Bitcoin & Other Cryptocurrencies

kamalktk

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...the barter exchanges will take over again. People find what works and they will do what works. ..

A total impossibility.

So, you need a car to get to work. How do you value it. What are you going to barter for it ?

You can't use perishable goods as they won't store.

This is a serious question.
Salt. It worked for the Romans.
 

INT21

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Apparently as a supplement to soldiers pay. Somehow I can't see it catching on these days.

Maybe we should bring back other Roman ideas. Any one for Gladiators ?

INT21.
 

INT21

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Xanatic,

They, being of no practical use (you couldn't eat them) would be fiat currency.

I chicken = two OH.

Unlike the chicken, you can store the OH and accumulate wealth.
 

Mythopoeika

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Vardoger

I'm #1 so why try harder
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A cryptocurrency called QuadrigaCX owes 190 million dollars worth, but can't access it as their founder had the only password and he died in november.

Cryptocurrency gone with the wind
Is the Dead CEO Story Fake? Evidence Is Mounting That QuadrigaCX Pulled Off Massive Exit Scam
Don’t ask us to take off our tin foil hats! There are multiple allegations that QuadrigaCX might have played us all

QuadrigaCX, one of Canada’s most popular cryptocurrency exchanges, appears to be in a serious predicament — its customers can’t get access to $190 mln worth of crypto after its CEO, Gerald Cotton, unexpectedly died from Crohn's disease in India. Cotton was the only person who had access to the virtual keys to the exchange’s cold wallets, and many people suspect that the whole thing could be a huge exit scam.

Is he really dead?
The unfortunate death of the Canadian crypto CEO might not have even happened at all. Multiple scam allegations are picking up steam after the news spread like wildfire across numerous news outlets.



https://u.today/is-the-dead-ceo-sto...-that-quadrigacx-pulled-off-massive-exit-scam
 

Xanatic*

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I wouldn't say I doubt the death of their CEO, but they could very well be lying about him being the only one with access to the money.
 

kamalktk

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I wouldn't say I doubt the death of their CEO, but they could very well be lying about him being the only one with access to the money.
Never underestimate the stupidity of bitcoin believers.
 

Tribble

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It gets fraudier and fraudier...

When Quadriga Fintech Solutions Corp. founder Gerald Cotten died, account holders feared the encrypted access keys needed to recover C$190 million ($143 million) of cryptocurrencies held by the exchange in offline storage could be lost forever.

It looks now like the storage Quadriga is known to have used -- dubbed cold wallets -- has been empty since April.

Ernst & Young identified six cold wallet addresses used by Quadriga to store Bitcoin in the past. Five of those wallets haven’t had any balances since April 2018, and a sixth “appears to have been used to receive Bitcoin from another cryptocurrency exchange account and subsequently transfer Bitcoin to the Quadriga hot wallet” on Dec. 3. The only activity since was an inadvertent transfer of Bitcoin into that sixth wallet last month, which was disclosed earlier.


https://www.bloomberg.com/cybersecurity
 

kamalktk

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Bitfinex has $850 million disappear.

https://www.marketwatch.com/story/b...es-to-cover-up-missing-850-million-2019-04-26

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Bitcoin remained under pressure Friday, a day after New York’s attorney general’s office said it had obtained a court order against iFinex Inc., the operator of the Bitfinex cryptocurrency exchange, in relation to an alleged $850 million coverup.

“Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a coverup to hide the apparent loss of $850 million of co-mingled client and corporate funds,” said New York Attorney General Letitia James, in a news release.
 

hunck

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There was a report yesterday that Bitcoin, which last year was reported as using more electricity than Ireland, has moved up the table & is now ahead of Switzerland.

If it were a country it would be 41st in world consumption of electricity.

I don't know how they arrive at the figures but the majority is stated as bitcoin mining in China.
 

Tribble

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INT21

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But the problem is that at the moment governments ARE printing to oblivion. They are doing this because they have no other choice in order to keep the whole ponzi system going.
Posted in 2013. I see.

All is change, but nothing changes.

INT21.
 

James_H

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Podcast about the OneCoin cryptocurrency/pyramid scheme. Investors worldwide have pumped about £4 billion into it. The woman behind it, Dr Ruja Ignatova, disappeared in 2017.

https://www.bbc.com/news/technology-49826161
I've been listening to this, it's great.

This 'cryptocurrency' is in fact nothing of the kind, because it didn't have the blockchain technology that makes crypto currency 'secure'. It is basically a huge scam but a lot of people saw dollar signs and got hooked.
 

kamalktk

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All your bitcoin are belong to FSB.

https://cointelegraph.com/news/bbc-...-450m-in-lost-bitcoin-to-russian-intelligence

$450 million worth of lost cryptocurrency from the now-defunct cryptocurrency exchange WEX may have been transferred to a fund belonging to Russian intelligence agency the Federal Security Bureau (FSB), according to an investigation by the BBC’s Russian Service published on Nov. 15.

The BBC’s recent investigation into the BTC-e crypto exchange case, in which co-founder Alexander Vinnik stands accused of fraud and laundering as much as $4 billion in Bitcoin (BTC) over the course of six years, has revealed new details which allegedly connect lost customer funds to the FSB.
 

marhawkman

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Apparently as a supplement to soldiers pay. Somehow I can't see it catching on these days.

Maybe we should bring back other Roman ideas. Any one for Gladiators ?

INT21.
It was akin to the "fringe benefits" you get for enlistment today. Today we have stuff like free medical care.
 

escargot

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I've been listening to this, it's great.

This 'cryptocurrency' is in fact nothing of the kind, because it didn't have the blockchain technology that makes crypto currency 'secure'. It is basically a huge scam but a lot of people saw dollar signs and got hooked.
There was a R4 item about this recently. As you say, it's about greed.
 

Tribble

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Lawyers representing users of bankrupt cryptocurrency exchange QuadrigaCX are asking Canadian authorities to exhume the body of its founder.

They say they want an exhumation given "questionable circumstances" surrounding his death.

Online rumours have circulated since, speculating that Cotten faked his own death and sought to abscond with the funds, though no evidence of such a scheme has been revealed in the year since he died.


https://www.bbc.com/news/world-us-canada-50751899
 

Tribble

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Drug dealer invests in BTC when it was low, gets busted on weed dealing charge. Landlord chucks his stuff out - including the passcode for his bitcoin wallets. Estimated value at current rates : 46 million pounds.
(But as commenters point out... maybe he's just claiming the codes got binned so the coins don't get seized)

https://boingboing.net/2020/02/21/drug-dealer-lost-his-bitcoin-p.html
 

kamalktk

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Basically every US high profile twitter account got hacked today in a Bitcoin scam.

https://www.bbc.com/news/technology-53425822

"Billionaires Elon Musk, Jeff Bezos and Bill Gates are among many prominent US figures targeted by hackers on Twitter in an apparent Bitcoin scam.

The official accounts of Barack Obama, Joe Biden and Kanye West also requested donations in the cryptocurrency."
 
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