Cryptocurrency

[AtW]

Just showing your lack of understanding. You're like the old man in the corner shouting about these new fangled computer things taking people jobs.

When is a transaction considered confirmed in a blockchain?

[glebe digital]

Transaction fees go to the miner who mined the block that includes your transaction. Hence crypto is a vehicle for 'skimming' in a system that eats its own capital.

Seems to me that Bitcoin is just like a religion, which as all religions do, has fractured into a bewildering array of sub-cults and bickering 'alternative visions' of the One True God.

[AtW]

Seems to me that Bitcoin is just like a religion

Like Scientology?

[glebe digital]

Like Scientology?

Take your pick, any one will do!

[SunnyInHades]

Cryptokitties .. investigating deeper .. game 'aint for kids - breed then sell 'ur digital cats for crypto !

"Cryptokitties is an online Ethereum DAPP for buying and selling digital cryptocurrency cats. This 'game' launched recently and the original cryptokittie 'Genesis' sold at auction for over 246 ETH which is approximately $115,000 USD.
"

"Tales of people making hundreds of dollars on digital cat sales are already cropping up in the Cryptokitties subreddit."

https://kittysales.herokuapp.com/
Total Sales: 39031
Total Unique Kittens Sold: 31390
Total Ether Sold: 10353.31 ether
Total USD Sold: $4935213.75
Average Sale Price: $126.44
Median Sale Price: $23.73

Genesis...

[mattfx]

Yeah, I am going to dedicate my life to that now

If you don't take warnings seriously then sell your house and go all into tulipcoins, fine by me.

Rather than post a handful of meaningless posts per day saying how bad an idea it is, perhaps you could just spend that time writing one meaningful post addressing the points I highlighted.

Oh wait - that would require some actual research and knowledge rather than jumping on the anti-crypto bandwagon.

Just to be clear - I am well aware this whole thing is an enormous bubble which has to burst at some point. It is more akin to gambling than it is to investment. However you don't walk into a casino assuming you're going to come out up; you shouldn't enter into crypto investment assuming you're going to come out up either.

To address peoples points on security - all I need to do is point you at a number of attacks on banks and their backend systems in recent history:

https://www.nytimes.com/2016/05/01/b...d-banking.html

https://www.bloomberg.com/news/artic...ecurity-breach

https://www.usatoday.com/story/tech/...each/23464913/

Yeah - we're all really safe in their hands. Centralisation creates a SPOF, SPOF's create entry points and attack vectors; whether they are people, processes or pieces of technology.

Anyway - yes. For those who don't fancy a flutter don't bother. However, I don't see how chucking a couple of grand at some coins which *could* see you triple or quadruple your investment can be a bad thing. I'd rather do that than go and chuck it all on red.

[AtW]

Yeah - we're all really safe in their hands.

We are safer.

Security breach in a bank still makes bank liable and money up to reasonable amount are guaranteed in case of collapse.

Who'd be liable for collapse of MtGox, some fat kid? You'd be lucky if you know who actually runs/owns the "exchange" of tulipcoins. The whole system was designed to avoid oversight, which is why it became very popular with criminals who were the early adopters of the system, now fraudsters took over.

[mattfx]

it became very popular with criminals who were the early adopters of the system, now fraudsters took over.

Certain coins became extremely popular in impoverished countries with oppressive governments who do not want the general population to have access to currency. We weren't all fortunate to come out of our mummies tummies in first world countries.

We can do this all day; there are many different use cases for crypto and not all of them are illegitimate.

[AtW]

Certain coins became extremely popular in impoverished countries with oppressive governments who do not want the general population to have access to currency.

Indeed. And you know who popularised those tulipcoins there? Ponzi Schemers like Mavrodi who are the ones responsible for driving demand for TulipCoins: they've enabled his schemes to scale to millions of people who got defrauded.

[scooterscot]

Stellar just past $0.10c

Can't believe I bought this one at $0.0032 - MAD.