Cryptocurrency

[Drei]

It would very quickly drop back to pennies if it's not possible to cash "coins" out into "fiat" currency.

Would love to see that


I have already expressed my view that I don't like how cryptocurrency is being used, it is not doing what it is supposed to do, not helping the people it supposed to help but would be nice to make a few extra £k's from it. I have the impression that bot trading is starting to hit the crypto market.


Could be worth mining for some of them, ether and ether classic seem to be the choice these days. I tried mining for Sia Coins, no idea what the current rate is. Tried one of them calculators, told me I should get around 10 sia per hour. I didn't get jack tulip, was mining on 2 pcs, hash rate is one at 210 the other at 1200. Suppsoed to get around 10 coins per hour...

[AtW]

Would love to see that

It will happen.

Simple truth is that "coins" setup prevents complying with the anti-money laundering laws, plus on top of this terrorists financing - they will have to be cut off the system on that basis, plus - it enables lots of general cybercrime like ransomware which would not have been so successful without "bitcoins".

When it happens lots of people (with worthless "bitcoins") will be crying and complaining that Govts did not do anything about it for years, in same way tax-avoiders talk about HMRC not cracking down on schemes soon enough.

[Drei]

Alt Coins climbing again would have been a great time to invest on Saturday. Alas I did not as getting any without having Bitcoins is a right pain in the ass. I just didn't bother sending any funds to Kraken.

[TheGreenBastard]

Anyone using a cost averaging technique with crypto?

Also, Kraken users - how good is it for GBP transfers? Considering switching.

[scooterscot]

I have already expressed my view that I don't like how cryptocurrency is being used, it is not doing what it is supposed to do, not helping the people it supposed to help but would be nice to make a few extra £k's from it. I have the impression that bot trading is starting to hit the crypto market.

What was it supposed to do?

Different companies / projects are inventing their own version of a blockchain. Some will be used for speculation (mostly all), other for benefit (transferring currency cheaply), but all aim to decentralise. And that is happening. Siacoin for example threatens companies like Dropbox, for Dropbox must maintain their own servers. Siacoin does not, therefore making cloud storage cheaper. How is saving money not helping people?

[Drei]

What was it supposed to do?

Different companies / projects are inventing their own version of a blockchain. Some will be used for speculation (mostly all), other for benefit (transferring currency cheaply), but all aim to decentralise. And that is happening. Siacoin for example threatens companies like Dropbox, for Dropbox must maintain their own servers. Siacoin does not, therefore making cloud storage cheaper. How is saving money not helping people?

So the hashing power MUST come from other people correct? In all honesty to use Sia Coin you need about 10GB free as you have to give it that much for the blockchain and what not. I might as well use external drives to back my stuff up or other cloud based systems. As a normal user if I have 1 account with each company I will have about 2TB. Sure as hell not gonna fill that one up.

How will a huge company that need 100's of Terabytes use Sia Coin? Where is their data kept? Is this method approved by their Insurances? Are these methods approved by governing bodies? If it is only used for Personal use I don't see the advantage, security? Someone can get your details just as easy. Privacy? Sure but I have nothing to hide and I doubt the Gov care about my holiday photos or whatever crap I decide to store. If I am a criminal sure but I can always get slapped with an court order and be forced to grant them access to my files.

[scooterscot]

So the hashing power MUST come from other people correct?

Hashing power is only required for cryptos that are mined. The majority of cryptos are not mineable. A given amount was created at their creation and limited by the algorithm used.

[scooterscot]

How will a huge company that need 100's of Terabytes use Sia Coin? Where is their data kept? Is this method approved by their Insurances? Are these methods approved by governing bodies? If it is only used for Personal use I don't see the advantage, security? Someone can get your details just as easy. Privacy? Sure but I have nothing to hide and I doubt the Gov care about my holiday photos or whatever crap I decide to store. If I am a criminal sure but I can always get slapped with an court order and be forced to grant them access to my files.

With Siacoin files fragments are encrypted from the client before uploading. Multiple copies of those encrypted fragments are delivered across the peer network. You will also acquire via the most efficient route depending on your location. Tresorit works on a similar principle, which I use for my work materials.

Who are those governing bodies? Governments are barely aware of the technology, let alone in a position to legislate over it. A little like US organisations dodging tax by spreading their business across multiple borders. If you're spreading your data across multiple borders whose to say what jurisdiction applies? This is just the tip of the power of decentralisation and the status quo hates it. Brave new world ahead - all aboard...

[Drei]

With Siacoin files fragments are encrypted from the client before uploading. Multiple copies of those encrypted fragments are delivered across the peer network. You will also acquire via the most efficient route depending on your location. Tresorit works on a similar principle, which I use for my work materials.

Who are those governing bodies? Governments are barely aware of the technology, let alone in a position to legislate over it. A little like US organisations dodging tax by spreading their business across multiple borders. If you're spreading your data across multiple borders whose to say what jurisdiction applies? This is just the tip of the power of decentralisation and the status quo hates it. Brave new world ahead - all aboard...

OK so I got it. You are dependent on the peer, the peer are the people that rent their machines correct? This means that if your data is dodgy, let's say you are a big Farma company and your new drug is doing tulipload of damage to the environment during manufacturing and the people you would hide such document on this new network. Same would apply to waste management and even worse. Somehow this "brave new world" doesn't sound very good to me if this is allowed to happen.

I am all up for this working with torrents that way we are still free to download "stuff" without our ISPs knowing what we are doing


Scoot mate I think the positive potential is great but the potential to use this for unspeakable horrors and serious criminal activity is even greater.

It would be the same way as being able to move contraband/weapons/drugs across borders/countries without any local authority being able to do jack tulip about it because in theory you spread everything via all transport paths on the said network (planes, buses, trucks, cars, bikes, motorbikes, people walking... anyone using the roads or air to go anywhere). So you take 10 weapons, you break them apart, you send that 1 small piece via 1 entity at a time (Since it is a barrel or a spring or a very small component of a the bigger weapons no one will be able to detect it, even if they do it is such a small insignificant part that the entity will not get in trouble. Obviously the said component can pass 100's of hands making its trip via multiple entities on the network). You do the same for the remaining 10000 parts via separate entities once they get to the destination they are assembled and the weapons go to the wrong hands to be used for God knows what atrocities. Each component is tagged in a way so that it can be re-build at destination. Presto blockchain principle, weapon was broken apart, left the storage (wallet) went through the network untraced by authorities and reach the new destination where someone took ownership. Just like a normal blockchain a record of the transportation (transaction) could be followed, if you had that magic key. This would work as long as the peers (entities) agree to it and are willing participants. Same principle for drugs, 10Kg of something spread over a few grams on the network, you get 10Kg at destination. All this only because people want to stick it to the "MAN".

I find it really hard supporting this.

[Drei]

On a separate note I missed the train yet again, should have got some coins on Saturday. £5k worth of Ether would have made me £4k richer now) seems to be going up. Might even go up by a lot more than Bitcoins as Ether has real world applications. I think a lot of big corps invested cash in it.

World watch out for the new Bitcoin, £1000+ in no time