Unless someone finds a way to create Limitless Energy , the energy waste of bitcoin will be unavoidable within 2 years.
Won't change anything. It's not Bitcoin's energy consumption that's the main problem politically, but Bitcoin itself. In other words, even if Bitcoin's entire network runs on clean and environmental friendly energy, politicians and other hate filled idiots will find something else to complain about. Another thing that people for once need to get straight, is the fact that securing almost $1 trillion in transactions every year isn't waste. I would even like to point out that Bitcoin miners are one of the most consistent industrial energy consumers in existence. We at home on the other hand, are the worst ever actual energy consumers, ahum, wasters the world has ever seen. People need to look at themselves instead of pointing their dirty finger at Bitcoin. The Amount of Energy Waste is not what secures bitcoin, it is the collusion of the Chinese Miners that secure bitcoin, nothing more nothing less. If the Chinese Miner switched to an energy efficient consensus , it would be just as secure, because the energy waste is not securing it, the collusion of the majority is securing it. (Look up 51% attack)
The mere fact that Bitcoin's payment system requires more electricity than multiple countries combined is pure stupidity already and it is just going to get worse. https://digiconomist.net/bitcoin-energy-consumption |
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Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto
The path to a cryptocurrency revolution might just run through a sleepy Austin, Texas industrial park, home to offices of Cody Wilson and his company, Defense Distributed in the United States. Parallels exist between downloadable files from a website, allowing users access to 3D printable firearms, and a permissionless, decentralized, censorship-resistant medium of exchange. If the world’s most powerful government succeeds in preventing Mr. Wilson from engaging in basic speech, hold on to your electronic wallet because it could be next.
Permissionless is bullshit, how many warehouses of ASICS , Do you Have? Decentralized is bullshit, Chinese Miners have over 51% majority. Censorship-resistant, for the moment, unless you piss off the Chinese Miners.  Should Cody Wilson be allowed to Place plans on how to build a 3d gun on the internet, Hell Yeah! (But be aware the US has not been a free country since the corrupt bastards enacted the Income Tax System in 1913.)
(Any country where the TSA will molest your children & wife & you at an airport can hardly be called a free country.) |
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Bitcoin’s network energy consumption has become somewhat of a hot topic as the cryptocurrency grows in popularity. A clean energy researcher, however, says that naysayers are missing critical factors when making their claims. "Electricity production can increase while still maintaining a minimal impact on the environment. Rather than focusing on how much energy Bitcoin uses, the discussion should center around who indeed is producing it – and where their power comes from." Source: https://bitcoinist.com/banks-consume-energy-bitcoin/ The Researcher is a idiot.  There is not enough Hydro electric to supply the amount of electricity needed by bitcoin. The problem is not the current drain of bitcoin , the problem is the energy drain is growing geometrically. And that Geometric Grow is greater than all of the Energy Growth of all forms of current energy production (Clean or otherwise). By 2020 , it will be undeniable how bad bitcoin insane energy waste has become. Unless someone finds a way to create Limitless Energy , the energy waste of bitcoin will be unavoidable within 2 years. |
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I just accidently sent bitcoin cash on coinbase to blockchain. Not realiZing that it was bitcoin cash and not regular bitcoin. Now of course its not showing up in my blockchain wallet. What do i do?
Contact Blockchain and see if they will help you retrieve it. If Blockchain controls the private key, which they should, all they have to do it import the private key into a bitcoin cash client to access it. Then they can give you access to the funds. Whether they will do it or not, I don't know, but it could be done and it would work. Good Luck.  |
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someone should start a thread for the "classic" group
They did , it is below. As expected it is not as easy as they thought it would be. They have not yet fixed the error in the classic code (over 2 billion issue) or gotten an exchange. |
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Not blockchain, but the wallet of the DAG-based ByteBall currency is JS / NodeJS based:
Thanks. Nice hint. I will have a look into it. NXT code is also Java based. https://nxtwiki.org/wiki/For_Programmers |
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Looking for a List of the Best Resources to Learn Programming and Proof of Stake Coin Development. Planning on Using Debian Linux as the OS. What Books are recommended reading? What tools are good for debugging code? Any lists of topics or websites that teach crypto development , welcome. Thanks for posting. |
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I am still optimistic about fortification I was a famous digital currency analyst, recently that the digital currency market this year is stronger than it was at the same time in 2014. According to his tweets, there are a lot of ongoing purchases despite fear and surrender in the market. His vision was illustrated by a graph comparing the decomposition rate for the period from December 2017 to August 2018 and from December 2013 to January 2015 The market capitalization of the healthy grew from $ 8 billion at about the same time in 2014 to more than $ 108 billion now. Having acquired many acquisitions and reached a price point of close to $ 20,000 in December 2017, the value of the market has increased by more than $ 661 billion. The 2018 index clearly indicates that there is much lower volatility in the price of the composition at this time. The relative stability of prices in the market can be attributed to the impending news that investors are eagerly waiting for. The US Securities and Exchange Commission (SEC), after its recent rejection of the proposed ETFs proposed by the Winklefos brothers, will announce its decision on nine ETFs in September. I hope that I have delivered all and created hope again to those who lost   The problem with your theory is this: Tether is the Fractional Reserve Scam beneath Bitcoin Wings.  https://www.youtube.com/watch?v=0TvCGj5n1d4FYI: Tether Explained: https://www.youtube.com/watch?v=h7IxNv-5MQA |
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@aliashraf It seems we are at a impasse. Therefore Time and the Reader can be the final arbitrator. Good Luck with your PoCW. |
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@Zin-Zang
AFAICS, this conversation is becoming too chaotic, I suggest you choose just one topic, like energy waste of bitcoin (your terms) and simply prove my arguments about the irrelevance of your claim, wrong. Although I've clearly stated everything necessary in this regard for your convenience I try to make another brief argument here:
1- Bitcoin and PoW generally, consume energy to keep the network safe against unfaithful behavior of malicious participants. It is irrelevant to call it a 'waste' because it is one of the most useful use cases for energy ever: decentralizing money.
2- The coins generated in PoW, have objective value because they have been produced by consuming resources like any other asset (other than fiat currencies). PoS generated coins are just like fiat, they come from nowhere and have no value.
Now, in just 2 short paragraphs refute my arguments above.
OK, 1. Your conclusion is misplaced, because energy consumption does not keep bitcoin safe. IE: ~2 years ago Chinese Miners gain ~71% control of bitcoin mining, the energy required to run bitcoin has increased dramatically in that 2 year period, it is no safer now than then , and the argument could be made it is less safer as the Chinese miners are running a 2nd coin to switch too. Shorty put : Bitcoin Security is dependent on the Continued Chinese Miners Collusion , energy spent is irrelevant. 2. PoS or PoW coins value is perceived by the price the public is willing to pay. With PoW coins, you have a higher baseline price because of a psychological floor due to the input cost needed to produce a bitcoin today. However the majority of Bitcoins were mined at much cheaper prices than today's rate, so that promoted myth fails to hold water and is a falsehood. The amount of resources going into a product do not guarantee a higher price. IE: Make a Car out of pure gold , it cost to purchase would be immense, however due to the weight , it would be crappy on gas mileage and a prime target for thieves, as such the majority would shun it as wasteful and pick a car with better gas mileage that was more affordable. Shortly put : PoS & PoW coins are both created by using electricity, program code, & time to create said coins. It is just that one requires less resources to be created and used. FYI: Another good example of the amount of resources going into a product don't guarantee a higher price, is the US Penny. It costs the Government more than a penny to make a penny, but yet when you spent it , it is only worth 1 penny. |
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Lightning network will make Bitcoin fastest and one of the cheapest crypto. It will make manny crypto which only advantage over bitcoin is transaction fees and speed useless. It will suck money from them and pump bitcoin. Week ago i found tool to track lightning network developement progress and I would like to share it with you guys. I think its worth to check regularly. https://p2sh.info/dashboard/db/lightning-network?orgId=1&from=now-6M&to=nowToday sum of opened chanels has value of 95 bitcoins. Its not that much but as you can see it was 75 BTC week ago and chart looks like it could be 200 in next week. I think that ligdtning network developement is speeding up and soonly we will have great news about it and price can jump to unknown levels. And none TA will show that. Hmm Yeah, the answer is no. Some problems with your thoughts, Fees 1. LN default average fee per transactions is $0.06 and that is if only 1 hop is required. Litecoin average onchain fee per transaction is $0.01 Speed 1. While LN promises ultra fast transactions , it is an offchain system , and any offchain system can process transactions in microseconds. Such as using any coin on any exchange that allows offchain transfers. So it has no real benefits over other coins. Now if you are a purist and think only LN offchain scaling is capable of these amazing speeds (It's not , but for the sake of your argument.) Even if it was, Litecoin is also segwit infected and as such also usuable on the Lightning Network. So while LN makes bitcoin faster & cheaper, it still does not make it faster and cheaper than all alts. FYI: Just for comparison sake, ZEITCOIN average onchain transaction fee is $0.0000025 per transaction. For values under $20 , it is safe to wait for only 4 transactions which is only 2 minutes to be completely finished. While with LN, you can wait up to 2 weeks to fully redeem any coin transacted on the LN network. As you can see some alts are so much cheaper and faster, they play on a completely different level. |
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Centralization of PoW mining by pools sucks. Although I've proposed an improvement to replace 'winner-takes-all' approach with 'contributor-takes-share' to fix infamous pooling pressure in PoW, I have to acknowledge this as a flaw for current implementations of PoW. But you are taking advantage of this issue, too much: 1- PoS systems are vulnerable to this threat in a higher order because of the availability dilemma. And in PoS it is even worse because they need to lock the stakes for a long period and people can't move easily between these "banks". 2- The very fact that despite the situation with pools, we have bitcoin with $110+ billion market cap, speaks for itself. Pools, are bad and yet PoW is that good to survive and get even stronger, why? It is because of the beauty of PoW, its objectiveness. Some people think it is because of bitcoin being popular and using its premium as the first crypto, they are wrong. Bitcoin is big because it is highly secure. 3- Through scaling debate in bitcoin, we learned lessons among them we discovered the importance of users. SegWit adopted by a UASF, i.e. it was enforced by users and not miners. Although Jihan Wu was controlling a huge share of hashpower (he still is) he failed dictating his agenda. Conclusively, bitcoin is secure because to do anything harmful to it you should invest a lot and consume a lot and risk losing everything because of huge hashpower requirements and large user base that simply ignores your unfaithful messages. We can agree that the more confirmations the more secure a transaction, however this is a condition of both PoS and PoW. The only real implementation of banks in the cryto world is lightning network. Banks used to take gold deposits and use their own notes to transfer representations of value. Lightning Network takes Bitcoin deposits and uses their own custom ledger to transfer their representation of value. Only LN meets the specifications to be called a Bank. PoS & PoW onchain transaction transfer the actual value, not a representation of the value like a Bank or LN. PoS & PoW onchain transactions do not allow for the possibility of a fractional reserve system onchain. PoS & PoW onchain transactions do not use a debt based system (like Banks) that guarantees their is always more debt than quantity of coins. Therefore neither PoS or PoW onchain implementations fit the specifications of a Bank. Your conclusion on bitcoin being secure because of the risk to the miner wealth if they damage it, is false. You have a incorrect assumption that the miner is totally dependent on only bitcoin. Bitcoin Cash has changed that conclusion for the following reason, Bitmain has stockpiled more bitcoin cash than bitcoin. They have mined a large % of bitcoin cash, kept all of their bitcoin cash from the original fork, used a % of their bitcoin profit to buy more bitcoin cash, taken bitcoin cash exclusively for their new miners, because of the following they have a direct financial incentive to replace bitcoin with bitcoin cash, their profit windfall would be staggering if bitcoin suffered a failure or price drop that made bitcoin cash more popular. All they have to do to achieve this , is keep stock piling cash , and start cashing out all of their bitcoins on their mining operations, at some point they make bitcoin cash price match bitcoin and the rest of the miner join in leaving bitcoin to fend for itself with no miner support. Bitmain would gain untold riches from carrying out such a plan, so old bitcoin is no longer secured by the miners , as the larger profit can be made elsewhere. * If you want to fix PoW, you need to remove the energy waste & block the pooling of resources so that individuals will always be part of the system.* * Due to coin age included in PoS, and the fact that PoS coins are disabled for period of time before allowing another stake, it gives an individual with lesser amounts the ability to stay relevant in a PoS network* When you examine the underlying structure of PoW verses PoS, the following comes to light: PoW is a combative system Winner take all design, as miners compete for every single block, meaning the richest will always be the strongest. PoS is a cooperative system design, as when one block stakes , those coins are offline for a specified time and no longer competing for a block, which means that coins from other members are required to stake to reach the # of confirmations that will again allow that block to stake. In PoS , You literally need others to be staking and securing the network until your coins are again eligible to stake. 2. The energy waste means that future miners have to request permission from government regulators to allow them to increase capacity.
If the Governments approve these energy requests of miners, they can use that as a way to coerce their approval or disapproval of transactions.
Making bitcoin another government minion no different than banks.
This is absurd. Miners don't get permission for electricity, they buy it! In subsidizing countries, it makes sense but not all over the globe! It has been a decade and bitcoin has been popular for at least 5 years and miners are doing their job. If it is about your false prophecy about "exponential growth" in electricity demand of mining, I have already refuted it. There will be no growth in middle term and we will experience mild corrections in long term (my prophecy). Read the following to understand , it is not absurd my friend but a reality. Miners will need permission to buy electricity. https://www.utilitydive.com/news/canadian-utility-halts-processing-service-requests-from-cryptominers/525438/https://www.seattletimes.com/business/bitcoin-backlash-as-miners-suck-up-electricity-stress-power-grids-in-central-washington/https://www.theolympian.com/latest-news/article208635474.htmlhttps://www.chelanpud.org/docs/default-source/commission/bitcoint-mining-prompts-utility-rate-hike---data-center-frontier-feb-2-2016.pdfhttps://www.forbes.com/sites/williampentland/2018/03/25/bitcoin-mining-triggers-backlash-from-electric-utilities/Really? In PoW coins are generated and granted to people because they are consuming resources to become qualified for such a grant. In PoS we have a subjective credit that is inflating with almost zero cost. It is just like any other subjective article, nothing! You put no-thing in stake to get more no-thing and you wish people recognize your no-things as a medium of exchange. hmmm ... sounds familiar, Feds do this with USD on a daily basis, don't they? Sure they do. PoW consume Massive amounts of Electricity. PoS consumes a tiny fraction of that amount of electricity. Both provide the ability to make transactions, PoS is just more energy efficient than PoW. IE: PoW is a Car that has a gas mileage of 1 mile per gallon. PoS is a Car that has a gas mileage of 1000 miles per gallon. Therefore to go 1000 miles in the PoW car require 1000 gallons of gas. While in the PoS Car going 1000 miles only require 1 gallon of gas. Both PoW & PoS get you to the same place , however PoW wasted 999 gallons of gas to do so. * In truth , the ratio of energy waste in electricity is much worse in the millions or higher instead of a simple 1000 ratio. * 2- It is eventually a computerized version of fiat currencies, banks, interest rates, ... with obvious lack of Resistance Axiom, which is the main driving force behind cryptocurrency movement. All blockchain crypto is a general ledger that is the only thing they have in common,
No, it is not an answer. Having a GL does not make them all the same.
PoS coins are made out of thin air just like fiat, there should be banks of stakes to guarantee availability and hence income. These banks will sooner or later, shard transaction space for scaling purposes and eventually have to be regulated under a clearance protocol for their intra-shard transactions, etc. Nothing new.
As for lending and extra-income, they will figure out a way for this. e.g. borrowers who suggest an interest rate higher than the network could look tempting enough for our banks of stake.
I was saying that GL, was the only thing they all had in common, I was not implying it made them all banks. PoS coins are not made out of thin air, they were generated by Electricity, Program Code, & Time, no different than PoW in that aspect. Debt can be added to an external offchain system such as LN, but can not be added to an onchain system in PoS or PoW. Debt requires a representation of value , onchain system are the actual value and therefore onchain debt is impossible with the current designs. Other than fiat currency any resource has a value determined by the amount of average labor needed to produce it and has a price determined by the balance between its respective supply and demand. It is true for every single good everytime and everywhere other than fiat currencies as I mentioned above. And you are introducing another 'thing', a PoS coin, that has no value but has a price while we have such things right now and they got names: USD, Euro, Pound, Bulivar, ...
The only resource in the world that its value is based on a compromise and not on labor is fiat.
As far as # 3 went, we seem to be agreeing more than disagreeing . I would state that a PoS coin is a resource and that it's inflation rate and usage would determine it's price. A PoS coin value is tied to the quantity of coins and it's usage, while the Fiat based currencies are tied to nothing, except promises of government officials. Just as ASICS requirement gives PoW coins value in your mind, because it allows new coins to be generated and transactions to occur, PoS Coins themselves generate new coin and make transactions occur without the unnecessary energy waste of PoW. |
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The only real problem with Proof of Stake system is the ones that inflation rate is just too high.
That issue is easily mitigated by going to a ultra low inflation rate.
Like gold, the reason it value held over time was the expense/ hardship of getting the ore limiting the new amount, therefore keeping a low inflation rate,
by moving a PoS system to an ultra low inflation rate, we mimic that process.
Hmm didn't know there is inflation in PoS coins - I thought once they leave the hybrid phase, tokens are just redistributed in transaction fees like in Next. What is Zeitcoin based on? I didn't find the source code on their website. The interest generated acts as inflation, by forever increasing the quantity of coins it always guarantees their will eventually be a lowering of value per coin, if the quantity consumed does not exceed the quanity of new coin, the price per coin will eventually fall. Most PoS devs give a coin 5% or higher , trying to mimic old saving account rates, the problem with that is the bank were able to do so by giving loans at higher rates on that savings in the form of credit cards & other loans at over double or triple the savings rate. When a Crypto coin gives out a rate, they have nothing but consumer demand to try to nullify the increase, which over time can't sustain high rates forever, and then the price drops begin. Which is why Satoshi built in bitcoin a forever decreasing number of coins generated per block every 4 years, until the miners no longer created new blocks but only make money by processing transaction fees only. Which causes further problems : http://randomwalker.info/publications/mining_CCS.pdfhttps://github.com/zeitcoin/zeitcoinZEITCOIN is based on peercoin originally, peercoin is still a hybrid running PoW & PoS. https://github.com/peercoinZEITCOIN dropped PoW after the 1st two months. Peercoin PoS design destroys all transaction fees as a way to offset their inflation from staking. Last year Zeitcoin moved to an Ultra Low Inflation rate of .0005% yearly, even if the entire network were staking less than 500 new coins could be created daily. So our Proof of Stake is purely for consensus at the present time and all of the transaction fees are currently burned. The plan is in the next few years to no longer burn the fees but grant them to the block staker in addition to the ULI. That is some ways off and for now the fees will continued to be burned. * To offset the concerns raised in the pdf on randomwalker on transaction only coins, our coin will always and forever have the ULI reward.*Due to the extremely low energy cost needed to run a Proof of Stake network , ZEITCOIN can run a network that outperforms bitcoin in transaction capacity , transaction fee prices , and speed, at a fraction of their input costs. It is only a matter of time before the public becomes award of these improvements and acts according. If you want more info https://bitcointalk.org/index.php?topic=487814.0 FYI: Nxt was a custom PoS implementation, including the ability to create other tokens on their network . the normal standard of the majority of PoS coins is based on peercoin, the developer of peercoin Sunny King was one of the original creators of Proof of Stake as a consensus method. https://cointelegraph.com/news/the-history-and-evolution-of-proof-of-stake |
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I'm aware that you are a fan of PoS, an enthusiast, but this "energy wasting" argument won't help your faith, believe me.
First of all, energy is not wasted in PoW, it is the only objective way to keep a system secure and the way I look at it, the energy that network consumes now, is one of the most decent use cases for electricity ever:
LOL, you confuse faith with Logic. Your conclusion is false, the energy waste has not secured bitcoin it is dooming it. 1. The Chinese Mining Pools have had a ~70% domination of bitcoin for years now. The only security in bitcoin is what they grant you nothing more. 2. The energy waste means that future miners have to request permission from government regulators to allow them to increase capacity. If the Governments approve these energy requests of miners, they can use that as a way to coerce their approval or disapproval of transactions. Making bitcoin another government minion no different than banks. Just to clarify Bitcoin Security is provided by the Chinese Miners Collusion not the energy waste. There are again a few more real problems with PoS:
1- It has no measure to tell us who deserves how much stake and why?
2- It is eventually a computerized version of fiat currencies, banks, interest rates, ... with obvious lack of Resistance Axiom, which is the main driving force behind cryptocurrency movement.
3- Its consensus algorithm (any variant), is basically subjective, based on a compromise between people about the distribution of stakes. It is inherently defective because of this subjectivity. Historically we had this idea in reputation systems before bitcoin and with no significant outcome.
Answer to 1. The amount one owns of the coin and the original code defines how much they stake and who earns. And hopefully one research that code before buying. Answer to 2. All blockchain crypto is a general ledger that is the only thing they have in common, Fiat is controlled by governments, PoS Crypto are defined by the code and therefore outside the control of those government elite. Banks make up money out of thin air based on debt which they worsen with fractional reserve nonsense, Crypto has a defined amount, with a defined growth, with ZERO DEBT built into it and No fractional reserve shenanigans. FYI: (Excluding Tether of course since Tether is running a fraction reserve scam claiming 1 to 1 with the US$)Answer to 3: The only thing we agree on is PoS is a method of consensus. Ownership of everything is subjective to personal & group compromise, why this bothers you is strange. IE: You own apples and the guy down the road owns oranges, You both exchange apples and oranges with each other , but the exchange rate is defined by the community preferences of which they favored more at the time of exchange. That is what you have to live with if there is more in the community than just you. The value of any item is defined by how much others are willing to pay for it. |
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So, I believe it is not about how PoW is better than PoS. Rather it is about how PoW could be better than bitcoin.
Sorry, I still don't understand your words. How can you say PoW is better than bitcoin while bitcoin itself uses the PoW protocol? Simple! Bitcoin implementation of PoW, is the first version, an experiment and a proof of concept as far as I can understand. I mean, come on! How is it possible at all, a complete revolution just with one shot  The unfortunate coincidence of bitcoin getting popular and becoming a high stake game with Satoshi's disappearance caused it to become rigid and resist evolution, obviously, but it doesn't change the fact that it is nothing more than a beta version of a proof of concept for PoW. Proof of concept for PoW, not for cryptocurrency I have to emphasis as I see most people are not used to re-think everything and just follow the media. According to their story: 1-Bitcoin is the ultimate form of PoW, 2- PoS is an alternative, much modern approach to cryptocurrency as a decentralized, public and permissionless system. Both claims are void: 1- Bitcoin is not the end but a beginning for PoW, 2- PoS is nothing new, it has been around as reputation systems and has failed its mission because of its subjective nature. There is no way to publish money, a justifiable legitimate way I mean, so it doesn't deserve to be considered neither an alternative nor a modern approach to cryptocurrency. Actually due to the energy wasting failures of PoW , Bitcoin is doomed within 5 years as the energy requirements are growing exponentially. Your belief that Proof of Stake is failing is just plain wrong. Currently it is the only one not draining the energy resources of the planet for wasteful attempts at being a global payment system. The only real problem with Proof of Stake system is the ones that inflation rate is just too high. That issue is easily mitigated by going to a ultra low inflation rate. Like gold, the reason it value held over time was the expense/ hardship of getting the ore limiting the new amount, therefore keeping a low inflation rate, by moving a PoS system to an ultra low inflation rate, we mimic that process. |
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I'm thinking long-term here (next 5 years), which coins do you think will still be very strong and which ones do you think will fall apart?
I like Ethereum and think they have a lot going for them over the next few years but I'm not sold on Ripple, they're centralized and it seems like everything they do goes against the goal of cryptocurrency so I think eventually people will desert them.
What does everyone else think, which coins will be good/bad in 5 years?
IMO. I think in 5 years Bitcoin will become government controlled due to their insane energy requirements which is their greatest weakness. Ethereum blockchain will grow so massive , no one will want to store a full node, and eventually this kills Eth and all of it's tokens in 1 shot. Bitcoin Cash will suffer the same fate as eth, because the dummies added tokens to their blockchain. Ripple will still be here, but they are centralized posers, so no one cares. 5 years or 50 years, ZEITCOIN will still be running as it ultra low inflation and energy efficiently allows it to survive and thrive where others fail. |
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Of course Dent is a Scam, it is a Token. All Tokens will crash and burn or the smart ones grow up and become a real coin. |
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@Wind_Fury LOL, there really is no hope for you. Enjoy your orange jumpsuit. Later. |
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Freedom of choice is good but if the other choice is propaganda without a good technical argument then why should we listen to it?
Hmm, the ability to tell reality from fantasy is paramount in keeping your ass out of jail. That is a good reason IMO. I already warned you here: https://bitcointalk.org/index.php?topic=3378014.msg40421240#msg40421240** If your hub processes a transaction where you send LN funds overseas and at the end ,
when those LN funds are redeem for bitcoin and those bitcoins are exchanged to fiat or physical items,
then you just became a money launder according to US Law. **
Do I agree with this insane authority the world governments have given themselves , hell no,
but I do recognize it will get someone throw in jail for ignoring them, answer is yes. This speech is FinCEN Director Kenneth A. Blanco : https://www.fincen.gov/news/speeches/prepared-remarks-fincen-director-kenneth-blanco-delivered-2018-chicago-kent-blockFirst, as our March 2013 guidance indicates, FinCEN’s rules apply to all transactions involving money transmission—including the acceptance and transmission of value that substitutes for currency, which includes virtual currency. Thus, our regulations cover both transactions where the parties are exchanging fiat and convertible virtual currency, but also to transactions from one virtual currency to another virtual currency.
Further, businesses providing anonymizing services (commonly called “mixers” or “tumblers”), which seek to conceal the source of the transmission of virtual currency, are money transmitters when they accept and transmit convertible virtual currency, and, therefore, have regulatory obligations under the BSA.
In short, individuals and entities engaged in the business of accepting and transmitting physical currency or convertible virtual currency from one person to another or to another location are money transmitters subject to the AML/CFT requirements of the BSA and its implementing regulations It is important to understand that these requirements apply equally to domestic and foreign-located convertible virtual currency money transmitters, even if the foreign located entity has no physical presence in the United States, as long as it does business in whole or substantial part within the United States. All he is doing is confirming what I already told you would happen. Now good luck seeing that this is reality not fantasy. |
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when the market bearish, and all the altcoins fall, even the crypto king also falls, there is a coin that catches my attention, that coin is Tether. the value cannot be affected by the correction.
Tether is an altcoin that has a lot of mysteries, when it was first released to the market, tether coin used for alternative reserves that replaced USD in trading activities in several exchanges.
the Tether inc company claims that Tether is backed up by USD, and every Tether has the same value of USD
1: 1. but something makes me doubt is that there is no official agreement between Tether and USD. the meaning has no legality value between Tether and USD.
today I have seen Tether on the market, and its value is stable, and has the same value with USD.
finally, I believe that Tether is USD and USD is Tether.
Tether is not the US Dollar!The people behind Tether have never proved to an Legal Accounting Firm that they actually have enough US$ to match their tether. Hell the assholes, just released another 50 million tether last week, and the fools believe them with no 3rd party verification that is accountable. They are running a fractional reserve made possible by idiots that actually believe they are pegged to the US Dollar. FYI: Their is no actual peg, just a bunch of morons buying the fractional reserve lies. Worse part, when their shenanigans is finally made public and their asses are hauled off to jail, it is going to rock the bitcoin world like nothing you have ever seen. Enjoy the tether kool aid while it lasts, because it is a bitcoin killer in the end. |
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