Online Cash Bitcoin Could Challenge Governments, Banks

"After GPUs, CPUs May Become The Next Go-To Hardware For Use in Cryptomining – AMD Ryzen Threadripper CPUs Can Pay For Themselves in Under a Year...

[AMD punts on high cost of graphic cards caused by cryptocurrency miners]:

"...AMD on Climbing GPU Prices Due To CryptoMining: 'To be realistic, we cannot do anything about that right now'..."

https://wccftech.com/gpus-cpus-cryptomining-amd-ryzen-threadripper/

[AMD says the answer for PC gamers is to start cryptomining themselves to defray the cost of GPU's 00]

"...'“The way to go at this point is to try to explain to end users how they can also get the benefits of mining,” Triolet [AMD Technical Marketing Manager], 'because if you should get a high-end desktop with a high-end GPU today and you’re not mining, you’re kind of wasting money. If they are just sitting there doing nothing, why not make some nice profit?'..."

https://www.pcgamesn.com/amd-encourages-cryptocurrency-mining

 

https://www.bloomberg.com/news/arti...o-mines-clean-up-as-cost-of-electricity-grows

 

And a main firm is named Golden Fleece. LMFAO. It is a real chortle siting here on the sidelines watching this unfold.

 

"Russian nuclear scientists arrested for 'Bitcoin mining plot'

Russian security officers have arrested several scientists working at a top-secret Russian nuclear warhead facility for allegedly mining crypto-currencies.

The suspects had tried to use one of Russia's most powerful supercomputers to mine Bitcoins, media reports say...

The supercomputer was not supposed to be connected to the internet - to prevent intrusion - and once the scientists attempted to do so, the nuclear centre's security department was alerted..."

http://www.bbc.com/news/world-europe-43003740

 

http://observer.com/2018/02/blockchain-governments-cyber-attacks-2-risks/

 

http://www.digitaljournal.com/tech-...warns-of-coming-blockchain-war/article/514529

 

SEC and CFTC and any other alphabet soup regulators and agencies have IMHO no legal right to oversee or regulate anything pertaining to blockchain per se. They DO have the right to regulate anything that is securities related including ICO offerings, exchanges trading in cryptocurrencies, related securities, related derivatives, synthetic securities, etc. Perhaps they should have got off their lazy asses and done so years ago.

 

https://venturebeat.com/2018/02/10/what-you-may-not-understand-about-cryptos-millionaires/

 

I don't understand too much about cryptocurrency, so forgive my naivety..

My concern is about illicit money movements. There is no traceability, as there is with conventional financial and banking systems?
In my country (see sig), there has been massive corruption and money laundering, effectively impoverishing state coffers. Doesn't the anonymity of this technology make things easier for the 'bad guys'?

 

If you talk about Bitcoin - it offers limited anonymity only. All transactions are transparent so you can follow the "money" until it is either exchanged for conventional currency or used to purchase services and goods. Some other crypto currencies offer higher level of anonymity and you're right, with all of them there is a possibility of being used for money laundering or other illicit activity.

 

Cash < $10,000 in the US is generally anonymous. Though there are reports of lesser amounts being scrutinized. Don't fly with $10,001 and get caught BTW.

Historically this has been avoided to a degree with money orders though they can also be traced to purchaser. Once transmitted to another person, the chain breaks without a lot of effort to trace. Back in the 70s I used to hep a friend "process" money orders he received from an Uncle in a South American country that was in turmoil at the time. We would count stacks 6 " - 12 " deep with many signed pver innumerable tomes.

 

https://www.helpnetsecurity.com/2018/02/12/worldwide-spending-on-blockchain-services/

 

Wow. That IS a huge CAGR. I mentioned this potential elsewhere and was poo-pooed. Will have to find the post and post this link.

I started as an Engineer and have done lots of programming. So I see the awesome potential. Regardless of electroncryptocurrency.

 

Coinbase post on Reddit:

"EDIT: 1:14 PM PST: This is related to the recent MCC code change by the card networks and card issuers charging additional fees. We have identified a solution and any future purchases will not be affected by this issue. We will ensure any customer affected by this issue is fully refunded for any incorrect charge. We expect this to happen for customers automatically through their bank. If you believe you were affected by this issue, please contact support at http://support.coinbase.com.

We will be reviewing all card transactions from the last few weeks to ensure any affected customers are notified. We will post on Twitter and our blog with further updates.

I apologize for the trouble, we are working as quickly as we can to help anyone affected by this. Thanks!"

hmmmm

https://www.reddit.com/r/CoinBase/comments/7xot6y/freaking_out_coinbase_drained_my_bank_account/

 

https://cointelegraph.com/news/poli...y-funds-anti-crypto-youtube-propaganda-videos

 

https://www.cnbc.com/2018/02/19/venezuela-petro-cryptocurrency-pre-sale-starts-february-20.html

 

Any currency backed by Venezuela will prove basically worthless. With runaway inflation and collapse of their oil industry the backing is hollow (and I am being polite here). Also, many truly do believe what is happening to the folks is deplorable. I better stop before this turns over the line for this forum. Please, others, don't split this thread. I started because the value of crypto currency MUST be kept outside of any one country controlling the value. Its why and how Bitcoin stays beyond any country having absolute control.

 

The only value in this would be a cryptocurrency actually backed by something tangible. Too bad this will be an abysmal failure given the government there. I recall when Venezuela was something of a country - I did consulting work there in 1981. I believe it was 3 Bolivars per $.

More info - first sales at $60. Heh

https://www.cnbc.com/2018/02/20/the-associated-press-venezuelas-digital-coin-makes-debut.html

 

One thing of note though. Since allegedly one Petro is allegedly backed by one barrel of oil, it is unlikely to sky rocket like Bitcoin. Its value is solely based on the whims of Saudi Arabia, world markets and the commodity pits. And the government of Venezuela.

Allegedly they raised $735 million in the pre-sale.

https://www.reuters.com/article/us-...yptocurrency-raised-735-million-idUSKCN1G506F