Nah

Crypto currency total market cap has lost ~$10B in the last 3 hours

Nah

wheelskjm said:

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Oxfam also calculated that the richest 62 people in the world had as much wealth as the poorest half of the global population

Does this knowledg disturb your belief in the existing system or make it stronger?

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That's a misleading stat, just like saying each member of the Walton family is worth more than the bottom 50% combined. While that statement is supposed to reflect a huge wealth inequality, what is really reflects is a basic misunderstanding of math.

Per recent demographics the media age in America is 37.3. This means half of the population is under this age, and half is above this age. Well, if you're 37 and you went to college, you're roughly 15 years out of college. You likely still have a mortgage and some student loans, meaning your net worth is negative. This 50% of the population also includes all infants, children, and teenagers, people with a net worth of 0. So take all infants, children, and teenagers, and add them to every recent college grad with student loans, homeowner with a mortgage, and anyone else with a negative net worth, combine them all together, and you still end up with a net worth under zero.

So saying "the Walton family is worth more than the bottom 50% combined" is meaningless, a homeless man with $1 in his pocket is worth more than the bottom 50% combined.

Extrapolating this out to the world population, when there are people who make $2 a day or less in some parts of the world, no, it does not surprise me that the wealthiest 62 people have more than the poorest half of the global population. It is just a statement on the power of compound interest and the status of economies in developing countries.

Nah

Nah

Nah u first

Anyone have any thoughts on Ripple (XRP)?

What is your (and other passionate crypto currency supporters) long-term projection for the value of Bitcoin (or another crypto currency if you believe another will be another one that ultimately is the global currency)?

Obviously valuing it in terms of $ is silly to begin with if we're truly talking about it replacing fiat currency, but since that's the only way I can conceptualize it, that's what I'll go with.

Assuming 21M bitcoins and $60T value of global currency, that would put the value of 1 bitcoin at about $3M. Since a Satoshi, the smallest fraction of a Bitcoin, is 1/100,000,000 of a Bitcoin, that would put the value of a Satoshi at about 3 cents. That's a bit ironic (intentional?) as it would have the purchasing power of somewhere between a penny and a nickel, the smallest fraction of the world's current most commonly accepted currency.

A $3M Bitcoin would be roughly 1000x its current value. Is this what you're projecting? Or am I off base?

wheelskjm said:

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You called me naive, I called you ignorant. You got butthurt. Carry on. Both of us probably still have lots to learn in this life.

One of them is that asking for information while insulting someone at the same time isn't a good foot to start a relationship. Be civil, is all.

**** is going to get real, fast, over the next 2-5 years. Take the ego down a bit. Take the walls down a bit. Don't insult people you're trying to engage for information and learn something new.

Nobody needs your input, you added a snarky comment that said I was naive and no additional info, you sniped me. Get angry, you've been lied to about the value of money your whole life. Don't get mad at me though.

I'm not some holy guy who's going to take it on both cheeks, meekly suggesting you seek christ. This is the real world, this is extremely disruptive and you need to be strapped in and learning quickly. F your stupid feelings, feelings are for the weak. Seek knowledge, gain perspective, become wise. I'm still seeking and gaining, far from wise.

The world still needs ditchdiggers, but actually with AI and Robotics what they are that probably won't be that steady of a career choice anymore. Good luck.

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Please point to where I engaged you for information. You suggested market manipulation would no longer exist, I pointed out that you are naive to believe that. Ego? You are the only one prancing around here with an ego.

"Get angry, you've been lied to about the value of money your whole life. Don't get mad at me though."
^
|
JFC

Nah

Nah

Are you basically arguing for bitcoin as a form of digital barter?

Nah

Nah

Crypto currency market cap down $20B in just over 24hrs

Nah, ponzi.

And back up about $7B in a matter of minutes. Comical.

Nah this stays

Find it somewhere else. Nah

I have no clue what most of these posts are talking about but it sounds like I need to learn.

I mean, I've heard of bitcoin but I don't really understand it.

This seems promising...

Note that the author is Sean Everett, CEO of PROME

www.prome.ai

http://seanmeverett.tumblr.com/

Quote:

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A Note on Ethereum & Coinbase Fraud
Ethereum continues to set new records in terms of price and market cap, trading at almsot $180 over the weekend. That's up from $10 in January. To put that into perspective, it's highly likely it will hit $200 by June making it a 20x return in 6 months.

VC's can raise another fund if they return even 5x on the last one. And 10x is a unicorn. But that usually takes 10 years. Doubling that performance in 1/20th of the time and you've got something special on your hands.
That is, of course, until someone goes in your bank account and steals it all.

Last week a hacker targeted me specifically. They convinced T-Mobile to change the SIM linked to my phone to a different one linked to one of their own phones. T-Mobile called me to verify. I told them absolutely not and that it was fraud. They went ahead with it anyways (I'm not making this up).

Now the hacker would get my SMS. Meanwhile my cell phone service completely shut off, which means my only phone didn't work.

Then they reset the password on Gmail. Then they reset the password on coinbase. Then they transferred all my Ethereum to Litecoin (note that this is a currency developed by an employee of Coinbase) then they transferred that Litecoin to an unknown wallet. Then they pulled another $500 from my linked Chase bank account.

I have a few screen shots of what was happening as viewed from the notifications received in my Apple Mail account. Note the Opera on Windows browser/OS combo. That's for anonymity. But also shows it's real. I don't use either, nor have touched a windows machine for well over a decade.

Note that the account my money was sent to via Litecoin is as follows:
LVY1K8aQ4KGCbDzdESU63jX5oDeT358pKM

So now we have two pieces of data, as well as tracing IP addresses and cross-referencing other attacks to triangulate the bad actors.

So where are we a week later?

Coinbase has been silent, save for one request for infromation, not giving me an answer to my queries on what they're going to do after someone drained my account. T-Mobile gave me a $100 credit, which was the "limit" of what they could do. Haaaaaaa. Gmail isn't immune either but they don't have a phone number to call so I guess they get away free and clear. Chase Bank sent me a new, more secure card and reversed the $500 Coinbase transaction, thereby affecting Coinbase's credit worthiness.

I know of another gentleman who's entire wealth was drained from Coinbase as well.

So, if you're relying on the industry standard 2-factor authentication, it won't protect you in this case. If you rely on Apple's Touch ID fingerprint, it won't protect you in this case. The vulnerability is your cell phone provider. The attacker will just keep calling T-Mobile until one of the representatives is tired and just switches the SIM, even if you have a passcode on the account.

I wonder how many lawyers out there are focused on the cryptocurrency domain? Seems like a ripe opportunity for some hungry young attorneys. We're reaching out to our friends at Fortune as well.
What should you do right now?

Go protect yourself. Call your cellular provider, make sure you have a secure pin in place, reset your security answer and tell them to double the security on your account. Patch the hole in the leaky ship first.

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Nah

There was an article posted on The Information last week that laid out an interesting use case for blockchain technology for private companies looking to raise money. I'm not going to quote it, because it is behind a paywall.

In the world we live in today, I can buy shares of public companies, settle them electronically, and have them transferred to my custodian for safekeeping. If there is a breach, I'm made whole by my custodian per our agreement. In the decentralized blockchain world, I'm basically ****ed if there is a breach. This is a major flaw that will have to be addressed before you can ever hope to see widespread adoption. As long as it is less secure and less convenient than the systems that are currently in place, you'll never see mass adoption.

Nah

I want to see the value in blockchain technology, but there are some major holes in security at this point. I do think there is something to it, but your immediate dismissal and sarcastic reply to anyone who questions anything related to blockchain isn't winning people to your side. It seems like you take all criticism of cryptocurrency as someone calling by your wife fat and your kids ugly. At this point the technology has a lot of potential, but it still needs work. IMO, the best use isn't as a currency, and I'll be slightly disappointed if it never moves past that.

He would likely be driving a pink caddy had he put the same passion into selling Mary Kay, lol.

Nah

Nah

Relatively low volatility over the weekend. Will be interesting to see if that changes much today.

For anyone who loves charts, I've found this site to be pretty interesting:

https://tradeblock.com/markets/stmp/xbt-usd/2h/