He forgot to split his BCash.

Stinkypete,
I like the idea of that but lots of centralization in that concept I would imagine which I don’t like. Counterparty risk. Trust.

You're the gold bug of the future.

It won't require nearly as much centralization as you might think when all assets are cryptoassets.

Far from a gold bug. I thought you were talking about coins that are more like custodians of certain claimed assets. Like tether does with the dollar. But for certain stocks or bonds.

I like that idea a lot. And think the first countries to do that will be big winners in future incoming capital flows and have companies move to headquarter there. Especially if they have no capital gains and are very business friendly.

Im not sure exactly what you are advocating, but central banks are needed. a basket currency is devastating to weaker economies but 3 or 4 economies crush it. USA Germany Canada and Japan. maybe some scandis.

I think we will be headed in the other direction...cryptos will enable microcurrencies. state currencies, municipal currencies, regional currencies, industry currencies. alll with a central bank behind them and no paper. central banks are sooo powerful its a really bad idea to give that up.

im coding a central bank right now, ima ****ty coder but i want to prove a point in economics. my original idea was to peg something rediculous...like the price of sirloin at my local supermarket...but that will allow the manager there to insider trade. so im thinking of pegging to property taxes or the price of wheat, and once I do that I can peg to anything then there will be 1000 coins pegged to wheat, frozen oj, roasted peanuts. all on blockchains and freely tradable.

Im 99% certain that nothing needs to be backed. tether doesnt need to be backed by dollars and digexdao doesnt need to be backed by gold. And its safer if they arent backed because there arent any assets to hack.

I wonder what the standard cryptoasset would be? S&P500 coins. What do you think would happen for those that have misplaced their coins? Would they be returned to some place or lost in cyber space forever?

I was pretty excited about Polymath for awhile, but it appears as if I never received the airdrop from them after filling out their survey.

You may be on to something here. At work I use my right arm a lot in a repetitive motion. I had not thought of this until you mentioned this. I'm going to stay off my right arm for awhile.

I think the lost (and stolen) coin issue is probably the most difficult challenge for crypto in n general. I don't know that a foolproof decentralized solution will ever exist but I'm confident we'll figure out something that will work better than today's centralized solutions.

I don't see a future where we pay dividends to large piles of lost cryptos though if that's what you're getting at.

I agree, but I also don't see traditional fiat surviving in the same capacity as it exists today when instant exchange between currencies/assets becomes possible. You can argue that governments will always have fiat with value proportional to the strength of their economy because of the ability to mandate tax payments in their native currency. But as we move toward digital assets and make transactions more efficient, the need to hold sovereign fiat essentially goes away, the velocity of money is greatly accelerated, and we get exposed to massive systemic risks that are hard to even imagine. When the valuation of money is fundamentally dependent on inefficiency and you remove almost all of that inefficiency suddenly, strange things are going to happen.


I think we'll see attempts at that, just like we're seeing attempts at medium of exchange tokens from crappy blockchain projects, and what we're going to find out is that money backed only by a legal requirement to use it is very broken.

I'm 100% certain you're wrong about this. You can't just create a digital token and say it's worth one orange juice. Perhaps today you can since everyone in crypto is super gullible, but when everyone starts issuing unbacked orange juices it'll be easy to see what a joke that idea is.

it just means that coins get depleted over time when people lose thier keys. Tradable supply decreases and the price goes up.

The current system is foolproof but it puts everything in our hands. I dont even want to talk further because it would give criminals ideas

It's literally the opposite of foolproof

Definition of foolproof
: so simple, plain, or reliable as to leave no opportunity for error, misuse, or failure

Im sure I can. I thank you for the skepticism because I need it. My central bank is an experiment. I just need to control supply and im going to do it through airdropping and burning.

You actually get this stuff. Im either wrong and i waste time coding, or im right and i change everthing.

It's not wrong. Tether doesn't need associated bank accounts. You can't just say "this is worth orange juice" but the underlying circumstances COULD be that tether gets cut off from its banking and it still hold value.

"Backed" I think is the word that stops us from understanding. There is nothing bad about "fiat" in comparison to a commodity money that has a value based on its medium.

Guys i have security questions.



1. Do almost all of you have btc in either a hardware wallet like nano ledger or trezor? Do more or less people keep btc in electrum as oppose to nano ledger?


2. Where do you guys keep your electrum 12 word seed or your 24 word seed for nano ledger/trezor. Because people say never store it online. However if you write it down on piece of paper, if theres a fire or theft, well that would be gone etc. I assume almost all of you write it down in say 2 or 3 different places? But do you put it all in your apartment/house or you might put one piece in say a safety deposit box? Because even if you put the paper in a safe in your house, well that can be opened still.


My thoughts were why not type in your seed in keepass? Because in order for someone to access it, they need to know your master password. But if something happens to your laptop like theft or damage etc and say your external hard drive, well then you have no backup then. But if you store it on say dropbox/google drive, well that way you have an online backup. Has anyone done this or recommend it? I read people say never store your seed online anywhere. But if you are emailing your seed in an open document well obviously that is a horrible idea. But if you do it in keepass and upload it in keepass, isn't that pretty safe? Because if your email somehow gets hacked, well your keepass still needs to get hacked. The other thing i thought was maybe store your seed in 2 different keepass files and put it in 2 different dropbox/google accounts? That way someone would need to hack both emails and both keepass when you have a separate password for each? Of course the issue here is you need to remember all these passwords as oppose to just remembering your dropbox/google password and your keepass.


However, i read that if you do this and say you download a keylogger, then basically the hacker could basically read every keystroke you type down and then access your keepass easily. So unless you are very careful with what you click on everytime, then i guess keeping it in keepass is not good idea due to this? Now what if someone installs malware on it. Could they get your keepass file access that way or it has to be a keylogger? Because im not sure what is really the safest way to keep your 12 word or 24 word seed because there are disadvantages for each one.



3. I read lot of cases where people clicked on phishing likes on google like when you type in binance... first link shows up is a google ad with binance which is a phishing site. Heard people talk about typing their account information in and then their account get hacked. I heard the same with fake electrum wallet whether its electrum or bitcoin cash or bitcoin gold wallet. In every case i believe, the person enteres their seed and then wallet gets hacked. I believe this is the same with the myetherwallet fake site? The thing is when i googled myetherwallet, i never saw a phishing ad for it on google. But i read countless people talk about it. And the other thing is what if you click on a phishing link whether its binance, electrum or myetherwallet... but you do not put in your seed or login information. Are you generally safe as long as you don't type anything into it? Or has there been cases of peoples electrum or binance getting hacked just for visiting the site.


Most importantly, why has google not taken down these adds? You type in binance and first link is a google ad that has the same address.



4. To those of you who use your laptop whether its for cryptocurrency or anything else, do almost every one of you have a password on it to prevent other people from turning it on? Say a thief gets your laptop. If no password, they could access it very easily. But could they hack into your keepass or similar files or not? But if they were to install a keylogger, well that would be useless since they need to return the laptop to you in order for this to happen right? So what do you guys suggest for laptop encryption? Is the windows 10 password basically useless? I read that someone could just take hard drive out and view everything on it. I also heard about bitlocker and veracrypt. Does anyone here use it and have feedback? Basically i want to make sure if someone has access to my laptop, they cannot view it without a password and all they get is the laptop and hard drive and cannot view any information.


5. Is your computer/IP connection at risk if you were to visit say streaming sites whether its watching movies/tv/porn etc if you do all of this on a completely different computer where you do not have any important information such as wallets, keepass and documents in it? Like you use a separate laptop solely to stream tv and those sites and even download videos where its possible that there could be virus/malware on it? Because someone mentioned certain viruses/malware could potentionally infect your internet connection? Or is this not true? Because obviously people would use a separate computer for their streaming and downloading habits. But most people don't have 2 internet connections. But i believe streaming and downloading torrents/tv/porn would still be safe but it would require you to make that 2nd computer use linux as oppose to windows? I know this last question is more a tech question but im sure many of you guys who use cryptocurrency stream tv/sports etc so i want to know how you can keep yourself safe.


thanks.

Tether is worth ~1 USD because people believe it's backed by USD, or by assets totalling > $1USD per tether, or at the very least they believe that it won't be exposed as a complete fraud before they get their money out. If it was demonstrated that Tether is insolvent it would instantly crash.

if u have a cold wallet like a ledger nano its unhackable. the actual security risk is the physical world. I wouldnt want to be walking around with the ability to transfer a million bucks. so thats the real risk. the first step is never tell anyone you have cryyptos. its like knowing someone has a stack of gold bricks in thier safe.

Hey man, you typed a lot. I'm just going to tell you what I would do. I think the best option is to store your bitcoins in a paper wallet. Go to the store and buy a fire proof safe even if you want. I don't really fear anyone robbing my house because I live in a nice neighborhood. This is an excellent option for some people that are less tech savvy.

I personally would avoid trezors and nano ledgers. I don't understand them that well and I'm too paranoid to trust that they aren't compromised. I would definitely not buy them from a third party either.

If you wanted to store your bitcoins electronically. I'd use a USB drive. USB's don't connect to the internet. If you have a keylogger on your computer you'll probably have a problem. You could invent some little rules. For example, in your private key change the last 6 digits by an increment of 4. So if the last 6 digits of your private key are "tuiP52", you use your rule and get this: xymT96. Get creative. I recommend paper wallet the most though. Less work and you don't have to remember your own rule whatever it is.

If you are going to have coins on exchanges then make sure to use two-factor authentication. A lot of them are doing Google authenticator which I feel is very secure. A thief would no be able to steal your bitcoin by keylogger alone. They would also need to have access to your phone. Google authenticator renews the number combination every half minute or so. It seems very secure to me at least. The biggest risk of having your stuff on an exchange is the exchange itself.

I recommend using scamadvisor.com to check the reputation of an exchange. Also, looking at the Bitcointalk forum is useful as well.

Good luck.



I'd like to add that I am quite Bullish on Polymath everyone. If anyone is wanting a crypto currency coin that will possibly moon I'd look into it. I just purchased $2000 worth of it recently. I'm kind of pissed that guy screwed me over on the airdrop, because I was really excited about getting the coins. Polymath is trading at $1.37 right now on KuCoin. I got a Kucoin account just to buy Polymath tokens so hopefully they are realiable. They are located in Japan most likely, so yeah. Japan is a crypto friendly country. I could see Polymath increasing by over 10,000% this year. Might be a top 3 coin or even top 10 coin by the end of this year. Crazy prediction, but I like what I'm reading about it. I'm going to research even more to make sure I didn't just buy crap.

PolyMath is new and only trading on 3 exchanges at the moment. I've even considered selling all my Zcash just to get more of it.

Tether is useful, and as long as the issued tethers are demanded then the price will not collapse. I'm not convinced there are specific banks accounts for it, and more importantly it doesn't matter. If the banking got cut off from tethers they could still hold value. Their utility doesn't come from a bank account with USD in it.

There is a crusade against tethers, calling for an audit, and it is by a nefarious and ignorant person or persons that don't understand free market banking. Tether has a strong price you can see it on the exchanges.

The idea that the demand for tether would continue with no fundamental floor on the price is absurd, particularly when its issuer can just print more whenever it wants. I suspect you're just trolling so I'll let it go

No its your ignorance in regard to free market banking that makes you think I am trolling. George Selgin:

We can remember Selgin is relevant since Hal Finney cited him as a reference to the future implications of bitcoin. A currency can still hold its value even if it is cut off from its underlying fundamentals.

That tethers exist on the freest markets we have available, and the price for it reveals the hidden underlying truth. shows they are a strong asset. They are a crucial aspect for cryptoexchanglandea (what I call that space). It is a program clearly created by intelligent people and there is no incentive to inflate the supply as all it will do is tank the price.

Its funny how we call for free markets and capitalism and then as we get it, there is a group of people calling for regulation of it in order to make it honest and fair.

Okay, so you're just completely clueless. In any case you can safely be ignored.

Also lol @ "no incentive to inflate the supply"

You aren't correct in your understanding of how tether works nor what it is for. And there is no incentive to inflate the supply, it will just show up in the price and regardless tether serves a purpose when it functions as a 1:1 style sound money, for the issuers (basically bitfinex and company or what I call team blue) and that purpose is destroyed if the the tethers aren't trusted by the markets.

edit: I also gave you a a counter example of a money that held its value even after it was cut off from its underlying issuer and economy that backed it. It is the usefulness that is important, not what is "backing it"

ahaha i remember this game. holy ****. used to play it along with a bunch of other old ass games on a CD on my PC when i was like 7-9 yrs old lol

Nooseknot:

Say you had a tree in your backyard. On this tree grows $100 bills with your face on them instead of Ben Franklin. As soon as you pick one of these bills, a new one appears. You start spending them and realize that the market is accepting them 1:1 with USD.

Now that you understand the value, would you leave all that money on the tree since you have zero incentive to spend it?

semantics. the blockchains are foolproof otherwise they wouldnt exist. what isnt foolproof is me and you and everyone else that interacts with them.

IF you cant take care of your keys just go to the most reliable custodial accounts...that would be coinbase and square.