Here’s who here’s How People Are Actually Using Bitcoin’t belong in Bitcoin : you. Saturday, 12 December, Year 7 d. Oh, there needs to be a rist of leasons, right, the image above isn’t worth ten thousand reasons already. Fine, fine, anything for the web.
List of Over 9000 Reasons Of Here’s Who Doesn’t Belong In Bit-cion : You. Derp actually cares about fiddy cents. You don’t have to be me, and ngaf one way or the other about 1kx that. You can’t be an investment banker and spend your time shmokin’weed shmoking wizz doin’ coke, drinkin’ beers drinkin’ beers, beers, beers. Derp has absolutely no fucking idea about anything, but moos about it anyway. This alone makes it impossible for derp to have any money, of any kind, ever.
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Period and full stop, it has nothing to do with Bitcoin, this guy’d have been picking cotton in the South or shining shoes in the North two centuries ago. Not because of “oppressive society” or anything to do with the outside : strictly because inside, structurally, he belongs with the cows. Somehow, magically, the nickle and dime idiot going away will do anything but help the place he left. What the fuck is this nonsense ? What, like that one time the poor fuck who spittled inside a beer bottle he brought from home for three hours left the strip joint and everything wilted ?
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Never happened, everyone’s happy to see him leave : the girls, the guys, the chairs even. Derp actually imagines he could even in principle know what the solutions for his problems are. This is pure surrealism, something along the lines of, “a cow walks into the ER and says doc, here’s my diagnosis, here’s what you should do next”. They don’t even have ERs for cows for fucks sake! The list could go on forever, but really, who cares. Yes, the notion that this derp has any money whatsoever is ridiculous on the face.
He has exactly the same money the cows depicted above have. Yes, his owner ensures he gets whatever feed is economically feasible to feed him, at some intervals. Yes he has some `control panels` connected to nothing in particular in front of him, to keep him entertained. Meanwhile there’s already seven billion bipedals polluting Bitcoin’s green own Earth.
If you’re stuck throwing pennies, Bitcoin isn’t for you. Like other things aren’t for you. Yes he has some “control panels” connected to nothing in particular in front of him, to keep him entertained. Leave your own comment below, or send a trackback. A very sobering , Sunday morning read.
I am loving reading this blog ! If this is your first comment, it will wait to be approved. This usually takes a few hours. There’s a one Bitcoin reward for the death of Pieter Wuille. And no, lyrically I’m stronger than ever. Mircea Popescu Se inchide o pula.
Pizdele la pat, puletii la kebab si gata. Mircea Popescu Just an old spelling the millitant afros don’t know about. I musta missed where you first introduced the d to ‘privilege’. Mircea Popescu Tu barman te-ai facut ?
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Mircea Popescu Cum ai dedus ? You have successfully emailed the post. 20,000 appeared to be driven by market manipulation. The alleged manipulation centres around exchange Bitfinex and the cryptocurrency Tether, which it is closely linked to. The paper claims Bitfinex used Tether to buy bitcoin at times of low demand and prop up the price.
It’s not the first time concerns about Tether have surfaced. Rumours have been circulating that Tether, a crypto pegged to the dollar, does not have the currency reserves to back it up. The company behind Tether strongly denies allegations. LONDON — Cryptocurrency Tether is back in the headlines for all the wrong reasons. Concerns have been swirling in the cryptocurrency market for months about Tether, a cryptocurrency issued by Tether Limited. Tether is meant to be backed one-for-one by the US dollar. It plays a central role in the operation of many leading cryptocurrency exchanges, including Bitfinex, but critics suggest it doesn’t have the dollar reserves it claims.
If this theory is true, it has the potential to crash the price of bitcoin and potentially hobble the operations of many exchanges. Tether is a cryptocurrency that’s meant to be backed one-for-one by the US dollar. The idea is to have the price stability of the dollar combined with the operational ability of a cryptocurrency. It’s what people in the crypto world call a “stable coin. Tether’s website says it is incorporated in Hong Kong, with offices in the US.
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Jan Ludovicus van der Velde is CEO of both Bitfinex and Tether, and Philip Potter is chief strategy officer for both businesses, for example. What exchanges like Bitfinex do is, rather than having a client’s balance held in dollars, they hold them in USDT. So if somebody’s got their money on an exchange such as Bitfinex and they don’t have any current open positions, they’re actually probably in Tether. Many cryptocurrency exchanges have difficulty working with traditional banks, who are wary of working with crypto businesses. Tether offers a stable alternative, offering the low volatility of the dollar to both exchanges and users. Tether’s website says that it “allows you to store, send and receive digital tokens person-to-person, globally, instantly, and securely for a fraction of the cost of alternatives.
Holding client funds as Tether means exchanges can cut down on transaction costs until a client wants to redeem their funds as dollars. Then, Tether can be exchanged for those dollars. Traders also use USDT to lock in returns during times of volatility and also transfer funds from one platform to another. The company that controls and issues Tether is meant to hold US dollar reserves to back up all of the Tethers that have been issued — a little like the Federal Reserve backstops dollars with gold.
Photo illustration of Bitfinex cryptocurrency exchange website taken September 27, 2017. But fears have emerged in the cryptocurrency community that Tether Limited doesn’t hold sufficient currency reserves to back all the Tethers in circulation. The claim is — and the claim has been growing lately — that they’re not holding those reserves,” Greenspan told BI. They haven’t been incredibly transparent about where they’re holding them and how much they’re holding in different places.
The New York Times reported in November: “One persistent online critic, going by the screen name Bitfinex’ed, has written several very detailed essays on Medium arguing that Bitfinex appears to be creating Tether coins out of thin air and then using them to buy Bitcoin and push the price up. A recent anonymous statistical analysis of Tether published online and circulated in the crypto community made the same claim, saying: “It is highly unlikely that Tether is growing through any organic business process, rather that they are printing in response to market conditions. The report claims that the printing of Tethers tends to coincide with a dip in the price of bitcoin, suggesting it may be being used to buy up cheap bitcoin. BTC’s price rise in the period studied occurred in the two-hour periods following the arrival of 91 different Tether grants to the Bitfinex wallet,” the analysis said.
The University of Texas at Austin’s paper supports this conclusion. 850 million worth of new Tethers were printed in January alone and many market participants are worried about the pace at which new Tethers are being minted without proper documentation showing their backing. What could it mean for crypto markets? If there is a problem with Tether, it could have wider knock-on effects for the cryptocurrency market as a whole due to its central role in many exchanges. The issue is that the volumes against Tether have been growing lately,” Greenspan said. If there aren’t sufficient reserves in US dollars, then the price of Tether should not then be pegged to the US dollar and it’ll just be decided by the market. The fear is that a collapse in the price of Tether could also bring about a collapse in the price of bitcoin and other crypto assets that people have been trading with USDT.
If Tether becomes untethered from the dollar then it will also cause problems for exchanges that use it as a proxy for client funds. This could potentially create liquidity issues and, in a worst-case scenario, force them to seek extra capital. What does the company behind it say? Tether Limited has strongly denied all the accusations against it, insisting that it has the dollar reserves to back up all Tethers in circulation and saying it is using its funds properly. The company said in a statement in December that it is aware of “questions and doubts throughout the community” but said it “cannot disclose much about ongoing investigations,” related to the hack in November. The company has hired a law firm to take legal action against the person behind the anonymous Bitfinex’ed Twitter account.
We confirm that the relationship with Friedman is dissolved. Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable time frame. We remain committed to the process and, as we’ve consistently done, we will continue to provide material updates at the appropriate times. The company told Bloomberg in an email responding to the CFTC subpoena: “We routinely receive legal process from law enforcement agents and regulators conducting investigations.
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It is our policy not to comment on any such requests. CEO JL van der Velde said in a statement addressing the University of Texas at Austin paper: “Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Get the latest Bitcoin price here. Follow Fintech Briefing and never miss an update! Get updates in your Facebook news feed.
Get updates in your inbox Subscribe to Fintech Briefing and never miss an update! Bitcoin is the first practical solution to a longstanding problem in computer science, Marc Andreessen writes in Another View. Marc Andreessen, a co-founder of the venture capital firm Andreessen Horowitz. The firm is actively searching for more Bitcoin-based investment opportunities.
He does not personally own more than a de minimis amount of Bitcoin. A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers. They see within it enormous potential and spend their nights and weekends tinkering with it. While regulators debate the pros and cons of bitcoins, this volatile digital currency inspires the question: What makes money, money? What technology am I talking about? One can hardly accuse Bitcoin of being an uncovered topic, yet the gulf between what the press and many regular people believe Bitcoin is, and what a growing critical mass of technologists believe Bitcoin is, remains enormous.
In this post, I will explain why Bitcoin has so many Silicon Valley programmers and entrepreneurs all lathered up, and what I think Bitcoin’s future potential is. 20 years of research into cryptographic currency, and 40 years of research in cryptography, by thousands of researchers around the world. Bitcoin is the first practical solution to a longstanding problem in computer science called the Byzantine Generals Problem. To quote from the original paper defining the B. Byzantine army camped with their troops around an enemy city.
Communicating only by messenger, the generals must agree upon a common battle plan. However, one or more of them may be traitors who will try to confuse the others. The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.
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What kinds of digital property might be transferred in this way? All these are exchanged through a distributed network of trust that does not require or rely upon a central intermediary like a bank or broker. And all in a way where only the owner of an asset can send it, only the intended recipient can receive it, the asset can only exist in one place at a time, and everyone can validate transactions and ownership of all assets anytime they want. Bitcoin is an Internet-wide distributed ledger. You buy into the ledger by purchasing one of a fixed number of slots, either with cash or by selling a product and service for Bitcoin.
You sell out of the ledger by trading your Bitcoin to someone else who wants to buy into the ledger. The Bitcoin ledger is a new kind of payment system. Anyone in the world can pay anyone else in the world any amount of value of Bitcoin by simply transferring ownership of the corresponding slot in the ledger. Put value in, transfer it, the recipient gets value out, no authorization required, and in many cases, no fees.
That last part is enormously important. In lots of other places, there either are no modern payment systems or the rates are significantly higher. Bitcoin is a digital bearer instrument. It is a way to exchange money or assets between parties with no pre-existing trust: A string of numbers is sent over email or text message in the simplest case. The sender doesn’t need to know or trust the receiver or vice versa. This is one part that is confusing people. It is perhaps true right at this moment that the value of Bitcoin currency is based more on speculation than actual payment volume, but it is equally true that that speculation is establishing a sufficiently high price for the currency that payments have become practically possible.
The Bitcoin currency had to be worth something before it could bear any amount of real-world payment volume. Critics of Bitcoin point to limited usage by ordinary consumers and merchants, but that same criticism was leveled against PCs and the Internet at the same stage. Every day, more and more consumers and merchants are buying, using and selling Bitcoin, all around the world. The overall numbers are still small, but they are growing quickly. And ease of use for all participants is rapidly increasing as Bitcoin tools and technologies are improved.
The criticism that merchants will not accept Bitcoin because of its volatility is also incorrect. Bitcoin currency or be exposed to Bitcoin volatility at any time. Any consumer or merchant can trade in and out of Bitcoin and other currencies any time they want. Bitcoin as payment, given the currently small number of consumers who want to pay with it? Let’s say you sell electronics online. Profit margins in those businesses are usually under 5 percent, which means conventional 2. 5 percent payment fees consume half the margin.
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That’s money that could be reinvested in the business, passed back to consumers or taxed by the government. Of all of those choices, handing 2. 5 percent to banks to move bits around the Internet is the worst possible choice. In addition, merchants are highly attracted to Bitcoin because it eliminates the risk of credit card fraud.
This is the form of fraud that motivates so many criminals to put so much work into stealing personal customer information and credit card numbers. Since Bitcoin is a digital bearer instrument, the receiver of a payment does not get any information from the sender that can be used to steal money from the sender in the future, either by that merchant or by a criminal who steals that information from the merchant. Credit card fraud is such a big deal for merchants, credit card processors and banks that online fraud detection systems are hair-trigger wired to stop transactions that look even slightly suspicious, whether or not they are actually fraudulent. Bitcoin’s antifraud properties even extend into the physical world of retail stores and shoppers. For example, with Bitcoin, the huge hack that recently stole 70 million consumers’ credit card information from the Target department store chain would not have been possible. You fill your cart and go to the checkout station like you do now.
But instead of handing over your credit card to pay, you pull out your smartphone and take a snapshot of a QR code displayed by the cash register. The QR code contains all the information required for you to send Bitcoin to Target, including the amount. Well, maybe criminals are still happy: They can try to steal money directly from poorly-secured merchant computer systems. This is a myth, fostered mostly by sensationalistic press coverage and an incomplete understanding of the technology.