• fishfry
    296
    ↪fishfry I've had more luck with CEX. Just need to verify a bank transfer and then I'm good to go. :)Michael

    Thanks for the tip. I'll check them out.

    ps -- CEX has a much higher price for bitcoin than the other exchanges. Also there are some Reddit complaints about it being difficult to get your USD out. Best to check around before committing too much money to these guys. Or any exchange for that matter. All the exchanges are awful at the moment. It's a problem.
  • Benkei
    802
    You can go paper.
  • Hanover
    2.2k
    I have reviewed this craze, declare it a fad, and await its demise. Carry on.
  • Michael
    4.8k
    A fad that can be easy money.
  • Michael
    4.8k
    Just got an email from them in response to my query regarding the long wait for verification: "From entire CEX.IO team, I ask for your patience - please allow us some days to go through the request log."

    Gonna try again with CodeBase tonight. Had an issue yesterday where the photos of my ID weren't high enough quality so they were rejected, and that placed a 24 hour block before I could try again. Hopefully I'll have more luck this time.
  • Agustino
    8.7k
    A fad that can be easy money.Michael
    And also easy losses of money.

    Trading of fictive commodities without much underlying value is always a zero-sum game.
  • Akanthinos
    267
    Trading of fictive commodities without much underlying value is always a zero-sum game.Agustino

    There could be a lot of real, down-to-earth value to algo mining, if it was applied to other domains of research. Cryptocurrencies that allow smart contracts writing, like Ethereum, also technically empowers those that can write them to somewhat organise a self-containted legal system, creating settings where the funds are only accessible on certain dates, past a minimum balance, if only a number of the currency ownership group agrees to the spending, and only to be spent on certain things. The ability of the miner to determine the range of use of the currency is, in a way, a sort of value.
  • Agustino
    8.7k
    Okay, so how does this translate into economic value? Who exactly, in what industry, would be helped?
  • Akanthinos
    267
    Okay, so how does this translate into economic value? Who exactly, in what industry, would be helped?Agustino

    Anyone who would want to set up regulations on their funds without having to pay banking or wiring fees. It doesn't specifically helps an industrial domain, it just empowers you to do what you ask your bank to do. More or less.
  • Agustino
    8.7k
    Anyone who would want to set up regulations on their funds without having to pay banking or wiring fees. It doesn't specifically helps an industrial domain, it just empowers you to do what you ask your bank to do. More or less.Akanthinos
    Right, except that it's very risky. If your Bitcoins get stolen, that's it, you're finished - they're not backed by anything.

    The only case where it makes sense really is for illegal activities. Drugs, arms trading, etc.
  • Michael
    4.8k
    And also easy losses of money.Agustino

    It's OK, I won't do that.
  • Agustino
    8.7k
    It's OK, I won't do that.Michael
    I have yet to meet a man who says he will do that.
  • fishfry
    296
    Gonna try again with CodeBase tonight. Had an issue yesterday where the photos of my ID weren't high enough quality so they were rejected, and that placed a 24 hour block before I could try again. Hopefully I'll have more luck this time.Michael

    That's the crazy thing. How is the price going up if nobody can actually manage to buy it? It's possible that there's a lot of price manipulation by the insiders at the exchanges. Nobody knows. It's a mystery though. Every exchange is collapsing under the weight of the transaction volume, yet the price keeps going up.
  • VagabondSpectre
    781
    An acquaintance of mine was trying to explain to me why he thought bitcoin will exceed 40k-50k per unit by this time next year.

    "It's about trust" he said. "No other currency can be trusted like Bitcoin can, America can just print as many American dollars as it pleases. Everyone can just use bitcoin, we have no need for other currencies. Fractional lending. Visa! They're all bad!".

    I tried to explain the hurtles facing bitcoin (authentication times, power consumption, possible unforeseen digital vulnerabilities) and the realities of currency (especially what makes the American dollar so secure/the global reserve currency) but nothing would land and he just kept coming back to the idea that every other form of currency is a bull-shit lie put on by corrupt governments and banks.

    With this kind of widespread radical distrust of government and radical faith in bitcoin, ironically, it might actually be able to get that high one day. (that would mean all 21 million bitcoins once they're mined, would be worth around 1 trillion dollars altogether).
  • Wayfarer
    4.8k
    This is on my watchlist for tonight https://www.netflix.com/au/title/80154500
  • fishfry
    296
    The only case where it makes sense really is for illegal activities. Drugs, arms trading, etc.Agustino

    This is actually not true. Bitcoin is not as anonymous as people think Every transaction is tracked forever. For example that NiceHash $62M theft, those bitcoin are sitting in a wallet whose ID everyone knows. If the thief tried to convert it to cash, they'd be found out. You need to give your real-world identification to the exchanges in order to open an account.

    It turns out that there are cryptos that are completely anonymous. The biggest one is called Monero. It's built on a version of the blockchain that's designed for true anonymity. They mix up each transaction with others so that you can't trace the coins back to any particular account. As I understand it, discerning criminals use Monero now, not bitcoin.
  • Agustino
    8.7k
    I tried to explain the hurtles facing bitcoin (authentication times, power consumption, possible unforeseen digital vulnerabilities) and the realities of currency (especially what makes the American dollar so secure/the global reserve currency) but nothing would land and he just kept coming back to the idea that every other form of currency is a bull-shit lie put on by corrupt governments and banks.VagabondSpectre
    Market crazes (& speculative bubbles) are always marked by people dogmatically sticking to one idea, and greedily chasing it, thinking that they too can earn. They are generally unable to provide even one single rational idea behind their actions.

    Funnily enough, in this thread, some reputable atheists are doing exactly this, backed by absolutely no rationale or reason, except that the price is going up, and they want in. They are behaving much like the crazed cultists who strap bombs to their chest and blow themselves up thinking that it's the will of God.

    Generally, market crazes are created. Those with money can buy strategically placed media assets to inseminate such ideas in people. They can also create the necessary fluctuations in price. And people bite the bait because of their greed (or fear). However, once created and on the way, like now, they're entirely irrational and uncontrollable. So one has to be careful when they cash out.

    With this kind of widespread radical distrust of government and radical faith in bitcoin, ironically, it might actually be able to get that high one day. (that would mean all 21 million bitcoins once they're mined, would be worth around 1 trillion dollars altogether).VagabondSpectre
    It will never reach that high. By New Years' Eve or Christmas, it will have tanked, that's my prediction. Until then, it may reach 20-30K. Or it may tank sooner. The reason I'm saying that is that most people want to cash out for the holidays ;) - they don't want to be playing stocks on Christmas Eve.
  • Agustino
    8.7k
    You need to give your real-world identification to the exchanges in order to open an account.fishfry
    So large criminal organisations sifting through millions upon millions of dollars cannot get fake identification, or steal other people's identification, etc.? They cannot make the money lost by transferring it through a network of different accounts, before re-directing all of it to one main account?
  • Wayfarer
    4.8k
    I mean really, as much as the entire US?Posty McPostface

    There was a story in the last few days that if Bitcoin's growth were to continue at this exponential rate, it would be using ALL the world's energy resources by 2022. So who would have thought that a completely imaginary digital invention, that has no physical counterpart aside from digital code, would have an enormous carbon footprint?

    https://www.wired.com/story/bitcoin-mining-guzzles-energyand-its-carbon-footprint-just-keeps-growing/
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