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Post by mfaxford on Jun 28, 2021 10:32:08 GMT
Although the small print seems to suggest it's only "regulated activity" they're banned from doing. So various parts of their business are still allowable (normal trading looks to be allowed still but some of the more complex / risky things might come under the "regulated activity" banner) Of course my issue with Crypto and NFT is the processing power being used both mining and to undertake the transactions using blockchain. anything using the same amount of power annually as Norway can't be good. But then not all Crypto / blockchain needs much energy to run the blockchain. Some of them can run on systems using no more power than much of the tech people leave on standby 24/7 (some years ago I was running nodes that created blocks through Proof of Stake on a device that used under 5w when running). At the moment all the big well known chains are energy hungry, but that's likely to change with time (I saw some comments recently about Ethereum moving away from high energy methods).
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registerme
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Post by registerme on Jun 28, 2021 18:51:19 GMT
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agent69
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Post by agent69 on Aug 13, 2021 16:46:26 GMT
Not exactly Bitcoin related, but there has been lots of media coverage in the last week regarding a crypto hack where somebody legged it with $600m of coins from Poly Network (whoever they are). The platform have offered $500,000 and immunity from prosecution if they gave the coins back. Couple of questions:
- How can a crypto currency platform offer immunity from prosecution
- If crypto currencies anre untraceable, why would anyone with $600m give them up for a measley 500k
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Greenwood2
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Post by Greenwood2 on Aug 13, 2021 17:15:15 GMT
Not exactly Bitcoin related, but there has been lots of media coverage in the last week regarding a crypto hack where somebody legged it with $600m of coins from Poly Network (whoever they are). The platform have offered $500,000 and immunity from prosecution if they gave the coins back. Couple of questions:
- How can a crypto currency platform offer immunity from prosecution
- If crypto currencies anre untraceable, why would anyone with $600m give them up for a measley 500k
I'm confused by bitcoin. I thought ownership was logged through the chain, if they were stolen isn't it immediately obvious who has them? But on the other hand bitcoins are also meant to be the preferred currency for money laundering so as said above presumably untraceable. Are all transactions logged but no one knows by whom or if they have legal ownership? Probably stupid questions.
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k6
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Post by k6 on Aug 13, 2021 17:39:11 GMT
Not exactly Bitcoin related, but there has been lots of media coverage in the last week regarding a crypto hack where somebody legged it with $600m of coins from Poly Network (whoever they are). The platform have offered $500,000 and immunity from prosecution if they gave the coins back. Couple of questions:
- How can a crypto currency platform offer immunity from prosecution
- If crypto currencies anre untraceable, why would anyone with $600m give them up for a measley 500k
I'm confused by bitcoin. I thought ownership was logged through the chain, if they were stolen isn't it immediately obvious who has them? But on the other hand bitcoins are also meant to be the preferred currency for money laundering so as said above presumably untraceable. Are all transactions logged but no one knows by whom or if they have legal ownership? Probably stupid questions. "if they were stolen isn't it immediately obvious who has them?" - No, they can see the address at which stolen coins were sent but not the owner. Unless they were sent to CEX that requires KYC so they might trace the email address and ID, if legit. "bitcoins are also meant to be the preferred currency for money laundering"- if that's what BBC is saying then .... "Are all transactions logged but no one knows by whom" - If that is on DEX then yes. Transactions are happening on blockchain. There are different types of Blockchains that operates different coins. Its very hard to trace the owner of the particular address ( although not impossible ) unless its on Centralised Exchange and the exchange requires KYC/ AML. I will personally not rely on BBC for any information especially related to Cryptocurrencies let alone Blockchain
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Greenwood2
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Post by Greenwood2 on Aug 13, 2021 17:44:52 GMT
I'm confused by bitcoin. I thought ownership was logged through the chain, if they were stolen isn't it immediately obvious who has them? But on the other hand bitcoins are also meant to be the preferred currency for money laundering so as said above presumably untraceable. Are all transactions logged but no one knows by whom or if they have legal ownership? Probably stupid questions. "if they were stolen isn't it immediately obvious who has them?" - No, they can see the address at which stolen coins were sent but not the owner. Unless they were sent to CEX that requires KYC so they might trace the email address and ID, if legit. "bitcoins are also meant to be the preferred currency for money laundering"- if that's what BBC is saying then .... "Are all transactions logged but no one knows by whom" - If that is on DEX then yes. Transactions are happening on blockchain. There are different types of Blockchains that operates different coins. Its very hard to trace the owner of the particular address ( although not impossible ) unless its on Centralised Exchange and the exchange requires KYC/ AML. I will personally not rely on BBC for any information especially related to Cryptocurrencies let alone Blockchain I thought that was general information I don't think I got it from the BBC. One source offhand: www.theguardian.com/technology/2021/jul/13/met-police-bitcoin-money-laundering-cryptocurrency
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agent69
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Post by agent69 on Aug 13, 2021 19:48:31 GMT
"if they were stolen isn't it immediately obvious who has them?" - No, they can see the address at which stolen coins were sent but not the owner. Unless they were sent to CEX that requires KYC so they might trace the email address and ID, if legit. "bitcoins are also meant to be the preferred currency for money laundering"- if that's what BBC is saying then .... "Are all transactions logged but no one knows by whom" - If that is on DEX then yes. Transactions are happening on blockchain. There are different types of Blockchains that operates different coins. Its very hard to trace the owner of the particular address ( although not impossible ) unless its on Centralised Exchange and the exchange requires KYC/ AML. I will personally not rely on BBC for any information especially related to Cryptocurrencies let alone Blockchain I thought that was general information I don't think I got it from the BBC. One source offhand: www.theguardian.com/technology/2021/jul/13/met-police-bitcoin-money-laundering-cryptocurrencyI thought the whole idea of crypto currency was that it allowed you to carry out criminal activity without being traced?
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k6
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Post by k6 on Aug 13, 2021 19:51:57 GMT
I thought the whole idea of crypto currency was that it allowed you to carry out criminal activity without being traced? Again, too much of BBC, sir
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Greenwood2
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Post by Greenwood2 on Aug 13, 2021 20:22:55 GMT
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adrianc
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Post by adrianc on Aug 16, 2021 15:43:02 GMT
I thought the whole idea of crypto currency was that it allowed you to carry out criminal activity without being traced? Not so much "the whole idea", but certainly one of the main uses beyond simple speculatory investment.
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Post by captainconfident on Aug 16, 2021 18:41:42 GMT
Cryptocurrencies are simply a result of the money creation since 2008 by central banks. The economies awash with money saw interest rates fall to zero, leaving those with money casting around for assets that might appreciate. Cryptocurrencies, assets with no assets are simply the ultimate manifestation of this phenomenon, the most high geared gambling option for those who have maxed their allocations in less risky asset classes. Should inflation return and result in an end to QE and interest rate rises, cryptos will fall away towards their intrinsic value, which is 0.
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Post by Deleted on Aug 17, 2021 8:57:53 GMT
see also pieces of modern art and weird buildings
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Post by martin44 on Sept 21, 2021 22:21:54 GMT
Cryptocurrencies are simply a result of the money creation since 2008 by central banks. The economies awash with money saw interest rates fall to zero, leaving those with money casting around for assets that might appreciate. Cryptocurrencies, assets with no assets are simply the ultimate manifestation of this phenomenon, the most high geared gambling option for those who have maxed their allocations in less risky asset classes. Should inflation return and result in an end to QE and interest rate rises, cryptos will fall away towards their intrinsic value, which is 0. It does pay sometimes to read up about an asset class before speculating.
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agent69
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Post by agent69 on Sept 24, 2021 16:52:10 GMT
China declares all crypto-currency transactions illegal
Hope there aren't too many people in China trying to buy a Tesla
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ilmoro
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Post by ilmoro on Sept 24, 2021 17:36:03 GMT
China declares all crypto-currency transactions illegal
Hope there aren't too many people in China trying to buy a Tesla
They wouldnt have got very far ... Tesla stopped accepting BTC in May when Elon decided crypto was environmentally unfriendly
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