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Is Bitcoin the Next Big Thing?

Discussion in 'Business Discussions' started by accelerator, Jun 2, 2015.

  1. Admin

    Admin Administrator Staff Member

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  2. Domain Forum

    Acorn Domains Elite Member

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    articles.co.uk
     
  3. Admin

    Admin Administrator Staff Member

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  4. Admin

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  5. dee

    dee Well-Known Member Acorn Supporter

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    BOE's Mark Carnage speach on future of money/crypto if anyone fancies a read

    Here
     
  6. martin-s United Kingdom

    martin-s Well-Known Member

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    Just read a great quote from Ben Semchee in Business Cloud magazine (some BS sent to me by UKFast, our hosting co). He pulls $100 and $50 notes, one of each, out of his pocket and says:

    And that's the best explanation of why Bitcoin is no more a ponzi scheme than any other currency as I've yet found.

    The price chart is starting to look rather different and more robust than it did a month ago.
     
  7. RobM

    RobM Retired Member

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    I always got fed up hunting around to see the price. I still have none but at least it's easy now on btcvalue.net (mine btw no link or monetisation) ;) lol I keep almost buying in but I won't
     
  8. Admin

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    Hunting? Google will show it if you just search btc price
     
  9. RobM

    RobM Retired Member

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    I always found conflicting values with google and other places like coinbase. I also got fed up with long loading times. Again I was looking into maybe dipping my toes in but every single place seems to want me to send photo ID and/or a scan of any cards used - this is just not acceptable if crypto is using anonymity as one of its features. Considering how often these places get 'hacked' I'm certainly not giving them a copy of my passport. I wonder how many other people are put off by this.
     
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  10. ian

    ian Well-Known Member

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    I suspect it puts off a lot. I had to validate with Coinbase (which I didn't like) but refuse to with any other. Fortunately most exchanges don't require ID, as you trade in existing crypto (Bitcoin) rather than Fiat.

    There is probably a nice market for an individual to sell BTC to other individuals with a 10% mark up....hmmmmm
     
  11. RobM

    RobM Retired Member

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    Imagine how much identity information went along with the bitcoins in the mt gox 'hack'. Just not worth it.
     
  12. Admin

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    Let me know :)
     
  13. Edwin

    Edwin Well-Known Member Exclusive Member

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    Yes. The first exchange to be taken down with electronic copies of all the ID verification documentation still on its servers, and consequently widely disseminated, will lead to the unmasking of millions of Bitcoin users. Think Ashley Madison, but for dodgy dealers not adulterers...
     
  14. ian

    ian Well-Known Member

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    I'd consider doing this, 10% in my pocket and buyers don't have to disclose their ID to an exchange. Buyers would perhaps be better buying Monero though if they want complete privacy.
     
  15. RobM

    RobM Retired Member

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    Well if someone wants to sell me a couple of hundred pounds worth paypal let me know. I used to have a wallet but I paid zero attention to everything when setting it up so I guess I'll have to create another one.
    *edit* actually I'll wait until it drops again.
     
  16. jbworldwide United Kingdom

    jbworldwide Active Member

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    I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

    And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.
     
  17. dee

    dee Well-Known Member Acorn Supporter

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    Yep. They take people profiting off other peoples misery pretty seriously. Look at Ulbricht , the silk road founder and the lengths they went to to get him.He's currently doing life in the US.
     
  18. RobM

    RobM Retired Member

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    And yet it is exchanges who want our trust. I suppose eventually the parasite can't eat itself.
     
  19. ian

    ian Well-Known Member

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    Absolutely understand those risks, though not convinced it would be the case. As mentioned though, perhaps those looking to buy are after as much autonomy as possible, beyond just supply an exchange with ID; in which case, that is why I suggested buying Monero instead, the true privacy coin!
     
  20. dee

    dee Well-Known Member Acorn Supporter

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    Good day at the office for Bitcoin / crypto then.... tanked on Binance rumours.

    @RobM Looks like you'll get your drop
     
  21. ian

    ian Well-Known Member

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    Massive volume since though, second biggest in history helping the recovery. Lot of talk that Binance hack is specific to those handing over their API keys the a third party app that then sold all their ALT coins for Bitcoin. Not sure whether they then got the BTC out, I assume so, but Binance have reacted quickly and prevented all withdraws.