Coffee Talk V: The Final Battle

[puckhead]

I'm really shocked this hasn't been more prevalent.

 

[dash]

I'm really shocked this hasn't been more prevalent.

I really know nothing about crypto, but when stories like the above come out, I think I'll just stick with the stock market and mutual funds lol

 

[thedddd]

I'm really shocked this hasn't been more prevalent.

Same here since there is essentially no regulations on it. And in that same manner how do you get caught?

 

[forty_three]

That same wave length....

You don't have to wait long it takes all of 4 seconds into the video..

The party of Law and Order and Respect for law enforcement.

Same here since there is essentially no regulations on it. And in that same manner how do you get caught?

I will over-simplify, but here goes: Much like Organized Crime, it's the paper trail that shows up when they try to integrate the funds into the existing banking "real world" system. Most organized crime or gangs get caught money laundering.

When these guys steal crypto, it's worthless unless they can turn it into tangible assets. And that leaves a trail, deposit into a bank, buy a car or other items, etc. Otherwise, you have a bunch of digital files with no tangible value except to other people willing to trade assets for those files. You steal from those people, it's less likely they will want to trade with you.

And if you want to dig into the next level of lunacy:

People are spending millions on NFTs. What? Why?

NFT WTF FAQ.

www.theverge.com

 

[thedddd]

The party of Law and Order and Respect for law enforcement.

I will over-simplify, but here goes: Much like Organized Crime, it's the paper trail that shows up when they try to integrate the funds into the existing banking "real world" system. Most organized crime or gangs get caught money laundering.

When these guys steal crypto, it's worthless unless they can turn it into tangible assets. And that leaves a trail, deposit into a bank, buy a car or other items, etc. Otherwise, you have a bunch of digital files with no tangible value except to other people willing to trade assets for those files. You steal from those people, it's less likely they will want to trade with you.

And if you want to dig into the next level of lunacy:

People are spending millions on NFTs. What? Why?

NFT WTF FAQ.

www.theverge.com

Oh so it is just another money laundering scheme. Makes sense.

As for the NFT's that one makes zero sense to me.
I get paying for a design that becomes your company logo, etc...but purchasing NFT as a collector hoping they make money off of them? Hate to break it to that person but a simple google search and you can get it for free.

 

[dash]

It's a start...

 

[thedddd]

Seriously, this can't be real....please don't be real....for the love of god don't be real...................

Imprinting a Remedy — Real Medicine Holistic Centre

realmedicineclinic.com

 

[forty_three]

Oh so it is just another money laundering scheme. Makes sense.

As for the NFT's that one makes zero sense to me.
I get paying for a design that becomes your company logo, etc...but purchasing NFT as a collector hoping they make money off of them? Hate to break it to that person but a simple google search and you can get it for free.

It's more of a new stock exchange that is not controlled the same way the old one is. Getting people to give you money in exchange for things that you create out of thin air. Pieces of paper vs encryption keys

 

[forty_three]

It's a start...

That's a long time without his organic chicken nuggies

 

[thedddd]

It's more of a new stock exchange that is not controlled the same way the old one is. Getting people to give you money in exchange for things that you create out of thin air. Pieces of paper vs encryption keys

Yep I get that, was more trying to understand how someone could steal crypto for that reason. And in the sense it is not regulated so what truly constitutes stealing unless you hack and take someones access keys?

 

[puckhead]

Yep I get that, was more trying to understand how someone could steal crypto for that reason. And in the sense it is not regulated so what truly constitutes stealing unless you hack and take someones access keys?

that's what I envisioned:
here's my imaginary space bucks floating in the ether.
it has a digital key.

the amount of computing power going into mining for new crypto,
i would think a bunch of that resource would go into stealing existing crypto.

 

[thedddd]

With the whole Cryto challenges all you need is one or a few governments to ban the use of them as a form of a commerce transaction. And all that inflated value is deemed worthless.

 

[forty_three]

that's what I envisioned:
here's my imaginary space bucks floating in the ether.
it has a digital key.

the amount of computing power going into mining for new crypto,
i would think a bunch of that resource would go into stealing existing crypto.

There was a guy who had a forum that started out trading Magic The Gathering cards. Eventually he set up an exchange for bitcoin and was trading roughly (estimated) 60% of all BTC trading on earth with people storing their keys and wallets on his servers. They one day he turned it off and declared bankruptcy and tried to vanish. Everyone wanted his head.

Turns out, someone got in and copied everyone's wallets and made off with $600m in BTC value.

The suggestion from the people who lost money is that there should be kind of regulation on the security of places where wallets are kept.

lol

With the whole Cryto challenges all you need is one or a few governments to ban the use of them as a form of a commerce transaction. And all that inflated value is deemed worthless.

The Internet isnt't governed by any individual entity though. As as long as there are day traders turning one dollar into two on it, it will always exist.

A big breach or theft like the one above is the only thing that will kill it.

 

[thedddd]

The Internet isnt't governed by any individual entity though. As as long as there are day traders turning one dollar into two on it, it will always exist.

A big breach or theft like the one above is the only thing that will kill it.

True the internet isn't governed, but what value would it have if it can't be used to purchase any goods or services?

Trust me I get the whole conversion possibility but at what value of the crypto. Major risk being that group to do those conversations. Since Crypto's value is based too much on speculation and anything can devalue it. Since there isn't a tangible backing to it, most countries' currency are protected by something and makes it intrinsically less volatile.

 

[dare2be]

Seriously, this can't be real....please don't be real....for the love of god don't be real...................

Imprinting a Remedy — Real Medicine Holistic Centre

realmedicineclinic.com

At least there's truth in advertising.

"The remedy works as well as any other remedy I send you."

 

[thedddd]

True the internet isn't governed, but what value would it have if it can't be used to purchase any goods or services?

Trust me I get the whole conversion possibility but at what value of the crypto. Major risk being that group to do those conversions. Since Crypto's value is based too much on speculation and anything can devalue it. Since there isn't a tangible backing to it. Unlike most countries' currency which are protected by something and makes it intrinsically less volatile.

JFC....I swear Grammarly autocorrects on purpose to shit even though I don't have it enabled to autocorrect.

I can be totally off base with what I stated, trying to understand the why would you invest in this? Vs what @dash said earlier about investing elsewhere.

 

[puckhead]

There was a guy who had a forum that started out trading Magic The Gathering cards. Eventually he set up an exchange for bitcoin and was trading roughly (estimated) 60% of all BTC trading on earth with people storing their keys and wallets on his servers. They one day he turned it off and declared bankruptcy and tried to vanish. Everyone wanted his head.

Turns out, someone got in and copied everyone's wallets and made off with $600m in BTC value.

The suggestion from the people who lost money is that there should be kind of regulation on the security of places where wallets are kept.

lol

there was a guy in Canada who had one of the bigger exchanges in the country.
one day he disappeared to India (and maybe died).
RCMP, Securities Commission, and everyone else was coming after the wife (widow?) for their $$$.
He was the only guy with the password, so *poof* to about $250MM

I like the quote from the one guy who lost $560k - "his life savings"... yeah, right.
you are going to dump your life savings into crypto?

Quadriga: The cryptocurrency exchange that lost $135m

When Quadriga's founder died he left behind a mystery: what happened to millions in cryptocurrency?

www.bbc.com

 

[forty_three]

True the internet isn't governed, but what value would it have if it can't be used to purchase any goods or services?

I can use it right now to buy an AK-47 from Russia, some opium from Afghanistan and some cocaine from Colombia. The availability of goods and services has nothing to do with any government.

Or a LOT to do with certain governments, depending on your perspective.

 

[thedddd]

I can use it right now to buy an AK-47 from Russia, some opium from Afghanistan and some cocaine from Colombia. The availability of goods and services has nothing to do with any government.

Or a LOT to do with certain governments, depending on your perspective.

No goods and services has nothing to do with a government, but a government can deem it as not legal currency.

Sure it can be used to purchase said illegal items. That goes back to the whole money laundering which is very lucrative if you value that type of lifestyle.

 

[forty_three]

No goods and services has nothing to do with a government, but a government can deem it as not legal currency.

Sure it can be used to purchase said illegal items. That goes back to the whole money laundering which is very lucrative if you value that type of lifestyle.

But it's not really legal tender anywhere already. It's being used to trade online. Some companies are saying that they will recognize it and sell legal goods with it (You can buy a Tesla with it, for example. Or deposit/transfer it into accounts at a lot of banks). The value keeps increasing because of the number of places that give it legitimacy.

A government saying "Crypto is illegal" would just be laughed at.