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Off-Topic discussion about Bitcoin and cryptocurrency.
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For payments the UK uses the Faster Payments System, which is free and instant:
https://www.fasterpayments.org.uk/
Not sure about the rest of the world, but the technology obviously exists.
You wrote "who manipulate transactions" which is not true. Nobody manipulates transactions in crypto. Devil is hidden in details. On other side in crentral banking pretty much multiple autorities (bankers, state law enforcement) can manipulate transactions, with CDBS even directly central bank will be capable of manipulate transactions. Any bank can cancel / revert any payment. This is payment system manipulation.
If you take full responsibility and you're following all rules of crypto, there is near to zero chance some bad actor steals your money. I'm there 5 years - nothing stolen. Of course, it requires you learn, understand, think. Actions which in centralised system under goverment authority are not just "not required", they are expected to be avoided.
In crypto, just by educating yourself and thinking, you can prevent any bad actor to steal your money. In centralized state controlled finance, you cannot prevent any way major bad actors (goverment, banks) to steal your money or prevent your access to banking.
It's just dumb to repeat still again and again this nonsense narrative, which was multiple times proven to be not true. Bored of this discussion.
Regarding money laundering, there is nobody more experienced in this activity than traditional banks and there is no currency used more for money laudering USD cash ... In recent 2-3 years (proven fact) Bitcoin used for laudering has just ridiculously small percentage compared to all transactions (i think for previous year it was something around 0.25%)
You are again using as arguments events from beginning of crypto era .. ok i will use as argument banks on wild west, there was huge amount of robberies, people often lost money, so all banking is wrong and there is lot of bad actors.. it's really dangerous, some people were even killed when they were in bank during robbery ! How scary !
lol.. again this
please if you have anyproof of illegal activities, it's mandatory you report it to law enforcement representatives.. if you don't report it, you're commiting crime .
If you don't have any proof, all you write is worth nothing, they are just conspirations.
One of my examples was from last week
https://www.bloomberg.com/news/articles/2021-06-23/s-african-brothers-vanish-and-so-does-3-6-billion-in-bitcoin
Sure you use a private wallet. But guess what? I can stuff all my savings in my mattress. The reality is most people don't. Millions of people use crypto exchanges, because most people don't want the hassle of being their own bank. Private wallets get lost, corrupted, people die. It's not a viable solution for the majority of people.
Which means you are right back in a trust-based system. And regulated banks are far more trustworthy than any entity in the crypto world.
The proof already exists, as per the NY AG: "Tether's claims to be fully backed at all times was a lie".
It's the most obvious fraud in history, you just have to look at their own claims:
2018: fully backed
2019: 74% backed
2021: 3% backed
It's just a matter of time before they collapse. You can choose to be willfully blind, but the evidence is overwhelming.
Yes, till yet you can, just it has few drawbacks
Plus - almost sure 10 years from now it will be not possible cause no cash will exists. This trend is very clear and irreversible, even Carstends (president of Central Bank of international settlements) in his speach said it very clearly - they want to completely transit to CBDC in next nears and compeletely abandon cash, to have better control over on what and how much are people spending money (litteraly what he said, no conspiracy theory)
10 years from now, if you like at least a little bit your freedom (i want to believe you do), you will be glad for having Bitcoin
Yes. For exchanging currencies, not for long term holding. Most of crypto (or especially Bitcoin) is held in private wallets. Fact.
There is 18M bitcoin circulating, there is around 2.8M in average on exachanges.
source: https://cryptoquant.com/overview/btc-exchange-flows
Your theory is busted.
It's way much safer to hold crypto in own wallet, than have money in bank or in mattress ;-) And that is also what vast majority of holders is doing. There is pretty high awareness about proper way of secure storing of crypto in private wallet, about risks of exchanges (thankfully, exaclly because of famous MtGox, Bitfinex or Cryptopia hacks in past).
I even don't need hardware wallet, all i need to store all my money is to memorise 12 or 24 words. That's it. I can take my money with me completely anonymousle anywhere on planed without any fear being robbed. Try visit withour your life savings from mattress some dangerous places in world ;-)
Just because few very stupid people lost they money because they gave to somebody private key, well, in some way they deserve it as punisment for their stupidity. Also storing crypto in hands of third party organization (like that african case) is stupidity. Everybody who uses brain knows golden rule of crypto.
not your keys, not your coins
I feel absolutely safe about all money in my private wallet, i feel bad and unsafe about all my money in bank.
there are simple and effective ways how to backup keywords ...
no argument agains bitcoin technology, ANY data stored ANYWHERE can be corrupted. Until you have backup of pricate key (12 or 24 words) you can even lost your physicall wallet, you will be still able to recover it.
no agument.. you can leave your keys in your last will for your childs exactly same way like any other asset your own ..
So all those billions of dollars of crypto that were stolen last week in South Africa, that didn't happen?
I think you guys have been going in circles for 30 pages now. 😂
Sorry, I didn't realise anyone else was still reading 🤣
around 69k of BTC. Still nothing compared to 18 millions in circulation. You sould admit that at least in this point you was wrong and vast majority of bitcoin is stored in private wallets, not on exchanges or custodian services.
Most of bitcoiners knows how to minimalise risks. Of course, we learned it hard way during first years of crypto wild west.
Btw today exchanges are actually pretty much regulated. Good example is that recently UK requested Binance to not allow UK citisens to trade derivatives, just spot. Binance fulfilled this request.
Which is btw pretty good example of upcoming totalitarian dystopia - goverment dictating to people what they are allowed to do with own (taxed) money. Deep shit
That's not the argument I was making. You are claiming that the traditional banking system is "malicious":
and I'm simply countering this argument with the fact that much worse happens in crypto, shady entities are always stealing people's money. Two exchanges have done this in 2021 so far. The owners "disappear" with all their customer's funds:
https://www.coindesk.com/turkish-state-news-crypto-exchange-ceo-disappeared
https://www.reuters.com/technology/safrica-crypto-exchange-brothers-disappear-after-client-cash-vanishes-lawyers-2021-06-25/
Ok, crucial quesrion. Is this the bright future you're looking for ? All you money in absolute control of this guy or people like Christine Lagarde ?
Ok, i have no problem with even more strict regulations and control of Exchanges and custodian services - but not regulation of what and how people are doing with their money.
Regulate business to prevent scam companies, people failure ? Yes, nothing agains that... It's business, doesn't matter what is subject of business, it should be regulated.
Do you understand the diference ? Not regulating bitcoin / crypto itself. Not regulating private individuals rights to do whatever they want with their own (taxed) money. Regulate BUSINESSES to control if they do not break law
I'm against any kind of regulation (including KYC) aimed to private individuals. Like forbidding people trading some type of trading tools and shit like that. Like monitoring on what and how much they're spending money.
The trouble with that data is that it doesn't tell us anything about how many people actually are holding that 18m in private wallets.
If a large amount of Bitcoin is held by a relatively small number of whales and early adopters/miners then you might find that more people are holding on exchanges than in private wallets. Let's say 10,000 people hold large holdings in private wallets and 2 million have small holdings on exchanges.
This actually strikes me as fairly likely, maybe there is some data somewhere to tell us?
Same source of data:
I'm also opposed to blanket surveillance of individuals. I'm all for personal freedom as well, and I don't object to the idea of people gambling with their money in any way they wish.
I'm not even sure crypto should necessarily be regulated, just because I'm against it doesn't mean I want to restrict people's freedom. I'm making an argument against Bitcoin and crypto, that doesn't mean I want to ban it.
Regulation will probably be inevitable once enough people get burnt, but it's not necessarily something I advocate for. People are free to go to Vegas, they should be free to buy Dogecoin as well.
so whales and miners are not people ? :-))) you stated that most bitcoin users are holding crypto on exchanges. Which would be (of course) big security risk, not healthy for network.
Data are proving this is not the case. Just around 12% is on exhcanges. Does't matter if somebody holds 0.1btc or 10000btc. It's fact that more than 70% of Bitcoin is stored in private wallers. That's pretty good.
Btw crypto on modern exchange is facing lot bigger risk than hackers. Most of exchanges have pretty implemented good security procedures now, they are periodically audited snd performing penetrstion tests.
But crypto there is in big risk of being confiscated by goverment - ironically goverment is much bigger risk than hackers.
So half of all Bitcoin is owned by people who have at least 100BTC in their wallet. Do we know how many wallets are involved? I'm guessing it's a surprisingly small number, much smaller than the number of customers on exchanges.
Side note: how much of that Bitcoin is lost forever?
No, I'm saying it's likely that more people are holding in exchange wallets rather than private ones. A greater number of small investors on exchanges vs a smaller number of large holdings in private wallets. Whales are people, but there are fewer of them compared to exchange customers.
OK I found the article that chart comes from:
https://insights.glassnode.com/bitcoin-supply-distribution/
so roughly 15,000 hold the top 50% of all Bitcoins, and the rest is divided among more than 22 million smaller addresses.
From the article:
We can derive that around 2% of network entities control 71.5% of all Bitcoin.
So to be honest I think I'm probably right in saying that the majority of people are using exchanges rather than private wallets.
From the article again:
The estimated number of users on exchanges is in the ballpark of 130 million. It is reasonable to assume that the grand majority of those are retail investors, located in the small entity buckets.
Case closed.
how you can tell how much of them don't have both ? For example i have 90% of my portfolio in cold wallet untouched since 2017... i have 10% on exchange for trading/gambling...
I'm highly suspicious (based on my communication with other bitcoines) this will be vastly most often case... but of corde it may be just i have wrong data sample - but most important even you can't tell certainly it is not the case...
I am
I'm back to reading it now, but only because I couldn't find any more paint to watch dry to keep me entertained.
I skim these...... Very vey quickly. You two clearly have an enviable amount of free time on your hands! 🤣
Or are very very fast typers
I have to mention, the one I’m paying most attention to these days is The Internet Computer (ICP), which seems a fascinating project. I can’t decide how much of it is bullshit, but I’d estimate a low amount, and much of it could do what it purports to do… maybe.
does anyone have any good resources on day trading crypto. ive been doing stop limit orders and made some decent returns, but i dont really know what im doing lol. i just yolo a few grand in to something, so far ADA, and doge and set the limit price a few cents above what i paid. a few cents per dollar on a few grand starts to add up...
any good rec's for day traders on twitter etc, i know i can just google, but anyone have anything they already know?
The ultimate resource for day trading crypto can be summarized in a few words:
You're welcome.
Some serious deep knowledge here:
THIS. Just on 125x leverage.
Here is how it works:
1/ you start with spot, small volume
2/ you have a bit luck, few good trades
3/ you start play with leverage on futures
4/ you wipe your account
5/ jump to 1
not just speculators and gamblers.. also senators ...