Cryptocurrency

[milanbenes]

these ICO's are great, I am thinking of doing one for Plan B

A friend is looking into it for his startup

Welcome to the Klondyke

But don't forget experts, there are ICO's and ICO's

Obviously we have two catagories here:

An ICO for a CryptoCurrency eg BitCoin

An ICO for raising capital for a company, ie, these are actually securities and they are a very grey area regarding legal compliance and governance

Personally I'd do an ICO to raise capital as a security, and I'd also buy coins/paper in an ICO raising capital for a company, but I wouldn't flutter my own hard earned on these virtual currencies

And with these CryptoCurrencies it's all about trust isn't it, and when the weasel goes pop,

good luck

Milan.

p.s. is a Crypto Currency as good as gold ?

[scooterscot]

I had debug.log open in notepad ++

Closing that seems to have fixed. Gonna start backing up the whole folder ...

you only need to backup the wallet file.

[scooterscot]

p.s. is a Crypto Currency as good as gold ?

Gold is in limited supply. So is bitcoin.

Gold has utility. Bitcoin not so much yet but it is growing. That's why you want to be on the boat now.

[milanbenes]

you only need to backup the wallet file.

if you backup your electronic wallet, do you then have twice as much money ?

is that like photocopying fivers ?

Milan.

[scooterscot]

You have two copies of the same key. Does having two front door keys mean two houses?

[milanbenes]

Gold is in limited supply. So is bitcoin.

that's the only thing that stops me with Bitcoin, since it doesn't take a genius to know that everything can be hacked, who can say that there isn't some either, built in backdoor, or a hackable entry point that hasn't been discovered yet, who can say those aren't there or won't happen and that one day Bitcoin holders will wakeup and find that the whole thing has been hacked and the Bitcoins are now not "worth" anything.

Gold is gold, it's purity can be proven and it's quantity too.

How can the two be compared and how can Bitcoin be trusted.

I would say Bitcoin cannot be trust, do we really trust any software ?

But what Bitcoin has on it's side, is as long as some kind of belief exists, it is a very useful medium for
holding and transferring wealth between holders.

I mean, let's say you want to take a flight and want to take a pile of money with you, if you take gold or cash there's
a high chance of attracting attention at security and a risk of confiscation. If you have a pile of money on a usb stick
in a wallet, problem solved.

So for the moment Bitcoin is solving a purpose and therefore accepted. But do we really trust it, could you trust to bury a usb stick with a bitcoin wallet under a tree in your garden as you would a bag of gold (as has been done for hundreds and hundreds of years) and believe that it will have value in 10, 20, 30, 40, 50 years time ?

Not me.

Milan.

[milanbenes]

where'd they all go ?

off to dump their software currencies I guess

Milan.

[vadhert]

that's the only thing that stops me with Bitcoin, since it doesn't take a genius to know that everything can be hacked, who can say that there isn't some either, built in backdoor, or a hackable entry point that hasn't been discovered yet, who can say those aren't there or won't happen and that one day Bitcoin holders will wakeup and find that the whole thing has been hacked and the Bitcoins are now not "worth" anything.

Gold is gold, it's purity can be proven and it's quantity too.

How can the two be compared and how can Bitcoin be trusted.

I would say Bitcoin cannot be trust, do we really trust any software ?

But what Bitcoin has on it's side, is as long as some kind of belief exists, it is a very useful medium for
holding and transferring wealth between holders.

I mean, let's say you want to take a flight and want to take a pile of money with you, if you take gold or cash there's
a high chance of attracting attention at security and a risk of confiscation. If you have a pile of money on a usb stick
in a wallet, problem solved.

So for the moment Bitcoin is solving a purpose and therefore accepted. But do we really trust it, could you trust to bury a usb stick with a bitcoin wallet under a tree in your garden as you would a bag of gold (as has been done for hundreds and hundreds of years) and believe that it will have value in 10, 20, 30, 40, 50 years time ?

Not me.

Milan.

Lets get one thing straight. Bitcoin has never been hacked and is very difficult to hack. To hack Bitcoin you would need to hack every rig simultaneously at the same time and break the ledger. Good luck with that one if you can manage it.

This is the power decentralization offers with a finite amount of availability in terms of BTC.

BTW I'm not advocating one thing over another. I hold physical gold, silver as well as BTC and over the years that has done me reasonably well.

[milanbenes]

I will not be surprised if we wake up one morning to hear that, oh dear bitcoin's impervious decentralized ledger has been, ooops, hacked

That aside, it seems the Chinese Central Bank is creating their own digital currency - this makes sense.

But Joe Bloggs acme Digital Currency doesn't have a future IMO

For the brave good luck with trading the swings

But as a buy and hold the jury is out

Milan.

[scooterscot]

I mean, let's say you want to take a flight and want to take a pile of money with you, if you take gold or cash there's
a high chance of attracting attention at security and a risk of confiscation. If you have a pile of money on a usb stick
in a wallet, problem solved.

Is there a difference between this and large corporations choosing which country to pay tax? I'm not so sure...

What happens if those same corporations start using crypto without borders? A number of hedge funds already are.

Yes, hacking is possible. How you hack every copy of the blockchain at the same time though is a mystery to me.