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PostPosted: Wed Jan 24, 2018 4:38 am 
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Once and for all, stay away from investment schemes (a.k.a schams). Telltale signs are hypnotic blockchain mantra, ICO, premines, MLM schemes that don't even have an actual blockchain-related implementation (existing/active blockchain protocol with a live network) in the first place and most of all, a too-good-to-be-true promises of enormous profits in the shortest possible time (a Ponzi scheme trademark).

Disclaimer: Not an investment advice. I don't give any. It's your money so do your own homework before taking the plunge. Don't take anybody's word for it especially from online platforms such as forums/social media. It's your money. Not mine.


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PostPosted: Fri Feb 02, 2018 11:11 am 
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Bitcoin's Big Wipeout Erased $44 Billion of Value in January

https://ph.news.yahoo.com/news/bitcoins ... 27743.html

_________________
- It is easier to write an incorrect program than understand a correct one.
- Finding good players is easy. Getting them to play as a team is another story.
- Defense wins games. Excellent defense wins championships.


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PostPosted: Fri Feb 02, 2018 1:39 pm 
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kulukuy wrote:
Once and for all, stay away from investment schemes (a.k.a schams). Telltale signs are hypnotic blockchain mantra, ICO, premines, MLM schemes that don't even have an actual blockchain-related implementation (existing/active blockchain protocol with a live network) in the first place and most of all, a too-good-to-be-true promises of enormous profits in the shortest possible time (a Ponzi scheme trademark).

Disclaimer: Not an investment advice. I don't give any. It's your money so do your own homework before taking the plunge. Don't take anybody's word for it especially from online platforms such as forums/social media. It's your money. Not mine.




Do you think Bitcoin as cryptocurrency will still be useful? With the value reaching around 20k, it's more of an investment/ scam material now than currency. If anything, it may have served its purpose on getting blockchain more support..maybe.


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PostPosted: Fri Feb 02, 2018 3:16 pm 
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PostPosted: Wed Feb 07, 2018 4:07 am 
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^^
Though decentralization maybe the most important feature of blockchain, the outright acceptance would be hard to imagine. It's more than just a technology shift but some cultural/practice changes too. In such case, even if decentralization proponents say otherwise, I think the bridge technology companies like Ripple could go big first... get part of blockchain laid out then decentralization could follow (not in a while).

Bitcoin and decentralization pushers would disagree but much of the noise on these tech right now are from investors, gamblers and common people falling on the category of FOMO. The real technologist are just a small portion and they should be glad for now.


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PostPosted: Wed Feb 07, 2018 10:50 am 
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BITCOIN can only be truly useful if accepted (globally) as payment for any goods and services etc like a legal tender or fiat currency.

Also, I think it will become absolutely stable if governments can have full control. No large amount (say $100,000) can be put into and withdrawn from the chain in 24 hrs.. In that case no rich man or entity can manipulate the fund because it will take them too much time to pull out $1 billion plus amount like what had happened last week.


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PostPosted: Thu Feb 08, 2018 6:38 am 
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Mass adoption would take time. It's too early to tell if Bitcoin is it. Maybe not. Maybe it's another crypto to fill in that niche but BTC has the "first mover" advantage (like in the case of IPv4 vs. IPv6) and would be difficult to dislodge. Perhaps BTC's niche would be a store of value and a means to conduct large-scale settlement of assets, etc. Perhaps BTC would eventually be trumped by another altcoin with far better features (true privacy and true anonymity, hence fungibility...and not just a mere pseudonymity as in the case of Bitcoin, better scaling, fast transactions, low tranx fees, etc.).

That said, there's a lot of dev (Lightning Network, MimbleWimble, etc.) going on in the background behind Bitcoin and other significant altcoins that is meant to be layers over these "open and trustless" crypto blockchains.

Nobody controls transactions in any "open and trustless" blockchain as opposed to these pseudo blockchains that are being hawked by these business-as-usual big-time players. It you allow your finances to be controlled by centralized/custodial systems pretending to be innovative blockchain solutions, then you're missing the point of getting into cryptos in the first place; you're doing business as usual and you don't need a blockchain (in the true sense of the tech) for that. I know it's really hard to wrap one's head around this revolutionary, innovative and disruptive technology after we've been conditioned to the usual system of doing business literally since birth. It's really hard to shake a habit or an addiction. It takes strong will and determination.

There's a reason why I keep posting the AA video I last posted as I believe he covers everything about blockchains and the bullchit that surrounds it and about the concept of cryptos in general. Watching it several times may be necessary and read (or listen) between the lines as you do so.

Again it's too early in the game to determine what will happen (this is also covered in the AA video). Think about our introduction to the internet in the early 90's (or the late 80's for those of us who were early adopters).



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PostPosted: Sun Feb 11, 2018 8:25 am 
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...In other words, one of the key tenets if not the main one of cryptocurrencies is to finally wean ourselves from the clutches of (supposedly) trusted third-party entities/institutions (banks) and our reliance on them to mediate in our financial affairs. There should be no doubt by now that these trusted institutions cannot be trusted. They have taken the people that trusted them to the cleaners far too many times throughout modern history and will continue to do so because it's their nature; it's been their business model since time immemorial. The 2008 Financial Crisis was just the latest major event wherein the Feds enacted a "Bailout" package of more than half a trillion US$ and almost if not all of it went straight to the thieves' coffers instead of to the people who were victims of their thieving in the first place and who needed it the most. So the thieves got billions of US$ as a bonus/reward for taking the people to the cleaners. How's that for adding insult to injury. But then again, they are snakes; no surprise there. They don't care.

That said, getting involved in "open and trustless" cryptocurrencies means that we literally have to become our own bank in every sense of the word, i.e. including security, administration, etc. of our finances. With great power (i.e. your power to be able to privately and directly transact with anybody in the world without corrupt and thieving intermediaries a.k.a. The Bank Cartel) comes great resposibilities. It's either you have total control or you don't. You can't have both because it's futile to do so...it's illogical.

The timing of Bitcoin's launch with Satoshi Nakamoto's embedded message on the Genesis Block coinbase was not random nor an accident:

https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b

Image


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PostPosted: Sun Feb 11, 2018 3:19 pm 
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may nag iinvest ba dito sa wait and earn?
like bitcoin triple play?


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PostPosted: Sun Feb 11, 2018 3:46 pm 
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(Fr. Mr. Kulukuy's above post)

"That said, getting involved in "open and trustless" cryptocurrencies means that we literally have to become our own bank in every sense of the word, i.e. including security, administration, etc. of our finances. With great power (i.e. your power to be able to privately and directly transact with anybody in the world without corrupt and thieving intermediaries a.k.a. The Bank Cartel) comes great resposibilities. It's either you have total control or you don't. You can't have both because it's futile to do so...it's illogical."

CAN WE HAVE SOMETHING LIKE IT? iS IT POSSIBLE TO TRANSACT WITH ANY ONE WITHOUT PASSING THROUGH AN EXCHANGER. I think not possible.

But if there will be only be one exchanger (blockchain) per country that is owned and operated by the government and all depositors are limited/capped by say $100,000 no rich man and entity can manipulate.


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PostPosted: Sun Feb 11, 2018 7:36 pm 
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The concept and the fundamentals of decentralized, distributed, open, trustless, etc. cryptocurrency networks escapes you. Exchanges are not part of cryptocurrency networks and in fact are centralized/custodial institutions just like banks that is operating outside of decentralized, distributed, open, trustless, etc. cryptocurrency networks. I think you are confused about the obvious differences between these two totally different concepts. I suggest to dig into it a bit more:

https://www.youtube.com/results?search_query=how+cryptocurrency+works+for+dummies


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PostPosted: Sun Feb 11, 2018 10:24 pm 
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Yup! Made a killing on triple play. :S


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PostPosted: Tue Feb 13, 2018 3:20 am 
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kulukuy wrote:
The concept and the fundamentals of decentralized, distributed, open, trustless, etc. cryptocurrency networks escapes you. Exchanges are not part of cryptocurrency networks and in fact are centralized/custodial institutions just like banks that is operating outside of decentralized, distributed, open, trustless, etc. cryptocurrency networks. I think you are confused about the obvious differences between these two totally different concepts. I suggest to dig into it a bit more:

https://www.youtube.com/results?search_query=how+cryptocurrency+works+for+dummies




Until cryptocurrency gets accepted and used as intended by a good chunk of the world population, we're going to need these exchanges though. It's going to be part of the transition.... assuming transition would ever happen and cryptos not crumble on governments controls.


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PostPosted: Tue Feb 13, 2018 6:40 am 
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My post was specifically a reply to another poster who posted an absurd proposal ("...one exchanger (blockchain) per country that is owned and operated by the government and all depositors are limited/capped by say $100,000...blah, blah, blah") that literally got my eyes rolling.

I never stated that exchanges are not needed during the "transition". In fact, not only during transition but as long as a "market" exist and there is money to be made, there will always be exchanges. It's just another business model that anybody can implement with profit as the sole motivation as it should be. They are not exclusive to crypto "transition" only. They've been around a long time; even in the most established traditional markets nowadays like stocks, commodities, fiat currencies (Forex), etc., they continue to exist for them.

What type or degree of government control that would "crumble" the transition of cryptos? The crypto space has been transitioning all this time already. Governments always want to "control". That's their nature. What else is new? Have they been able to control (whatever that may be) any of the thousands of cryptos already in existence that are currently "transitioning"; and even more will be launched (anybody can fork any of them). So what control? The genie is out of the bottle.

To reiterate, decentralized, distributed, open, trustless, etc. crypto networks are independent of exchanges or any form of centralized/custodial institutions. It only executes the rules in their respective protocol to a tee. That's it and nothing else.


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PostPosted: Tue Feb 13, 2018 7:18 am 
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In fact, exchanges are really not necessary in theory for any crypto or any fiat currency or the like for that matter to function. They are just a convenience...and there is money to be made by the exchanger (middleman). Sound familiar?


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