Bitcoin Forum
June 03, 2024, 05:21:13 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 ... 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 [205] 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 ... 274 »
4081  Economy / Economics / Re: Could California make a regulated digital currency? on: October 01, 2017, 02:32:18 PM
The state of california has the #6 largest economy in the entire world. The large economy translates to power & political influence. I think california like the UK (in comparison to the EU) pays more into the federal government than it receives. Both of those conditions could give california what it needs to secde and develop its own crypto. Although to be honest, california and new york are probably the two most corrupt states in the USA. I also seem to remember california passing a law not long ago giving communists a green light to hold political office which could be a bad sign.
4082  Economy / Economics / Re: When will we see investment vehicles with focus on solid mineable coins? on: October 01, 2017, 02:21:16 PM
Quote
When will we see investment vehicles with focus on solid mineable coins?

The way politics works is something like this.

#1  People want healthcare reform.
#2  Politicians hold healthcare reform hostage until the public is desperate enough to accept anything & make big sacrifices to get it.

Example: obamacare. The government stalled progress on healthcare reform, they held it hostage, until americans were desperate enough to accept 20 tax hikes and trillions of dollars in state spending to "fix" healthcare.

Dysfunctional legislative systems hold marijuana legalization, gay marriage, tax reform, healthcare reform & many issues hostage this way.

Investment vehicles for crypto are being treated in a similar manner. They will be held hostage and all progress will be stalled until the public is desperate enough to accept tax hikes, and a loss of rights to get what they want.
4083  Economy / Marketplace / Re: Projects you should start, we need! on: October 01, 2017, 02:15:59 PM
I don't have any good ideas. But I like trying to come up with ideas so I'll throw some out there.

#1  Fresh vegetables/fruits, meat & perishable food items are the most difficult things to directly buy with bitcoin. A service which filled that vacuum might be profitable.

#2  A kickstarter/gofundme/crowdsource website utilizing crypto might work.

#3  There aren't ways to earn interest on sums of crypto. If someone could come up with a reliable & legitimate way to give people 5% to 10% earnings interest per year on crypto holdings, the way IRA accounts do, that would be awesome.

#4  Crypto could benefit by having trustworthy escrow services to overcome confirmation waiting time.

#5  A bitcoin point of sale app to allow people to have yard sales or sell items for crypto at flea markets could be a good idea if there isn't already one out there.
4084  Economy / Gambling discussion / Re: If anyone gives you grief about Gambling, tell them to read this on: October 01, 2017, 01:52:51 PM
One thing interesting about gambling is, its theoretically possible to turn $0.01 into more than a million dollars inside a month. It fits the old, "if you were offered a job where your pay was $0.01 on the first day & every day it doubled for a month, would you work there" analogy. 31 straight wins of even odds (compounding interest) can turn $0.01 into more than $1M.

The earning potential is extremely high. Which is probably why is alluring to many.

There isn't a big difference between gambling and investment in stock markets, bonds, forex and similar trade based platforms. Investment carries less risk, and lower risk is usually correlated with lower earning potential. That's the main difference.
4085  Economy / Economics / Re: The Great Reflation Is Underway on: September 30, 2017, 10:36:24 AM
Thank you for being a lone reply!  I'm not sure how I come across, but certainly my thinking is more nuanced than my writing in most cases, as you can only fit so much into something people will read.

Your post was very quickly buried by spammers inhabiting this section. They appear to bury attempts at intelligent discussion here almost as if they receive a lifetime achievement award for it. I try to reply only to posts with less than 100 responses on pages 2, 3, 4, etc. That seems to help.

Certainly financial wealth is not worthless.  At the beginning of the state-driven financial inflation cycle, it is, objectively speaking, usually quite conducive to growth and prosperity.  It's only gradually, as time goes on, that the distortions really kick in, requiring deception to keep the system afloat, and where these efforts become destructive.

I think at the beginning of the state-driven financial inflation cycle in the united states around 1913 when income taxes were passed...  All americans were taxed @ 1% of income. The wealthy were taxed @ 6% of income.

That could explain why the beginning of inflation cycles are prosperous. As time passes and taxes are hiked 50% to 70% of income it has a strangling effect upon an economy and everyday life. There are massive diminishing returns for every $1 taxed.

Trump's initial proposal, reducing income taxes and the corporate tax may be the only opportunity we have to escape the state's insistence on attempting to tax its way into prosperity.

It could be a version of that 'comparative advantage' thing...  The US does a good and cheap job at 'manufacturing' money and financial assets.  The emerging markets do so with real goods.  So they take our money and we take their goods.  This is classic 'free trade' and works as long as no one thinks about how much more financial wealth exists than real wealth, at current prices.

This has been the case throughout modern history.  Plus, the modern state-bank alliance is good at dividing the world public into groups and giving each an appropriate share of the loot, to keep them quiet.  The British and American populations were big beneficiaries at the early stages of their respective empires.  (And so are Bitcoin holders today!)

But, trust me, all of this 'benefit' will come back to bite the 'beneficiaries.'  Including members of the elites themselves.  There's got to be an immutable law somewhere, that says we lose happiness, the more we live apart from reality and from fairness with each other.  Of this, I can't spell out a proof, but I have a strong feeling this is the case.

Here is an interesting piece done on that very topic, if you ever feel like reading.  Smiley

Quote
How Economic Inequality Is (Literally) Making Us Sick

Imagine there was one changeable factor that affected virtually every measure of a country’s health— including life expectancy, crime rates, addiction, obesity, infant mortality, stroke, academic achievement, happiness and even overall prosperity. Indeed, this factor actually exists.

It’s called economic inequality. A growing body of research suggests that such inequality — more so than income or absolute wealth alone — has a profound influence on a population’s health, in every socioeconomic group from rich to middle class to poor.

As the protests against increasing inequities between rich and poor spread from Wall Street, it’s clear that the issue is crucial — not least for the understanding of human health. On Wednesday in Rio, in fact, a World Health Organization conference focused on related issues is being attended by high-level health officials from at least 60 nations around the world.

Economic inequality is measured by looking at the distribution of wealth and income in a society, not the general wealth of a country. At a basic level, a country’s overall economic success does predict its people’s well-being, but the healthiest and happiest countries in the world are not the richest. Rather, they are countries where wealth is shared widely and more equally.

One obvious way in which economic equality may improve health is by reducing barriers to health care among the poor. But it turns out that the health gap exists even in countries with national health services, so the roots of the problem appear to reach deeper than that. Indeed, they may go back to the dominance hierarchies of our primate ancestors.

As studies of wild baboons in Africa have shown, there are certain key side effects of inequality — namely, stress. Baboons have a rigidly enforced social hierarchy in which fights to win alpha status are common and higher-ranking males constantly abuse and bully those below them. Not surprisingly, this results in chronically elevated levels of stress hormones in the lower ranks.

Chronically high stress hormone levels are bad news, for both humans and baboons. While these hormones can be helpful in short-term fight-or-flight situations, if they are elevated over long periods of time, they increase the risk of virtually all major mental and physical illnesses, including stroke, heart disease, diabetes, depression, infectious disease, many cancers and, of course, all types of addictions.

In humans, in fact, differences in health linked to social status — which tracks closely with economic status — have often been attributed only to addictions and to the generally bad health habits of the poor, such as eating a lousy diet. But baboons don’t have these “lifestyle factors” and yet increased mortality in the lower ranks is still seen.

Human studies bear out the association between low socioeconomic status and ill health. Sir Michael Marmot, professor of epidemiology at University College London, has spent decades looking at the effects of status differences in a population very different from baboons: British civil servants working in the government bureaucracy based in Whitehall Street in London.

Marmot found large health differences across the social scale. “There are two striking findings. The first was that there was about a threefold difference between the top and bottom in mortality. That’s absolutely enormous,” he says. “The second was that it wasn’t just a difference between the top and bottom; it was what I called a social gradient. There was a stepwise relationship between your socioeconomic position and your health.”

He adds, “Your readers who are not at the bottom [may want to know] that the second from the top had worse health and higher mortality than the top and the third was worse than the second.”

The effect is much more profound than that seen in baboon societies. As Stanford biologist Robert Sapolsky, who led much of the research in stress in African baboons, once told me: “When humans invented inequality and socioeconomic status, they came up with a dominance hierarchy that subordinates like nothing the primate world has ever seen before.”

Moreover, Marmot points out, the people who were on the “bottom” in his research were not poor or unemployed. “In Whitehall, we’re not dealing with poverty. We’re dealing with people in stable white collar employment and [still we see] this graded relationship between where they are in the hierarchy and health,” he says.

When Marmot and his colleagues controlled for lifestyle factors like smoking and lack of exercise in the lower socioeconomic groups, the gradient remained. “Those things accounted for about a third of the gradient,” he says, noting that you have to look for the “causes of the causes” — the reasons that the lower classes might be driven to smoke, drink, take drugs or indulge in sweet, fatty foods. “It’s now been described the world over,” Marmot says.

Indeed, in country-to-country comparisons, researchers find that the greater the difference between the richest and the poorest in a society, the worse off everyone in that society seems to be. “It looks as if what inequality does is amplifies the effect of social status differences,” says Richard Wilkinson, an epidemiologist and co-author of the British bestseller The Spirit Level: Why Greater Equality Makes Societies Stronger.

In countries such as Japan and those in Scandinavia, which have the lowest levels of socioeconomic inequality in the developed world, the populations also enjoy overall greater life expectancy, lower infant mortality, reduced obesity, heart disease and mental illnesses, and lower rates of murder and addictions, compared with nations with high inequality like the U.K., and even more so, the U.S. Countries with wider equality also have higher levels of academic achievement and happiness.

One study in Finland found that mortality rates were twice as high in the poorest people as in the richest, a much less stark difference than that seen in Whitehall, where bottom-of-the-ladder folks had a threefold higher mortality risk than those at the top. Marmot cautions that such comparisons are hard to make accurately and that even in relatively equal countries, some status differences still exist. Still, he says, “Fairly detailed comparisons done across Europe suggest that the magnitude of the gradient is less in Nordic countries.”

So how exactly does inequality lead to so much stress? By degrading our relationships with one another. “The most important pathway is the effect of inequality on the quality of social relationships in a society,” says Wilkinson. “I think the more unequal you get, the more competitive social relationships become, because there’s more status competition.”

And because good relationships are crucial for protecting people from stress, socioeconomic inequality creates an environment in which people with the most stress can’t counter its negative health effects. This social competition degrades relationships and erodes trust across the socioeconomic spectrum — and not just among those on the bottom. (More equal societies also have higher levels of trust.)

Although researchers like Marmot haven’t been able to study the top 1%, at least one recent finding in baboons should give pause even to the very well-off.

The study found that alpha males — those at the very peak of the hierarchy — were actually just as stressed as their lowest-ranked followers. The least stressed among the baboon troops were the beta males, the No. 2’s in the hierarchy. Unlike the alphas, they could chill out and reap the perks of power without constantly having to fight off challengers.

Even when you’re at the top, then, inequality affects you and a gradient always remains for those who are successively lower down.  But it’s not inevitable: in one baboon troop Sapolsky studied, rank appeared not to affect stress and health. What happened there was that the meanest top-ranked animals had died off due to eating tainted meat, leaving the mellower ones in charge, which reduced rank-related bullying.

In the U.S., inequality has been rising since the 1980s. Between WWII and Ronald Reagan’s election to the presidency, average income grew by $19,000. The bottom 90% of the country received 65% of that increase.

Between 1981 and 2008, however, average income grew by around $12,000. About 96% of that went to the top 10% richest people in the country. The ratio of pay between CEOs and average workers also became much more extreme over the same time period: in 1980, it was around 35 to 1. Today it is about 185 to 1.

If we want to be healthier and happier, we can’t ignore inequality.

http://healthland.time.com/2011/10/19/how-economic-inequality-is-literally-making-us-sick/

Jamie Dimon may just be trying to cool the Bitcoin market a bit.  He said the same thing when Bitcoin was in the low hundreds.

The major signs I see of elite promotion of cryptos are:

- The price rise.  This speaks volumes when the elites could have killed it with laws.

- The unknown buyer of cryptos shelling out $60 million at a time, over months.  What private entity would put that kind of funds at risk?

- The BIS ('central bank of central banks') recent release of the 'new taxonomy of money' where state money is no longer solely legitimate as today's economists like to say.  Instead, a plethora of monetary forms are recognized, including precious metals and cryptos.  Most significantly, it states that state-issued cryptos won't compete with non-state cryptos by trying to be limited-supply.

- In the political sphere, the disappearance of talk about Bitcoin being a crime-enabler and the need to tighten control over it.  The appearance (in a small way) of proposals to help cryptos.

- The SEC's quick response to the need to control the proliferation of ICOs.

- Between an essay by an ex-central-banker from South Africa and the ECB's recent announcement, it's pretty clear that the Western elites are going to adopt the narrative that cryptos' rise is simply due to market demand, and that authorities won't and shouldn't interfere.  This sounds morally impeccable, but is highly misleading as a description of reality.  Of course, it will benefit cryptos.

Good overview.

I don't understand why the wealthy bother monetizing their already impressive holdings. Many of them don't do seem to do much with the wealth they have other than buy overpriced junk.   Huh

4086  Economy / Economics / Re: Like it or not Bitcoin is Gold 2.0 on: September 30, 2017, 10:05:35 AM
There are many comparisons made between bitcoin and gold.

Another comparison people might want to look into is stone money.



People in some societies carve huge stone coins out of rock to represent their own brand of fiat. The immense quantity of work this process entails is similar to crypto mining processes which can be energy intensive.

The supply of rock coins being limited in terms of production provides a similar function to the number of crypto coins produced being limited by code.

There might definitely be some parallels there.
4087  Economy / Economics / Re: Forking Dilemma:The ticking time bomb that will render cryptos untenable... on: September 30, 2017, 05:11:41 AM
The next big software development may not be a fork at all.

It could be forced, mandatory use of bitcoin and whatever the next alt is.

Similar to bitcoin cash, except instead of a fork where one can choose to use bitcoin or bitcoin cash, it would force end users to use both coins.
4088  Economy / Gambling discussion / Re: Do you think you are a gambling expert? on: September 30, 2017, 05:09:07 AM
There have been a few times when I *thought* I was a gambling expert. It didn't take long for me to learn I wasn't as big of an expert as I had thought.  Cheesy  

Making big plays and winning a lot of money may also not be the most defining aspect of being an expert. Big wins could be correlated with big losses. Consistent wins could be more preferable.
4089  Economy / Economics / Re: Does Bitcoin have what it takes to become a trillion dollar industry? on: September 30, 2017, 05:07:17 AM
If people are tired of centralized, socialist, economic policy which create high taxes, high unemployment, high inflation, protectionism of big business, wasteful and inefficient state spending, big deficits, pointless wars.

Bitcoin could become a trillion dollar industry as it tends to represents the inverse opposite of those things.
4090  Economy / Gambling discussion / Re: UFC 216: Ferguson vs Lee Info and Prediction Thread on: September 29, 2017, 08:23:12 AM
Paige Van Zant pulled out of her fight with Jessica Eye on a back injury.

Kevin Lee was hurt by punches in his fights with Leonardo Santos and Francisco Trinaldo. Don't know if Kevin Lee's gameplan will be to kickbox with Tony Ferguson. Kevin Lee hasn't had a lot of success with his striking of late. I have a feeling Kevin Lee might go for the takedown and try to out-wrestle El Cucuy. That could be his only chance to win the fight.

BTW guys did Derrick Lewis say he had some type of severe injury & that was the reason he had trouble in his fight with Mark Hunt?
4091  Alternate cryptocurrencies / Altcoin Discussion / Re: Mobile phones and the Internet are changing the banking on: September 29, 2017, 07:37:50 AM
The main concern with smartphones are them being the weakest link in a chain, from a security and attack vector perspective.

It is known that many smartphones may have backdoors built into them which allow for monitoring/data mining/state surveillance. Here is an example of this in action:

Quote
Pre-installed Backdoor On 700 Million Android Phones Sending Users’ Data To China

WASHINGTON — For about $50, you can get a smartphone with a high-definition display, fast data service and, according to security contractors, a secret feature: a backdoor that sends all your text messages to China every 72 hours.

Security contractors recently discovered preinstalled software in some Android phones that monitors where users go, whom they talk to and what they write in text messages. The American authorities say it is not clear whether this represents secretive data mining for advertising purposes or a Chinese government effort to collect intelligence.

International customers and users of disposable or prepaid phones are the people most affected by the software. But the scope is unclear. The Chinese company that wrote the software, Shanghai Adups Technology Company, says its code runs on more than 700 million phones, cars and other smart devices. One American phone manufacturer, BLU Products, said that 120,000 of its phones had been affected and that it had updated the software to eliminate the feature.

https://www.nytimes.com/2016/11/16/us/politics/china-phones-software-security.html?mcubz=3

Here's another example of smartphones not being the most secure platform:

Quote
An Obscure App Flaw Creates Backdoors In Millions of Smartphones

FOR HACKERS, SCANNING for an open “port”—a responsive, potentially vulnerable internet connection on a would-be victim's machine—has long been one of the most basic ways to gain a foothold in a target company or agency. As it turns out, thanks to a few popular but rarely studied apps, plenty of smartphones have open ports, too. And those little-considered connections can just as easily give hackers access to tens of millions of Android devices.

A group of researchers from the University of Michigan identified hundreds of applications in Google Play that perform an unexpected trick: By essentially turning a phone into a server, they allow the owner to connect to that phone directly from their PC, just as they would to a web site or another internet service. But dozens of these apps leave open insecure ports on those smartphones. That could allow attackers to steal data, including contacts or photos, or even to install malware.

"Android has inherited this open port functionality from traditional computers, and many applications use open ports in a way that poses vulnerabilities," says Yunhan Jia, one of the Michigan researchers who reported their findings at the IEEE European Symposium on Security and Privacy. "If one of these vulnerable open port apps is installed, your phone can be fully taken control of by attackers."

https://www.wired.com/2017/04/obscure-app-flaw-creates-backdoors-millions-smartphones/

There are other potential issues with smartphones in financial transactions.

There's a push for lower smartphone encryption standards by intelligence agencies. There's the potential for cellphone signals being wirelessly intercepted and decoded to mine passwords and other personal data. As usage of cellphone based payment and monetary transactions increase, the number of viruses and malware which target cellphone platforms are also likely to propagate.

Smartphones are very convenient. Whether they can realistically be secured is another question.

...

I would like to re-iterate the above and mention that while backdoors on smartphones haven't yet been used to steal financial details of the 700 million+ phones it affects. It may only be a matter of time before that becomes a real issue.

There are cases of scam and theft involving crypto but for the most part those may be a handful of cases and a limited occurrence. Its probably nothing near on the scale of magnitude 700 million people potentially being scammed/robbed via cellphones could rival.

4092  Other / Off-topic / Re: What is the solution for global warming? on: September 29, 2017, 07:25:35 AM
Trees/plants fulfill two purposes relevent to weather.

#1 Trees/plants store carbon. Forests store tons of CO2 naturally.

#2 Trees/plants evaporate water constantly through their leaves. The evaporated water becomes rain.

Statistically, 80% of the world's forests have been cut down. This gives us less plants to absorb/store(sequester) CO2 and less evaporated water which creates drought.

The best solution to combat climate change is to implement seed bombing, afforestation and initiate programs against desertification.

Also to reduce consumption of industries which are responsible for unnecessary cutting down of rainforests. Like some said the meat industry is a big offender of this. The palm oil industry in indonesia is also another big destroyer of natural rainforests.
4093  Economy / Economics / Re: Breach at Sonic Drive-In May Have Leaked Millions of Credit & Debit Cards on: September 29, 2017, 02:38:26 AM
I'm very curious as to how those who support a cashless society would react to millions of debit/credit card numbers being stolen.

Its rare for millions of people holding paper money to be robbed. Hoarders of gold, silver and precious metals aren't usually robbed in this way. Those holding bitcoin & crypto also aren't normally stolen from in this way.

Does a cashless society open the door for communities and the public to be defrauded worse than ever before? Is this an important topic which should be addressed by world leaders & representatives?
4094  Economy / Economics / Re: Cashless society on: September 28, 2017, 11:11:35 AM
Paper money and electronic payments existing simultaneously is a decentralized format. Paper fiat and electronic transactions compete which brings a type of balance.

Eliminating paper money so that only electronic payments exist would be a big step towards centralization.

Centralized formats go hand in hand with monopolies.

Monopolies tend to be exploitive and abusive towards consumers.

It could be a negative consequential chain of cause and effect.

I hope people think twice before committing to a cashless society.
4095  Other / Off-topic / Re: What is the solution for global warming? on: September 28, 2017, 10:48:12 AM
Global warming is caused by 80% of the world's natural forests having been cut down.

Rainfall comes from water evaporated from plant leaves. Trees function as giant water evaporation plants. Cutting down swaths of forestland reduces evaporation, which in turn causes drought.

Trees sequester carbon. Forests left on their own will naturally absorb and store tons of carbon dioxide.

Colder winters can be attributed to a phenomenon known as "global dimming". Air pollution in the atmosphere blocks/reflects the sun's rays during winter. This offsets and overpowers the greenhouse gas effect resulting in colder weather than normal.
4096  Economy / Economics / Re: The Great Reflation Is Underway on: September 28, 2017, 10:24:51 AM
There's a very human tendency to define conceptual abstracts in terms of polar inverse opposites.

Light and dark. Good and evil. Black and white. Love and hate. Moral and immoral.

Its not for me to say if your depiction of "real wealth" versus "financial wealth" fits into a dualistic abstract framework.

Many have said the united states has not had real economic growth in at least a decade. The rationalize circumstances such that the financial and real estate sectors growing do not represent true economic growth. Others view derivatives and overprinting of money as not representing real wealth or value. I think you might be on to something with "fake wealth" being redefined to represent "true wealth". There may be some misinformation campaigns in place to leverage a publics collective lack of knowledge and education.

The publicity campaign against bitcoin and crypto could represent one of said campaigns.
4097  Economy / Economics / Re: Can we totally eliminate all the banks in this world? on: September 28, 2017, 09:35:11 AM
The only reason banks exist is to fulfill basic and essential needs relating to the storage and exchange of money.

As long as those fundamental human needs exist, banking or something similar to it, will exist in one format or another.

Some ask if bitcoin could replace banks. There's a possibility bitcoin itself could someday become a type of bank.
4098  Economy / Economics / Re: List of banks Rothschild family own`s on: September 28, 2017, 09:09:28 AM
Information that I saw is about one prediction or vision, I don't know how to call it. Back in 1970-s or 80-s one of the Rothschilds said that until 2020 there will be one currency in the world, global currency.

I tried to search and find who said it exactly and when, but I couldn't. I take this with reserve, but this opened many questions in my mind. Theoretically bitcoin can be global currency, it have more chances to become global currency more then any other fiat or crypto currency, or some precious metal, you name it.
Is it possible that someone started to work on bitcoin 30 years ago? In that time, or anytime Rothschild family had resources to pay for any kind of research, they financed many huge projects and many of them were secret, so is it possible that Rothschild's are behind crypto market?

I don't have clear answer on questions above, theoretically its possible, answer can be yes or no, but if its no who is behind bitcoin? Some other rich family or some agency?

I think this article references the source you're looking for.

http://www.anonews.co/rothschild-world-cuurency/

The Economist magazine published a piece in 1988 predicting a centralized one world currency by 2018. Its not much of a prediction considering the entire reason globalists were so named involves them supporting one world government, one world currency & heavily centralized paradigms for social, political, economic sectors.

The best theory for Satoshi Nakamoto's identity I've come across says Satoshi was a researcher named David Kleiman who passed away in 2013.

https://seebitcoin.com/2016/05/everything-makes-sense-if-david-kleiman-was-satoshi-nakamoto-heres-why/

I heard that someone with a nitrogen sports set posted a lot of rothschild conspiracy theories. Nice to finally meet you. Where have you been hiding all this time?
4099  Economy / Economics / Breach at Sonic Drive-In May Have Leaked Millions of Credit & Debit Cards on: September 28, 2017, 05:34:35 AM
Quote
Hackers may have made off with millions of credit card and debit card accounts used at Sonic Drive-In locations, according to a security blog.

In a posting Tuesday, Krebs on Security said Sonic Drive-In, a fast-food chain with 3,600 restaurants in 45 states, has acknowledged a breach affecting an unknown number of Sonic cash registers, known today as point-of-sale terminals.

About 5 million credit card numbers were recently put up for sale on a shadowy underground online network, Krebs wrote. The card has recently been used at Sonic locations.

Unknown at this point is whether the breach affected only a small portion of Sonic Drive-In sites or the entire chain.

The company's credit card processor informed Sonic last week of "unusual activity regarding credit cards used at Sonic," said Christi Woodworth, a Sonic spokeswoman.

Quote
"We are working to understand the nature and scope of this issue, as we know how important this is to our guests," a statement by the company said. "We immediately engaged third-party forensic experts and law enforcement when we heard from our processor. While law enforcement limits the information we can share, we will communicate additional information as we are able."

https://www.usatoday.com/story/tech/2017/09/27/sonic-drive-hit-security-breach/708850001/

...

This is probably the biggest disadvantage credit/debit cards have in comparison to bitcoin.

2nd biggest disadvantage for credit cards are APR rates, of which crypto typically has none.

There are some who dislike bitcoin's transfer rates but over the long term transfer rates could be the price crypto users pay to avoid having millions of accounts breached and sold over the internet like credit/debit card users routinely do.
4100  Economy / Economics / Re: Bitcoin is money, everything else is credit. on: September 27, 2017, 11:39:13 AM
Personally I tend to think that literally everything is credit. Even precious metals, rubies and diamonds. The value of everything can be given or taken depending on circumstances and scenarios.

One decent argument for bitcoin not being credit could be its supply limit. There's no hard limit to the sum of credit banks or governments can extend. They can "create money out of thin air". Bitcoin being limited by supply differentiates itself from a credit paradigm in this way. There's a limit on the number of bitcoins that will be mined. There are many implications which can be derived from these subtle differences.

Economic instability, excessive debt, economic mismanagement, irresponsible use of resources. All of these things might be correlated with governments/banks having no limits on the credit they can extend. This could lead to irresponsible and high risk behavior which threatens economic stability and has other negative implications.

Bitcoin being limited by supply could contrast itself as being the opposite of these negative precedents.
Pages: « 1 ... 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 [205] 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 ... 274 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!