American Express,Bank of America using blockchain ripple net
Trading in flat and crypto currency
Anyone know much about 'ripple'?...MM
Printable View
American Express,Bank of America using blockchain ripple net
Trading in flat and crypto currency
Anyone know much about 'ripple'?...MM
Quote:
Since when have the banks ever worried for a single second about their clients making a loss on a purchase?
When it appears the Banks may end up wearing the loss. :D
Despite one thinking that Banks never lose - they do, and more frequently than one would imagine. It's just that they make the rest of us mugs pay for their losses and bad judgement.
Remember the old saying? "You owe the banks $1M, and can't pay them - you've got a problem. You owe the banks $100M, and can't pay them - they've got a problem".
Well, practically everybody in the plutocrat stratum does. Not credit cards per se but rather by using debt financing.Quote:
Originally Posted by woodPixel
It was debt financing in the housing market that helped precipitate our 2007/8 market crash. This is happening again, residential property in our area has been valuating at ~10% per year for the past few years. I understand that certain Australian housing markets are doing similar crazy things.
love it !Quote:
Originally Posted by rob streeper
Credit Cards and Bitcoin
Look at it this way, somebody with nothing uses their Master Card or Visa to buy Bitcoin.
Bitcoin tanks as we've seen recently.
Somebody with nothing is now in panic mode to pay the credit card bill.
Somebody with nothing defaults on the credit card payment.
The bank tries to get their money back but because somebody with nothing has nothing and Bitcoin tanked, the banks have nothing to attach or seize. Somebody who has nothing declares bankruptcy. All debts are rescinded, somebody with nothing has zero credit for 10 years before bankruptcy is erased in the credit files.
In effect, the bank has been speculating in Bitcoin, which is something that banks do not want to do. All banks care about is their money.
Not sure exactly how it works, but banks use fractional reserve banking, and effectively 'create' money out of thin air to loan out.Quote:
Originally Posted by rrich
The credit card debt of a customer/client is then on sold to another entity - the result is that the bank is not at risk.
Timely: https://aeon.co/ideas/few-things-are...h-physics-envyQuote:
Originally Posted by rob streeper
It's way too volatile for me to want to actually invest in it, however I bought some bitcoin over a year ago just to learn how it works and understand it better ... forgot about it, logged in a year later and had earned $600 ... which I cashed out immediately!
As a side issue, I was listening to ABC radio yesterday when the usual market/gold/finance news comes on - you know the one that comes on after the news every hour.
And the Bitcoin price was stated - it appears that Bitcoin is becoming a tad more mainstream than naysayers believe.
There are plenty of things working against BitCoin becoming an accepted mainstream currency. Here are just some of them -
1. Quote from Quora - "Bitcoin is not being bought as a store of value or a currency by most people; for most people, Bitcoin is a speculative investment, hoping to make a fortune on something they really don’t know much about."
2. While hackers can get into my computer, and other computers, and try to harness the power of unwitting computer owners to mine BitCoins, there won't be much future for it as a mainstream currency.
3. While there are still substantial BitCoin transaction charges (up to $20 a transaction) for making BitCoin transactions, there won't be any future for it as a mainstream currency.
4. While there is still no regulatory control or other trusted authority in charge of BitCoin, there won't be any future for it as a mainstream currency.
5. While the pure electrical costs associated with mining BitCoin are still huge, there won't be any future for it as a mainstream currency.
6. While there is still modest computing power ability, BitCoin may survive. The advent of Quantum Computing will change the mining rate of BitCoin so much, it will become useless.
https://techcrunch.com/2018/03/05/go...tum-supremacy/
7. There is a limited number of BitCoins - 20999999.9769 BitCoins, to be precise. Every politician and economist worth his salt knows that the only thing that makes fiat currencies worthwhile, is the ability to inflate the amount of currency available.
The ability to print fiat currencies at whim, is what gives Govts and Politicians of all persuasions, the power and control over people (and economies) that they crave.
The days of restricting the amount of currency in circulation to only the value of gold or silver held in store, is long gone.
It ended when Tricky Dicky floated the U.S. Dollar, on 15th Aug 1971 - and he did it off his own back, without any agreement or authorisation by anyone else in his Govt, who may have stopped him.
Point 6 on the quantum computing is by far the most interesting.
For a while I was very interested in cryptography as the businesses I was CTO for wanted it implemented "everywhere". People think its easy to implement - it isn't. One simply doesnt "encrypt everything". One of the risk profiles I kept coming up against was the spectre of QC. With a decent QC processor it seemed that even highly encrypted things might be an open book.
What I find humorous is how people keep yammering about Bitcoin et.al. as if its a currency. It bears none of the hallmarks of currency. None.
What a pointless exercise is speculating upon Bitcoin. Modern tulips.... Sooo many tears. The losses, fraud, ripoffs and outright robberies (https://www.zerohedge.com/news/2018-...d-mine-bitcoin) are going to be staggering. Why not speculate on Frozen Concentrated Orange Juice or Lean Hogs.... then at least there is underlying value. https://finviz.com/futures.ashx
It,s a bit like horse racing - A bit of a flurry at the start and little more than a pile of s*#t at the end of it.
It must be said that during the gold rush days, the one business that made the most money is not the gold miners themselves but rather the mining supplies companies. The same is true for this bitcoin mania. https://www.cnbc.com/2018/02/23/secr...last-year.html
Yeah I've heard that gold rush analogy a few times...
"Better to sell the spade, than dig the hole"
https://www.zerohedge.com/news/2018-...-raking-3m-dayQuote:
Originally Posted by ProTooling
Looks as if at least one retailer (Boost Juices) is getting on the Bitcoin bandwagon.
Bitcoin Boom or Bust!
Those early adopters... :cool:Quote:
Originally Posted by cava
A couple of years down the track and Bitcoin is ~A$28,000.
Seems it is a reflection of the times we are all living in.
There are exactly three reasons to use bitcoin: buying drugs, paying extortions and speculation.
It has zero fundamental base to it value. It is easily replicated and infinitely dividable.
It cannot be used in the real world - for anything.
By definition it is neither and asset nor currency.
Want to buy some Tulips?
Apparently you can buy houses with it
NSW property to go to auction in world first bitcoin auction
Not from me, you can't.Quote:
Originally Posted by Lappa
I am fortunate to have a very old and very wise uncle with a wealth of expierience in finance, I asked him for his thoughts on Bitcoin. "Show me the money." was his reply.
I'm reminded often, as a tiny and insignificant investor, why governments love their own currency.
Its annoying and parochial but there are a few vaguely interesting positives to currencies.
Here is one where, unless you have a paralysing brain tumour, reads "death to bitcoin".... Venezuela's Socialist Regime Is Mining Bitcoin In a Bunker to Generate Cash
I can easily envisage a country/s saying "bitcoin is exclusively used for drugs, extortion payoffs, tax dodges, racketeering, child exploitation and black market activity".... "those that hold it are enabling these crimes, or involved in them"..... let that thought process percolate.
Can you count the milliseconds after it becomes criminal-illegal that the value is zero? (I'm ONLY holding crack-cocaine for its investment value!* Honest!)
Found with bitcoin? Expect to be have every agency investigate every second of your life looking for the crime..... "show me the man and I'll show you the crime" - Lavrentiy Beria
If digital currencies go anywhere, it will be the nation-states issuing them... complete with confiscation, management, taxation, termination and generation powers. A-la cash, but digital. Just like in SciFi**
* or interest value, or "investment" or coz I want to buy coffee from a trendy Barista ... or or or.... well... drugs...
** BTW, watch The Expanse. Soooooooo good!!!!
Apologies for my passion on the subject. I have been involved with it from Day 2.....
For those interested, currently at ~A$32600.
Apparently, Bitcoin is recognised as a legitimate alternate currency....
Currently at ~A$37,700
Quote:
Australia, Bitcoin has been declared legal by the governor of the Reserve Bank of Australia (RBA) since December 2013.
...
There is also this chart to watch... Crypto Bitcoin / Dollar BTC/USD Chart Daily
Everyone here owns shares right? Perhaps a few dabble in cranking out a few profits. I personally LOVE companies that produce profits... good regular boring dividends.
Would I invest in this? Would you? Ask yourself, what are you chasing and what is the underlying "value". Research what Bitcoin IS (electricity and computational power) and what it is not (currency, store of value)....
I have a heatmap showing trading (I'll put it up). It is thin... so thin its almost the vacuum of outer space. Its pricing is based on a few rare small transactions. If this were a gold stock (which price this way, see any small Au Oz Gold play) and its screaming Danger Will Robinson. Be prepared to be skinned alive if you invest.
Quote:
Originally Posted by woodPixel
I can think of a 4th reason -- making transactions that are not traceable by AUSTRAC. I believe that this is one of Bitcoin's major "virtues".
But given the track record of Australia's major banks, since when has reporting dodgy transactions to AUSTRAC been a necessity ??
There are almost certainly more reasons to use bitcoin
However, the underlying transaction tracking technology has considerable merit.
Where do I sign ??Quote:
Originally Posted by woodPixel
Hi Ian, on the anonymity of Bitcoin, its a myth.
Not sure if people here are aware, but I've been an IT dude for a long time. I write some very gnarly software. One project was for tracking bitcoin transactions. It was open source and went private*... but its purpose was to tie people to transactions.
Bitcoin is not anonymous. It can be tracked. It can be ties to you. To maintain true anonymity for an individual is almost impossible...
I'd dare say there isn't a government in the world that isn't harvesting ledger and transactional data for ... future purposes.
I fully expect a digital currency to launch soon. Chinas given it a go, but its terrible.
On price... its insane. People could have bought at 10k for the last 7 months, or even 5k in April... but nope.... they buy at 32k! !!!!! Imagine Persian rugs or toilet paper priced like this. FOMO madness.
* I'm more than a bit upset about that. This is about the 5th time I've contributed heavily to something that went commercial and the vibe of the FOSS agreement screwed everyone (heres looking at you Red Hat you stinkers).
Currently at ~A$42,400.
Might need that Bitcoin soon to cash out and buy FOOD.... look at the inflation priced into these basics....
6 months time, everything will triple in price....
Charts sure can look scary when they don't start at zero.Quote:
Originally Posted by woodPixel
Currently at circa A$47,500.
It must be related to the insecurity of the USA elections.....
It’s on a tear A$52,600.
I've got a small holding of bitcoin (like a half year's salary), but a friend of mine has put half of all of their assets in it (they're savers, so not a minimal amount) when it was around $10k.
As far as folks suggesting it's not real money, they're considering retiring now (they're in their early 40s).
That's way too risky for me, but I would assume it will continue to bobble up and down but have permanent significant value at some level due to government debt levels and likely currency devaluation that follows solving that.
(i constantly hear from my wife that if we'd have done the same thing, we'd be talking about retiring, too - which is true, but I'm not willing to take on the same risk ,either).
Tulips, anyone?
And so it continues, ~A$64,300.
$120 !!!!
StonksSilver only go up!!!!
Attachment 489765
Attachment 489766
Bitcoin is an environmental CATASTROPHE.... with more electrical use than Argentina....
Thats a lot of electricity for a payment system that can only be used for child pron, embezzlement, hiding assets, paying extortions, buying guns/drugs and hiring hitmen.
Weigh up this one thought... what happens when its illegal.
Bitcoin has a price, but does it have value?
My preferred theory is that it is manipulators driving the price. It is outside of a lot of regs and can be manipulated by those with the money to do so, for purposes that are unknown, but likely to turn out to be a classic pump'n'dump.
It's too speculative for me, and all the what ifs in the world wont change that. There's no story I can tell myself where it makes sense as an investment.
q9, this is EXACTLY what has occurred.
With the recent 1.5B purchase by Tesla, it was known, widely, that this was done beforehand by a loose-lipped IT guy who worked there.
The SEC became involved and simply discounted it as it wasn't a regulated security, nor reportable to the market. They saw it no differently than Tesla just buying a train load of copper or ball bearings.
This of course pumped the market because "Elon" did it. Now a self-serving "Billionaire" is promoting the fact he bought these for his portfolio.
This is a 100% classic pump and dump.
Man, I saw this 1000 times over in the 90's. Up front, real time and close.
These bastards are going to wring the little guys dry. This is why PND is illegal. This is why regulation exists. Bitcoin isn't new.
Its a disaster waiting to happen.