keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Nov 15, 2022 18:28:26 GMT
I thought I'd seen or heard it all with muppets investing in various schemes, had friends stung badly in Woodford, and a couple in P2P where despite recommendations to diversify put loads into individual sites, and then only a small number of loans.
Had a rather tense call from a friend who has invested the proceeds from the sale of his Mother's house in FTX.
I've logged in this afternoon and it won't let me withdraw mums' money you do know they've gone bust yes but I just want to get her money out I hate to say this but the money is probably gone don't talk stupid it's crypto it's the future safer than old fashioned banks Just tell me how I can withdraw mums' money you can't, you and others will have to wait and see IF you get anything Surely the money is protected like in an old fashioned bank unfortunately, not
still find it odd that as it was collapsing it apparently got hacked, and most of the funds were withdrawn
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adrianc
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Post by adrianc on Nov 15, 2022 22:00:50 GMT
don't talk stupid it's crypto it's the future safer than old fashioned banks Oh, dear gawd. Mmm.
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Post by bernythedolt on Nov 15, 2022 23:27:10 GMT
At some tender young age, I learned the two proverbs that "A fool and his money are soon parted" and "Never put all your eggs in one basket".
They still hold as true today as all those decades ago.
The surprise is they're seemingly not widely known or understood.
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adrianc
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Post by adrianc on Nov 16, 2022 8:08:05 GMT
The surprise is they're seemingly not widely known or understood. Knowledge and understanding take a distinct second place to a suspicion of unbridled profit, especially if that flies in the face of convention. Us P2Pers can't take TOO high a moral highground here, tbf.
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michaelc
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Post by michaelc on Nov 18, 2022 13:00:37 GMT
_Maybe_ a shame errstwhile mainstream central banks haven't apparently embraced the blockchain technology that bitcoin is based on.
You could then have "bank accounts" without needing a bank. A very large number is all you need to prove what you own.
Still, seems a bit like a solution looking for a problem.
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benaj
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Post by benaj on Nov 18, 2022 13:28:18 GMT
It's funny to read the tweet from Sam before FTX collapse. One-time compensation for the phishing victims!!!!
‘one-time’ $6M compensation, really?
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Nov 18, 2022 14:42:44 GMT
_Maybe_ a shame errstwhile mainstream central banks haven't apparently embraced the blockchain technology that bitcoin is based on. You could then have "bank accounts" without needing a bank. A very large number is all you need to prove what you own. Still, seems a bit like a solution looking for a problem. The big issue is how much electricity blockchain is using, it needs to be a sight more efficient
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michaelc
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Post by michaelc on Nov 18, 2022 14:56:42 GMT
_Maybe_ a shame errstwhile mainstream central banks haven't apparently embraced the blockchain technology that bitcoin is based on. You could then have "bank accounts" without needing a bank. A very large number is all you need to prove what you own. Still, seems a bit like a solution looking for a problem. The big issue is how much electricity blockchain is using, it needs to be a sight more efficient I think most of that is in the so called "mining" which is about creating more coin. However, if it was managed in a traditional way only the central bank would issue more currency.
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agent69
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Post by agent69 on Nov 18, 2022 16:15:18 GMT
At some tender young age, I learned the two proverbs that "A fool and his money are soon parted" and "Never put all your eggs in one basket". They still hold as true today as all those decades ago. The surprise is they're seemingly not widely known or understood. You never got as far as ' one born every minute'?
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adrianc
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Post by adrianc on Nov 18, 2022 16:16:48 GMT
_Maybe_ a shame errstwhile mainstream central banks haven't apparently embraced the blockchain technology that bitcoin is based on. You could then have "bank accounts" without needing a bank. A very large number is all you need to prove what you own. Still, seems a bit like a solution looking for a problem. The big issue is how much electricity blockchain is using, it needs to be a sight more efficient It's not the blockchain, it's the mining. And it's deliberately scaled, to make the proof-of-work borderline viable, in order to prevent massive inflation.
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agent69
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Post by agent69 on Nov 18, 2022 16:27:22 GMT
The media are saying about 6.5m people in UK have money invested in Crypto (I assume mostly youngsters). Also, The collapsed cryptocurrency exchange platform FTX claims former CEO Sam Bankman-Fried 'hacked' its systems after filing for bankruptcy to transfer 'digital assets' to Bahamian regulators.
No wonder he's in no rush to leave his Bahamas penthouse.
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Post by overthehill on Nov 18, 2022 16:36:14 GMT
At some tender young age, I learned the two proverbs that "A fool and his money are soon parted" and "Never put all your eggs in one basket". They still hold as true today as all those decades ago. The surprise is they're seemingly not widely known or understood. You never got as far as ' one born every minute'? "For fools rush in where angels fear to tread"
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Post by bracknellboy on Nov 18, 2022 16:44:57 GMT
I was reading some weeks ago about one of the crypto's was preparing for the big switchover to a completely different algorithm: one that would cut the energy overhead by probably around 90% or so. That sounded to me like at least one step towards a saner offering.
To the broader question: I made the point a long time ago in the crypto thread that the most interesting thing to emerge from crypto was the blockchain approaches as a I means for providing trusted transaction. It's use in commercial (non crypto) is increasing.
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benaj
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Post by benaj on Nov 18, 2022 17:09:35 GMT
I was reading some weeks ago about one of the crypto's was preparing for the big switchover to a completely different algorithm: one that would cut the energy overhead by probably around 90% or so. That sounded to me like at least one step towards a saner offering. To the broader question: I made the point a long time ago in the crypto thread that the most interesting thing to emerge from crypto was the blockchain approaches as a I means for providing trusted transaction. It's use in commercial (non crypto) is increasing. www.gov.uk/government/news/government-sets-out-plan-to-make-uk-a-global-cryptoasset-technology-hubWell, what happened to the plan proposed by our current PM?
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adrianc
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Post by adrianc on Nov 18, 2022 17:36:16 GMT
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