Cryptocurrency

[AtW]

For currency transfers, micro-payments, the un-banked - it'll find it's place with FIAT is just too expensive.

Faster Payments are free and instant (almost all the time).

Making big overseas money transfer is usually 20-30 USD.

Micro-payments is another matter, but "crypto"coins are far worse - micro-payments require instant gratification, rather than waiting for transaction to be confirmed in blockchain.

Also, and that's very important - no privacy in blockchain, all transactions are shown to the public, competitors can see who you buy from and for how much, completely moronic idea that escapes morons who just want the value of bitcoins to go up regardless of actual merits (which mostly exist for criminal purposes).

[DimPrawn]

Governments hate it.

And this is why IMHO it will crash and burn to near zero.

Govts (particularly USA) will not allow Bitcoin and other cryptos to remove their power and control over wealth and money printing. It's a threat to them and they cannot control it.

As an excuse they will use arguments about rogue states, terrorists, fraudsters, protecting citizens and criminal networks.

e.g.

https://www.bloomberg.com/news/artic...ising-tensions



They will then "freeze" any exchanges they have jurisdiction over and arrest key people behind it. My guess would be freeze the assets of Coinbase, Kraken and any others they can attack.


E.g. BTC-e The US Justice Dept attempted to close down BTC-e on the 26th of July 2017 when they charged Alexander Vinnik and BTC-e in a 21-count indictment for operating an alleged international money laundering scheme

China have already made moves in this direction, which the USA can use to support their arguments.

https://www.cryptocoinsnews.com/chin...e-shuts-doors/

BTCChina (now BTCC), based in Shanghai, was the world's second largest bitcoin exchange by volume as of October 2014.[1] Founded in June 2011, it was China's first bitcoin exchange, and most of its customers are thought to be Chinese.[2] In November 2013, the company had grown to 20 employees.[2] It announced on 14 September 2017 that it was suspending trading as of 30 September 2017.[3]

So, make hay whilst the sun shines and prey it doesn't happen whilst you are sleeping...

[AtW]

And why should not Govt shut it down?

They don't comply with money laundering laws, that's a fact - cryptotulip is the primary enabler of cybercrime now - specifically ransomware.

[SunnyInHades]

Be interesting to see where cryptocurrencies go. Had the chimney sweep round earlier talking bitcoin to me...

In 2017 on 'average', 1 day HODling in Bitcoin returned % more than:
a) 1 year UK savings account %
b) 6 months UK index tracker %

That's what 'Chim Chim Cher-ee' cares about and he/she/zee* wants a piece of it due to FOMO - fear of missing out. On hearing those return rates, who wouldn't ?


*LGBTTQQIAPD community friendly term
L Lesbian
G Gay
B Bisexual
T Transsexual
T Transvestite
Q Queer
Q Questioning
I Intersexual
A Asexual
P Pansexual
D Digisexual - robots

[DimPrawn]

And why should not Govt shut it down?

They don't comply with money laundering laws, that's a fact - cryptotulip is the primary enabler of cybercrime now - specifically ransomware.

Coming to an exchange near you soon.

https://btc-e.com/index.html

[AtW]

Coming to an exchange near you soon.

https://btc-e.com/index.html

Exactomundo

Don't **** with the FBI.

[scooterscot]

Faster Payments are free and instant (almost all the time).

What from US to Singaporean dollars? Nothing instant about that transfer in FIAT.

Making big overseas money transfer is usually 20-30 USD.

Across the world they're hundreds of thousands of people moving their earnings back to their home country. Mexicans in the US, Indonesians in the UK, etc... Banks charging this amount for what was probably not a large sum to begin with but means more value back home, is inefficient. Stellar is about to change this in a massive way...

Micro-payments is another matter, but "crypto"coins are far worse - micro-payments require instant gratification, rather than waiting for transaction to be confirmed in blockchain.

Ripple and Stellar take seconds to transfer between FIAT currencies.

Also, and that's very important - no privacy in blockchain, all transactions are shown to the public, competitors can see who you buy from and for how much, completely moronic idea that escapes morons who just want the value of bitcoins to go up regardless of actual merits (which mostly exist for criminal purposes).

That's where Zencash is going to change things. Wait and see...

Why would criminals use an open ledger then if it is that moronic?

[scooterscot]

So, make hay whilst the sun shines and prey it doesn't happen whilst you are sleeping...

How do governments freeze peer-to-peer exchanges?

Governments have no control over where Apple and Google pay their taxes, why is a government any more able to control a world wide distributed blockchain?

Get onboard or become a dinosaur.

[wantacontract]

I think there is a future, but right now I am convinced there's going to be a major bulls trap.......

the big money movers and shakers are going to herd a ton of money in, and then around 15k, it's going to get decimated...I predict it will drop down to 2-3k.....

at which point I will buy back in.

[FrontEnder]

Faster Payments are free and instant (almost all the time).

You're confusing free at the point of use with actually free. And faster payments is only in the UK between UK bank accounts. Most banks across the word charge for this kind of service.