Bitcoin (cryptocurrency)

Blue Mist said:
Cheers for all the replies. I get the general idea but, how do you 'seize' it as per the police story.
I get that it is stored in a digital wallet by a 'banker' and if I say to him pay Ric a thousand bitcoin for my BM subscription, the banker transfers it. But....it is unregulated so the cops can't say to the banker, its seized hand it over surely ?
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This is a good question. Crypto is seen as unregulated but normal legal process applies. If you have a website that can collect money then you are in a similar position to a crypto broker. The police can go along to the boker and with the right paperwork demand that the account is placed in their control (seized). If its online and exhists only digitally (many such websites are run out of third world countries with minimnal legal standing) then I would imaging the police just get hold of the log in details and remove the cash and hold it in real world currency. If they can't get hold of the log in then its safe from the police and can't be seized.
 
Scottyboi said:
Abit like a bank eh.
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But unregulated in any way. When your bank acts up you can complain and go to an ombudsman or even take them to court.

If your Nigerian crypto broker via his Panama business operating on a server/data center on an industrial estate outside of Moscow steals your money what are you going to do?
 
Gaudion M said:
But unregulated in any way. When your bank acts up you can complain and go to an ombudsman or even take them to court.

If your Nigerian crypto broker via his Panama business operating on a server/data center on an industrial estate outside of Moscow steals your money what are you going to do?
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I do know all this, just laughing at your description like it's not exactly what a bank does. You hate crypto and rabbit on and on in here for some weird reason.
 
bugsyblue said:
Bitcoin has the advantage of being the market leader and "first" coin. However, its technology is pretty limited so I'm not sure whether it will survive or not. It's not geared towards mass real world usage.
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Yeah, I agree Bitcoins huge advantage was being the first coin. As an actual coin it’s pretty useless but is able to drive the whole market. Be interesting if some of the newer more useful coins can start to move up without relying on Bitcoin in the future.
 
Craig said:
Yeah, I agree Bitcoins huge advantage was being the first coin. As an actual coin it’s pretty useless but is able to drive the whole market. Be interesting if some of the newer more useful coins can start to move up without relying on Bitcoin in the future.
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Has to happen, Bitcoin is holding all the others back. Can never be mass adopted when everyday use would be people trying to understand what 0.0000387 satoshi is haha.
 
Scottyboi said:
It will be stored on a usb stick which is specifically designed to store your crypto on. Requires your own unique password to access ect.
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Right got it now cheers again to you and the rest who educated me. Your answer also answers something that I thought was just click bait lies. Some guy threw away his USB stick and now wants to search landfill to find it. He alleges it has xxxx of crypto on it I thought it was bull shit but maybe not.
 
Seems Binance are having issues with payment processing. You can still move funds off the exchange, but you can’t send GBP from Binance to your bank account.
 
Blue Mist said:
Right got it now cheers again to you and the rest who educated me. Your answer also answers something that I thought was just click bait lies. Some guy threw away his USB stick and now wants to search landfill to find it. He alleges it has xxxx of crypto on it I thought it was bull shit but maybe not.
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That Bloke in Wales somewhere? There is a hedge fund that have offered to pay the costs involved to search for this hard drive. It’s seems legit.
 
Blue Mist said:
Right got it now cheers again to you and the rest who educated me. Your answer also answers something that I thought was just click bait lies. Some guy threw away his USB stick and now wants to search landfill to find it. He alleges it has xxxx of crypto on it I thought it was bull shit but maybe not.
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Haha it was true alright the poor fucker. If you was a clever criminal you would bury your wallet do the time come out and dig it up and constantly change it to different currencies like Monero.
 
Wafty Cranker said:
That Bloke in Wales somewhere? There is a hedge fund that have offered to pay the costs involved to search for this hard drive. It’s seems legit.
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Lily Allen was the best when they offered to pay her for a concert in Bitcoin, if she accepted she would be a billionaire now running 5 star refugee camps in Calais.
 
Scottyboi said:
Lily Allen was the best when they offered to pay her for a concert in Bitcoin, if she accepted she would be a billionaire now running 5 star refugee camps in Calais.
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That shows how, if you are not internet savvy you can lose out big style. I am sure it was Sting that announced he was only going to release an LP for download on the net. At the time everyone was doing cd's and said he was stupid, I bet he is glad he didn't listen to them.
 
Scottyboi said:
This was on his hard drive if I remember right, threw out his old pc no chance he finds it now.
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I guess this just illustrates the point that there is nothing behind it. If you lose your bank log in details then you can walk into a bank branch with your ID and after some hassle you will get there in the end. With Crypto there is nothing.
 
Scottyboi said:
Has to happen, Bitcoin is holding all the others back. Can never be mass adopted when everyday use would be people trying to understand what 0.0000387 satoshi is haha.
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Any coins you think have particularly good potential at the moment?
 
metalblue said:
So the worth of Bitcoin is measured in tangible currency which is the very thing it’s supposed to replace? Glad we got that sorted.

Not only that but there are 100s of competing “coins” so it’s not even as if there is a standard coin everyone can get behind. Until volatility is brought under some control these bitcoins have zero chance of being anything but the play thing of speculators and geeks who want to apply real world terms like “mining” and “coin” to a digital token to try and give them some credibility. I tried to get long volatility in this shit a while back but no one wants the other side of that trade at a price that doesn’t put me massively offside to start with.
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You're speaking to me like I was arguing against this point or something. You're absolutely right, what Bitcoin was conceived as has morphed into something it was never supposed to be. Happens with a lot of technology.
 
bugsyblue said:
You're speaking to me like I was arguing against this point or something. You're absolutely right, what Bitcoin was conceived as has morphed into something it was never supposed to be. Happens with a lot of technology.
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Wasn’t particularly aimed at you mate. I hear this a lot, “you don’t understand Bitcoin it’s going to replace fiat currencies…” next breathe, “I made $1000 today from Bitcoin”. The irony is somehow lost.

I agree with your sentiment - it’s a shame really because beneath all the noise and nonsense lurks an interesting concept.
 
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