A Cryptocurrency Test
Thread Rating:
Poll
 | 2 votes (28.57%) | ||
| No votes (0%) | |||
| | 1 vote (14.28%) | ||
| | 1 vote (14.28%) | ||
| No votes (0%) | |||
| No votes (0%) | |||
| | 1 vote (14.28%) | ||
| No votes (0%) | |||
| No votes (0%) | |||
| | 2 votes (28.57%) |
7 members have voted
June 4th, 2017 at 3:29:26 PM
permalink
Do not search online for the answers.
Here are the questions. Let's see how much you know.
1. When you see 0.00000001, what unit of measurement in BTC is this called?
Answer: It's called a Satoshi, named after Satoshi Nakamoto, the creator of Bitcoin. It's also a unit of measurement that's called out often when you buy or sell on a BTC market exchange. You may hear someone say, XYZ is going to reach 8000 SATs or Satoshi today. In this case, it means it will reach the equivalent of 0.00008000 BTCs. 100,000,000 Satoshi equal 1 Bitcoin (BTC).
2. For currencies that allow mining, what is the current progression one uses to actively mine coin with in terms of hardware? And, do you need to be a miner to make money?
Answer: The general progression is CPU, followed by GPU, followed by ASIC. Some currencies can only be mined now with ASIC, otherwise, you end up losing money due to the cost of electricity (unless you live in China). Luckily, you don't need to mine a single currency at all because trading is much easier to work with these days. The number two currency in terms of market volume, Ethereum, does not allow ASIC mining and is ASIC resistant.
3. Will the U.S. government jump into the cryptocurrency market? If so, what would the currency be called? And, why?
Answer: The answer is yes. Research is already being done on a centralized cryptocurrency "currently nicknamed FEDCoin". The main reasons for FEDCoin popularity is that it allows the IRS to track transaction movements, allows the Banking industry to better handle transaction processing as well as international exchange rates, and it replaces the dollar, which has declined every year since the FED opened in 1913.
NASDAQ Article
4. When you see the names Coinbase, Poloniex, Bitrex, what are these commonly referred as?
Answer: Cyrptocurrency Exchanges and temporary wallets. While most people use Coinbase to begin purchasing, a lot of people actively trade on Poloniex and Bitrex. However, if you plan to sit on crypto coins for a long time, it is much safer to move them into cold storage wallets. My favorite wallet of all right now is Exodus, however, I store coins in other wallets like Stratis, DigiByte, Ledger Nano, etc. The only time I keep currency on a trading exchange like Poloniex is if I'm actively buying/selling.
5. If you had a choice to use only two of the following exchange services, Shapeshift or Changelly, which would you choose?
Answer: Shapeshift. If you chose Changelly, you are probably still waiting for your coin to be exchanged right now. Even if it did miraculously get exchanged, all of the money may never show up.
6. Three cryptocurrencies listed in the top 20 of market cap jumped over 50% in price during at least one 24-hour timeframe this weekend? What were they?
Answer: DigiByte (DGB), Stratis (STRAT) and Siacoin (SC). I had more than 100,000 coins in both DGB and SC. I have more than 500 coins in STRAT.
7. If you are brand new to crypto and actively buying/selling on Poloniex or another exchange, why are you automatically at a disadvantage? And, how can you overcome it?
Answer: Fees. Unless you actively have a ton of Bitcoin in your possession and you have been trading for awhile, the fees may go from 0.15 to 0.25 per buy/sell. The best way to handle that is to use an average plus (0.21) fee and account for that into your buys/sells when placing open orders. You may have to wait a bit in order to get the price you want for a particular coin, but luckily you can place many open orders and they are in place until cancelled. The only gotcha? You need to pay close attention to the price of the currency market you are active in. If you are in a BTC market, make sure BTC is stable while orders are open. Otherwise, you may lose money.
8. What is happening on June 9th?
Answer: DigiByte (DGB) is actively presenting to CITI after being selected as a finalist in it's Tech challenge. They were selected out of 1,200 companies to present to Microsoft, Facebook, Intel, and a lot of other companies. It is primarily why there is a lot of hype surrounding the currency.
9. Why is Ethereum so popular?
Answer: Ethereum is the heavy favorite in blockchain solutions for Enterprise architecture. The EEA (Enterprise Ethereum Alliance) connects and advises Fortune 500 companies such as Microsoft, Intel, J.P. Morgan, ING, UBS, and more. After its break with unscrupulous investors (which grouped and formed Ethereum Classic), Ethereum has grown substantially in terms of market value. Enterprise companies trust the development of the blockchain.
10. If you bought $4,800 of Bitcoin (the equivalent of 10 coins) in April of 2016 and sold it in April of this year, then moved all of that into Ethereum, how much USD conversion would you currently have today? (basically just over a 1-year time frame)
Answer: More than $70,000. And, if you aren't investing in cryptocurrency, you should ask yourself why not?
Here are the questions. Let's see how much you know.
1. When you see 0.00000001, what unit of measurement in BTC is this called?
Answer: It's called a Satoshi, named after Satoshi Nakamoto, the creator of Bitcoin. It's also a unit of measurement that's called out often when you buy or sell on a BTC market exchange. You may hear someone say, XYZ is going to reach 8000 SATs or Satoshi today. In this case, it means it will reach the equivalent of 0.00008000 BTCs. 100,000,000 Satoshi equal 1 Bitcoin (BTC).
2. For currencies that allow mining, what is the current progression one uses to actively mine coin with in terms of hardware? And, do you need to be a miner to make money?
Answer: The general progression is CPU, followed by GPU, followed by ASIC. Some currencies can only be mined now with ASIC, otherwise, you end up losing money due to the cost of electricity (unless you live in China). Luckily, you don't need to mine a single currency at all because trading is much easier to work with these days. The number two currency in terms of market volume, Ethereum, does not allow ASIC mining and is ASIC resistant.
3. Will the U.S. government jump into the cryptocurrency market? If so, what would the currency be called? And, why?
Answer: The answer is yes. Research is already being done on a centralized cryptocurrency "currently nicknamed FEDCoin". The main reasons for FEDCoin popularity is that it allows the IRS to track transaction movements, allows the Banking industry to better handle transaction processing as well as international exchange rates, and it replaces the dollar, which has declined every year since the FED opened in 1913.
NASDAQ Article
4. When you see the names Coinbase, Poloniex, Bitrex, what are these commonly referred as?
Answer: Cyrptocurrency Exchanges and temporary wallets. While most people use Coinbase to begin purchasing, a lot of people actively trade on Poloniex and Bitrex. However, if you plan to sit on crypto coins for a long time, it is much safer to move them into cold storage wallets. My favorite wallet of all right now is Exodus, however, I store coins in other wallets like Stratis, DigiByte, Ledger Nano, etc. The only time I keep currency on a trading exchange like Poloniex is if I'm actively buying/selling.
5. If you had a choice to use only two of the following exchange services, Shapeshift or Changelly, which would you choose?
Answer: Shapeshift. If you chose Changelly, you are probably still waiting for your coin to be exchanged right now. Even if it did miraculously get exchanged, all of the money may never show up.
6. Three cryptocurrencies listed in the top 20 of market cap jumped over 50% in price during at least one 24-hour timeframe this weekend? What were they?
Answer: DigiByte (DGB), Stratis (STRAT) and Siacoin (SC). I had more than 100,000 coins in both DGB and SC. I have more than 500 coins in STRAT.
7. If you are brand new to crypto and actively buying/selling on Poloniex or another exchange, why are you automatically at a disadvantage? And, how can you overcome it?
Answer: Fees. Unless you actively have a ton of Bitcoin in your possession and you have been trading for awhile, the fees may go from 0.15 to 0.25 per buy/sell. The best way to handle that is to use an average plus (0.21) fee and account for that into your buys/sells when placing open orders. You may have to wait a bit in order to get the price you want for a particular coin, but luckily you can place many open orders and they are in place until cancelled. The only gotcha? You need to pay close attention to the price of the currency market you are active in. If you are in a BTC market, make sure BTC is stable while orders are open. Otherwise, you may lose money.
8. What is happening on June 9th?
Answer: DigiByte (DGB) is actively presenting to CITI after being selected as a finalist in it's Tech challenge. They were selected out of 1,200 companies to present to Microsoft, Facebook, Intel, and a lot of other companies. It is primarily why there is a lot of hype surrounding the currency.
9. Why is Ethereum so popular?
Answer: Ethereum is the heavy favorite in blockchain solutions for Enterprise architecture. The EEA (Enterprise Ethereum Alliance) connects and advises Fortune 500 companies such as Microsoft, Intel, J.P. Morgan, ING, UBS, and more. After its break with unscrupulous investors (which grouped and formed Ethereum Classic), Ethereum has grown substantially in terms of market value. Enterprise companies trust the development of the blockchain.
10. If you bought $4,800 of Bitcoin (the equivalent of 10 coins) in April of 2016 and sold it in April of this year, then moved all of that into Ethereum, how much USD conversion would you currently have today? (basically just over a 1-year time frame)
Answer: More than $70,000. And, if you aren't investing in cryptocurrency, you should ask yourself why not?
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 6th, 2017 at 3:34:03 PM
permalink
If you are interested in a high riser portfolio by the way, here's my recommended allocation for the next 3-months:
54.27% - Ethereum
18.63% - Stratis
15.68% - Golem
11.42% - DigiByte
That will keep you within an avg top 10 rank for market cap and will provide you the strongest risers in the short to mid-term.
54.27% - Ethereum
18.63% - Stratis
15.68% - Golem
11.42% - DigiByte
That will keep you within an avg top 10 rank for market cap and will provide you the strongest risers in the short to mid-term.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 6th, 2017 at 4:38:26 PM
permalink
Cool. I knew all but ten answers.
I invented a few casino games. Info:
http://www.DaveMillerGaming.com/
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
June 10th, 2017 at 9:24:12 AM
permalink
Ethereum has gone from $170 over 17 days ago to finally topping $300 as of today.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 10th, 2017 at 3:23:35 PM
permalink
Quote: JoelDezeEthereum has gone from $170 over 17 days ago to finally topping $300 as of today.
All these crypto-currencies have fad written all over them. The great pop is coming.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
June 10th, 2017 at 7:24:19 PM
permalink
Quote: WizardAll these crypto-currencies have fad written all over them. The great pop is coming.
While I greatly respect your knowledge with the IRS and with math/probability, I have been working with programming and technology (software/hardware) for more than 28 years.
Most people can't wrap their heads around a decentralized cashless system such as cryptocurrency but it works very well. Transactions are confirmed and don't require centralized servers or middlemen to be completed.
The advances of Ethereum based contracts bridges a huge gap in enterprise software development.
Putin is already moving Russia's economy towards implementing Ethereum. When meeting with Buterin, he said he envisions Ethereum to process many different types of transactions. This includes bets, option deals, insurance contracts, the government registration of property rights and copyright -- pretty much any kind of deal that requires validation or that can be automatically executed when certain conditions become right.
It's one of the reasons for this latest push.
Blockchain development is going to increase and any fork or application that uses Ethereum based contracts will just cause the value to increase.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 10th, 2017 at 7:35:36 PM
permalink
Looks like people are already asking the question I was about to ask.
For instance:
https://www.cryptocoinsnews.com/quantum-computers-will-destroy-bitcoin-scientists-warn/
Thoughts on this.
For instance:
https://www.cryptocoinsnews.com/quantum-computers-will-destroy-bitcoin-scientists-warn/
Thoughts on this.
Sanitized for Your Protection
June 10th, 2017 at 8:15:35 PM
permalink
Quote: rxwineLooks like people are already asking the question I was about to ask.
For instance:
https://www.cryptocoinsnews.com/quantum-computers-will-destroy-bitcoin-scientists-warn/
Thoughts on this.
I said to a few Bitcoin advocates that hardware advancement, specifically quantum computing, was a risk over a year ago. They just rolled their eyes.
The bigger risk with Bitcoin and similar equivalents is limiting the ability to expand and contact the money supply.
All this is little more than revisiting the gold standard vs fiat currently debate. The only real difference is that BC is infinitely divisible but I don't think that's meaningful enough to make a difference.
June 11th, 2017 at 5:50:39 AM
permalink
Quote: prozemaI said to a few Bitcoin advocates that hardware advancement, specifically quantum computing, was a risk over a year ago. They just rolled their eyes.
The bigger risk with Bitcoin and similar equivalents is limiting the ability to expand and contact the money supply.
All this is little more than revisiting the gold standard vs fiat currently debate. The only real difference is that BC is infinitely divisible but I don't think that's meaningful enough to make a difference.
This will not make a bit of difference. Developers are already changing cryptography standards so that bitcoin and other currencies will phase in quantum-proof technologies.
I personally do not care about bitcoin, nor do I invest in it, but I do give it the respect it has earned.
As for your bigger risk argument, that's fairly inaccurate. I'll use what I know about Ethereum (as that is what I trade in) as a basis for rebuttal. Ethereum has what is called an ERC 20 standard. Any application that is created with this standard can interact with the token. See this link for more information. What is the money supply? Generally, the total amount of money in circulation or in existence in a country. So, how does one handle the issue you briefly touched on?
In terms of Government centralized currency, like FEDCoin, the U.S. will issue E-Currency and "force" Americans to use it. Just do some research on "Doug Casey", who is a highly respected currency guru to understand more about the research. Basically, the Fed would premine all of the currency that they want to use on the blockchain. Then, the Fed would just exchange the fedcoin for a dollar each.
If you just think about transactional tracking and money conversion rates you would already know why cryptocurrency is faster and more reliable than banking today. Keep in mind that it would literally take the U.S. 30 years of non-stop money minting to represent the amount of monetary debt we currently have in the country. And, the U.S. may not be the first country to implement cryptocurrency. I believe that Russia and China will be first. The U.K. may beat the U.S. into the market as well.
This is not a restrictive paradigm. It will go beyond the box. The bigger question is how will centralized cryptocurrency work alongside decentralized cryptocurrency.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 11th, 2017 at 6:53:20 AM
permalink
Quote: JoelDezeWhile I greatly respect your knowledge with the IRS and with math/probability, I have been working with programming and technology (software/hardware) for more than 28 years. ...
Yes, I admit I'm just a common schmoe when it comes to this topic with no special knowledge. I'd definitely take whatever I say on it with more than a pinch of salt.
As a math wonk, I fully appreciate the mathematical beauty of cryptocurrency and think that the way it works is brilliant. What bothers me is that there is nothing behind it. It is based on nothing. Not even a tulip or a Beanie Baby.
If Russia were to base Ethereum on the rubble I would respect it much more. The day a country or even a large business backs a cryptocurrency I'll say that will be the one to rise above the rest.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
June 11th, 2017 at 6:55:09 AM
permalink
With bitcoin each transaction has a fee associated with it, and how much the fee is is largely left up to the sender. Miners then sort the pending transactions according to their fees, selecting only those with the highest fees to be "approved". Transactions with a fee which is too low will be left in limbo for days. This is ridiculously impractical for real-world everyday transactions.
Imagine going to your local convenience store to buy a coffee for $1 only to be told that you must pay a fee (how much is up to you) before you are allowed to transfer that $1 from your wallet to theirs, and if the fee you selected doesn't meet some secret criteria, then you'll just have to wait and wait and wait... that's how bitcoin works.
Imagine going to your local convenience store to buy a coffee for $1 only to be told that you must pay a fee (how much is up to you) before you are allowed to transfer that $1 from your wallet to theirs, and if the fee you selected doesn't meet some secret criteria, then you'll just have to wait and wait and wait... that's how bitcoin works.
June 11th, 2017 at 6:59:04 AM
permalink
Quote: JBWith bitcoin each transaction has a fee associated with it, and how much the fee is is largely left up to the sender. Miners then sort the pending transactions according to their fees, selecting only those with the highest fees to be "approved". Transactions with a fee which is too low will be left in limbo for days. This is ridiculously impractical for real-world everyday transactions.
Imagine going to your local convenience store to buy a coffee for $1 only to be told that you must pay a fee (how much is up to you) before you are allowed to transfer that $1 from your wallet to theirs, and if the fee you selected doesn't meet some secret criteria, then you'll just have to wait and wait and wait... that's how bitcoin works.
I have no problem with that element of Bitcoin. The market determines a reasonable fee. If someone offers too low of a fee he will probably learn something and be more generous next time.
Likewise, the barter method would not be efficient at a convenience store but works pretty well at yard sales and buying a house.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
June 11th, 2017 at 8:09:23 AM
permalink
Quote: JBWith bitcoin each transaction has a fee associated with it, and how much the fee is is largely left up to the sender. This is ridiculously impractical for real-world everyday transactions.
How much is a foreign exchange fee? How much is the fee for using your card in an ATM? What does PayPal or Western Union charge in fees? What's the fee for a cash advance?
You are discussing decentralized currency. This isnt a fiat currency.
What you should research is inflation.
For example, the Fed attempts to manage inflation through open market operations, discount rates and the reserve. This has never worked to reduce inflation in the long term. It is not precise and highly volatile.
The Fed's policy on fractional reserves only requires banks and lenders to maintain less than 10% of its reserves. So, 90% of the money is made up out of thin air. Everything is backed by digital IOUs.
Any cryptocurrency that is backed by a government can be deflationary until all of its coins are minted.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 11th, 2017 at 9:25:07 AM
permalink
Quote: JoelDezeHow much is a foreign exchange fee? How much is the fee for using your card in an ATM? What does PayPal or Western Union charge in fees? What's the fee for a cash advance?
These fees are all specified up-front, crystal-clear, before you do the transaction. It isn't up to the person withdrawing or exchanging money to guess the fee, and if they guess wrong, all of the money they are trying to transfer gets tied up for days.
June 11th, 2017 at 9:51:35 AM
permalink
Quote: JBThese fees are all specified up-front, crystal-clear, before you do the transaction. It isn't up to the person withdrawing or exchanging money to guess the fee, and if they guess wrong, all of the money they are trying to transfer gets tied up for days.
This is why I think Bitcoin will die. It will only be good for transactions over $100, where a $1 fee is acceptable, and even good. But, for how long will $1 buy a fast transaction?
I heart Crystal Math.
June 11th, 2017 at 10:47:54 AM
permalink
Currency needs to be 1. A store of value, 2. A unit of measure, and 3. A medium of exchange.
Wild changes in value whether inflationary or deflationary hurt 1 & 2.... Take the dollar, euro, and Yuan for example. Relative to one another they are mostly stable when compared to Bitcoin. Bitcoin on the other hand has seen as much inflation as the Bolivar has seen deflation. Neither is a good thing for a currency unless you are speculating with long or short positions.
I don't know how to validate this assumption, but it sure seems like there are a lot of people buying them to speculate on their future value and not as a medium to exchange goods and services. That's the definition of a bubble. That's a risk to #3.
I don't know if crypto currency is viable in the long run or not... I'm just saying there are challenges it needs to overcome and those challenges are no different than what an other currency faces.
Wild changes in value whether inflationary or deflationary hurt 1 & 2.... Take the dollar, euro, and Yuan for example. Relative to one another they are mostly stable when compared to Bitcoin. Bitcoin on the other hand has seen as much inflation as the Bolivar has seen deflation. Neither is a good thing for a currency unless you are speculating with long or short positions.
I don't know how to validate this assumption, but it sure seems like there are a lot of people buying them to speculate on their future value and not as a medium to exchange goods and services. That's the definition of a bubble. That's a risk to #3.
I don't know if crypto currency is viable in the long run or not... I'm just saying there are challenges it needs to overcome and those challenges are no different than what an other currency faces.
June 11th, 2017 at 12:28:01 PM
permalink
Quote: prozemaI don't know if crypto currency is viable in the long run or not... I'm just saying there are challenges it needs to overcome and those challenges are no different than what an other currency faces.
Anything other than a suitable trial period among big enough entities would be unacceptable in my opinion.
All the best arguments in the world wouldn't be enough alone for any change on a massive scale.
And I'm not sure what would be a suitable trial period, but some nation states would probably be big enough at least.
Sanitized for Your Protection
June 12th, 2017 at 2:57:26 AM
permalink
People are focusing too much on Bitcoin. As I said in the past, my focus is on Ethereum, which has a lot more advantages in the Enterprise world.
In one week it has gone from $246 to $397 and it's market cap is now over $36 billion and climbing. Its market cap is closing on Bitcoins.
I explained why Ethereum is on the rise. Anyone that heard what I said and researched it, hopefully jumped in.
In one week it has gone from $246 to $397 and it's market cap is now over $36 billion and climbing. Its market cap is closing on Bitcoins.
I explained why Ethereum is on the rise. Anyone that heard what I said and researched it, hopefully jumped in.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 12th, 2017 at 6:04:51 AM
permalink
The biggest problem with cryptocurrencies is that there can be an unlimited number of them.
June 12th, 2017 at 6:37:41 AM
permalink
Quote: SkepticThe biggest problem with cryptocurrencies is that there can be an unlimited number of them.
Maybe it's simpler not to call them cryptocurrencies but instead call them blockchain technologies. Not all "cryptocurrencies" are designed to be currencies. I've already touched on Ethereum but it is not a true cryptocurrency like bitcoin. Do the research and you'll understand why.
GOLEM (GNT)
Designed to pool and resource computing power to create a global super computer. The people that utilize its blockchain can save on up to 10% of what it would normally cost to do high end computations. This is a huge benefit for research startups or any type of company that needs to focus on computational analytics.
Do you consider any of the publicly listed companies on NASDAQ as just "stocks"? Oh no, there can be an unlimited number of stocks! Each company listed has their own niche. Blockchain developers also have their own niche and many of them are unique in what they do and what they are trying to accomplish.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 13th, 2017 at 7:39:14 AM
permalink
Ethereums founder, Vitalik Buterin, recently met with Putin during the St. Petersburg International Economic Forum, a signal that the country may be interested in using digital currency to move its economy beyond gas and oil. The digital economy isnt a separate industry, its essentially the foundation for creating brand-new business models, Putin said at the forum. (Russian entities, like the state development bank VEB, have agreed to use Ethereum to help implement blockchain technology in the country). As investors look for a place to put their assets amid mounting geopolitical instability, some are turning to cryptocurrency. Singapores government has released a report saying it has carried out a test using ethereum blockchain technology to create a national digital currency. Regulators in Japan are issuing new rules that make cryptocurrencies like Ethereum a valid form of payment. And companies such as Toyota and Microsoft, which are members of an organization called the Enterprise Ethereum Alliance, are throwing their weight behind the cryptocurrency, too.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 13th, 2017 at 9:56:08 AM
permalink
Quote: Wizard...As a math wonk, I fully appreciate the mathematical beauty of cryptocurrency and think that the way it works is brilliant. What bothers me is that there is nothing behind it. It is based on nothing. Not even a tulip or a Beanie Baby. ...
I thought this until a few months ago, but there is value in a signal, and/or scorekeeping system, that isn't government controlled. It feels very weird, but I'm thinking that may be enough. In much of the world the government and institutions are even less trusted than they are here, so bootstrapping bitcoin into widespread usage may be even easier there.
June 13th, 2017 at 2:06:18 PM
permalink
Quote: JoelDezeAnd companies such as Toyota and Microsoft, which are members of an organization called the Enterprise Ethereum Alliance, are throwing their weight behind the cryptocurrency, too.
Why doesn't Microsoft make their own? I said before that day that a strong country or even company backs a Cryptocurrency it will rise above all the rest and gain mainstream acceptance. Microsoft would be perfect.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
June 13th, 2017 at 6:00:17 PM
permalink
They do take BC.Quote: WizardWhy doesn't Microsoft make their own? I said before that day that a strong country or even company backs a Cryptocurrency it will rise above all the rest and gain mainstream acceptance. Microsoft would be perfect.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
June 14th, 2017 at 3:41:47 AM
permalink
Quote: WizardWhy doesn't Microsoft make their own? I said before that day that a strong country or even company backs a Cryptocurrency it will rise above all the rest and gain mainstream acceptance. Microsoft would be perfect.
This will probably help answer part of the question.
Microsoft Announcement
Ethereum is the only smart contract blockchain with a live working environment. The backing and development is already there.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 14th, 2017 at 6:12:18 AM
permalink
Quote: JoelDezeThis will probably help answer part of the question.
Microsoft Announcement
Ethereum is the only smart contract blockchain with a live working environment. The backing and development is already there.
The important thing to note is that Microsoft, Toyota, and other corporations are very interested in the use blockchains, not cryptocurrencies. The blockchain technology is a key component of all cryptocurrencies but it has other very important uses as well.
My goal of being well informed conflicts with my goal of remaining sane.
June 14th, 2017 at 6:23:26 AM
permalink
Quote: JoelDezeThis will probably help answer part of the question.
Microsoft Announcement
Ethereum is the only smart contract blockchain with a live working environment. The backing and development is already there.
Thanks. I would be more encouraged if that announcement said Microsoft would accept Ethereum as a method of payment but that they mention for other purposes is a good sign. I still have yet to see anything you can actually buy with Ethereum.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
June 14th, 2017 at 6:25:56 AM
permalink
Quote: WizardWhy doesn't Microsoft make their own? I said before that day that a strong country or even company backs a Cryptocurrency it will rise above all the rest and gain mainstream acceptance. Microsoft would be perfect.
The main motivations for using a cryptocurrency are (a) that it is anonymous and (b) no organization controls it. It's underlying algorithm uses a distributed consensus-based approach to process transactions. Having Microsoft, Russia, or any other big player as the primary backer would violate (b) and probably result in a lot of the early adopters steering clear. On the other hand, it may not be as big a concern as far as mainstream acceptance goes.
Also, since I brought up the "distributed consensus-based approach to process transactions", one problem with cryptocurrencies that I haven't seen mentioned yet is that this approach to transaction processing introduces serious latency and scalability issues. Scaling up to use as a general payment solution that can replace credit cards is a major challenge.
My goal of being well informed conflicts with my goal of remaining sane.
June 14th, 2017 at 6:29:28 AM
permalink
How is it anonymous though? The whole point of the blockchain is that every single transaction is logged and it doesn't take much to trace the flow of funds from one wallet to the next. How do you expect to cash out your bitcoin anonymously? How can you purchase something with bitcoin through any reputable store anonymously?
June 14th, 2017 at 6:47:37 AM
permalink
Quote: SkepticHow is it anonymous though? The whole point of the blockchain is that every single transaction is logged and it doesn't take much to trace the flow of funds from one wallet to the next. How do you expect to cash out your bitcoin anonymously? How can you purchase something with bitcoin through any reputable store anonymously?
There's no personal info attached to a bitcoin wallet. So while the transaction technically isn't anonymous, the sending and receiving wallets are.
June 14th, 2017 at 6:51:57 AM
permalink
But it's trivial to track those transactions from wallet to wallet and then almost as trivial to identify the owner of a wallet when they cash out or buy something online. The anonymity of cryptocurrencies is a myth.
June 14th, 2017 at 7:32:47 AM
permalink
Quote: SkepticBut it's trivial to track those transactions from wallet to wallet and then almost as trivial to identify the owner of a wallet when they cash out or buy something online. The anonymity of cryptocurrencies is a myth.
I guess it depends on the meaning of "trivial" but I would agree with you there are weak points that can be used to attack the anonymous protections. In general a buyer or seller does not need to know who they are dealing with to process a transaction. On the other hand, if I use a cryptocurrency to buy something on-line that is material (e.g., a new laptop) the seller needs a delivery address so that's one way a law enforcement agency could track. Aside from that, I think a good answer comes from cryptocurrencyfacts.com :
Quote:cryptocurrency is pseudonymous. Due to the open source and public nature of transaction blockchain ledgers, there are little bits of public data that can be used to backwards engineer someones identity (in theory). For most of us, the answer then would be, its pretty darn close to anonymous.
My goal of being well informed conflicts with my goal of remaining sane.
June 14th, 2017 at 7:39:17 AM
permalink
If you buy or sell coin through an exchange then you're not anonymous either. The only way to stay anonymous is to mine coins yourself and only trade with other individuals who also have an interest in remaining anonymous. There aren't many legitimate reasons for that.
"It's pretty darn close to anonymous" means that it's purely psychological. Pre-paid debit cards are more anonymous.
"It's pretty darn close to anonymous" means that it's purely psychological. Pre-paid debit cards are more anonymous.
June 14th, 2017 at 1:31:34 PM
permalink
There are coins that are completely anonymous.
This will answer that question as well:
Anonymous Cryptocurrency
This will answer that question as well:
Anonymous Cryptocurrency
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 14th, 2017 at 2:54:39 PM
permalink
Be sure to read the comments to that article. A couple are outright scams, others are closed source so all we can do is take the programmers word for it. One thing that article does reinforce is that there are an unlimited number of cryptocurrencies available and plenty of shady characters behind them all.
June 14th, 2017 at 4:08:38 PM
permalink
Quote: SkepticBe sure to read the comments to that article. A couple are outright scams, others are closed source so all we can do is take the programmers word for it. One thing that article does reinforce is that there are an unlimited number of cryptocurrencies available and plenty of shady characters behind them all.
There are a lot of cryptocurrencies that are scams. Always research who endorses them and which communities surround them. I always pay attention to the market cap for a cryptocurrency. ZCash has more than half a billion in market cap and a large community. It's not a scam.
Personally, I'm only interested in Ethereum and Golem. Eth has more than 30 billion in market cap and Golem has almost half a billion.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 14th, 2017 at 6:49:15 PM
permalink
A new quantum resistant crypto is up 70% since yesterday now. It's called the QRL (Quantum Resistant Ledger).
The QRL
The strange thing is the founder and one of the core developers are both gastroenterologists. I thought it was funny until I read their white paper.
The QRL
The strange thing is the founder and one of the core developers are both gastroenterologists. I thought it was funny until I read their white paper.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 17th, 2017 at 4:34:33 PM
permalink
Wasn't the greatest week for me this week but I did make 36.23% return for the week on Eth and Golem. Now I have to hope for them to fall. I have a feeling there may be a slight bull rush on ETH coming up over the next day.
*hoping for a minor crash*
Bitstamp may list them next week which will push the price. Wish me luck.
*hoping for a minor crash*
Bitstamp may list them next week which will push the price. Wish me luck.
Its a dog eat dog world out there and Im wearing milkbone underwear . Norm Peterson
June 26th, 2017 at 2:47:34 PM
permalink
Quote: JoelDezeThere are coins that are completely anonymous.
This will answer that question as well:
Anonymous Cryptocurrency
What I still don't get is how you can sell/convert your crypto coins for genuine USD, Euros, Yen or whatever, yet still maintain anonymity. Interested parties may not know how you came by your c-coins but they are going to know you have been active in the markets.
My goal of being well informed conflicts with my goal of remaining sane.
