how many Americans' bank credentials have been hacked. It takes almost no effort for a EEU/RUS hacker to send a wire from a hacked bank account. Once the fraudulent wire is sent, rest of the wire transfer system is tedio…

Regarding CB ACH, They had/have a huge exploitable hole in their ACH system that a friend discovered by accident. Long story short, they credited them for a large sum that they never took from his/her account. I won't put the exact detail of how to trigger the error but suffice it to say it was shocking to learn how a system that deals with large sums of real money could fail in such a way (and likely in a repeatable…

Post by geezerjay » Sat, Jan 06, 2018, 7:02 AM UTC

toomim wrote: post #144

vkou wrote: post #141

Earlier quoted context omitted.

This is false. When you find that you can't sell your tulips for dutch guilder, you don't set up a mirror economy that uses tulips for currency. Instead, you find tulip prices collapsing, and yourself broke. Why would my landlord, who is not vested in crypto, want to exchange goods and services for bitcoins that he can't cash out to pay his contractors, taxes, etc? Nobody wants to be paid in illiquid assets, what on…

Maybe that's what you do, but that's not what I do, and that's certainly not the hacker way. So instead of saying "this is false", you should be saying "well, this is just, like, my opinion, man."

Post by tim333 » Sat, Jan 06, 2018, 9:49 AM UTC

vkou wrote: post #141

staplers wrote: post #133

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The irony of making it difficult to exit crypto means traditional banking will long-term be on the losing end as people who buy into crypto (even as novelty) won't want to "cash out" due to difficulty while realizing how convoluted the fiat process is when viewed from the outside. They'll find ways to stay in crypto and get things done.

This is false. When you find that you can't sell your tulips for dutch guilder, you don't set up a mirror economy that uses tulips for currency. Instead, you find tulip prices collapsing, and yourself broke. Why would my landlord, who is not vested in crypto, want to exchange goods and services for bitcoins that he can't cash out to pay his contractors, taxes, etc? Nobody wants to be paid in illiquid assets, what on…

Post by rwmj » Sat, Jan 06, 2018, 3:04 PM UTC

tim333 wrote: post #185

vkou wrote: post #141

Earlier quoted context omitted.

This is false. When you find that you can't sell your tulips for dutch guilder, you don't set up a mirror economy that uses tulips for currency. Instead, you find tulip prices collapsing, and yourself broke. Why would my landlord, who is not vested in crypto, want to exchange goods and services for bitcoins that he can't cash out to pay his contractors, taxes, etc? Nobody wants to be paid in illiquid assets, what on…

Maybe your landlord isn't into crypto but some other landlord may be. Also being a little cynical, some landlords may be up for getting rent in an anonymous crypto like zcash and forgetting to pay the income tax on it.

Post by thinkmassive » Sat, Jan 06, 2018, 5:26 PM UTC

trakout wrote: post #182

jhwang5 wrote: post #165

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1) Think from their perspective. They have very little upside for integrating with cryptocurrency platforms. It adds nothing to the bottom line. If anything, it subtracts from their bottom line, due to the added compliance work required to prevent crypto money launderers. 2) Stop saying crypto is decentralized. The vast majority of cryptocurrencies are mined by a small minority, and most participants have zero say in…

#2 is way off. By definition crypto is decentralized. Currencies that currently have the highest market caps (read: most popular) also tend to be open source -- anyone can contribute, and anyone can run a node and perform PoW/PoS contributions. There are exceptions (XRP), but for the most part your comment reflects a misunderstanding of "crypto-space".