Crypto Currency

Sweet! Post a pic of it sometime and post it here. My Mfg only does Bitcoin and they screwed up my advertising.
 
AC said:
Sweet! Post a pic of it sometime and post it here. My Mfg only does Bitcoin and they screwed up my advertising.
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We were passing through on our way back home from Fredricksburg and I probably won't be back out there anytime soon. If I see one at another station somewhere I'll snap a pic, but it looked something like the one below. It may actually be the same machine. I was shocked to see one coin is worth nearly $50k.

Bitcoin-ATM-ChainBytes-2-way.png
 
That would be Chain Bytes. That’s the Mfg that makes my machines. Bitcoin ATM’s is my side business. The owner is a pain in my ***, but they make good machines.
 
People in power increasing their fight against crypto. Need to continue to build the infrastructure so that it can be used in gray/black market type ways.
 
For Crypto to ever reach the equivalence of formal currencies the transaction costs/time need to come WAAAAAAYYYYYY down. A 10 minutes transaction and the equivalent of an ATM transaction/credit card fee for every transaction makes usage untenable.
 
Not if you store it for it’s long term store of value characteristics. I never, never, never spend my Bitcoin! Too valuable!
 
Seattle Husker said:
For Crypto to ever reach the equivalence of formal currencies the transaction costs/time need to come WAAAAAAYYYYYY down. A 10 minutes transaction and the equivalent of an ATM transaction/credit card fee for every transaction makes usage untenable.
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I can't speak to "crypto" but for bitcoin the layer 2 solutions (eg, lightning network) will be the way to do high transaction volumes at low cost
Other blockchain/cryptocurrency projects may provide fast settlement but this would likely come with a security tradeoff
 
Strike is doing lightning network payments, globally. You can even get paid in Bitcoin on strike.
 
From what I read a Bitcoin payment is currently taking ~10 minutes to reconcile. I'm certain its possible to bring that down but until that transaction is measured in second rather than minutes it's a huge barrier to adoption.
 
AC said:
Strike is doing lightning network payments, globally. You can even get paid in Bitcoin on strike.
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I've seen a couple of interviews with Jack Mallers and what he's doing with Strike sounds amazing - using LN for near-instant payments globally, converted into most local currencies without a need to own underlying BTC
Game changer if he can scale it
 
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Above is how the FBI caught the hackers and got back the Bitcoin from the Colonial Pipeline hack. Exchanges must follow federal KYC ( know your customer) laws and if Bitcoin is involved in a crime, the authorities can always catch perpetrators using an exchange. Crime doesn’t pay in Bitcoin. Every coin is tracked!
 
AC said:
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Above is how the FBI caught the hackers and got back the Bitcoin from the Colonial Pipeline hack. Exchanges must follow federal KYC ( know your customer) laws and if Bitcoin is involved in a crime, the authorities can always catch perpetrators using an exchange. Crime doesn’t pay in Bitcoin. Every coin is tracked!
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These criminals made a mistake by using an exchange as their crypto-wallet. Had they had it deposited to a cryptowallet on a personal harddrive it wouldn't have been retrievable. It's anyone's guess whether the FBI/NSA have a way to track the transaction to single IP Address thus able to raid the location of the harddrive. Still, even with that retrieving the harddrive there is very little chance they recovered any money.
 
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OUBubba said:
AC: Is this article inaccurate? Bitcoin Demand Drives $1.4 Billion Ransomware Industry In The U.S.
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I’m not an IT guy. But I would never send anyone Bitcoin as ransom. If, in Colonial pipeline case, it hits an exchange it can be recovered though. You have to exchange Bitcoin for money or goods your buying so it can be traced back to a perpetrator. KYC laws keep getting stricter. Bitcoin is traceable and cash is not! Much more elicit activity in cash than Bitcoin.
 
Forbes and Bloomberg are notorious for spreading Bitcoin FUD. Fear, unbelief, doubt.
Central Banks are scared of Bitcoin! That means Bitcoin is legitimate. Read up on inflation!
 
AC said:
I’m not an IT guy. But I would never send anyone Bitcoin as ransom. If, in Colonial pipeline case, it hits an exchange it can be recovered though. You have to exchange Bitcoin for money or goods your buying so it can be traced back to a perpetrator. KYC laws keep getting stricter. Bitcoin is traceable and cash is not! Much more elicit activity in cash than Bitcoin.
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The perception is that the emergence of crypto currencies have made moving big $ equivalents anonymously much more easy and this is feeding the ransomware crisis we have. I don't know if that's the reality.
 
Reality is there is $2 trillion per year of illicit activity in USD. Bitcoin is a fraction of that. Bitcoin IS traceable cash is not. So crime with Bitcoin can be caught.
Bitcoin threatens the USD! So Bitcoin FUD makes the news cut on MSNBC, CNBC, and FOX.
 
For those that follow the Crypto Currency market you know it generally follows Bitcoin. When Bitcoin is up, most currencies follow suit, when down they do the same.

What is behind the dip in Bitcoin? Look no further than China cracking down on Bitcoin mining organizations. 76% of Bitcoin mining is being done in China. The Sichuan province just ordered the closing of all Bitcoin mining operations. That involved 26 registered mining operations. This is happening all over China.

Lot's of pressure all around on the intensive Bitcoin mining industry that collectively uses as much power as Argentina.
 
Seattle Husker said:
For those that follow the Crypto Currency market you know it generally follows Bitcoin. When Bitcoin is up, most currencies follow suit, when down they do the same.

What is behind the dip in Bitcoin? Look no further than China cracking down on Bitcoin mining organizations. 76% of Bitcoin mining is being done in China. The Sichuan province just ordered the closing of all Bitcoin mining operations. That involved 26 registered mining operations. This is happening all over China.

Lot's of pressure all around on the intensive Bitcoin mining industry that collectively uses as much power as Argentina.
Click to expand...

Thinking strictly supply and demand, would a cessation of all mining activities world wide increase it's value?
 
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