Cryptocurrency
- Thread starter Playboi Carti
- Start date
Was it "Buddy Holly?" We must have bought the same computer!
Didn't Apple put some U2 song on all new phones a while back?
Edit: Apparently they added a U2 album to every single iTunes account in 2014. https://fortune.com/2022/10/24/tim-cook-said-free-u2-album-itunes-was-not-right/
I hope @JustAnotherTimeline listened to it before deleting it!
It won't be long and ya'll will own a little worthless bitcoin in your Target funds.
www.wsj.com
Bitcoin Bonanza on Tap if BlackRock ETF Is Approved
Grayscale owners could see a double benefit, and Coinbase would get a shot in the arm.
www.wsj.com
No, crypto, Bitcoin in particular, is the next gen of money, my opinion. No one can block BTC coins on my wallet. Even Satoshi. Compare with the way governments block credit cards of its citizens. There was the case when some crypto whale transferred like 500m dollars in BTC. He paid less than a dollar fee. Imagine how much it would have cost him via a banking system.
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So...it's good for the wealthy? That's why it'll take hold in everyday banking?
This is why I'm not going to trust this.
Once stolen, there's no way to track it and get it back. That banking system that costs so much money would probably be handy to those that lost their money.
Maybe crypto can come up with some public ledger to record every transaction and make it easier for anyone to track. They could call it the blockchain.
And how does that help a person get their money back? Like I know there's treasure at the bottom of the ocean too, but if I can't get to it, does it matter?
For all the talk about "trustless transactions" it seems like you better be pretty sure you know who you're dealing with because once you transfer the money you are never getting it back.
So you skipped where I responded to "Once stolen, there's no way to track it" and jumped to "get it back". Ok yeah that makes sense for this thread.
The getting it back is just like tradfi. Depends on the system. There are plenty of scams that run in tradfi where you do and don't get money back. Crypto has exchanges and payment systems they might step in and help just like tradfi. In both cases the gov might help. Our gov recovers crypto all the time because it is so well tracked. A true 1 for 1 if you are going purely crypto would be paper money. You aren't getting paper money or crypto back.
I was led to believe that the beauty in crypto was the lack of involvement of government.
You were lead to believe there is no way to track it. So I'm not sure where you are getting your info.
So then if this is easily tracked then they'll just reverse the transaction like banking systems do?
So again ignore you being wrong on tracking. But tell me more about crypto.
What get reversed in tradfi? Let's hear the specific cases.
You are trying to apples and oranges this. If someone sends someone else crypto I'd say the closest banking system comparison would be a wire. Or being fair cash money.
I know you think your cheeky "blockchain durhur" response was what we were looking for, but tracking is irrelevant if there is no way to get the money back. That's why I brought up sunken treasure. You might know exactly where it is, but without the means to retrieve it who cares? It doesn't do you any good just to know where it is.
I'm guessing next you're going to talk about escrow and smart contracts, but based on our existing legal system contracts are debated and contested all the time. So best case you're in court again just like you would be today, except even if the court finds in your favor there is no mechanism for your coins to be reclaimed from someone else's wallet.
No I don't think there is anything I'll say that will change the mind of anyone who is posting here. They are either pro or anti cypto. I'm just pointing out for those reading who might not have an opinion that saying there is no tracking is very wrong. If they are reading articles like the one linked to those same hackers also have done supply chain hacks and scraped card and baking info off e-commerce websites and used the tradfi system to make money.
Let's talk about tradfi. How do I get my cash back once I give it to someone? Or how do I get my wire transfer back? What's the mechanism for getting a wire transfer back?
I might be wrong but it seems like some are missing each other’s context.
Blockchain creates a perfect traceability of each crypto transaction and holding. You can use it to see accounts that have hundreds or thousands of BTC or ETH, for example.
The pro and the con is that traceability ends with a unique ID without a way to say it belongs to X person. That is the benefit and the limitation of the whole premise.
So yes there is a way to track transactions, but that doesn’t mean you can easily identify the parties involved. Only once you know a persons unique numbers (keys) can you back trace to somebody you would also need to know the owner of.
Blockchain creates a perfect traceability of each crypto transaction and holding. You can use it to see accounts that have hundreds or thousands of BTC or ETH, for example.
The pro and the con is that traceability ends with a unique ID without a way to say it belongs to X person. That is the benefit and the limitation of the whole premise.
So yes there is a way to track transactions, but that doesn’t mean you can easily identify the parties involved. Only once you know a persons unique numbers (keys) can you back trace to somebody you would also need to know the owner of.
Cash is probably the best comparison. Once the cash is out, honestly it's probably gone unless you want to contact the police which is probably much too big of an issue.
This is why I pay for everything with credit cards, which have a lot of fraud protections. Wires are generally only for extremely large transactions, I've never used one in my personal life. In the company I work for I work with wires but I can't imagine why I'd personally need one.
That's true. In practice for those actually using crypto it's hard to stay anonymous. Really it would be hard to even just do 1 transaction to fund a wallet because that 1 transaction could leak who you are. And because blockchain is public you only need 1 transaction to unwind it all with perfect traceability.
There are mixing services and ways to try to obfuscate things. But people always get figured out.
Exactly. Most consumers are using credit cards or PayPal or some third party to provide protection. And crypto works with those also.
