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MTIFU by destroying 67,000 dollars (self.tifu)

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[–]JohnnyKay9 25ポイント26ポイント  (55子コメント)

What is the big attraction to crypto currency? Do you people just not trust the banks and stuff?

[–]Callingcardkid 102ポイント103ポイント  (18子コメント)

You can buy drugs online

[–]M374llic4 15ポイント16ポイント  (5子コメント)

And hookers, don't forget hookers.

[–]AnotherClosetAtheist 1ポイント2ポイント  (0子コメント)

If a hooker doesn't take dogecoin, I'm not interested in that hooker.

I also accept pepecoin transactions.

[–]hoediddley 0ポイント1ポイント  (0子コメント)

Well, hookers with a heart of Bitcoin, anyway.

[–]Liiiightning 0ポイント1ポイント  (0子コメント)

"Fuck it I'm going to make my own currency, With Blackjack and Hookers"

[–]workburner12 0ポイント1ポイント  (0子コメント)

Shame on all of you. After everything we've been through together, do you really think Fry would....

[–]candybomberz 0ポイント1ポイント  (0子コメント)

And hitmans, don't forget hitmans.

[–]Xanax_420_Vicodin 7ポイント8ポイント  (2子コメント)

And where might SWIM go to do this?

[–]whatawhatwhat420 6ポイント7ポイント  (0子コメント)

Drugs you say....

[–]limitz 17ポイント18ポイント  (7子コメント)

It's so much more than that though. Of the total BTC market cap, drugs are a small minority.

BTC has a lot of utility, I buy thousands of USD worth every month (I don't hoard BTC, this is all for utility). For example, I need to fund a bank account in China with RMB. The fastest way to do so is buying BTC in the US, sending it to my friend, and he'll sell it in China for RMB. The entire process takes <24 hours, and is so easy to do.

Much faster than bank wire, more reliable, less fees, and much less hassle.

[–]PM_me_storm_drains 0ポイント1ポイント  (3子コメント)

That usage case sounds like money laundering.

[–]limitz 0ポイント1ポイント  (0子コメント)

Haha, nothing that crazy. Its to support my niche hobby (mechanical keyboards) by finding things on Xianyu (like ebay, but everything is buy it now, no auctions).

Deals on Xianyu are done via Alipay, which is linked to a Chinese bank account. To buy anything, I need to fund this bank account with RMB in order to make the purchase. No money ever sticks in this bank account. It would be like $700 USD converted to BTC, then converted to RMB, and immediately used to buy a keyboard.

Yes, mechanical keyboards can easily be $700 and much more.

[–]Fidget11 0ポイント1ポイント  (0子コメント)

strictly speaking it would fit the definition perfectly.

A lot of people use BTC to launder money as a way to get money out of places like China that have strict currency controls and dont allow easy movement of money into/out of their countries.

That is a prime attraction of it as a currency.

[–]exiestjw 0ポイント1ポイント  (0子コメント)

This is an absurd statement.

Money laundering would be if I sold $10,000 in illegal drugs and opened a car wash and printed $10,000 in receipts for car washes and deposited the money in to my car wash's bank account.

In other words, OPs use case does not sound like money laundering in any way whatsoever.

[–]uglydolphins 0ポイント1ポイント  (1子コメント)

Where do you buy bitcoin for the lowest fee possible? I tired buying bitcoin from an atm without realizing that it took 10% of what i deposited

[–]limitz 0ポイント1ポイント  (0子コメント)

I just use Coinbase. Selling in China is through BTC China.

[–]DonutCopShitLord 0ポイント1ポイント  (0子コメント)

Would it be possible to buy 50-150k worth of Bitcoin to resell in China for RMB or would it be too risky?

[–]dashingtomars 14ポイント15ポイント  (11子コメント)

Each currency has its own advantages due to the features the developers have implemented. For Dash:

  • Anonymous transactions (The original reason Dash was created. For a while it was called Darkcoin.)
  • Low fees
  • Fast transactions (send money anywhere in the world within seconds)
  • Currency can't be inflated by central banks
  • Don't have to deal with banks

[–]ya_y_not 13ポイント14ポイント  (3子コメント)

Yea you can avoid the banks and deal only with trustworthy organisations like Mt Go....nevermind

[–]dashingtomars 1ポイント2ポイント  (0子コメント)

You don't have to use any software other than the open source software provided by the developers. In practice if you want to trade or exchange you cryptocurrency into you local then year you will have to use some third party service.

These days most services out there are a lot more reliable than Mt Gox. E.g. Bitpay, Coinbase, Coinjar, etc.

[–]HollerinScholar 0ポイント1ポイント  (1子コメント)

Because NO bank has EVER failed before, right? How easily we forget the past...

[–]MyLittlePonyfucker 0ポイント1ポイント  (0子コメント)

I wasnt aware that bitcoin exchanges had FDIC protection or got government bailouts...

[–]tellingitlikeitis234 3ポイント4ポイント  (1子コメント)

Anonymous transactions (The original reason Dash was created. For a while it was called Darkcoin.)

agree

Low fees agree Fast transactions (send money anywhere in the world within seconds)

not true anymore

Currency can't be inflated by central banks

stupid point/doesn't matter

Don't have to deal with banks

if you want to turn your bitcoin into real money you do so untrue

[–]dashingtomars 0ポイント1ポイント  (0子コメント)

With regards to fast transactions yes Bitcoin transaction speeds have been slowing down. Dash however has a block time of 2.5 mins (vs 10 mins for Bitcoin) which makes standard transactions substantially faster, and on top of that there is a feature called InstantX where the user can pay a slightly higher fee to have the transaction confirmed within about 20 seconds (with further development it should get faster).

Whether you are for or against central banks having the ability to control the money supply will depend on how much you value the programed inflation.

In the future (fingers crossed) cryptocurrencies will be widely accepted and there will be no need to exchange to 'real money'.

[–]throwaaaaaaw 1ポイント2ポイント  (4子コメント)

isnt currency just inflated by other founders instead of banks?

[–]dashingtomars 0ポイント1ポイント  (3子コメント)

There is inflation of the supply, but the amount it is programed in known to everyone.

[–]throwaaaaaaw 0ポイント1ポイント  (2子コメント)

i thought i read something about one of the cryptos founders, maybe doge, cutting and running with a bunch of the money. maybe a year or 2 ago.

[–]dashingtomars 0ポイント1ポイント  (1子コメント)

A few years ago it was a bit like the wild west, but the infrastructure is improving now. Who you're referring to could be any number of people.

Developers of some coins would 'pre mine' a whole bunch of coins at the beginning, wait for the price to rise, sell all their coins, and abandon the project.

There have also been a number of exchanges and darknet market places where the operators have (allegedly) stolen customer funds they were holding.

[–]Marcellusk 28ポイント29ポイント  (2子コメント)

Do you people just not trust the banks and stuff?

Hehe, that's definitely part of it. But there is much, much more. Overall, it's a much more capable, secure, and cheaper currency, especially when it comes to sending to others. The middle man (banks and financial institutions) is completely eliminated.

[–]chakalakasp 4ポイント5ポイント  (1子コメント)

Heh, the middle man called banks and the Federal Reserve is why the dollar doesn't suddenly become 10 times more valuable or lose 75% of it's value over the course of months, as Bitcoin has been known to do.

[–]moparornocar 0ポイント1ポイント  (0子コメント)

yeah it seems to lack the stability other forms of currency have produced.

[–]onceagainsilent 4ポイント5ポイント  (0子コメント)

Well, you can trade it like ForEx and make fiat money, for one. It's a crazy market at times too so there is lots of money to be made.

As far as developing them, I don't think it's exactly mistrust fueling it so much as it is the realization that our monetary system is outdated, though clearly every individual will have their own reasons. Also, having a currency that is not tied to any government is just a generally more free and democratic idea and I think people like that.

[–]AmeliaLeah 2ポイント3ポイント  (0子コメント)

It's what's made possible by the technology platform that runs it. Think of as cash and coupons for computers.

[–]ProbablyHighAsShit 2ポイント3ポイント  (0子コメント)

Besides anonymity? It's decentralized and unregulated which means that the value is 100% at the will of the trading market (and to a lesser degree, miners, who create more BTC). No taxes, interest rates, or fees are attached to any BTC transactions because it's anonymous, and by virtue of it being unregulated.

The downside is that the value can fluctuate wildly (as we have seen a couple years ago), and so it's generally a bad investment at this point. Also, like OP, if you lose your login/blockchain/wallet, you are pretty much fucked. There are definitely horror stories of losing wallets that are significantly more valuable than OPs, but it's a double-edged sword, I guess.

[–]MengerianMango 2ポイント3ポイント  (0子コメント)

Ask someone living in Argentina or Venezuela or Greece. Or China, for different reasons.

[–]Apps4Life 2ポイント3ポイント  (0子コメント)

We don't trust the government not to inflate our currency, and with just reasoning—seeing as they do it with fiat currencies EVERY year.

[–]newscrash 1ポイント2ポイント  (0子コメント)

It's deflationary - there is only a finite number of bitcoins that can be created.

[–]wildmaiden 1ポイント2ポイント  (0子コメント)

What is the big attraction to crypto currency? Do you people just not trust the banks and stuff?

That's like asking "What is the big attraction to email? Do you people just not trust the post office and stuff?

[–]YottaWatts91 5ポイント6ポイント  (7子コメント)

no one should trust banks.....

[–]ShadoX9191 1ポイント2ポイント  (6子コメント)

Trusting banks was one reason for the great depression

[–]lMETHANBRADBERRY 1ポイント2ポイント  (2子コメント)

It's also the reason why people are able to get student loans for their education, buy houses, and set up businesses. Banks are an integral part of the world's economy, and they aren't going anywhere for a very long time. Without a banking system, our civilised world would cease to operate.

[–]ShadoX9191 1ポイント2ポイント  (0子コメント)

It was meerly sarcasm mate, nice username btw

[–]YottaWatts91 -2ポイント-1ポイント  (0子コメント)

I never said banks aren't an integral part of a modern economic system. Only that you should never trust them.

They use peoples actual monetary savings to loan that money to other people. Collapses happen when banks make risky loans and overleverage the system. Ofc it's more complex than that.

[–]Will_drum_for_beer 0ポイント1ポイント  (0子コメント)

Slow down, pee paw.

[–]GrandHunterMan 0ポイント1ポイント  (1子コメント)

People buying stocks with a 10% down payment was the reason for the great depression. When the stock market crashed everything went with it.

[–]ShadoX9191 0ポイント1ポイント  (0子コメント)

There was more than one reason for the cause of the great depression, one of which was the banks weren't insured

[–]Geweldigheid 1ポイント2ポイント  (0子コメント)

It's an anonymous, peer to peer, no middleman form of payment. The bank doesn't take a cut and it's untraceable as far as I know.

[–]motioncuty 0ポイント1ポイント  (0子コメント)

It is the technology banks should be using and private adoption rates are what is getting them to notice and try to update their systems to adopt modernized standards to compete.

[–]slickguy 0ポイント1ポイント  (0子コメント)

Cryptocurrency was really an anti-banking fad that became somewhat legitimized through a combination of speculative investing and no-fee micro transactions.

However, you should look into Ethereum, known as cryptocurrency 2.0. In a short span of a year it rose 1100% in value and skyrocketed to what is now the #2 largest cryptocurrency next to BitCoin -- a feat that took other crypto's several years to achieve.

Reason? Ethereum is able to store additional data (aka "smart contracts") with the "coin". This allows you to utilize the blockchain (the cloud-like automated transaction ledger) for not just monetary transactions but also any data that needs to be encrypted. For example, Ethereum is currently being used to fund what is known as The DAO (Decentralized Autonomous Organization) because each Ether coin funded into the DAO is associated with data known as DAO tokens. These tokens can be used by "crowd shareholders" to vote on project proposals on the DAO and receive dividends from successful investments. In a nutshell, this would be a leaderless autonomous corporation (uh oh stage 1 of Skynet begins!). As of now, the DAO raised >$150 million in less than a month from purely Ethereum funded supporters.

The possibilities with Ethereum can be limitless from things like storing public health data, to microtransactions to activate/rent/lease tangibles, to sub- or derivative cryptocurrencies, to integration with automated services. Whereas BitCoins act almost like something in between an actual consumer currency and a speculative stock, Ethereum is a medium for which technological transactions can truly occur.

TL;DR: Cryptocurrency 1.0 was cool, but 2.0 has true wide consumer adoption potential.

[–]comp21 0ポイント1ポイント  (0子コメント)

For me it goes back to not trusting the "powers that be" with my wealth. With bitcoin, at least I (we, the market) control the money and the value.

[–]pelvicmomentum -1ポイント0ポイント  (0子コメント)

It's profitable and anonymous