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ISayMoo
Posts: 1795
Joined: September 30th, 2015, 8:30 pm

Re: End of bitcoin?

May 15th, 2019, 9:48 am

Islington Community Enforcement Officers should do a weapons sweep of Corbyn's allotment. I'm sure he has a Nagant and a leather trenchcoat buried under the turnips.
 
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Paul
Posts: 9154
Joined: July 20th, 2001, 3:28 pm

Re: End of bitcoin?

May 15th, 2019, 10:59 am

He is the leader of the main political party. He has the IQ of a mollusc. And incapable of making any decisions himself. He is dangerous.
 
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lloydsatchwell
Posts: 28
Joined: April 27th, 2011, 4:00 pm

Re: End of bitcoin?

May 15th, 2019, 11:49 am

In modern days, "a Marxist" is just a code word for "a politician who could raise my taxes".
I hope my code is literal (it usually needs to be understood by a computer) so was respecting McDonnell's own self identifcation when he said "I am a Marxist".

Perhaps in future I can prove his identity with the bitcoin blockchain..
 
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Paul
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Re: End of bitcoin?

May 15th, 2019, 1:10 pm

McD is the dangerous one. He’s from Merseyside. Merseyside produces two types of people. The hardworking productive types like me and the anarchist destroyers.
 
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tw
Posts: 1048
Joined: May 10th, 2002, 3:30 pm

Re: End of bitcoin?

May 15th, 2019, 7:34 pm

McD is the dangerous one. He’s from Merseyside. Merseyside produces two types of people. The hardworking productive types like me and the anarchist destroyers.
I was absolutely staggered recently to discover Derek Hatton is 71 years old (has 4 years on McD).  
Hatton always stuck me as the quintessential scouser Trotskyite: his brand of perpetual chipperness made it seem like he would be 35 for ever.
Both main parties now have anarchists aplenty.  O for a safe pair of hands.  
 
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Paul
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Re: End of bitcoin?

May 15th, 2019, 8:26 pm

71?! But he won’t have grown up.
 
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katastrofa
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Location: Alpha Centauri

Re: End of bitcoin?

May 15th, 2019, 9:55 pm

Perpetual chipperness at 35?? Or is it how it looks compared to what comes later?
 
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tw
Posts: 1048
Joined: May 10th, 2002, 3:30 pm

Re: End of bitcoin?

May 16th, 2019, 9:02 am

Perpetual chipperness at 35?? Or is it how it looks compared to what comes later?
I was not yet a teenager when Hatton was in his prime (and at the time, I thought I was a pretty high achiever in the immaturity stakes), 
but he struck me on TV as gauche, bratty, annoying and in need of an adult in the room telling him to shut (the f*&^) up. 
The idea of him being an old man just doesn't fit into my mental model of the the world.
 
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ISayMoo
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Joined: September 30th, 2015, 8:30 pm

Re: End of bitcoin?

May 16th, 2019, 10:54 am

God, the tie!!!
 
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katastrofa
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Location: Alpha Centauri

Re: End of bitcoin?

May 16th, 2019, 11:06 am

Based on several briefly researched individuals in my updated, but still very modest sample, men's characters only sharpen with age. I suspect it's because there's less and less people who take them seriously enough to tell them to shut up.
 
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Alan
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Re: End of bitcoin?

May 17th, 2019, 1:42 pm

Interesting read in today's WSJ (paywall):
Lack of Banking Options a Big Problem for Crypto Businesses
Bitfinex’s loss of access to $850 million in customer funds after using a Panama-based processing firm highlights a persistent issue for crypto companies.

An extended excerpt:

"... Crypto exchanges including Coinbase and Gemini embraced regulation and have cultivated normal relationships with banks. Others haven’t. That has made them popular with some of the customers attracted to crypto’s anonymity, but it has also made them off-limits to most banks.

Bitfinex’s problems with Wells Fargo made it increasingly reliant on Crypto Capital. There was no contract between the two companies, even though by 2018 Crypto Capital held about $850 million worth of Bitfinex customer money in accounts at various banks in several nations.

After some Crypto Capital overseas accounts were seized by authorities, Bitfinex had increasing problems getting it to process transactions. “Too much money is trapped with you,” a Bitfinex employee nicknamed Merlin wrote in a text to a Crypto Capital employee he called Oz, according to a report from the New York Attorney General’s Office. “We are currently walking on a very thin crust of ice.”

The report revealed that Bitfinex concluded late in 2018 that it had to go around Crypto Capital, leading the exchange to tap the accounts held by a sister company, Tether Ltd. Tether’s money was supposed to be held in a reserve dedicated to keeping the stablecoin pegged to the U.S. dollar. Without telling investors or customers, the attorney general’s office said, Tether gave Bitfinex a line of credit allowing it access to up to $900 million of its reserves. "
 
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tw
Posts: 1048
Joined: May 10th, 2002, 3:30 pm

Re: End of bitcoin?

May 17th, 2019, 4:39 pm

Fascinating. The bitcoin stories just keep on coming.

Given that the blockchain is, by construction, publicly available, is there any consensus on what proportion of bitcoin are used for a "medium of exchange" as opposed to a "store of value"? 
Interesting read in today's WSJ (paywall):
Lack of Banking Options a Big Problem for Crypto Businesses
Bitfinex’s loss of access to $850 million in customer funds after using a Panama-based processing firm highlights a persistent issue for crypto companies.

An extended excerpt:

"... Crypto exchanges including Coinbase and Gemini embraced regulation and have cultivated normal relationships with banks. Others haven’t. That has made them popular with some of the customers attracted to crypto’s anonymity, but it has also made them off-limits to most banks.

Bitfinex’s problems with Wells Fargo made it increasingly reliant on Crypto Capital. There was no contract between the two companies, even though by 2018 Crypto Capital held about $850 million worth of Bitfinex customer money in accounts at various banks in several nations.

After some Crypto Capital overseas accounts were seized by authorities, Bitfinex had increasing problems getting it to process transactions. “Too much money is trapped with you,” a Bitfinex employee nicknamed Merlin wrote in a text to a Crypto Capital employee he called Oz, according to a report from the New York Attorney General’s Office. “We are currently walking on a very thin crust of ice.”

The report revealed that Bitfinex concluded late in 2018 that it had to go around Crypto Capital, leading the exchange to tap the accounts held by a sister company, Tether Ltd. Tether’s money was supposed to be held in a reserve dedicated to keeping the stablecoin pegged to the U.S. dollar. Without telling investors or customers, the attorney general’s office said, Tether gave Bitfinex a line of credit allowing it access to up to $900 million of its reserves. "
 
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katastrofa
Posts: 7784
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

Re: End of bitcoin?

May 17th, 2019, 7:20 pm

I'm making a vaguely informed guess that it;s altogether a tiny fraction of what's being used for speculation.
 
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Alan
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Re: End of bitcoin?

May 17th, 2019, 11:37 pm

… Speculative transactions accounted for roughly 60 to 80 percent of all transactions on the blockchain, according to Chainalysis, a start-up that does analysis of the blockchain for big companies and governments. Most of those transactions are Bitcoins moving between cryptocurrency exchanges around the world.
There is still quite a bit of mystery about what accounts for the other 20 to 40 percent of the transactions. No one can force Bitcoin users to register their identity, so Chainalysis and other firms are in the dark about many transactions. But they have identified some useful chunks.
When Bitcoin was introduced in 2009, it was described as a new way to make payments online, without the fees that credit card companies charge. Chainalysis estimates that last year, companies handling Bitcoin payments accounted for 0.3 percent of all Bitcoin transactions, or $2.4 billion...
NY Times: Apr 23, 2019
 
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lloydsatchwell
Posts: 28
Joined: April 27th, 2011, 4:00 pm

Re: End of bitcoin?

June 19th, 2019, 10:41 am

Keen to hear Wilmott forum thoughts on how this story might play out
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