But on a fundamental level, decentralized exchanges seem incompatible with fiat money. A decentralized exchange should be trustless -- multi-sig contracts or similar can secure the trade. This can be extended to stablecoins, but stablecoins are funded with money that has already been deposited into the cryptocurrency ecosystem. We need to solve deposits and withdrawals to/from the fiat ecosystem.
How can this work with trusted third parties, like with bank transfers? How can a decentralized protocol verify that a P2P cash exchange actually occurred? It seems like these things require arbitrage mechanisms to settle trader disputes that can't be done on a trustless or decentralized basis.
There has to be a p2p step for fiat and then you can go into the properly decentralised bit. I've never used Bisq so I've no idea how their arbitration works. That's no doubt the bit that'll need plenty of refining. I don't think it can ever be A1 but it should become smoother overall. |
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You still seem to be acknowledging that if the coins are being dumped they could have a significant impact on the market. If they could have a significant impact on the market, they're relevant to anyone who owns Bitcoin and it's worth having an article about them.
And who or what is causing this to happen could be relevant as it could indicate whether they could have a further impact.
There's thousands of them. How could they not have an impact on the market? Or are they the newly launched non invasive type that all the family can dump with no harm? I think by this point it's a bit pathetic that any movement gets commented on. Everyone has the right to do whatever they want. |
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He's a silly billy but he does have a point here. Exchanges are still overwhelmingly centralised with all the endless problems and bullshit that brings. I'm not sure how many people realise how rare non centralised exchanges are.
Bisq and equivalents will very much need to up their game on the fiat side of things though.
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The thing is with your question that what it takes for a worldwide adoption is such an awesome simplicity, such a user-friendlies interfaces that any gramma can use.get the point?
I was teaching one to use Amazon a while back. I pointed at the massive fucking button with 'buy' written on it. She turned to me and said 'so how do I buy something?' Grandmas will reject anything that's put in front of them that they don't want to understand even if a furry hand came out of the screen and pressed their fingers where they needed to go. |
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The exact same thing is happening with elderly people right now regarding internet based everything.
You either have a spotty grandson to help you out or you slowly starve to death. No one else gives a shit.
In terms of banking they tried to kill off cheques in the UK a while back. So many people were still using them they had to ease off. I expect a very long lead time before the old ways are shut down completely.
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You can probably get someone anywhere in the world to take dollars with a bit of persuasion. There's a huge difference between that and all governments and economies running on one currency.
The closest equivalent to that is the Euro and as has been ably demonstrated, what causes one country to prosper ruins another.
Until we get rid of individual countries then there's no way one currency will be healthy for all of them.
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I see this article was published today, but isn't this the same "Silk Road/Gox whale" that everyone's been talking about for weeks? The coin movements go back weeks and the latest Reddit discussion was from 9 days ago. Is there anything new here?
If WizSec says it's a Gox whale, I tend to believe it, and the blockchain activity seems to support that. It looks like a small fraction of those coins were sent to exchanges in late August -- whether they were dumped on the open market, we'll never know. I don't particularly care. Over time, the early whales distribute coins to more and more hands. Like 1Referee said, this is a good thing for the market.
Yes. Same one. WizSec has the final word compared to the other numpties out there as far as I'm concerned. What doesn't add up is why anyone would sell an amount this large on an exchange. They would get masses of interest from OTC. |
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I paid for an options trading course once. It bored the shit out of me. I called up a dealer (this was pre internet) bought some options that sounded fun and then promptly forgot about them.
When I remembered I called up and they'd tripled in price.
What is the lesson? Not sure, I wouldn't pay for anything that's so widely available on the internet these days. Following the right Twitter accounts would teach you more than any paid course.
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but virtual card have they been eliminated?
i not see
Like most places, they lost their previous card provider which supplied pretty much everyone in the EU and beyond. They would've been the ones capable of offering the virtual card. Wirex have no control over that. Wirex now have a new provider and it looks like they only do physical cards. |
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I definitely remain unconvinced about the idea that blockchains are going to "disrupt" most industries. Outside the context of securing money, resisting censorship (including cross-border and sanctioned transfers), and private transactions (e.g. Monero), I don't see viable use cases that justify the inefficiency of decentralization. That's not to say they won't emerge -- I just don't see anything compelling. Smart contracts are an interesting area for study, but I haven't seen anything useful. For now, it's just a horribly inefficient mess of "Hello, World" level crap.
But also, I do think Patrick Byrne was onto something with his vision of security tokenization. We might be annoyed by all the scams and vaporware emerging from the ICO scene, but tokenized securities built on decentralized blockchains do break down barriers for investment, fundraising and securities trading. With the drop in hype we've seen, there's naturally a lull in ICO activity, but I think there will be a lot of renewed interest in that space over time.
I haven't really looked into securities but the principle does sound promising, vastly more so than the nonsensical shit floating around now. My feeling is that blockchains will become ubiquitous in places that have barely been thought of yet and where they're being touted now will seem laughable looking back. What's truly needed is one event/threat/disaster to really nail into people how vital decentralisation is. Until they get it thrown in their faces they're going to continue whining about how 'impractical' it is and be desperate to throw it away when we all know that once it's gone it ain't coming back. |
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I'm consistently amazed at how many people seem to assume they're going to triumph day trading. Hardly anyone does.
What a noob needs more than anything is patience and belief. If you sit there long enough you'll do OK in the end if you start off choosing wisely.
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dailymail must have hired some cryptofriendly journalist  I guess those of us who've been here a while are so unobjective it's still jarring to see mainstream coverage. I can't help but picture some red-faced old goat reading that and wondering what the fuck it's all about. |
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You can blame all the scummy ICO shit for that. Most of the mainstream platforms shut them down and now only preapprove stuff. I wasn't aware of only specific types of services being allowed, but it does kind of make sense. They're not the most personalised of services so they'll assume anything educational is selling some piece of shit hype newsletter.
I've noticed more than a few simply messed with their wording, adjusting it to crypt0 for instance, but that's not going to last long.
You could try a PR company which rarely seems to occur to people. It may even cost less and wind up in better places.
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The Kasse thing has been out for a few months and appears to be from Hyundai pay, dunno if that's related to the big league Hyundai.
Either way I'd go for the wallet with the most eyes on it and that means trezor or ledger. Let someone else find bugs in the minor ones.
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Unless each one is radically different in some way then I don't think this will happen.
It's hard to come even close to what Bitcoin stands for in terms of decentralization. Everything that we see launch today is either a project ran by a bunch of geeks who haven't had a shower in a while, or some corporate bobos thinking they re-invented this whole industry. In all cases there is a public face behind the project that subject itselfs to all sorts of central single points of failure. If you try to dump the source code of a certain project in the wild public and then vanish in the hope it will get the same treatment as Bitcoin back in the days, you'll come back a couple of years later to see that no one even bothered to pick it up. It's next to impossible to even form a remote competitor in that regard. The crypto industry is more diverse than it has ever been, but the incentives are different now. Decentralization is no longer the priority, scalability is, which means that projects don't even bother to act as a decentralized incentive anymore. They just want the economical numbers on their side. It's going to take some time for enough people to figure it out but eventually they will and that is for most things 'blockchain' is a pointless pain up the arse. The only thing that actually justifies the hassle is decentralisation and virtually nothing other than bitcoin and a handful of others actually is. What remains will be some clunky code best abandoned followed by a return to databases. |
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They make money from the advertisers on the site or in the newspapers. These companies request the site statistics and the circulation figures, to determine which outlet will give them maximum exposure. So, if they can attract more views and visitors to their sites, then they succeeded in their goal. People are being bombarded with information and news every day, so if you can put some sensational articles out there that can grab their attention <truth or lies>, then you might draw them to your site.  I clearly know nothing about this. I would assume that someone chucking money at a site claiming a certain amount of figures would want to fund something that wasn't utterly dire. It seems to me the equivalent of buying vs earning Facebook likes or something. If your site is shit less people will stick around. Those visits will be empty. I might spend several hours on a high quality site and no more than 10-20 seconds on a typical fuckhole. I'd love to know which crypto sites are actually making money. |
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Not really. Services have their own rights, citizens have their own privacy rights and government can only impose limited restrictions unless a court order is issued which takes months of hearings. These exchanges are just doing it to make their process of dealing with customer complaints easier.
I don't buy that for a second. When someone can go to jail for selling a piffling amount of BTC on local bitcoins you can bet your botty all of these places are petrified of being locked up for a trillion years. They all know what's in store for them if they eschew it. Any involvement with money these days is hideously toxic and dangerous for one's health and freedom. |
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I believe that in order for the ideal of decentralization to remain intact, there must be not only a dominant actor in the scenario, but serious competitors in cryptospace that promote diversity, competition and development, so I would expect that in the future there will be at least five or six cryptocurrencies with similar popularity and acceptance than bitcoin.
Unless each one is radically different in some way then I don't think this will happen. Humans naturally gather around the biggest game in town. Not once have I ever put money into LTC or Doge as I believed they deserved some. I'm going to go straight to the source. |
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I guess he is right though, decentralized exchanges make crypto unstoppable.
Only if the loop was closed and fiat became an irrelevance. Until then you'll still need it to pay tax, bills etc. It would be very interesting to see what measures governments took if enough of their populations were clearly uninterested in handling government currencies. |
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