Crypto Currency Trading Platforms
- Thread starter richardg
- Start date
Seeker_UK
Feelin' nearly faded as my jeans
Sorry but as I am not a cryptocurrency nerd, I don't know who SD is; on the face of it he is just another youtube face in a gym passing on apparent knowledge and expertise.
[edit]
Consciously eschewing the 'norm' is just as obvious as being "suited and booted" - a very clodhopping way of trying to point out how different and 'new' he is.
andyoz
pfm Member
Ha! Last time I tried to pay in a large amount of cash into a high st bank there were lots of questions. Should have stuck it in a bin bag
Last time I tried to buy a used car via bank transfer using the legacy banking system it let me down totally.
They are now so paranoid about fraudulent activity you're basically assumed to be a criminal unless proven otherwise. It took me having to access three bank accounts to get the £30k paid on the day to make the ferry. One took over 2 hours to do a "Faster Payment" and the other locked me out and would have been 3+ hour wait on the help line as they'd had a massive IT outage (incl. ATM's) two days before and were still dealing with the carnage. Really efficient system it is...
Gingerbeard
Ayup Me Duck
This fella speaks very highly of the Central Ponzi, I mean Banking System that you covert!
As @Amber Audio has said, this area is a learning curve and I openly admit I’m no expert, however, my eyes are wide open to learning and digesting as much information as I can and from all different perspectives. No doubt some of this will be better than others…
paulfromcamden
Baffled
Completely agree there's a steep learning curve. I'm a bit wary of YouTube videos with lots of exclamations marks and titles IN CAPITALS!!! though.
There's a touch of the 'true believer' about this stuff that reminds me of goldbugs. The folk who post on gold forums have been convinced fiat currency is about to collapse for a good couple of decades. Hasn't happened yet.
That's not to say crypto (and gold) aren't worth exploring. Just that there's a lot of noise around it.
Yes unfortunately crypto has more than its fair share of nutters, especially on social media.
In the US in particular there is a high correlation between crypto and anti vax/plandemic morons. They think because they've made a few million dollars they're also medical experts. Best avoided, thankfully there are some more sane voices out there but as with life in general the stupid ones with big gobs are the ones that get reeled out most often.
In the US in particular there is a high correlation between crypto and anti vax/plandemic morons. They think because they've made a few million dollars they're also medical experts. Best avoided, thankfully there are some more sane voices out there but as with life in general the stupid ones with big gobs are the ones that get reeled out most often.
matthewr
spɹɐʍʞɔɐq spɹoɔǝɹ ɹnoʎ sʎɐld
Not sure how many of you are going to watch a 2h18m video essay on NFTs and Bitcoin, but Folding Ideas video essay is very good and well worth your time if you have an interest in the subject.
Spoiler: It's mostly wannabe Tech Bros, the gullible and scammers.
Spoiler: It's mostly wannabe Tech Bros, the gullible and scammers.
robs
should know how this works by no
Think I'll pass on these:
https://yh.io/item-details/black-cape-worn-by-john-lennon-from-the-movie-help!/HB7Dm03rSg1TFDWK
NFT (i.e. an image) up for auction whilst the actual physical cape belongs to someone else.....the world has gone completely mad...
https://yh.io/item-details/black-cape-worn-by-john-lennon-from-the-movie-help!/HB7Dm03rSg1TFDWK
NFT (i.e. an image) up for auction whilst the actual physical cape belongs to someone else.....the world has gone completely mad...
paulfromcamden
Baffled
Think I'll pass on these:
https://yh.io/item-details/black-cape-worn-by-john-lennon-from-the-movie-help!/HB7Dm03rSg1TFDWK
NFT (i.e. an image) up for auction whilst the actual physical cape belongs to someone else.....the world has gone completely mad...
Someone's bid $50k for a jpeg of some handwritten notes about Hey Jude!
https://www.julienslive.com/lot-details/index/catalog/417/lot/175685?url=/auctions/catalog/id/417
I can kind of see the case for NFTs when they're created as originals works (though I'd rather have a thing I could hang on my wall!) but flogging gifs of stuff for $$$s just seems like cynical bollocks. Even the British Museum is doing it - flogging NFTs of Hokusai prints.. ker-ching!
robs
should know how this works by no
Yes, an original digital image (rather than a physical painting), a song, a film, software....what was/is traditionally known as IP - fine. But an image of a physical thing that someone else will continue to own...tulips here we come!
Maybe I should invest time in the video linked above so I understand...but I think not..
Edited to add...watched first 10 mins only and pretty much explains it all in my simple mind..
Gingerbeard
Ayup Me Duck
I don’t believe that’s going to happen, if it was, it would have done so by now
Gingerbeard
Ayup Me Duck
MikeMA
pfm Member
Call me old fashioned, but the idea of El Salvador and Kazakhstan being key players in the Bitcoin market wouldn't be filling me with confidence if I were an investor, but then I like gold
paulfromcamden
Baffled
Ha! I hadn't realised Max Keiser had switched to hawking crypto but it makes perfect sense. Last I saw about a decade ago he was telling everyone to load up on gold because the world was about to end. Seems the script hasn't changed too much. He's entertaining but not someone I would consider a serious financial commentator.
Russia Today
Sue Pertwee-Tyr
Accuphase all the way down
An interesting lecture on Bitcoin, and other cryptocurrencies here:
DSHR's Blog: EE380 Talk
It's a long, but essential read, IMV.
TL;DR: some takeaways -
There are two main externalities with Bitcoin: energy/waste, and crime.
1 is runaway resource usage: currently bitcoin mining is estimated to consume the same amount of electricity as a medium sized economy like the Netherlands, and it's either not using renewables (one exchange which boasted of using only renewables was found to have contracted to buy coal-fired power), or it is taking renewables from systems which have better uses for it (Sweden has said it can't meet its Paris commitments unless crypto mining stops taking its renewable electricity). And it is calculated that 97.5% of all the transactions on the bitcoin blockchain are economically meaningless (ie, to do with the maintenance of the blockchain). If you look at the consumption of computing resource, it is estimated that every commercially meaningful transaction costs the equivalent of one Macbook in eWaste.
2 is crime: Bitcoin is responsible for an explosion in crime, in particular the exponential rise in ransomware is largely caused/enabled by Bitcoin. The vast majority of transactions on Bitcoin are believed to be money laundering, pump and dump fraud, drug and terrorist financing, tax evasion and financing of rogue states such as North Korea.
Other stuff:
The US has determined that bitcoin transactions meet the criteria for being defined as 'money transmission services' and the virtual asset service and wallet providers are thus required to comply with anti money-laundering processes. They can't and don't. The only logical reaction from the banking sector and governments will ultimately be to deny these services the ability to exchange Bitcoin for fiat money.
The decentralisation at the heart of the permissionless blockchain powering Bitcoin is necessary, but increasingly an illusion and the processing is done or controlled by about five large blocs, which may therefore determine which transactions 'make it' to the blockchain and which are discarded as not valid according to the 'majority rules' protocol.
A 'Sybil' attack by a group controlling 51% of the bitcoin miners is designed, by the increasing resource demand, to be commercially unviable. That means crime won't pay if you're planning to hijack the blockchain for your own dastardly profit. But it's not beyond the reach of a nation state whose intention is not to make money, but to break stuff and cause disruption. Offhand I can't put my finger on any country which might wish to do that, but I'm sure it'll come to me in a minute...
Do you feel lucky?
Well, do you?
DSHR's Blog: EE380 Talk
It's a long, but essential read, IMV.
TL;DR: some takeaways -
There are two main externalities with Bitcoin: energy/waste, and crime.
1 is runaway resource usage: currently bitcoin mining is estimated to consume the same amount of electricity as a medium sized economy like the Netherlands, and it's either not using renewables (one exchange which boasted of using only renewables was found to have contracted to buy coal-fired power), or it is taking renewables from systems which have better uses for it (Sweden has said it can't meet its Paris commitments unless crypto mining stops taking its renewable electricity). And it is calculated that 97.5% of all the transactions on the bitcoin blockchain are economically meaningless (ie, to do with the maintenance of the blockchain). If you look at the consumption of computing resource, it is estimated that every commercially meaningful transaction costs the equivalent of one Macbook in eWaste.
2 is crime: Bitcoin is responsible for an explosion in crime, in particular the exponential rise in ransomware is largely caused/enabled by Bitcoin. The vast majority of transactions on Bitcoin are believed to be money laundering, pump and dump fraud, drug and terrorist financing, tax evasion and financing of rogue states such as North Korea.
Other stuff:
The US has determined that bitcoin transactions meet the criteria for being defined as 'money transmission services' and the virtual asset service and wallet providers are thus required to comply with anti money-laundering processes. They can't and don't. The only logical reaction from the banking sector and governments will ultimately be to deny these services the ability to exchange Bitcoin for fiat money.
The decentralisation at the heart of the permissionless blockchain powering Bitcoin is necessary, but increasingly an illusion and the processing is done or controlled by about five large blocs, which may therefore determine which transactions 'make it' to the blockchain and which are discarded as not valid according to the 'majority rules' protocol.
A 'Sybil' attack by a group controlling 51% of the bitcoin miners is designed, by the increasing resource demand, to be commercially unviable. That means crime won't pay if you're planning to hijack the blockchain for your own dastardly profit. But it's not beyond the reach of a nation state whose intention is not to make money, but to break stuff and cause disruption. Offhand I can't put my finger on any country which might wish to do that, but I'm sure it'll come to me in a minute...
Do you feel lucky?
Well, do you?
paulfromcamden
Baffled
Bonkers levels of energy usage that as a planet we really can't afford. And for what?
I saw an analysis of NFT energy usage recently with someone making the point that as fast as museums are being called on to divest themselves of fossil fuel sponsorship they're instead churning out dodgy NFTs to raise a few quid.
Sue Pertwee-Tyr
Accuphase all the way down
Exactly, and it's not like that energy resource is plateauing, Bitcoin, and the estimated 10,000 other cryptocurrencies vying for attention, are in danger of hoovering up all the good being done in the global move to renewables for the next 10-15 years. Frankly, I'm increasingly of the view that Bitcoin is a bubble, a Ponzi scheme, and anybody buying in now is just enabling one of the early adopter scammers to get out and take your money with them.