Cryptocurrency

[Drei]

1) If kept in bitcoins it can't be. As soon as it becomes cash it can be tracked.
2) Yes. As it there is an increased balance in my bank account that I cannot explain unless I declare.
3) I can prove I owned them with my private key and the chain of transactions recorded in the blockchain.

Your lack of understanding of how the blockchain works does not make Bitcoins into what you think they are. It's a false logic.

1+2) OK, so you have BTCs which are global, you then use a or multiple coin mixers. I can use the stolen BTCs to pay for tulip from other criminals (after all this is what BTC is great at) or you can start sending them all over the damn globe at different banks, for example the Middle East. Are you seriously arguing with me on how you can steal 40 million in BTCs then launder it and how to take it out in cash? You really think that the British Police or any other Police will go chasing a wild goose around the world?
3) NO you can't, because anyone can own the BTCs at that point, you could have just gave it to someone else 1 month prior (your private key) at which point they are the owners. You need to prove that at that specific point you were the owner of the BTCs. Why do you think your home insurance only covers a very small amount of cash? Pretty hard to prove that you had it. Everything else could be proven by photos or receipts (which Insurances want).


@ FrontEnder are you too up your own backside to give me a direct answer? You really think I asked about Bitcoins insurance without trying to know if you can give me an answer first (I am trying to make you look stupid)? Simple question... give me ONE insurance provider which will insure your Bitcoins. I am sure as **** that every cryptocurrency holder on this forum will love to know. Hell if I can get crypto insured I will throw in some money and buy in the hype too.
I did find this on google dated this year:

Unfortunately, there is no recourse if you lose the hard drive that contained your virtual money or have your virtual wallet stolen.

Again you are not even bothering to think before you open your mouth, just love talking down to people from your high horse. The crime is very simple, I come to your house and get inside (by ringing the bell then gaining access without damaging your property nor injuring anyone), ask you to give me your crypto wallet details or even better get you to transfer the BTC to my wallet right there and then, get out and leave. Have you EVER had a break-in to know what the police does? Most break-in are considered petty crime unless you are the Queen or there was serious injury?
When you call the police, tell them you had a break in, tell them what happened and they will ask you what was stolen, and you tell them nothing except my Bitcoins worth 40 million, what do you think they will say? They will also ask you if you have insurance but obviously the home insurance will not cover your Bitcoins.

If I have 40 million worth of drugs in my house and I get a home invasion, the burglars take the drugs and nothing else what do you think the police will do?

[FrontEnder]

Bitcoin Theft Insurance - Bitcoin Financial Group, Inc.

https://motherboard.vice.com/en_us/a...-your-bitcoins

Like all your arguments, you talk as if nothing would change. The more mainstream it becomes, the less volatile, more insurance providers will offer something. Lloyd if London have published a whitepaper on it.

[fullyautomatix]

I remember few years ago thinking BTC was crazy at 40£ or something. Well done to people who stuck with that rollercoaster. I opted for stocks instead and got 8% returns. Another golden opportunity has slipped off my fingers.

There was a story of someone paying a UK lad 10k BTC for a pizza. This was when it was worth nothing.

[AtW]

""If you're stupid enough to buy it, you'll pay the price for it one day," Dimon said in response to a moderator question at an Institute of International Finance conference Friday."

https://www.cnbc.com/2017/10/13/jami...re-stupid.html

[vadhert]

Can this thread be renamed to Drei's cryptographic ramblings?

Ta.

[SunnyInHades]

""If you're stupid enough to buy it, you'll pay the price for it one day," Dimon said in response to a moderator question at an Institute of International Finance conference Friday."

Bitcoin Trading Strategy (forget your 'moving averages' or 'technical analysis' lessons)

1) Go a little mad and buy coins
2) Wait and pray that madder people come along later and buy coins
3) Sell coins

"Wikileaks founder Julian Assange claims his organization has made a 50,000 percent return on bitcoin after investing in the cryptocurrency in 2010" - this weekend
4000+ BTC owned by Wikileaks.

[FrontEnder]

[Lance]

Can this thread be renamed to Drei's incoherent rantings

FTFY

To be cryptographic would imply some understanding of cryptography.

[motoukenin]

I'm surprised how little discussion this subject receives amongst you IT lot..

Me thinks crypto currency is going to have a massive impact in the future. Just like the VHS in the seventies, or computers in the 80's, or internet in the 90's.. in the coming years it'll be crypto currency. Been following the developments recently with much interest, since I'm kind of into math anyway. The ideas are fascinating.

Governments have been about controlling money, that has been their power. A chunk of that power is about to be removed of them. It might sound fanciful but I reckon in the not to distant future individuals will be transferring money around the globe in seconds to each other. There'll be no centralisation.

Think of 2008 again without centralisation. Indeed, think about the power of credit referencing agencies and the power they wield over those in working class poverty. Even today they're more than two million adults in the UK without a bank account.

Change is afoot.

The only Bitcoin projects going are the private Bitcoin blockchains between banks, as an investment its far to volatile for a lot of people

[SunnyInHades]

Get 'ur Bitcoins out - Nice little gaff up for takers in Holland Park, Bitcoin only accepted.

"£17million west London mansion goes on sale - but sellers will only accept Bitcoin as payment"
https://www.standard.co.uk/news/lond...-a3657556.html

Probably only an option for very early (2010-2015) adopters (such as WikiLeaks) or ultra wealthy Asian Bitcoiners.
Certainly not JPMorgan CEO Jamie Dimon or other Bitcoin naysayers.