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  1. #1011
    gleeful gleeful is online now

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    Quote Originally Posted by Dame_Enda View Post
    Bitcoin has a history of collapses and surges but its still 58% higher than a month ago. Its too soon to admit defeat.
    Collapse and surge is all it does. It has no other function.
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  2. #1012
    Ruff says Flaherty Ruff says Flaherty is offline
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    Quote Originally Posted by Dame_Enda View Post
    Its 7950.88 now, compared to 9550 before the crash a few days ago.
    The crash?

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  3. #1013
    jmcc jmcc is offline

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    Quote Originally Posted by gleeful View Post
    Collapse and surge is all it does. It has no other function.
    You really don't have a clue about Bitcoin and its uses. What are you, an Irish Times reader?
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  4. #1014
    gerhard dengler gerhard dengler is offline
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    Quote Originally Posted by jmcc View Post
    The banks, in this case are the intermediaries. With a cryptocurrency, it is a person to person transaction.

    They have physicality but their value is that which you and others ascribe to them.

    How difficult is it to counterfeit a coin in a cryptocurrency?
    I think you make some great points. Whatever else we may say about the Irish Central Bank and the ECB, at the very least there is some measure of public accountability with the euro currency. Part of this accountability is due to the currency being tied to a sovereign state(s). If you look at the bank note in your wallet you will see a signature of Mario draghi on each note. Whether that signature is worth the note its depicted upon is debatable (and god knows there are many if us here who've catalogue the disaster that the euro has been).

    With crypto currencies there is no sovereign accountability. Nor is there sovereign legal basis underpinning, the operation of these currencies
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  5. #1015
    jmcc jmcc is offline

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    Quote Originally Posted by gerhard dengler View Post
    I think you make some great points. Whatever else we may say about the Irish Central Bank and the ECB, at the very least there is some measure of public accountability with the euro currency. Part of this accountability is due to the currency being tied to a sovereign state(s). If you look at the bank note in your wallet you will see a signature of Mario draghi on each note. Whether that signature is worth the note its depicted upon is debatable (and god knows there are many if us here who've catalogue the disaster that the euro has been).
    The difference between a cryptocurrency and a conventional one is that the transactions ledger is publically available and verifiable with a cryptocurrency. With a conventional currency, one really only has the word of the CBs and the bankers and they have, as a group, proven disinctly untrustworthy.

    With crypto currencies there is no sovereign accountability. Nor is there sovereign legal basis underpinning, the operation of these currencies
    This is what makes them quite dangerous to governments. There's no central bank as such and nobody really controlling it. What probably really upsets the banksters is that cryptocurrencies are probably better for the kind of illicit transactions that banksters used to do with drugs and other ventures.
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  6. #1016
    jmcc jmcc is offline

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    There's actually a good documentary on Netflix about Bitcoin.

    Banking on Bitcoin.
    https://www.netflix.com/title/80154500
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  7. #1017
    gerhard dengler gerhard dengler is offline
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    Quote Originally Posted by jmcc View Post
    The difference between a cryptocurrency and a conventional one is that the transactions ledger is publically available and verifiable with a cryptocurrency. With a conventional currency, one really only has the word of the CBs and the bankers and they have, as a group, proven disinctly untrustworthy.

    This is what makes them quite dangerous to governments. There's no central bank as such and nobody really controlling it. What probably really upsets the banksters is that cryptocurrencies are probably better for the kind of illicit transactions that banksters used to do with drugs and other ventures.
    I take those points, but none of the crypto currencies are accountable to sovereign state (s).

    The established sovereign currencies at least have some measure of sovereign oversight by comparison. Although trying to do an inventory for gold held at Manhattan seemsto be always problematic.

    What about the real, unpublished, crypto ledgers?
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  8. #1018
    Dame_Enda Dame_Enda is offline
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    Quote Originally Posted by jmcc View Post
    There's actually a good documentary on Netflix about Bitcoin.

    Banking on Bitcoin.
    https://www.netflix.com/title/80154500
    Saw that some weeks ago is good. But its also slightly out of date because it stops more or less at the collapse after NY introduced regulations that collapsed many Bitcoin traders around 2014-5. It doesnt cover the doubling of its value this year.
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  9. #1019
    Gin Soaked Gin Soaked is offline
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    Quote Originally Posted by jmcc View Post
    How much money have you in your pocket? How much in your bank accounts? Do people hoard "real" currencies?

    What makes you think that it is not stable?
    The buying power of the euro is pretty stable. And for most people, the currency has a lot of velocity. I can rely on it on an annual basis. Banks will lend against it being valid decades later.
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  10. #1020
    jmcc jmcc is offline

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    Quote Originally Posted by gerhard dengler View Post
    I take those points, but none of the crypto currencies are accountable to sovereign state (s).
    That is the key point of many of these cryptocurrencies. They exist without the need to be accountable to a sovereign state or government.

    The established sovereign currencies at least have some measure of sovereign oversight by comparison. Although trying to do an inventory for gold held at Manhattan seemsto be always problematic.

    What about the real, unpublished, crypto ledgers?
    Many of these cryptocurrencies depend on the ledger being publically available. That allows all transactions to be verified. If someone needs to verify a transaction, then they can do so.
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