Bitcoin, Cryptocurrency, and the Future of Global Finance

#1,001
#1,001
lawgator1 said:
My brother is warning me of Sim Swap scams. But as I read about that, it's not a crypto thing. In a sim swap they can take over paypal or venmo.

Some of you tech savvy younguns might be able to explain that one to me.
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sim swapping is when someone tricks a provider into porting your number to another phone in their possession. If you have trading apps on the phone that might affect crypto. Keeping your crypto on a ledger like the nano s or nano x will fight that.
 
#1,003
#1,003
reecetn said:
sim swapping is when someone tricks a provider into porting your number to another phone in their possession. If you have trading apps on the phone that might affect crypto. Keeping your crypto on a ledger like the nano s or nano x will fight that.
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Coin base no good?
 
#1,004
#1,004
lawgator1 said:
Coin base no good?
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coinbase is a good exchange to buy assets. But keeping any coins on an any exchange for an extended time is a risk. It is not likely that anything will happen but with all the crazy cyber attacks it is a scary time right now. A hardware wallet or ledger is the best bet for storage of crypto keys. There is a saying if you don't have the keys you don't have the crypto.
 
#1,005
#1,005
reecetn said:
coinbase is a good exchange to buy assets. But keeping any coins on an any exchange for an extended time is a risk. It is not likely that anything will happen but with all the crazy cyber attacks it is a scary time right now. A hardware wallet or ledger is the best bet for storage of crypto keys. There is a saying if you don't have the keys you don't have the crypto.
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Or purchase equity securities with crypto exposure and leave the administration to the professionals. COIN, SI, RIOT, MARA, MSTR, GBTC, DAPP, ARKK.
 
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#1,009
#1,009
Rasputin_Vol said:
I thought precious metals ETFs were bad with the amount of counterparty risk. But now you're endorsing crypto ETFs...
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That’s how I would gain crypto exposure. Many on that list actually have revenue. Picks and shovels.

As far as the ETFs, at least somebody is watching them. The SEC and the fund sponsors along with their internal and external auditors to name a couple of them.

I certainly wouldn’t endorse pouring a large percentage of one’s investable assets into the hot crypto names like some are promoting in this thread. I’ve said that 1% or 2% and possibly up to 5% could be appropriate. I’ve also said that I believe the currencies are overvalued, too volatile (unless they’re being actively traded), and many resemble Ponzi scheming. Might could be worse than the dot com bubble.
 
#1,012
#1,012
SpaceCoastVol said:
I am really surprised that none of you are talking about the FBI recovering money from this supposedly anonymous unhackable totally secure source...

IF they have found a way into the blockchain... this is a game changer... big time.
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Puzzling isn't it?
 
#1,013
#1,013
SpaceCoastVol said:
I am really surprised that none of you are talking about the FBI recovering money from this supposedly anonymous unhackable totally secure source...

IF they have found a way into the blockchain... this is a game changer... big time.
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Are people getting decentralized confused with anonymous?

Every blockchain wallet is viewable to the public including the one that received the ransom ware bitcoin. See here for the actual wallet used in the ransomware attack.


I don't think the FBI used any ground breaking technology to find the people that hold the public address above and issue a search warrant to get the private keys.
 
#1,014
#1,014
reecetn said:
Are people getting decentralized confused with anonymous?

Every blockchain wallet is viewable to the public including the one that received the ransom ware bitcoin. See here for the actual wallet used in the ransomware attack.


I don't think the FBI used any ground breaking technology to find the people that hold the public address above and issue a search warrant to get the private keys.
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So just like govt backed currency the .gov can seize crypto with ease?
 
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#1,015
#1,015
hog88 said:
So just like govt backed currency the .gov can seize crypto with ease?
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Can they seize your bank account?

Your bank has a routing number. You have an account number in said bank. Think of you crypto wallet as an account number in a block chain.

If you do criminal activity tied to your bank account you will go to jail just like the guys who perpetuated the ransomware attack to colonial pipeline.
 
#1,016
#1,016
reecetn said:
Can they seize your bank account?

Your bank has a routing number. You have an account number in said bank. Think of you crypto wallet as an account number in a block chain.

If you do criminal activity tied to your bank account you will go to jail just like the guys who perpetuated the ransomware attack to colonial pipeline.
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It's not about bitcoin. It is about blockchain. Blockchain has been touted as an unbreakable security system. This is a huge chink in that armor.

And those guys ain't going to jail.
 
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#1,017
#1,017
SpaceCoastVol said:
It's not about bitcoin. It is about blockchain. Blockchain has been touted as an unbreakable security system. This is a huge chink in that armor.
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How did the FBI "break" the system? I thought they just tracked the wallet that was tied to criminal activity and used a seizure warrant to recover the assets.
 
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#1,018
#1,018
reecetn said:
Can they seize your bank account?

Your bank has a routing number. You have an account number in said bank. Think of you crypto wallet as an account number in a block chain.

If you do criminal activity tied to your bank account you will go to jail just like the guys who perpetuated the ransomware attack to colonial pipeline.
Click to expand...

Of course the .gov can seize/freeze your bank account.

I thought as Space that crypto was secure and untouchable by the .gov. If it's not then that is a huge deterrent considering the volatility.
 
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#1,019
#1,019
What this does, is to start to answer the question I have had from the get go about crypto and that is 'how is it taxed'. Decentralized... anonymous... however you want to look at it, (and in this case they are synonymous) this shows that the .gov has access to YOUR information. And if OUR government does, you can bet your ass the Chinese and Russians do. That is a huge breach of security. I just lost all interest in this stuff.
 
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#1,021
#1,021
hog88 said:
Of course the .gov can seize/freeze your bank account.

I thought as Space that crypto was secure and untouchable by the .gov. If it's not then that is a huge deterrent considering the volatility.
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It is not untouchable by the gov if you use it for criminal activity. The people who attacked colonial pipeline found out the hard way.

The key to blockchain is it is decentralized and not controlled by one entity. This may be why certain government entities and large corporations paint this narrative about criminals being able to hide behind a shroud of anonymity. They are afraid of losing control.
 
#1,022
#1,022
SpaceCoastVol said:
What this does, is to start to answer the question I have had from the get go about crypto and that is 'how is it taxed'. Decentralized... anonymous... however you want to look at it, (and in this case they are synonymous) this shows that the .gov has access to YOUR information. And if OUR government does, you can bet your ass the Chinese and Russians do. That is a huge breach of security. I just lost all interest in this stuff.
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How is it different from your banking account, social security number etc. Decentralization just removes control from certain entities which is why they push negative narratives in the blockchain space.
 
#1,023
#1,023
Suppose I took all my money and put it into crypto. The .gov supposedly has no idea about it... right? decentralized... secure... and I do some FOREX trading via crypto currencies.. in and out of the UK, Ireland, Ukraine... wherever. What gives ANY .gov the right to be looking at my 'supposedly' secure... PRIVATE.. crypto accounts??? Especially if I am trading those cryptocurrencies in foreign markets? It has ZERO to do with the US .gov. Nothing. nada. And here comes the kicker. When I sell those cryptos, how does the .gov know what my net profit is - without looking into my personal, private, and heretofore supposedly secure - and none of their... business?
 
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#1,024
#1,024
reecetn said:
It is not untouchable by the gov if you use it for criminal activity. The people who attacked colonial pipeline found out the hard way.

The key to blockchain is it is decentralized and not controlled by one entity. This may be why certain government entities and large corporations paint this narrative about criminals being able to hide behind a shroud of anonymity. They are afraid of losing control.
Click to expand...

What is not criminal activity here may be in other countries and since it's decentralized and not controlled or backed it's now open to seizure by any nation.
 
#1,025
#1,025
SpaceCoastVol said:
Doesn't matter whether they broke it or followed the breadcrumbs. They got into a supposedly secure place. That should frighten you.
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If you store the private keys on a hardware ledger it is secure; Unless you break the law.
 
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