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Notices tagged with cryptocurrencies
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@fu I don't expect that they'll be able to reform the international financial system (or even most national financial systems) in ways that they believe will be more equitable. (And that's without considering the endemic corruption in most such countries.)
I'm slowly moving toward using #cryptocurrencies when possible, to deprive the corrupt and evil financial system of a little money and power, and toward encouraging others to do the same.
People in countries like India (which revoked much of its currency in order to try and force people into the financial system) likewise need something other than "reforming the current system".
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It still means, however, that the exchange's customers got hurt because they didn't keep their balances at or around zero, as they should. When $ORGANIZATION encourages you to let them keep custody of your assets, they're probably not doing it just because it is more convenient for you, but because it makes it easier for them. And as you've seen, one of the ways it makes it easier for them is that it leaves assets lying around for them to pilfer.
An exchange should be pass-through and make its money on transaction fees. A bank is storage, and makes money by using your stored funds, along with fees. And when you're talking about #cryptocurrencies, you should be very explicit about the purposes for which you're using an intermediary, due to the whole _the person who holds the private key for the wallet where your #cryptocurrency resides effectively owns your cryptocurrency_ thing.
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Also: https://nu.federati.net/url/289047 [news bitcoin com]
U.S. Congressman Warren Davidson: Self-custody #cryptocurrency wallets are an antidote to #FTX style scams, because they can't steal money / #cryptocurrencies from wallets they don't control.
He's absolutely right, and that's how the exchanges are supposed to be used, but with few onramps and offramps, people tend to leave their investments in their custodial wallet (e.g., the one where the exchange controls the secret key, not the customer) where bad things can happen.
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https://nu.federati.net/url/289031 [cointelegraph com]
Decentralized autonomous organizations. Though I've been reading about #cryptocurrencies, I have avoided #DAOs because I haven't seen how they apply to the things I'm interested in. I'll have to read up on them.
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https://www.forbes.com/sites/jasonbrett/2020/06/19/interview-with-bitcoin-and-black-america-author/ [www forbes com]
An interview with Isaiah Jackson, author of "Bitcoin and Black America" ... he talks about some of the impact of racism in the financial system and in the laws that underlie it. And he sees #cryptocurrencies, particularly #Bitcoin #BTC as one way to disarm that.
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I missed it, but it appears that #OpenBazaar is gone. Their #Twitter account has some details (from early 2021).
OB was a fee-free peer-to-peer marketplace. I think it was based on #cryptocurrencies ... at least #Bitcoin #BTC.
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One of the reasons why people left money in #cryptocurrency exchanges (which violates all the precepts of using #cryptocurrencies) is because of the lack of on-ramps. If #FTX's customers maintained near-zero balances, there would have been no money to steal to prop up #Alameda_Research. That lack of on-ramps, by the way, is due to financial regulations.
Likewise, there would be no need for exchanges to provide "proof of reserves", because they'd only need to hold enough reserves to handle expected transaction volume.
As I read the financial news, I'm ever more convinced that the standard financial system's built-in racism will never be fixed. It exists at every level from regulators to Joe Banker who denies you a loan to buy a used car, and is reinforced from the top, but means of regulations and orders that often disguise their effect in high-sounding phrasing.
When I read "Bitcoin and Black America", I felt like he overstated his point, but his point--that Blacks need to get out from under the racist financial system and find a way to fund their own businesses and jobs outside of it--still stands. Even though I'm not wedded to cryptocurrencies, I believe they offer the best shot at doing this of any financial medium I've ever heard of.
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https://nu.federati.net/url/288784 [www coindesk com]
#cryptocurrency exchange #Coinbase to end support for #Bitcoin Cash #BCH, #Ethereum Classic #ETC, #Ripple #XRP, #Stellar #XLM #cryptocurrencies.
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#FTX fraud: This wasn't an accident. https://www.youtube.com/watch?v=FDqhM7vHR2o [www youtube com]
#cryptocurrencies #cryptocurrency
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!econusa US Treasury recommends exploring "Digital Dollar" #CDBC https://nu.federati.net/url/287868 [www usnews com]
While we cannot yet know whether a CBDC will happen or what form it will take, what is certain is that the growth of #cryptocurrencies is inspiring this global trend of investigation the creation of national CBDCs.
#Bitcoin #BTC
#Ethereum #ETH
#Ripple #XRP
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Putin bans payments in #cryptocurrencies in #Russia https://www.engadget.com/putin-law-prohibiting-crypto-payments-russia-125015139.html [www engadget com]
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https://pkteerium.xyz/objects/e7b0c5cd-bc86-4c79-aac4-42e15cf65031
I cannot believe he actually said it.
Basically, central banks are moving toward #CBDCs in order to observe and control what their populations do and how they spend their currencies.
Best argument I have seen for #cryptocurrencies.
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Watching someone's #Twitch stream. First of all, y'all use waaay too many gamer words.
Secondly, they in room chat veered into #cryptocurrencies.
My answer (not available in the chat, because I'm not a member):
I don't specifically care about the method (cryptographically signed blocks of transactions, chained together via a consensus algorithm), but I care about breaking people free from the control of banksters and believe that should be a priority for all of us.
That is why I care about #Bitcoin, #Ethereum and similar currencies.
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https://starlabs.systems/
Interesting, but since they seem to be UK based, there's really no reason to read any further. None of my financial intermediaries allow transactions that cross national boundaries.
( Serious truth: We used to be hosted on a community-oriented hoster in Sweden. Then one year, I could not find a way to get money to him, so it was necessary to move. Also tried to get hosting with the North American branch of a French company and likewise no transactions were possible.
Another reason to consider something like #cryptocurrencies. It is possible to make transactions without #banks and other intermediaries [ such as #paypal / #preypal ] acting as gatekeepers. )
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https://decrypt.co/74608/binance-not-permitted-to-operate-in-the-uk-british-financial-watchdog [decrypt co] UK regulator says Binance not allowed to operate there.
European financial processor to cease processing Binance transactions. https://decrypt.co/75770/binance-dropped-european-payment-processor-clear-junction [decrypt co]
#Binance #cryptocurrencies #exchange
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> The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party.
https://bitcoin.org/bitcoin.pdf Section 10.
Well, there's the seller, the buyer, the seller's bank, the buyer's bank, and the seller's card processing agent. In some cases two or more of the third parties are the same organization, but usually they are not.
You don't necessarily trust the other party's bank or the payment intermediary, either. Sometimes, you just hope that your bank will be willing and able reverse the transaction if you have a problem.
Yes, there really is a need for #DeFi.
#Bitcoin | #Cryptocurrencies | #Trust | #Intermediaries | #Gatekeepers
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On a call with Mark. We've talked about #cryptocurrencies, $EMPLOYER pay scales, and returning home after assignments.
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@guizzy I’m definitely in favor of making digital purchases convey similar ownership rights as the corresponding physical purchase would.
Although I’ve been doing some research on #cryptocurrencies, I really have not looked into #NFTs yet. But I have seen others claiming that it could give artists something to sell directly to their fans and cut out the record company / movie company / streaming network. Certainly most mentions I come across see it as ‘new tulipmania’ or something like that.
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Since it seems like we are digging into #cryptocurrencies, I bought ‘Ledger S Nano’ hardware cryptocurrency wallets for myself and the two younger boys ( #sonTwo, age 33; #Daddy_A, age 32 ).
#sonOne, age 43, has been absent from the conversation, so if he decides to show interest, I’ll send him “this link”:{https://shop.ledger.com/products/ledger-nano-s/}.
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Although I am slightly positive on #cryptocurrencies, thanks to #sonTwo’s father-in-law sending them a little money to “invest”, and the near-daily conversations about the topic that it inspired, I’m not one of those crypto-nuts.
There’s an IT person working for $EMPLOYER who sends me texts telling me how much he has invested in #DOGEcoin and how many millions he will have once it goes up to $2. He’s nuts. I keep telling him not to put anything he cannot afford to lose into DOGE, but he can’t hear me, because he’s fully convinced that this can only go up in value.
On the other hand, when talking with my son, we mostly talk about currencies that are actively used for buying and selling goods and services. If there’s no market for a token or coin other than speculators, they’ll eventually move on, sticking the last person with huge losses on now-worthless tokens & coins.
LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}
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