Please please PLEASE do not buy into these ICO's. Nothing but vapor, I promise you. Crypto is going to crash SO hard if people keep giving these ICO scammers millions of dollars for each slick marketing campaign they can spin up.
CoinDash’s ICO Website Has Been Hacked
211–220 of 255 posts
Re: CoinDash’s ICO Website Has Been Hacked
#212Earlier quoted context omitted.
> sending money overseas with very low transaction fee Except that fluctuations in the conversion rate make this very touchy, especially if you're talking about a significant sum of money. Also, sending crypto anywhere outside of a handful of developed nations is fraught with difficulty because recipients need to be able to convert bitcoin into spendable money which often involves risky in-person meetups and gigantic…
>difficulty because recipients need to be able to convert ? bitcoin into spendable money which often involves risky in-person meetups and gigantic markups on the conversion rate. One day there will be no need to convert to fiat.
Unlikely, but even if true, it still needs to be converted today and into the foreseeable future.
Re: CoinDash’s ICO Website Has Been Hacked
#213Earlier quoted context omitted.
One of the big things in the next couple of years is the development of Lightning Network, which requires the upcoming SegWit patches. The basic protocol allows you to move bitcoins between two entities without putting every single transaction on the chain - only 2 blockchain transactions are needed for unlimited Lightning Network transactions. Then, on top of this, there's a framework for moving money through the ne…
is that the exact opposite of a ledger of every transaction? off ledger transactions? it seems like its giving up some of the idealistic poetic beauty, even if it is practical.
The ledger of every transaction has only ever been a means to an end, that end being a cryptocurrency... and it's still necessary in Lightning Network as a way to resolve fraud and as a monetary backing, it's just not used in every single transaction.
In practice, a ledger of every transaction that is copied to the hard drives of a sufficient amount of bitcoin users is a terrible idea. It doesn't scale, at all. We need better solutions. Lightning Network is one that's potentially viable in the short term - and we're seeing more people play with radically different cryptocurrency designs (e.g. Iota) in the long term.
Re: CoinDash’s ICO Website Has Been Hacked
#214Earlier quoted context omitted.
Well, considering that this amount of ETH was worth double that 2 weeks ago, I don't put much faith in it being worth anywhere near that much if they tried to liquidate it immediately.
Eth has more than enough liquidity to handle this.
So imagine that 6 months ago you decided to get in to the whole crypto currency thing and 'invested' $1,000 in ETH.
Back then the price was ~USD 10.
One month ago, you were pretty happy because the price was ~USD 395, which meant your $1,000 was now worth ~40,000.
Today however, at ~USD 173 your $40,000 is now only worth $17,300, much better than $1,000, but you're not as happy as you were one month ago when the price was only going up.
Then you see the news that this new ICO was hacked and someone's going to be looking to offload $6,000,000 in ETH.
How many speculators in a similar position to what I describe are going to have seen the price drop significantly in the last month, see that someone is also looking to offload a large number of ETH and think "it's been a good run, $17,300 is not bad, time to get out before it all comes crashing down"?
Does ETH have the liquidity to deal with a large number of speculators spooked at losing their 'investment'?
Maybe, maybe not. We'll know in a few weeks.
Re: CoinDash’s ICO Website Has Been Hacked
#215Where'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?
>because $1 = $1 like forever
Take a look at the purchasing power of the US dollar over the last century. http://bit.ly/2ushyfu
I'm not suggesting crypto is a better store of value, but there are surely better alternatives than the U.S. dollar for long term investments.
Even for short term holdings intended to transact with, wouldn't it be nice to not rely on a bloated, corrupt, violent corporation (AKA the US Gov)?
Re: CoinDash’s ICO Website Has Been Hacked
#216Earlier 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…
I don't believe that's accurate, cash-banks are inter-bank processes, and I know several vendors who do actually see a reduction in their bank account when a cash-back occurs. Yes, if the recieving bank won't honour a cash-back then it will come out of card processing fees, but that's more like insurance than anything else. I wouldn't say that insurance is without worth. Also, BitCoin has transaction fees. Except rat…
Are you talking about a charge back? Vs a cash back credit card program that gives the credit card holder some cash on purchases periodically?
Re: CoinDash’s ICO Website Has Been Hacked
#217Where'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…
> One of the hugely compelling benefits of cryptocurrencies is they entirely eliminate the necessity for such middlemen taking a cut and driving up costs for the parties actually partaking in the transaction.
Which is why so many of the business “accepting” cryptocurrency do so only through a middleman who converts it immediately back to national currency for the business, charging a fee for the service.
Re: CoinDash’s ICO Website Has Been Hacked
#218Earlier quoted context omitted.
> sending money overseas with very low transaction fee Except that fluctuations in the conversion rate make this very touchy, especially if you're talking about a significant sum of money. Also, sending crypto anywhere outside of a handful of developed nations is fraught with difficulty because recipients need to be able to convert bitcoin into spendable money which often involves risky in-person meetups and gigantic…
These are market problems that are especially suited for developing nations to be able to solve themselves. I am forever impressed by the ability of local populations to work out collective solutions to scaling and trust problems. Also, having options is better than not having them. Sure, there's the international wire system, but it wouldn't hurt to give it some competition.
Didn't developing nations already solve this with hawala?
Re: CoinDash’s ICO Website Has Been Hacked
#219Earlier quoted context omitted.
I paid £0 to transfer £10000 the other day. I had to split it into two transfers of £5000 but otherwise it was free to transfer between two completely separate financial institutions.
On the other hand, they fund that ability off significant fees whenever you buy something with a debit/credit card. You rarely see those fees, but the shop does, meaning the shop has to increase prices of everything by a couple of percent to cover it - and usually don't provide a discount when you're paying by cash.
I don't have the time for sources at the moment, but I'm pretty sure there are regulations to make it illegal to offer cash discounts in most states, as it helps both credit card processors and tax collection enforcement, it was very easy to lobby for
Edit: I'm wrong, it's complicated.
Re: CoinDash’s ICO Website Has Been Hacked
#220Earlier quoted context omitted.
I wonder what happens if someone wants to liquidate this amount to USD immediately. Has ether got enough liquidity to handle it :)
Yep, there's more than enough liquidity. People clearing more than $70k USD worth of ETH are usually going through OTC channels, not through exchanges like Poloniex and Coinbase. OTC fees are generally higher than exchanges, but offer the advantage of legally guaranteed finality and no chance of slippage affecting your transaction (exactly what happened with GDAX when the price of ETH briefly dropped to $0.10). When…
OTC ?