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[Tech Crunch] A major vulnerability has frozen hundreds of millions of dollars of Ethereum - Page 5

post #41 of 53
Quote:
Originally Posted by spyshagg View Post

I usually refrain from commenting to subjective topics, but Kryton, you are falling in a trap where time stands still. But time does not stop.


It does not stop for anything or anyone. It does not stop for the biggest billionaire, the biggest company, god, or entire country. It will continue to go unstoppable and with it, so will continue all the wonders the human imagination can and ever will think of. Fire, caravels, dna, mars, crypto.


Be happy you are aware of it today, while its still a very, very new thing unknown by some 7 billion people of the world. Use the concept to further your mind against all the new impossible things that are happening every day, or use it for some profit. These are global currencies, planetary, supported by the citizens of the world, not countries, dictators or companies.
Its current value does comes from all the wrong reasons (profit, speculation), but unknowingly, people are investing in the most powerful idea of mathematical certainty this century had to offer so far. The difference between ideias such as E=mc2 and crypto, is that common people can be directly a part of it and not wait centuries to benefit from fusion energy.


Time does not stop.

And with time as it goes comes change, both good and bad.

I see nothing but bad coming from crypto, it's largely untraceable now but how about within the next few years?
You would not have all the alternative forms of it because in order for it to become a global currency they would have to adopt a set currency standard - Mining would become a thing of the past in that you'd then have to earn it period instead of mining/making it yourself and those coins mined by the individual would, by the new set standard become non-legit or counterfit.

Throw in once the currency is adopted as such, markets would then be based on it subject to the fluctuations it will undoubtedly have and anything you've mined yourself being rejected there as well. Then there's the thing about how much you are worth, where it truly comes from and where you keep it.

You know, folks once thought the cloud was a good thing, even great until it was revealed the government already "Knew" how to track and reassemble anything stored there and the cloud only became available because they allowed it - They would have never allowed it to be if they didn't already have a way or means of controlling it in the first place.

This will apply to crypto as well once adopted.

Yes, time will pass, to where it shall pass, no one really knows....... Yet.
Let us hope it isn't something from a Stephen King novel in the end.
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post #42 of 53
Quote:
Originally Posted by Blameless View Post

Some mine it, some sell property, some use the same sort of blackmarkets they buy physical cash at, but with more favorable exchange rates because those selling crypto don't need to smuggle paper US Dollars.
One of the main reasons I use cryptocurrency is because it's often quite a bit more convenient than Paypal.

Sending Ether to someone takes maybe 30 seconds. BTC is much slower, but it's not horrible, and is more widely accepted.
The situation with banks is so bad you can often assume they don't exist in Venezuela. Bolivars, with their 2700% inflation rate, aren't worth much of anything to anyone either, so it hardly matters.

You don't need digital money to buy crypto. You just need access to someone that has it that's willing to take whatever you can offer in exchange and a wallet to hold it.

BTC is terrible, bro.

I trade it on website like Localbitcoins and Paxful regularly.

That's why i know it's horribly slow. Moreover it's not user friendly at all compared to conventional payment solutions. I mean typing 16 hexadecimal address to make a transaction, are you kidding ?

I bet that average person will give up using BTC since they see that hexadecimal address.
post #43 of 53
Quote:
Originally Posted by Travieso View Post

That's why i know it's horribly slow.

BTC is slow and has been getting slower...that's one of the main issues driving the changes as of late.
Quote:
Originally Posted by Travieso View Post

Moreover it's not user friendly at all compared to conventional payment solutions. I mean typing 16 hexadecimal address to make a transaction, are you kidding ?

I bet that average person will give up using BTC since they see that hexadecimal address.

I don't think I've ever manually typed out a BTC address.

Copy-paste, or take a picture of the QR code.
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post #44 of 53
Quote:
Originally Posted by venom55520 View Post

Tell that to the people whose lives were saved in Venezuela because they had a few BTC's stashed when the country's currency became moot.

This isn't a very good point but it's a valid one at that. Having an underdog currency that's universally accepted by every corner of the world isn't a BAD thing, it's just acquired in a way that's very much seen as owning your own printing press and just making your own money, albeit slowly at that. redface.gif If they fixed that issue, then things might not be that lopsided.

I haven't read the article, but half of me (just from the snippet in the OP) is laughing at the fools that bought all those GPUs and went to town, thinking they could get rich from doing effectively nothing... and the other half is the literal opposite. I can't imagine what that must be like. The amount of effort isn't really a problem, given the only effort is the down-time for setting up each station for mining, but even then, once you know how to set things up, having those huge arrays working around the clock are... just there to look at. Not to mention the multi-near-double-digit Terawatt yearly power draw these huge rigs have (extreme example obviously) but I'm kinda split down the middle about the whole thing. I guess it could go one of two ways, if the Ethereum is still available to mine, as if the reset switch happened, then things will just progress as they have been for the past half year. If the situation was a matter of "All your stuff is gone and there isn't anymore to mine. Deal with it." then maybe we'll start to see a huge influx of used GPUs flooding the market? Would Bitcoin's value plummet to an all-time low or stay exceedingly high and continue to climb?
Edited by Imglidinhere - 11/8/17 at 10:34pm
     
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post #45 of 53
Quote:
Originally Posted by venom55520 View Post

Tell that to the people whose lives were saved in Venezuela because they had a few BTC's stashed when the country's currency became moot.
obviously people will benefit ... we've seen it countless times. I think what he was getting at is these currencies are like any piece of software, bugs are found, sometimes small, sometimes major issues, sometimes requiring a completely new direction for the project. It's hard to put long term trust in a system like this.

But you are right, some people do profit in the short term.
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post #46 of 53
Quote:
Originally Posted by spinFX View Post

obviously people will benefit ... we've seen it countless times. I think what he was getting at is these currencies are like any piece of software, bugs are found, sometimes small, sometimes major issues, sometimes requiring a completely new direction for the project. It's hard to put long term trust in a system like this.

Plenty of bugs nation-state backed fiat as well.

Cryptocurrencies just need to mature.
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post #47 of 53
Quote:
Originally Posted by Travieso View Post

Crypto will never replace cash.

It's much slower, less convenient to use than conventional payments such as Visa or Paypal..

Neither of those are cash...
post #48 of 53
Ledger Nano S ftw. Hardware wallets are probably best (so is paper wallets) at holding your crypto. I prefer the hardware wallet. I lose it or gets stolen...probably near impossible to hack and it will delete itself if someone attempts to try to unlock it. As long as I hold on to recovery phrase and keep it in a safe place (have it at my parents home as well, disguised as some random letter with words, of which only I know what they are for) I could recover my funds when I buy another ledger nano S.

Desktop wallets still have a security risk, especially if your PC could get infected and have a keylogger in it. Exploits are nothing new in the world of crypto, it is new tech and it's still developing and this will cause for 3rd parties to improve their products/software.

This is no different from when we first started using credit cards. Remember when they could be easily cloned or made, used peoples CC info to make purchases and the original owners of the CC didn't know until their statements arrived? Yeah, I remember...... my pops going through that lol.

Just keep calm and keep buying crypto thumb.gif
Edited by rudyae86 - 11/13/17 at 11:37am
post #49 of 53
OP is salty because he sold eth when it was $5?

and it seems some people cannot differentiate between wallet and currency...
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post #50 of 53
Quote:
Originally Posted by Kryton View Post

I'm sorry, crypto is worthless to me, it's a false currency with 0 to backup it's supposed value.
I don't care if it's something that's been gaining popularity, the fact it's not created or issued by a legitimate ruling body/gov makes it shady and the very fact organized crime/criminal gangs use it to hide/launder currencies is enough for me to say "NO" to it.

I had the chance back in 2011 to get started in it with help from someone that was already doing it, they had the farm and everything but I decided against it and glad I did.

Gold really is the standard and even though many say we've moved away from it, let the power/web service be out for a few days.... Then we'll see how much your crypto is really worth which will be 0.
Now be sure to pay your powerbill and hope there isn't a disaster knocking out web service in your area.

im sorry, but america itself has no actual gold/silver or other collateral to back its own currency anymore. so this argument is stupid. and what was the first currency to be money laundered? oh right the US dollar by the mafia in vegas. cmon man. you make yourself look so foolish with an argument like this.

there are people wiht printers in america printing fake money and using it. and getting away with it.
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