What the point of cryptocurrencies?

What the point of cryptocurrencies?

is there any use for them aside for buying weed off the deep web?

Other urls found in this thread:

lmgtfy.com/?q=how to buy bitcoin
jpmorgan.com/cm/BlobServer/Precious_Metals_as_Collateral.pdf?blobkey=id&blobwhere=1320543878291&blobheader=application/pdf&blobheadername1=Cache-Control&blobheadervalue1=private&blobcol=urldata&blobtable=MungoBlobs
dailymail.co.uk/news/article-4765134/Chilling-Black-Death-advert-kidnapped-British-model.html
assets.documentcloud.org/documents/3898109/AlphaBay-Cazes-Forfeiture-Complaint.pdf
chainalysis.com/
twitter.com/SFWRedditVideos

Bump cuz interested

Buying normal stuff on the clearnet.
Having a currency that no state can take away from you.

>Buying normal stuff on the clearnet.
amazon accepts bitcoin?

>peer to peer transactions with no middle man (the middle man being a bank)
>not region locked
>actual work is done to create the money rather than creating the money out of thin air

government can't just print those

Buying Lambos off the clearnet

the only thing you don't by on DNM is weed

ok, so, where do I buy bitcoin?

There is no chance of the bank owner stealing all your money.

>actual work is done
Generating hashes is not work, it's a waste of energy.

not yet but Steam accepts bitcoins

>buying weed off the deep web

Soon not even that, you can already buy weed on the pharmacies in Uruguay, in 20 years this will be world wide phenomenon.

how is it a waste?

lmgtfy.com/?q=how to buy bitcoin

Remember to verify your claims before you put them out there next time.

You just have to worry about people guessing your password, or data loss, or any of that other crap

ye but he is right, steam accepts bitcoin

Show me where it states that.

bitcoin is shit since you need all kinds of identification to buy them

And I mean on steam, not on a third party.

just try to buy a game, and you will see

Oh, well now I look like an idiot.
I just checked the support page where they list the payment methods.
Guess I should have expected anything steam support related to be out of date.

>is there any use for them aside for buying weed off the deep web?

Well some business have adopted bitcoin so yeah to an extent. I mean not enough up to the point where you can buy a burrito at your local fast food joint but there is a possiblity in the future should cryptocurrency advance and become the norm.

What value does it bring outside of bitcoin world? If it was trying to cure cancer etc. then I could agree it's doing actual work. Right now it's only confirming that bitcoins are not useless, which is just like current money.

You can buy stuff from Amazon via purse.io or you can get one of those bitcoin debit cards.
I have tried both and they work just fine, the BTC debit card limit for buys is 20k.

Cash is created from nothing and it's value is essentially given to it by people
However Bitcoins are created by 'solving problems'. This is done by people's computers. This gives it some real value unlike cash because it was earned.
The work keeps the network alive. It's still work moron
>inb4 hurr durr it needs to build skyscraper for it to be work

Mooning and profits

also

If trust in Bitcoin as currency crashes the hashes will have been worth nothing.

If trust in gold as currency crashes, gold will still be shiny.

Do most countries even use gold anymore?
Those numbers in your bank would arguably mean just as much as the hashes in the event of a crash.

US currency isn't backed by gold though

Cant send gold to some fag in china in less than 10 minutes, nor can you fight if you get it confiscated for "money laundering".
At least with cryptocurrencies no one has the power over your money but you.

Most gold is in vaults used as collateral and to settle transaction, so yeah it's still a currency.

Obviously as an investment vehicle Bitcoin has massively outperformed it, doesn't remove the fact that gold at least has some intrinsic value for as long as humans like shiny metal. While Bitcoin can lose all it's value, regardless of the amount of work which went into it.

>Most gold is in vaults used as collateral and to settle transaction

That is totally false, gold hasnt been used as a currency for at least 50 years.
The thing with gold is that you cant use it as collateral because gold doesnt earn any interest, you use bonds as collateral same with settlements.
If one has gold its merely because portfolio diversification or because its pretty.

gold is a commodity like coffee not a currency

>The thing with gold is that you cant use it as collateral because gold doesnt earn any interest

I don't quite know what you mean with collateral ...

jpmorgan.com/cm/BlobServer/Precious_Metals_as_Collateral.pdf?blobkey=id&blobwhere=1320543878291&blobheader=application/pdf&blobheadername1=Cache-Control&blobheadervalue1=private&blobcol=urldata&blobtable=MungoBlobs

Nations too can collateralize their gold stock for USD when necessary. Or occasionally settle something directly with gold without making a hop through USD, but that pisses off the US ... so you have to be careful with that.

Gold is not the preferred vehicle, but it still has a place.

Not in any meaningful way, the consumptive use of gold doesn't justify its price by a long shot.

If nations didn't stockpile it as a store of value, ie. currency, it would lose most of its value. Just not all, because it's shiny.

Auctioning women as sex slaves

dailymail.co.uk/news/article-4765134/Chilling-Black-Death-advert-kidnapped-British-model.html

Metals as collateral is just a fancy term to attract clients, today we use bonds specifically US bonds to act as collateral in transactions because you can convert them to dollars instantly while earning money(even if its very little) you really cant do that with gold.
Some people may have that preference or for example have excess reserve in gold and use it as collateral but its never the bulk of the money being moved, more akin to 10% or something very low like that.

I'll give you anexample, take margin trading where the other party lends you money to trade but you need to leave a percentage unused to cover in case of loses.
Say you use USD for a loan in USD, there is no interest earned.
You use gold for a loan in USD, first you have to convert it to dollars at the market price and end up again in USD with no interest being earned.
Now the actual case is, you ask for a USD loan but have you USD converted into TBonds the bank will accept it as is without selling them for USD, thus you earn the bond interest.

it warms my heart that bitcoin and other cryptocurrencies exists and work so well. Money is no longer controlled by the government and its banks but instead by every individual owner of the money.

Nobody knows how much you actually have, you can have 60 different accounts if you like, you can send as much money as you want to EVERYONE without paying taxes.

BITCOIN IS ONE OF THE FEW WAYS MODERN TECHNOLOGY HAS BROUGHT US FREEDOM.

The wonders of a proper unregulated free market.

is the guy that bought some pizzas for 10k bitcoins rich now? If he isnt he must hate himself.

I really wish to get an answer that doesn't boil down to:

>no middleman
>no state
>can work for everyone and is comfy to use, just like a NORMAL credit card.

too sad you only get weird ancaps. There's NEVER a NORMAL person to advocate for this. You know why?

because bitcoin technology is flawed. Just like those shakes are flawed. And anything that needs to say they are better because they change the status-quo in a edgy way.

I honestly get tired of this shit.

never ever

bitcoin/ETH:
-Payment processor spends 10 days downloading entire block chain
-customer gets his bitcoin wallet out which is held by a 3rd party scam like Tenx or MONACO since he can't download the entire block chain on his smart card
-customer swipes card on payment processor
-wait 3 days for transaction to confirm
-gets charged 50% of the product price on transaction fees
-1 year later the 3rd party ICO scam goes bankrupt and steals the customers bitcoin/ETH

That's how it's going to work
Unless you can do it without needing to download the whole block chain or having to hold your coins in a 3rd party ICO scam wallet, then it's never going to be adopted

Reminder that Bitcoin goes against Sup Forums ideals. A world where everyone uses Bitcoin is a world where everyone's finances are entirely public. Meanwhile it has a tendency to centralization as its hashing algorithm locks out normal computer hardware from mining efficiently, giving power to people who can acquire ASICs cheaply (currently China). If you support Bitcoin you are exposed as a Sup Forums occupier.

Golem allows you to render 3D models using other people's processing power.

Brave allows you to pay content publishers according to their use to you and not have a bunch of shitty ads.

It's just a stock you invest in and then turn back into real money after it increases in value. It is useless as a currency.

There isn't enough gold in the world to back an economy the size of the US or China or most other countries

>Having a currency that no state can take away from you.
they just have to steal your wallet, which is well within the power of state and even many non-state actors

(you)

>Nobody knows how much you actually have
Except this isn't true in the slightest with Bitcoin.

>implying that's a good thing

but they have absolutely no way to tie me to my wallet , it is just a random number since anyone can make any wallet in an instant.

(you)

Where does this throwaway wallet get its Bitcoin from?

Bitcoin is too volatile .. Not many people will accept it . I mean you sell something for say 1 coin, the next week this coin lost 300 dollar worth Of value , what s the point

>Payment processor spends 10 days downloading entire block chain
Wrong. You can do it through somebody else's node or a light client. Hell, technically all you need to do is watch the incoming transactions to a wallet, you could do that with a blockchain explorer API provided by a third party.

>customer gets his bitcoin wallet out which is held by a 3rd party scam like Tenx or MONACO since he can't download the entire block chain on his smart card
Wrong. The wallet is a key of a couple KB. You don't need the blockchain to have a copy of it.

>wait 3 days for transaction to confirm
Takes about a minute in my experience. Often less.

>gets charged 50% of the product price on transaction fees
On Bitcoin maybe, but on ETH absolutely not. Last I checked it's about 10c and doesn't scale with transaction size.

>1 year later the 3rd party ICO scam goes bankrupt and steals the customers bitcoin/ETH
If you trust other people with your keys that's your problem and what that has to do with shitcoins you hopefully don't have your money in I have no idea.

Please don't talk about this topic again.

from other wallets that you can't tie to me

How did those other wallets get funds that can't be tied to you?

from other wallets that can't be tied to me

And those wallets?

lookup bitcoin mixing

Not him but.......
>Takes about a minute in my experience. Often less.
This is wrong, at least for bitcoin. Since bitcoin has 10 minute blocks, you will get a confirmation every ~10 minutes. Your first confirmation can be less time if it's made in the middle of the block.
>gets charged 50% of the product price on transaction fees
bitcoin hasn't really had too much of transaction issues lately. It got pretty bad in early June though (I'm not a poorfag so the couple dollar transaction fee didn't hurt me). There are also improvements to bitcoin in the works to prevent this issue such as segwit (not yet live) and BCC (live).
You can use a bitcoin mixing service (money laundering but legal LOL). You can also trade for a anonymous currency like zcash or monero (do more research on them, I don't know HOW anonymous they are) which automatically do coin mixing.
If you don't do any mixing it's pretty obvious to trace back.
The bitcoins that you own are not just a single value that gets updated. The bitcoins you own are a collection of coin values. If someone sent you 1 bitcoin and then 0.5 bitcoin, your wallet would contain a collection of coins of 1 and 0.5 and not just a single one of 1.5. (If you are curious if you were to send 0.25 bitcoins it would make 2 transactions, it would break up the 0.5 to send .25 to someone and .25 back to yourself).

Look up honeypot and NSA.

fuck off to the containment board
you and your ilk are the equivalent of tech ponies

I like Golem. Brave is neat too. Thanks.

Oh, you mean that thing which has been demonstrated to not work against the FBI?
assets.documentcloud.org/documents/3898109/AlphaBay-Cazes-Forfeiture-Complaint.pdf page 19-20
>On June 20, 2016, the Honorable Allison Claire, Magistrate Judge for the Eastern District of California, issued twelve seizure warrants for a luxury vehicle and eleven bank and cryptocurrency exchange accounts representing the unlawful proceeds of the criminal enterprise known as AlphaBay. Federal agents obtained the warrants after tracing a number of Bitcoin transactions originating with AlphaBay to digital currency accounts, and ultimately bank accounts and other tangible assets, held by CAZES and his wife. CAZES concealed and disguised funds obtained illicitly through AlphaBay by commingling the criminal proceeds in digital currency exchange accounts and bank accounts controlled by CAZES and his wife, and using an automated mixing and tumbling procedure designed to conceal the source of the criminal funds when converting Bitcoin (and other cryptocurrencies) to currency.

he converted his crypto to fiat in a some exchange, that is where he dun goofed as exchanges require you to show ID.

If it's actually doing work then there would be no cancer but that world won't exist because cancer is keeping a lot of people in business

Right, but if Bitcoin mixing actually worked, the Bitcoin he sold at an exchange couldn't have been tied to AlphaBay.

What problem has bitcoin ever solved? How is cash not earned? Just because you didn't print it haha. It's called jobs

fair point user, but still, i guess it would take a huge effort and cost a lot to trace back to the owner. I mean the criminal activity needs to be at a large scale to trigger any alarms. I doubt that the government will bother tracking petty amounts. Crypto is still useful for overseas transfers as banks take insane fees for these.

>How is cash not earned
>It's called jobs
You're missing the point. The idea is not that it must be earned by individuals, but that it must be earned by the system as a whole. At any time, the US government could print trillions of additional dollars for pretty negligible expense and render all your dollars that you earned in your job worthless.

That cannot happen with bitcoin. It's like gold, there is real meaningful necessarily difficult work that must be done to bring it into existence that bottlenecks the supply.

Gold will always be worth more than paper and bitcoin. Both of those have a chance of being worth nothing but gold will always be in more demand if not for vanity then for technology

But what is the point of gold if you can't hold it? I mean isn't it that you can never really keep the gold at home? And the only thing you can buy is some promisary note that says you have X amount of gold in the bank.
I don't know though, but I heard that was the case in the US banks anyway.

if you cared that much you would have instantly cashed out, alternatively (and more likely) the next week it would have gone up $300 instead

I would agree that currently mixing can't be reversed easily enough to make it worthwhile for small stuff, but I don't expect that to always be the case. Companies like Chainalysis are already working on it. chainalysis.com/
And it's not like you're safe if you made a sketchy transaction a long time ago (other than if a statute of limitations applies), because all transactions are stored on the blockchain forever, ready to be traced by whatever advanced analysis techniques are developed later.

>If trust in gold as currency crashes, gold will still be shiny.
I really don't like this argument for gold. People always say "it can still be used in jewellery" but the real reason for the value of gold is of course its scarcity, the fact that it doesn't rust, and how it's relatively difficult to fake/easy to spot fakes. The only reason people use it in jewellery is because it's valuable in the first place.

Just chiming in to say there are other ways to solve this problem, for example Monero (another cryptocurrency) uses a private blockchain scheme where you need a separate private key to even see how many Monero's are in your wallet.
So if you can manage to convert btc to monero, and back, while sitting behind 7 proxies, it can be pretty anonymous.

The underlying distributed ledger that they use for it to function has other Engineering applications.

It still consumes a lot less energy compared to the IT infrastructure run by the banks.

It's not a waste of energy. You're a moron.

>22 23
He literally gave away his personal email address which was tied to his real life identity
>24
He posted on a clearnet tech forum with the same name and included his real name and the same email address
>25
He somehow had a lot of money which came out of thin air. Usually places like banks and stuff mark odd behavior like that.

They already figured out who was running AlphaBay. If you've been pwned and law enforcement are monitoring your accounts mixing isn't going to save you.

Yep, I love Monero and I really hope that if any cryptocurrency experiences significant public adoption, it's Monero, not a dystopian privacy nightmare like Bitcoin. I don't think it can succeed while the "Bitcoin is already private" meme is still around, which is why I'm arguing about this.

steam
adafruit
newegg
microsoft (i think)
this is your brain on MUH FREEDOM

I'm not claiming that they figured out who was running AlphaBay through blockchain analysis. I'm pointing out that they
>obtained the warrants after tracing a number of Bitcoin transactions originating with AlphaBay to digital currency accounts, and ultimately bank accounts and other tangible assets, held by CAZES and his wife
As in, they were able to prove that all these accounts were funded by AlphaBay despite Cazes using Bitcoin mixing.

well i got some purple stuff from deep and sell it in irl and than bought even more btcs

It's pretty dope that you can just hold millions of dollars worth of wealth in your brain memory. Like the combination to a safe but better.

>is there any use for them aside for buying weed off the deep web?- 85 posts and 4 image replies shown.
All uses I can think off:
drug and other illicit goods trade
protection against inflation and retarded government(venezuela)
moving wealth past regulators(china)
have free energy, might as well do something with it(many places)
speculation

>What the point of cryptocurrencies?

Modern ponzi scheme disguised as a medium of exchange.