Reply to: bitcoin, Monero, Ripple

[scooterscot]

High-Speed Traders Are Taking Over Bitcoin - Bloomberg News

Actually HST with bitcoin is actually something of an oxymoron. One of the flaws of the bitcoin blockchain is a limited transfer rate. That's where Monero steps in.

But I agree traders are having much fun. The gains and risks are extremely fluid.

[jimjamuk]

Don't forget to pay CGT on those sales....

When I pass the CGT threshold - I will be first in the queue to hand over my cash money so they can burn it with the rest I give them

[greenlake]

High-Speed Traders Are Taking Over Bitcoin - Bloomberg News

The cryptocurrency’s market structure ticks all the right boxes: arbitrage opportunities across multiple exchanges, zero transaction costs on Chinese venues that host most of the world’s turnover, round-the-clock trading, and co-location services allowing participants to place their servers right next to those of the exchange. With volumes tracked by Bitcoinity.org surging to a record this month, there’s been no shortage of chances for high-speed traders to turn a profit.

[scooterscot]

I mined myself 3.5 Bitcoins back in the GPU mining days - down to 1 now as I sold them for holidays etc - will probably sell the last one soon whilst the price is high

I'll buy it off you if you like... €600

[AtW]

Don't forget to pay CGT on those sales....

[jimjamuk]

I mined myself 3.5 Bitcoins back in the GPU mining days - down to 1 now as I sold them for holidays etc - will probably sell the last one soon whilst the price is high

[AtW]

My understanding is it is all to do with 1) Avoiding intermediaries 2) Speed.

Fraud is too easily with current bank accounts, debit cards -

And it's very hard with bitcoins

[scooterscot]

Do you know why they're doing that? Firstly :


You can do that anyway with current technology eg PSD2

Is this all to do with non-repudiation? I could imagine they might want to use this if it was £10m to £10,000m but the amount of fraud on Faster Payments suggests they're not that bothered about small losses.

My understanding is it is all to do with 1) Avoiding intermediaries 2) Speed.

Fraud is too easily with current bank accounts, debit cards -

[Cirrus]

Santander bank UK are already using altcoins to transfer cash across the world in seconds between clients.

It'll never catch on...

Do you know why they're doing that? Firstly :

Payments of between £10 and £10,000 can be made, around the clock at any time of the day
The long wait for international payments to be processed is over, funds will appear in the recipients account the next working day

You can do that anyway with current technology eg PSD2

Is this all to do with non-repudiation? I could imagine they might want to use this if it was £10m to £10,000m but the amount of fraud on Faster Payments suggests they're not that bothered about small losses.

[TheGreenBastard]

The other dodgy thing about Bitcoin is there is a cost of transacting. This is because non-trivial computing power is required to run the blockchain. As a result you find bitcoin outfits next to power stations so they can nick the leccy to run their banks of computers a bit like marijuana growers short circuiting your buy-to-let meter. However instead of charging for the transaction costs the bitcoin outfits are allowed to print money (if they are the fastest in any round of updating/currency issuing). If your bank said ' no charges' and kept printing money, you'd find this odd.

If if you don't mind this, there is however some inevitable limit to the amount of bitcoins that can be printed so one wonders what happens when that fateful day arrives - who's going to run the whole system when they can no longer print money?

The mining aspect is to create scarcity (there's a finite amount of bitcoin).

No one is able to steal leccy and mine coins anymore, the work required is just too much. It's all about bitcoin specific FPGA deployments.

Cost of transacting is realated to speed of being commited to the ledger, which seems logical.

[TheGreenBastard]

All transactions will be public, period.

Deanon is trivial - money come in and out of this criminal system in a handful of exchanges, thats where wallet IDs can be mapped to real names/addresses, one hack and Daily Mail will have plenty to write about

This is just bollocks.

[scooterscot]

Santander bank UK are already using altcoins to transfer cash across the world in seconds between clients.

It'll never catch on...

[darmstadt]

It's a hype train that many boarded, tomorrow it will be something different.

Blockchain based "coins" got no chance of replacing "money" other that in niche criminal matters, and that would be the undoing of the whole thing - thry shut down Napster, what do you think, they'll let bitcoin to continue forever?

Weren't search engines once a 'hype'? Everything is a 'hype' until it takes off but anyway, the stuff I was using blockchain for has nothing to do with 'coins' nor finance...

[scooterscot]

If your bank said ' no charges' and kept printing money, you'd find this odd.

How is this different from the BOE going on a QE splurge? Something that effects us all and we're paying for it by not being able to afford a house.

[Cirrus]

Huge Ponzi Scheme

The other dodgy thing about Bitcoin is there is a cost of transacting. This is because non-trivial computing power is required to run the blockchain. As a result you find bitcoin outfits next to power stations so they can nick the leccy to run their banks of computers a bit like marijuana growers short circuiting your buy-to-let meter. However instead of charging for the transaction costs the bitcoin outfits are allowed to print money (if they are the fastest in any round of updating/currency issuing). If your bank said ' no charges' and kept printing money, you'd find this odd.

If if you don't mind this, there is however some inevitable limit to the amount of bitcoins that can be printed so one wonders what happens when that fateful day arrives - who's going to run the whole system when they can no longer print money?