For those that don’t know about Unisocks here’s a really interesting synopsis: https://4k.com/unisocks. Just click the link to see the case study. What’s interesting is that there are companies working to bridge the gap between the physical and the digital. I think what Uniswap did was genius. And really, this is only the beginning. What do you think? Would you buy a $160k pair of socks?  |
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I wouldn’t stake Bitcoin. Better to stake ETH or other altcoins
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Ofcourse, the physical part of NFT is one of the most important thing that will make a difference. NFT backed by physical asset can be used as collateral online/offline... But I wish the company (4k) provides private vaults they can't even access, so that once someone acquires an NFT that is backed by physical asset that is in the vault the new owner automatically controls the keys that can unlock the vault. If an owner is far away, he/she can send the keys to the company to have the asset transferred to him/her. With this, you fully control your asset once a physical asset backed NFT is acquired.. I prefer a non-custodial company.
How is this even possible though? When it comes to physical assets you do need some form of centralization. I’ve chatted with the team on their Discord and they said they are going to release more details about their authentication process and security. |
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I wonder if it will evolve by then. I hope we see more people interested in and invested into bitcoin. Technology is only becoming more and more advanced, as should btc
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If exchanges choose to use CipherTrace's implementation that would mean that the identities would be in the hands of only a few people ie.
Granted if people have to do KYC through an exchange, they've already willingly gave their information. This just adds a level of protection.
I wonder what will happen over time to DEXs
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Yes another pulled off exit scam. This time a Nigerian cryptocurrency wallet that is said to have stolen $1 million worth of funds. Withdrawals started around April while the CEO blamed the servers being down. This just goes to identify and support Ciphertrace's AML report as 2019 being the "Year of the Exit Scam" The report claims 3.1 billion dollars were lost in exit scams this year alone. https://coingeek.com/nigerian-crypto-wallet-satowallet-disappears-with-users-funds/ |
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There are a ton of use cases of why it's growing. We are seeing more places than ever accepting crypto, apps that help you invest, more exchanges, and the media has been picking up on this adoption. Blockchain forensic companies like Ciphertrace are working to provide proper compliance as adoption takes off
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I will look up those two and see what I can find online, thank you for that. I plan on trying to go in about $200/month right now. Once again, the volatility is what keeps me weary. I am not trying to use it like an investment even though, to me, that seems to be what the majority are using it for.
$200/month isn't a bad amount at all. If you think that's the amount you're comfortable with, then by all means go with it. There's no right amount to invest anyway. At least you're aware of the volatility. As for the volatility, you need to understand that bitcoin is a 10 year old asset(in contrast to gold which is pretty much a bajillion years old), so market liquidity[1] will be very low as expected. It will take time for bitcoin to be stable in price. Gold is decently stable right now because of the very high liquidity it has. Assuming Bitcoin's adoption would be in a slow upward long-term trend and as people understands the importance of a decentralized currency, expect Bitcoin to go the same path as gold in terms of liquidity. As for the uses, you're going to get mixed answers on this. Some people solely own it as an investment, some people own it to spend it online, and some use it for both. I personally use it both as an investment and as something to pay with. Why? Because screw PayPal. And a long with that, I think bitcoin will be successful in the long term, so it would only make sense to also look at it as an investment. How about you? What are your plans with it if you don't look at it as an investment? Best of luck!
I completely agree with what you are saying. My concern is that in my current city in the USA, I see very few vendors that accept Bitcoin. The main thing keeping me from transferring all of my fiat into Bitcoin is the volatility. I understand my 401K could theoretically drop to $0, but if that happens I have a lot more to worry about than what I have saved.
Your best bet would be to use famous exchanges like Coinbase[1], Kraken[2], and Gemini[3]. You're going to pay like 10% more than the market price if you're going to use Bitcoin ATMs. This is super helpful. Thank you for making the community here feel confident |
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CipherTrace has announced an app coined Scout that tracks and documents illicit crypto transactions. The app traces addresses through the blockchain to identify which coins may have been used dark market and ransomware. Do you think people are likely to use this app? Also, who would get the most use of it? https://www.coindesk.com/ciphertrace-scout-app-takes-crypto-investigationsSounds interesting, but this kind of app should be available for only law enforcements not for public use, if not there will be lots of abuses with that app either way its cool and of cos many people will have interest to atleast try it out and see how it works I thought it was interesting too that it is open to the public. I wonder if ciphertrace provides different levels |
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Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
It used to be very easy to use BTC for stealthy money transfers. Nowadays it is becoming more and more difficult. The main reason is that regulation is getting stricter. 1. FATF recently added their guidelines how to collect and what data collect on crypto users , it starts with as small as a sum as 1000 USD 2. Localbitcoins recently removed cash deals from their platform It's crazy to me that BTC is still the most widely used in the dark web too. Did you see Ciphertrace's TRISA announcement which is their way of providing more privacy to the FATF guidelines? |
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I think NULS will be sticking around for quite some time
That was my thought too. |
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Why does a whale moving in have anything to do with a high search volume? |
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I would add NULS to that list.
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The Office and Always Sunny in Philadelphia
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Ciphertrace proved that long ago by explaining the non-movement of funds and how easily he could have proven just signing with his private key
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I think if the government act on this problem, they can lessen that 76%. They don't have to focus on the modes of payment of the illegal things but instead, they must intercept the people and the products outside the dark web. I'm pretty sure they can't use internet if they are behind the bars.
The owner of the dark web site is anonymous, we don't know who is behind it. It's the same when we trade Bitcoin with other people we don't know who he really is. I think the government will be difficult to find them. There are many types of the dark web such as buying and selling drugs, other illegal products, and criminal services. It is impossible for the owner of the dark web to give out their identity easily because they will deal with the law. Could blockchain forensic companies like Ciphertrace be able to track this info with their tech? |
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Altcoins are suffering today because developers are not putting much effort, do you remember the effort they usually put when they first started, I mean when they were raising fund? You could see them dong lots of promotion, hiring hunters to showcase them to the word and many more, but how many of them still do that till date, the moment they enter the market, they expect the market to just continue to create awareness of them to the public automatically? No.
Imagine that I have a beach, and after constructing it, I don’t ,market it, how would people know that I am existing, it is until the point where I am fully established that I leave the work to referral, but how many referral do refer them to new people? Altcoins projects needs to do more campaign, that is it and they will bounce back.
I don't think there are enough blockchain developers in the space in general. Which made me think of NULS recent ChainBox announcement which are developed modules for any developer not just blockchain specific |
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Retail investors still face immense risk as CipherTrace's AML reports have showcased more than $4.26 billion in crypto assets in 2019 to date. I found this article interesting as it calls out different people who took to twitter to call out the difference of 2017 ICO craze versus today. Calling out sites like Coinmarketcap and other coin ranking sites as being a potential problem. What are your thoughts? Have we matured or are people still looking to make a quick buck and scam people largely? https://www.coinspeaker.com/ico-problem-crypto-market/ |
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