Page 3 of 3 FirstFirst 123
Results 21 to 30 of 30

Thread: should i trust bitcoin with my life blood?

  1. #21
    Join Date
    Mar 2010
    Location
    Squidbilly-Land
    Beans
    13,550
    Distro
    Lubuntu 14.04 Trusty Tahr

    Re: should i trust bitcoin with my life blood?

    Travelers keep up with currency exchange:
    An article about currency in Argentina where cash is king:
    https://www.milevalue.com/argentina-...atm-bank-cash/

    I actually plan vacations around weak currencies to get the most bang for my USD. I've been to many world "hot spots" just prior to huge international events. And sometimes during. Being tear gassed isn't fun. Learning about killings a mile from your vacation/apartment isn't fun either.

  2. #22
    Join Date
    Feb 2008
    Location
    Oblivion
    Beans
    Hidden!
    Distro
    Xubuntu

    Re: should i trust bitcoin with my life blood?

    Quote Originally Posted by TheFu View Post
    Being tear gassed isn't fun. Learning about killings a mile from your vacation/apartment isn't fun either.
    At least with a good exchange rate you didn't pay much for the experience.

  3. #23
    Join Date
    Jun 2017
    Beans
    1

    Re: should i trust bitcoin with my life blood?

    I haven't been able to trust bitcoin or any crypto currency and often I get the sucky feeling I'm missing out on something big for being too cynical. However, here are my reasons:

    a) I've gotten hacked myself with one "alt" coint losing around $1.5k. I have a honors degree in Computer Science and I am pretty good security wise, yet I still fell for it.

    b) I know another CS guy who got hacked for $10k+...

    If we above the average computer literate people fall for this, how is the laymen ever gonna be protected without some sort of centralization? And if things are centralized and one big company holds all the coin.. does that not defeat the bloody purpose?

    Thoughts? I'll continue ruing missing the huge uplift from $170 when I could have held to $3k. Ah well. Haha.

  4. #24
    Join Date
    Feb 2008
    Location
    Oblivion
    Beans
    Hidden!
    Distro
    Xubuntu

    Re: should i trust bitcoin with my life blood?

    Welcome. What's an 'alt' coin? Were you using Bitcoin or no?

  5. #25
    Join Date
    Mar 2010
    Location
    Squidbilly-Land
    Beans
    13,550
    Distro
    Lubuntu 14.04 Trusty Tahr

    Re: should i trust bitcoin with my life blood?

    Bill proposed in US to have all visitors declare their bitcoin holdings, even if the blockchain isn't traveling with them:
    "Travelers To The US Might Soon Be Required To Declare Their Bitcoin"
    http://www.ubergizmo.com/2017/06/tra...clare-bitcoin/

    Don't know if people are following Venezuela financial crisis at all - lots of people there are moving from the local currency into bitcoin.
    Miners who have been arrested have been charged with tax fraud, money laundering, electricity theft and other crimes.
    though mining bitcoins is not illegal in Venezuela.

  6. #26
    Join Date
    Jul 2008
    Location
    The Left Coast of the USA
    Beans
    Hidden!
    Distro
    Kubuntu

    Re: should i trust bitcoin with my life blood?

    Take care, folks!

    Although TheFu's post was a non-political and a dispassionate description of laws that directly relate to the OP's question, let's not go political from here. That is, don't make this a soap box for "should or should not be" partisan pontification or speculation about the motives and methods of any government.

    Too many good discussions have gone down that road and have ended up closed and/or removed from public view.
    Please read The Forum Rules and The Forum Posting Guidelines
    My Blog
    A thing discovered and kept to oneself must be discovered time and again by others. A thing discovered and shared with others need be discovered only the once.
    This universe is crazy. I'm going back to my own.

  7. #27
    Join Date
    Mar 2009
    Beans
    1,787

    Re: should i trust bitcoin with my life blood?

    Reversing the posts I'm responding to:
    Quote Originally Posted by QIII View Post
    Take care, folks!

    Although TheFu's post was a non-political and a dispassionate description of laws that directly relate to the OP's question, let's not go political from here. That is, don't make this a soap box for "should or should not be" partisan pontification or speculation about the motives and methods of any government.

    Too many good discussions have gone down that road and have ended up closed and/or removed from public view.
    +1. While I don't see my response as political rather than technical, any moderator should feel free to modify my post to remove offensive material. I don't want to be "that guy."

    Quote Originally Posted by TheFu View Post
    Bill proposed in US to have all visitors declare their bitcoin holdings, even if the blockchain isn't traveling with them:
    "Travelers To The US Might Soon Be Required To Declare Their Bitcoin"
    http://www.ubergizmo.com/2017/06/tra...clare-bitcoin/

    Don't know if people are following Venezuela financial crisis at all - lots of people there are moving from the local currency into bitcoin.
    though mining bitcoins is not illegal in Venezuela.
    Technically speaking, this sort of monitoring and regulation would require a level of government paranoia yet to be acknowledged so far in the world. I'm positive that right now, at an international airport, your passport gets scanned and they get data held by the country of origin's database AND by the database of whatever country the traveller just entered. I'm positive they also search some sort of terrorist watch list and criminal/interpol/whatever database. I'm reasonably sure that some countries add a few more searches into the mix, especially with respect to political activism or some such. All of this can be easily done in the name of national security for pretty much any country.

    To hook into financial holdings is a whole new level of searching. Aside of the invasion of privacy (which I'm not addressing but simply acknowledging) the complexity of this would be stunning. The way I understand it, determining a billionaire's net worth is a huge undertaking. Presumably doing so with a less wealthy individual might take just as long, unless the cryptocurrency network has some sort of global search engine connecting all cryptocurrency to a single site. While I confess to not knowing how it works I seriously doubt it would gain traction if that were the case. If it were then I can imagine theft would be much simpler too.
    Help stamp out MBR partition tables. Use GPT instead!

  8. #28
    Join Date
    Jun 2017
    Beans
    0

    Re: should i trust bitcoin with my life blood?

    I think you should not. It's highly risky since the price of bitcoin is rising so fast in such a short time. Do you remember tulip mania?

  9. #29
    Join Date
    Jun 2017
    Beans
    1

    Re: should i trust bitcoin with my life blood?

    Quote Originally Posted by Bucky Ball View Post
    Welcome. What's an 'alt' coin? Were you using Bitcoin or no?
    Hi, thanks for the welcome!

    Yes, I used, held, bought, sold bitcoin. When it was around $170 to $700 up and down. Then a bit this year but got out of it (not much time).

    Altcoins are the smaller coins that claim to offer improvements and to be the next big thing. Many of them that I could have held and according to todays prices made a small fortune (probably including the one that got hacked!).

    ETH was one such altcoin, and last I checked it is now probably going to be the new main coin.

    All my concerns are still valid, how is a non CS degree going to hold crypto without getting hacked and without giving up the money to some central control which again could turn out malicious/hacked. In my time at least two trusted crypto exchanges I used had huge drama.

    Thoughts?

  10. #30
    Join Date
    Mar 2009
    Beans
    1,787

    Re: should i trust bitcoin with my life blood?

    I guess I don't know whether you intend to use cryptocurrency as a pure currency or as an investment target? It probably matters.

    If you're just trying to bank your money, you generally want something that's both stable and predictable. IMO this makes cryptocurrency a bad choice. If you want to invest/profit, then volatility is a good thing, to a certain extent.

    If you're investing and depending on that volatility, then you're certainly going to need to pay attention or you'll be disappointed.
    Help stamp out MBR partition tables. Use GPT instead!

Page 3 of 3 FirstFirst 123

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •