201–210 of 327 posts
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5 BILLION dollars worth of bitcoins are sold every day. The trading volume is higher and the orderbooks are deeper than you think...
Google "Wash Trading"
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I don't really see a difference between the two. The first is what everyone can agree on is evil and the later is what we haven't agreed on (or not yet). To quote from the page on malum in se; "The phrase is used to refer to conduct assessed as sinful or inherently wrong by nature, independent of regulations governing the conduct", which I don't think is a thing tbh.
Murdering your wife is wrong by nature. Moving some money around without telling the government is only illegal because it's illegal. To me, the difference is whether or not there is a victim. No victim, no wrongdoing.
If you don't tell the government you're moving resulting in taxes not being paid properly then you're damaging the government and by proxy, society. Atleast, that's what I think.
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No. They blacklisted the stolen tethers, and all they now have to do is issue a new batch of $30 million worth of tethers. In no way this puts them in the red.
Stolen Tethers were transferred to a known Bitfinex Exchange deposit address. The hackers bought Bitcoins within an hour and took off with their loot. Reversing Tether tx does nothing to recover those Bitcoins.
Edit: found this: https://www.reddit.com/r/btc/comments/7e1840/the_30000000_us...
It seems like people did in fact notice the $30m being deposited on Bitfinex and being used to buy Bitcoin, all before it was known to be stolen. Difficult to confirm a thing like this, but I wouldn't bet against it.
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This is awesome, great write-up, thank you very much. You briefly mention that crypto-currencies are used for money laundering. Do you think that's what's driving btc price to insane levels? Or is it just good old euphoria?
It might also be that the central banks are printing money like hell, and people look for places where their value stays better. For example ECB (european central bank) is issuing 60 billion euros new money each month, and buying bonds with it. That is half of the bitcoin market cap.
Yes, this drives bank savings account rates down to nothing, thus people are looking for better "investments".
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According to rensmart.com, 1KWh is approx. 0.5 kg of CO2 saved/used. A RX480 uses 160W on average according to TomsHardware, mining might pull more but lets use that as a conservative example. A Mining Rig, decent one, might have 4 cards and pull 100Watts for itself (conservative estimate). That puts the total power of the rig at 750Watts (approximately) This will yield a hashrate of about 20MH/s for each card or 80M…
Thank you for the numbers! Assuming those estimates are correct (I haven't verified it), I think it's hard for me to believe that there are fewer than 191K people working to manage an equivalent number of financial transactions in USD. I tried this wolfram query: http://www.wolframalpha.com/input/?i=number+of+people+workin... Yes, we are increasing entropy outside of ourselves but not within, if the population of hum…
The problem is, this estimate is just for Ethereum. It does not account for Bitcoin which must arguably have a much larger energy usage.
The thing about these 191K people is that Ethereum uses them just for transactions while people working in the banking industry will most likely not spend most of their carbon footprint just on managing transactions.
Most modern banks also don't manage transactions with employees anymore, they use computers to transact. They use the power invested into transactions more efficiently, the energy used being directly proportional to the amount of transactions moved around, the human meat sacks are only there for the smiles and managing things the computers can't do. yet.
> if the population of humans is increasing,
> are "winning" against entropy as they get better at extracting energy from the environment
Making a human is a net increase in entropy. Burning fuel is a net increase in entropy.
>so we'll have to find another source of energy, because we need more energy to decrease entropy.
This is not a fight you can win as the amount of energy you need to expend is magnitudes larger than the amount of entropy you decreased, actually, by the law of thermodynamics, any energy you expend to reduce entropy will produce an equal or larger amount of energy as a result.
Entropy may decrease temporarily in a locality but overall it will always increase inevitably.
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They may not be. $30 mil is a small percentage though. Bitfinex makes a few million per day in volume. It's not unreasonable to think they might still be solvent, even with a 30 million dollar loss. But they also might not. However, they definitely won't be if their fix to block the stolen Tethers goes through.
Bitfinex got hacked for 119,756 BTC last year, and Tether got hacked for $30 mil today. Both are owned by iFinex LTD, and had the same CEO till earlier this year. Total amount they have lost comes out to $1 Billion. How are you still claiming "They may not be"?
Tether is handling this completely wrong. They should not hard fork Omni and force everyone to blacklist addresses. Instead, tell everyone to halt on-chain trading, take a snapshot of the chain, then create a new tether token and send them to everyone holding the old tethers (minus the thief). I think the bitcoins Tether would have to pay in transfer fees would be a fitting punishment for their poor security.
> As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens Rip Tether. I'd expect everyone to stop accepting Tether transactions effective immediately. Tether just made their own security breach a collective responsibility. Now you have two types of coins: the clean ones and tainted ones that are useless.
when you're anxiously waiting for tether to gox the whole market and their critical announcement is ... not that bad
#buttcoin
https://chrome.google.com/webstore/detail/bitcoin-to-buttcoi...
