Cable Forum - Bitcoin

Cable Forum (https://www.cableforum.uk/board/index.php)

- General IT Discussion (https://www.cableforum.uk/board/forumdisplay.php?f=19)

- - Bitcoin (https://www.cableforum.uk/board/showthread.php?t=33705619)

People don’t make money out of nothing - they make it out of other peoples’ money.

No one wants to acknowledge how bitcoin billionaires can rake the new suckers over the coals - prices depend on billionaires holding their bitcoin stakes, but they they cash out the small buyers lose out.

NFTs are the perfect example - the buyer owns nothing but the receipt for buying a digital version of an artefact, but think it gives them ownership of the content, proving NFTs were designed to be confusing and scam people.

Quote:

Originally Posted by Hugh (Post 36100730)

People don’t make money out of nothing - they make it out of other peoples’ money.

No one wants to acknowledge how bitcoin billionaires can rake the new suckers over the coals - prices depend on billionaires holding their bitcoin stakes, but they they cash out the small buyers lose out.

NFTs are the perfect example - the buyer owns nothing but the receipt for buying a digital version of an artefact, but think it gives them ownership of the content, proves NFTs were designed to be confusing and scam people.

I think you forget where bitcoin started. All in the blockchain. People used their PC resources and still do to mine coin which has value so all the early miners made something out of nothing and a lot of something

The fact it is now a financial market is irrelevant

"the blockchain"?

Blockchain is just a distributed shared database.

PC Resources still cost money, so they didnt mine coins out of nothing.

Quote:

Originally Posted by Hugh (Post 36100732)

"the blockchain"?

Blockchain is just a distributed shared database.

and ?

2009 the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the genesis block
ba dum tush

---------- Post added at 19:08 ---------- Previous post was at 19:07 ----------

Quote:

Originally Posted by Paul (Post 36100733)

PC Resources still cost money, so they didnt mine coins out of nothing.

semantics Paul. I am not going to waste my night debating this. I was mining in the early days and I deeply regret not keeping it up

https://www.bbc.co.uk/news/business-63601213

Quote:

Crypto giant FTX collapses into bankruptcy

Embattled cryptocurrency exchange FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.

Former boss Sam Bankman-Fried has also stepped down as chief executive, the company said.

It is a massive turn of fortunes for the 30-year-old, who had headed the world's second largest crypto exchange.

In just over a week, his FTX empire has collapsed, shaking confidence in the already troubled crypto market.

In related news…

https://www.reuters.com/markets/curr...es-2022-11-12/

Quote:

Exclusive: At least $1 billion of client funds missing at FTX

- FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda - sources
- Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda - sources
- Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources
- Executives set up book-keeping "back door" that thwarted red flags - sources
- Whereabouts of missing funds is unknown - sources…

… Bankman-Fried showed several spreadsheets to the heads of the company's regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said. The spreadsheets displayed how much money FTX loaned to Alameda and what it was used for, they said.

The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda's assets, the sources said. The spreadsheets did not indicate where this money was moved, and the sources said they don't know what became of it.

In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software.

They said the "backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.

I dont trust "crypto", and see no reason to change that opinion.

Banks ban crypto to fight fraudsters

https://www.thetimes.co.uk/article/e...a2cadd9bb6f9fc

Quote:

Banks are restricting customer access to cryptocurrency exchanges amid growing concerns about financial crime.

Santander will, from Tuesday, allow UK customers to transfer only £3,000 every 30 days to crypto exchanges when using online and mobile banking.

Virgin Money UK plans to block payments to crypto exchanges from personal current accounts and savings accounts from November 21. The bank has not allowed its customers to use credit cards to buy crypto since 2018.

“As a result of the increase in fraudsters using cryptocurrency to obtain funds, we have written to customers to let them know that we will not process cryptocurrency payments,” Virgin said.

Between January and October this year UK consumers reported £199 million of losses from crypto-related scams to the national fraud reporting centre Action Fraud, an increase of 26 per cent compared with the previous year. In 2021 a total of £190 million was reported as lost by victims of crypto-related scams.

Santander plans to block all payments to crypto exchanges made by phone, online and in branches next year, but card payments will not be affected.

Several UK banks already restrict customers’ access to crypto exchanges. HSBC, Santander and Barclays blocked UK customers from accessing Binance, the world’s largest crypto exchange, in June last year after the Financial Conduct Authority, the City watchdog, warned that Binance was operating without proper permissions. The company cannot carry out regulated financial activities in the UK without FCA permission.

Crypto currency is just another Ponzi Scheme.

Quote:

Originally Posted by pip08456 (Post 36139867)

Crypto currency is just another Ponzi Scheme.

The CEO of JPMorgan [Jamie Dimon] agrees with you.

Quote:

Jamie Dimon Slams Crypto Tokens as ‘Decentralized Ponzi Schemes’

https://financialpost.com/fp-finance...-ponzi-schemes

Isn't regular currency just a token too?

If you had some I hope you kept them, interesting times ahead

Quote:

Originally Posted by TheDaddy (Post 36149095)

If you had some I hope you kept them, interesting times ahead

Interesting bold statement. Care to explain why?

https://wapo.st/3SSarI1

Quote:

Binance chief Changpeng Zhao pleads guilty to money laundering

Zhao’s guilty plea and departure as chief executive marks the end of an era for one of the crypto industry’s longest standing titans

Changpeng Zhao, founder of the world’s largest crypto exchange, pleaded guilty to federal money laundering on Tuesday afternoon and has agreed to step down as chief executive of Binance, which will pay a $4.3 billion fine, according to court documents.

As part of the plea agreement, Zhao is barred from working with the exchange for three years, according to a court filing dated Nov. 20. He appeared in federal court in Seattle on Tuesday, local news organizations reported, and according to the court filing will be fined $50 million.