BitCoin: Should I Sign Up?

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Re: BitCoin: Should I Sign Up?

Post by gnome » Thu Jan 18, 2018 1:17 pm

My stab at it: a "bubble" would mean that speculators are overvaluing the commodity--so in theory, for it not to be a bubble the value increase should be matched by an evident increase in the demand for its usage.

Does that fly?
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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Thu Jan 18, 2018 3:28 pm

gnome wrote:My stab at it: a "bubble" would mean that speculators are overvaluing the commodity--so in theory, for it not to be a bubble the value increase should be matched by an evident increase in the demand for its usage.

Does that fly?
Seems like it should fly but how do you value that usage? How do you even define that usage? If I trade a bitcoin for a commodity that is demand. But the ability to store value is also a commodity. And when SK became a threat to that specific end, the price tumbled. I have little doubt it will rebound but not enough confidence to invest in chasing this bottom.

Here's a fair article on the bubble issue
https://www.cnbc.com/2018/01/16/skeptic ... wrong.html
Gold remains a good example. 15% of newly mined gold goes to work in industry (electronics, primarily). That is the only true utility. The other 85% goes to jewelry and coins as a value store. Nobody is using it to buy groceries. But as a store it is about as solid a store as there is.

That's a long way of me saying I don't fucking know what flies.

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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Thu Jan 18, 2018 3:34 pm

As of right now, 3.55 kilos of gold per Bitcoin.

Based on:
1 BTC = $11995.00
1 Kg of gold = $42,593.28

Aside from fluctuation, there may be some sort of arbitrage if dollars are not used as an intermediate.
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Re: BitCoin: Should I Sign Up?

Post by Mentat » Thu Jan 18, 2018 5:37 pm

Abdul Alhazred wrote:As of right now, 3.55 kilos of gold per Bitcoin.

Based on:
1 BTC = $11995.00
1 Kg of gold = $42,593.28

Aside from fluctuation, there may be some sort of arbitrage if dollars are not used as an intermediate.
You mean 1.3 kilos of gold can buy a bitcoin. That's right, for the low price of 5.4 kilos of gold, you can buy just one bitcoin! Come in now, before the price changes from 2.7 kilos.
It's "pea-can", man.

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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Thu Jan 18, 2018 10:56 pm

One thing like gold is a mining GPU
https://arstechnica.com/tech-policy/201 ... -shortage/
Spoiler:
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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Wed Jan 24, 2018 2:56 pm

Just another data point:

50 Cent Rakes in Millions Thanks to Bitcoin!!
TMZ
50 Cent took a chance on bitcoin years before anyone knew what cryptocurrency even was ... and it's paid off more than 7 million times over.

Rewind to 2014 and 50's album, "Animal Ambition," when the rapper became the first to accept bitcoin -- which was then valued at around $662/bitcoin -- as payment for his work. We're told customers could get a copy of the album for just a fraction of a whole bitcoin.

Our sources say "Animal Ambition" pulled in about 700 bitcoin in sales ... over $400k. We're told the cryptocurrency sat dormant in his account for years.

Fast-forward to today -- when bitcoin's value has fluctuated between $10k and $12k per coin. Turns out 50 is a money genius ... sitting on anywhere between $7 million and $8.5 million.

...
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Re: BitCoin: Should I Sign Up?

Post by Pyrrho » Mon Jan 29, 2018 12:43 am


@thelateempire

a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Thu Feb 01, 2018 3:35 am

Pyrrho wrote:
@thelateempire

a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
I heard eleven dollars.

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Re: BitCoin: Should I Sign Up?

Post by Anaxagoras » Thu Feb 01, 2018 4:25 am

Rob Lister wrote:
Pyrrho wrote:
@thelateempire

a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
I heard eleven dollars.
Considering that it probably took many hours of work (more likely weeks) to set up the scam, I guess the joke's on them. They made less than minimum wage.

https://motherboard.vice.com/en_us/arti ... sage-penis
The Prodeum website, for what it’s worth, is flashy and overall very well done. To throw off the suspicious, if you click a photo of any of Prodeum’s staff, you’re taken to that person’s associated LinkedIn profile. It also appears, as Buzzfeed journalist Ryan Mac noted on Twitter, that the startup was paying people on Fiverr to promote the ICO by writing “Prodeum” on their bodies. Still, it doesn’t seem like all the promotion was enough to make Prodeum’s crowdsale profitable.
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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Mon Feb 12, 2018 1:46 pm

UK ICO, USCourts.gov... Thousands of websites hijacked by hidden crypto-mining code after popular plugin pwned
The Register
Thousands of websites around the world – from the UK's NHS and ICO to the US government's court system – were today secretly mining crypto-coins on netizens' web browsers for miscreants unknown.

The affected sites all use a fairly popular plugin called Browsealoud, made by Brit biz Texthelp, which reads out webpages for blind or partially sighted people.

This technology was compromised in some way – either by hackers or rogue insiders altering Browsealoud's source code – to silently inject Coinhive's Monero miner into every webpage offering Browsealoud.

...
Robbing the blind is a nice little touch that makes sure you know the perps are total scum.
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Re: BitCoin: Should I Sign Up?

Post by Witness » Wed Feb 14, 2018 6:10 pm

"Groundbreaking producer and technological advocate, Gramatik, raised the maximum amount of $2.48 million (7500 ETH) in under 24 hours during his GRMTK token sale in Zurich on November 9th, 2017, as he became the first artist in history to ‘tokenize’ his intellectual property–meaning, he created his own form of cryptocurrency that will represent his IP."
From his Wiki page: https://en.wikipedia.org/wiki/Gramatik

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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Mon Feb 26, 2018 10:05 am

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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Mon Feb 26, 2018 11:24 am

That's pitiful whining. That playing field is perfectly level. But here's a great take-away quote
“Women always question if they’re qualified,” she said. “But look at these clowns around us.”
That's what Hillary said.

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Re: BitCoin: Should I Sign Up?

Post by Pyrrho » Mon Feb 26, 2018 11:38 am



The flash of light you saw in the sky was not a UFO. Swamp gas from a weather balloon was trapped in a thermal pocket and reflected the light from Venus.

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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Mon Feb 26, 2018 1:38 pm

Rob Lister wrote:
That's pitiful whining. That playing field is perfectly level. But here's a great take-away quote
“Women always question if they’re qualified,” she said. “But look at these clowns around us.”
That's what Hillary said.
Must it always be a patriarchal conspiracy, rather than that women are superior?

A much more plausible feminist spin is that women are -- properly -- more cautious investors.

Or if that's not nasty enough to men, that men are gullible ninnies when it comes to dodgy investments like Bitcoin.

:BigGrin3:
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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Wed Feb 28, 2018 1:45 pm

Cryptocurrencies kill people and may kill again, says Bill Gates
The Register

Analysis: Good old Bill. Always thinking of the children. 8)
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Re: BitCoin: Should I Sign Up?

Post by Witness » Thu Mar 01, 2018 2:07 am

South China Morning Post wrote:Man mugged in Taiwan's first bitcoin robbery

Taiwan police have arrested four men over a bitcoin robbery worth NT$5 million (US$170,000) in what they said was the first case of its kind on the island.
[…]
Taiwan police said three men in their early twenties lured a man surnamed Tai to the central city of Taichung, pretending to be interested in buying bitcoins.

After Tai showed proof of his bitcoins on his phone, the scammers assaulted him and his friend, then transferred 18 bitcoins worth NT$5 million from Tai’s account via his phone.

The suspects attempted to pass off the heist as a drunken row by forcing the victim to drink Kaoliang, a strong Taiwanese liquor, Taichung city police said in a statement.

Police arrived at the scene after receiving a call about a dispute and one man was detained. The other two had fled.
http://www.scmp.com/news/china/policies ... in-robbery

The old methods still work, sorta. :mrgreen:

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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Thu Mar 22, 2018 3:40 pm

Bitcoin. Not just for drug dealers and terrorists.

Child pornography links found in Bitcoin's blockchain
Mashable
Some of Bitcoin's most important features — the immutability and the distributed nature of its blockchain — might spell trouble for the cryptocurrency.

A German team of researchers have found some objectionable content within Bitcoin's blockchain, including links to child pornography and, possibly, at least one such image. Since the totality of Bitcoin's blockchain has to be downloaded in order to mine Bitcoin or run a full Bitcoin node — a program that validates transactions on the network — that means anyone who does so is in possession of potentially illegal content.

...
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Re: BitCoin: Should I Sign Up?

Post by gnome » Thu Mar 22, 2018 4:12 pm

Witness wrote:
South China Morning Post wrote:Man mugged in Taiwan's first bitcoin robbery

Taiwan police have arrested four men over a bitcoin robbery worth NT$5 million (US$170,000) in what they said was the first case of its kind on the island.
[…]
Taiwan police said three men in their early twenties lured a man surnamed Tai to the central city of Taichung, pretending to be interested in buying bitcoins.

After Tai showed proof of his bitcoins on his phone, the scammers assaulted him and his friend, then transferred 18 bitcoins worth NT$5 million from Tai’s account via his phone.

The suspects attempted to pass off the heist as a drunken row by forcing the victim to drink Kaoliang, a strong Taiwanese liquor, Taichung city police said in a statement.

Police arrived at the scene after receiving a call about a dispute and one man was detained. The other two had fled.
http://www.scmp.com/news/china/policies ... in-robbery

The old methods still work, sorta. :mrgreen:
Out of curiosity-- I've wondered before about ATM robberies. Often I figure it's just a target of opportunity--someone visiting an ATM probably just got money that the robber can take. How common is someone being forced to operate the ATM to withdraw money (presumably at gunpoint)?
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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Thu Mar 22, 2018 4:15 pm

I have no idea how common, but a data point is the police around here do PSAs about protecting yourself from it.
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