Crypto predictions, dead or not.

Would you buy any crypto

  • Yes

    Votes: 8 30.8%
  • No

    Votes: 12 46.2%
  • Go back to south Australia

    Votes: 6 23.1%

  • Total voters
    26

teK--

Eats Squid
It still wouldn't have helped. We all generate so much meta-data and computer analysis of said meta-data is getting so accurate these days that even a hardware wallet is still going to be relatively easy to locate. Think of it like a black-hole. Astronomers can't see it but they know it is there because it has an effect on the behaviour of everything around it.
Ok some more info....
 

Attachments

Lazmo

Old and hopeless
It’s still a pointless self serving exercise that is engineered into the platform to generate uptake… and that would be fine, except that it is very power intensive and damaging the environment.
 

indica

Where did I come from?
Because they haven't reached the maximum amount available for circulation yet
It is not only that though

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins.
 

dirtdad

Likes Dirt
An immutable ledger is cool until the bank robbers work out how to crack the safe.
Yeah. But then we all just go back in time to when people (except the robbers) still had their money, agree that's how things should be, and restart time from then?
If you create something from nothing using only abstractions and algorithms, then nothing is really gone unless everyone agrees it's gone...
 

moorey

I choo choo chose 29
It’s still a pointless self serving exercise that is engineered into the platform to generate uptake… and that would be fine, except that it is very power intensive and damaging the environment.
Hugely damaging. People just put their fingers in their ears and mine away.
 

PINT of Stella. mate!

One Scotch & Joke
Ok some more info....
Cool. DarkSide. Another bunch of douchey tech-bros who thinks that a ‘cool’ handle and the anonymity of the internet makes them Keyser fucking Soze. They should swap notes with that Dread Pirate Roberts chap, How’s he doing these days?
 

johnny

I'll tells ya!
Staff member
Cool. DarkSide. Another bunch of douchey tech-bros who thinks that a ‘cool’ handle and the anonymity of the internet makes them Keyser fucking Soze. They should swap notes with that Dread Pirate Roberts chap, How’s he doing these days?
I might be misunderstanding here, but Dread Pirate was caught by some one physically accessing his computer by way of social engineering, not hackery.
 

PINT of Stella. mate!

One Scotch & Joke
I might be misunderstanding here, but Dread Pirate was caught by some one physically accessing his computer by way of social engineering, not hackery.
Crypto zealots tend to crow about how 'untraceable' it is and that attachment Tek put up reinforced my point. The very fact these Dark Side chaps are known amongst the crypto fraternity mean that they're now on a radar - much like Dread Pirate Roberts was. From that point on the length of time before they're identified (and potentially jailed) is simply down to how much effort the authorities want to put in to catching them.
 

johnny

I'll tells ya!
Staff member
Crypto zealots tend to crow about how 'untraceable' it is and that attachment Tek put up reinforced my point. The very fact these Dark Side chaps are known amongst the crypto fraternity mean that they're now on a radar - much like Dread Pirate Roberts was. From that point on the length of time before they're identified (and potentially jailed) is simply down to how much effort the authorities want to put in to catching them.
Yeah, right, understand the point now and I agree to a large extent. A friend in the US once told me that they can eventually crack most things (we we talking encryption at the time), it's just about what kind of resources they can put behind it. But that's not an argument to suggest that folk will eventually get caught, it's an argument for keeping below the threshold of being worth that level of resources, which are finite and expensive.

Anyone know if the guys who dropped the ransomware on the Colonial Pipeline were paid in Crypto? Did they get paid at all? I didn't follow very closely.
 

Minlak

would blow a manky old hobo for $20
There was a court case where the FBI wanted to get access to an iPhone - They were taking Apple to court to force them to open it. Apple was arguing they would have to build a back door and would put all iPhones at risk. The court case suddenly just went away - Seems the phone went to the Israel secret service and came back unlocked.

And please remember Johnny is a spy! :)
 

moorey

I choo choo chose 29
Bitcoin is highly traceable. There are others that are not
Isn’t a large point of Bitcoin that EVERYTHING about it is 100% traceable, which was so supposed to deter its use for illegal and nefarious purposes?
 

PINT of Stella. mate!

One Scotch & Joke
Bitcoin is highly traceable. There are others that are not
ANY currency is traceable unless you're not spending it - in which case it's useless. For example, The authorities may not have known where Pablo Escobar had stashed every dollar but the existence of his zoo was a bit of a giveaway to his activities.

Also I'm noticing crypto-zealots tend to make a lot of "Oh but that's just Bitcoin, there are other crypto's out there that don't do that" arguments whenever some of the major negatives are raised. I certainly can't attest the veracity of such claims but they do reek of the "Oh, it's clean coal we're burning" BS so beloved of certain Liberal Party Donors,

And while there may really be an all-singing, all-dancing environmentally-friendly crypto currency that is programmed only to be accepted in ethically-sourced financial transactions and donations to UNICEF somewhere out there, the fact is that it's Bitcoin that is making all the headlines and it's Bitcoin that's the only crypto to have been made a legal tender.
(albeit in a developing country with an horrific organised crime problem and where the average wage puts Bitcoin ownership out of reach for most of the population.)

So, to recap we have an unregulated currency that:

Is produced at massive cost to the environment.

Brings nothing really new to the table in terms of convenience for the great majority of people (I can transfer money internationally in seconds already.)

is a victim of its own success as the constant influx of eager new bandwagon-jumping investors further contribute to it's volatility making it inviable for it's intended function as a form of currency.

Seems to be above all mostly beneficial for illegal internet-based activities such as the production and distribution of child pornography* and for the perpetuation of what appears to be a massive pyramid scheme.

*Cash is still king when it comes to the street level trade in drugs and firearms.
 
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