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Author Topic: Technological Wizards of the Banking Industry  (Read 2746 times)
USB-S
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February 03, 2016, 02:26:22 AM
 #61

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place Shocked
Horrifying.
Explains all the irrational optimisms tho...
I should buy some etherium.

You buy my bitcoin now, yes?


regardless, supply and demand is real.
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February 03, 2016, 02:32:24 AM
 #62

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place Shocked
Horrifying.
Explains all the irrational optimisms tho...
I should buy some etherium.

You buy my bitcoin now, yes?

Re. Etherium: It seems so frickin' complicated...

You're a friggin wizard. Why does one not truly get bitcoin?
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February 03, 2016, 02:34:46 AM
 #63

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place Shocked
Horrifying.
Explains all the irrational optimisms tho...
I should buy some etherium.

You buy my bitcoin now, yes?


regardless, supply and demand is real.

Read bottom line Cheesy
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February 03, 2016, 02:37:46 AM
 #64

People using coinbases swift card? surely one does not go to internet to lie? Oh god, it's a pozi scheme. So is the federal note, so what?
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February 03, 2016, 02:45:46 AM
 #65

People using coinbases swift card? surely one does not go to internet to lie? Oh god, it's a pozi scheme. So is the federal note, so what?

A pyramid scheme, to be more exact. Observe:
"A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal."--wikip.

Where does Bitcoin's value come from? From other people paying you for it.

Can Bitcoin's value go up if more people weren't recruited? Well, only so much BTC you can sell to each other, before you run out of fiat money, amirite?

And remember, more bitcoins are constantly "printed out of thin air." 25 BTC every 10 minutes. Somebody has to buy that Sad

Re. "federal note" (assuming you mean money): Major difference being that there was a country, with wealth & economy. Then started printing money.
Bitcoin: no country, no wealth, no economy, no army -- just started printing money Cheesy
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February 03, 2016, 02:51:32 AM
 #66

People using coinbases swift card? surely one does not go to internet to lie? Oh god, it's a pozi scheme. So is the federal note, so what?

A pyramid scheme, to be more exact. Observe:
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.--wikip.

Where does Bitcoin's value come from? From other people paying you for it.

Can Bitcoin's value go up if more people weren't recruited? Well, only so much BTC you can sell to each other, before you run out of fiat money, amirite?
It's a payment network. What if we'd do something in Africa. We'd need more adoption in Africa. Do the bitcoin businesses give out free bitcoins to people seeking to promote bitcoin there? Obviously someone with a plan. You MLP fans are one of a kind.

And remember, more bitcoins are constantly "printed out of thin air." 25 BTC every 10 minutes. Somebody has to buy that Sad

Re. "federal note" (assuming you mean money): Major difference being that there was a country, with wealth & economy. Then started printing money.
Bitcoin: no country, no wealth, no economy, no army -- just started printing money Cheesy
We have a small virtual economy going for us.
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February 03, 2016, 02:57:44 AM
 #67

People using coinbases swift card? surely one does not go to internet to lie? Oh god, it's a pozi scheme. So is the federal note, so what?

A pyramid scheme, to be more exact. Observe:
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.--wikip.

Where does Bitcoin's value come from? From other people paying you for it.

Can Bitcoin's value go up if more people weren't recruited? Well, only so much BTC you can sell to each other, before you run out of fiat money, amirite?
It's a payment network. What if we'd do something in Africa. We'd need more adoption in Africa. Do the bitcoin businesses give out free bitcoins to people seeking to promote bitcoin there? Obviously someone with a plan. You MLP fans are one of a kind.

No one is giving out any (meaningful sums of) Bitcoins in Africa. The last thing I heard was some BitPesa 3dpd lady taking Safaricom to Kenyan High Court because "BAWW, payment processors don't want to play with us."
...and LOSING!!
Cheesy



Everyone wants to *make money* on 3rd-world countries. These are not nice people. Bitcoiners are banksters too, only worse. Because vulgar, hungry, uncouth nouveau riche Sad
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February 03, 2016, 03:07:30 AM
 #68

How do you fake 200k daily transactions? Your fud makes me wanna buy more coins. You're nothing more than a weak hand.
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February 03, 2016, 03:39:41 AM
 #69

How do you fake 200k daily transactions? Your fud makes me wanna buy more coins.

Buy buy buy!
Just rubbernecking here, no dog in the fight. Don't know, you might make some good trades. Just like you can make a killing in penny stocks.
Caveat: On the average, you'll lose. Shorting too.

IRL markets are regulated for a reason, the reason being you're useless to our Lizard Overlords when you're broke. They don't want your butt poached. They like you happy and healthy. Because when you're happy, your brain is happy, and that's how they like your brain -- happy and tasty Smiley
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February 03, 2016, 03:49:44 AM
 #70

How do you fake 200k daily transactions? Your fud makes me wanna buy more coins.

Buy buy buy!
Just rubbernecking here, no dog in the fight. Don't know, you might make some good trades. Just like you can make a killing in penny stocks.
Caveat: On the average, you'll lose. Shorting too.

IRL markets are regulated for a reason, the reason being you're useless to our Lizard Overlords when you're broke. They don't want your butt poached. They like you happy and healthy. Because when you're happy, your brain is happy, and that's how they like your brain -- happy and tasty Smiley
Well, bitcoin isn't such a bad store of excess money. I mean people have put their money on worse things than bitcoin for sure. However tuning into the bitcoin community makes it feel so alive. Maybe it's just me, but it's interesting.
We'd be puny puppets even when we'd be worth hundreds of millions. There is no end to that ladder.
Why did you sell them all? Did you need the cash so badly?
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February 03, 2016, 04:49:24 AM
 #71

So the bankers have literally just been designing and developing ever more inventive ways of milking us all.

This is nothing new I would say.
Have the banks ever been good to us? Not in my country!
In my opinion it is time to kick some bankster's butt!

According to your view its right. You consider or have a survey with the common man so that you can understand how banking is good for them.
They feel banking is the safest method for our investment as well saving. What common man think is, they are greedy but some way we are
being supported at situations.

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February 03, 2016, 04:57:24 AM
 #72

How do you fake 200k daily transactions? Your fud makes me wanna buy more coins. You're nothing more than a weak hand.


we fake people in bitcoin through doubling. so many doubling fake sites are there. they use to scam with people who are all investing on doubling with greedy.
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February 03, 2016, 05:56:14 AM
 #73

I would much rather use Bitcoin than most of the technology developed by banks over the years. The credit card industry are riddled with card skimming and cloning and the people using online banking, suffer from website phishing and spoofing.

Most of the counter measures for these technologies has been exploited within the first few months of their release. Just look at all the exploits in the ATM environment < Card readers that fit onto the front panel and hidden pinhole cams, fitted into hidden panels > 

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February 03, 2016, 08:06:38 AM
 #74

I would much rather use Bitcoin than most of the technology developed by banks over the years. The credit card industry are riddled with card skimming and cloning and the people using online banking, suffer from website phishing and spoofing.

Most of the counter measures for these technologies has been exploited within the first few months of their release. Just look at all the exploits in the ATM environment < Card readers that fit onto the front panel and hidden pinhole cams, fitted into hidden panels > 

Credit card customers in the US don't really have to worry about fraud too much because, by law, credit card losses due to fraud are limited to $50. This is the law:

http://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards

"Credit Card Loss or Fraudulent Charges

Under the FCBA, your liability for unauthorized use of your credit card tops out at $50. However, if you report the loss before your credit card is used, the FCBA says you are not responsible for any charges you didn’t authorize. If your credit card number is stolen, but not the card, you are not liable for unauthorized use."


ATM and debit card charges are also limited in a number of circumstances. You can see details in the link above.

Additionally, almost all credit cards in the US are now chip cards. When using a chip reader, this prevents skimmers from working. The US is using chip + signature instead of chip + pin as they do in Europe, however, and not all readers are chip readers right now. Gas stations, for example, aren't required to have chip readers until 2017.

The phishing and spoofing of websites is not related to method of payment.
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February 03, 2016, 08:33:00 AM
 #75

So there's no financial geniuses within the industry employed to inovate and bring down transactional costs?

There are, but the regulators are very strict and its hard to go around them. With 100,000 pages of regulation, even if you have a team of lawyers and financial engineers, it takes years to find more efficiency.

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February 03, 2016, 09:03:06 AM
 #76

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.
I cashed a cheque last week. It took over 3 business days to clear. 

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?
No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.


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bargainbin
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February 03, 2016, 11:41:51 AM
 #77

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.
I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?
No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow Angry

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.
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February 03, 2016, 01:44:25 PM
 #78

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.
I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?
No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow Angry

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

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February 03, 2016, 02:13:35 PM
 #79

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.
I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?
No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow Angry

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?

'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."
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February 03, 2016, 02:22:10 PM
 #80

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.
I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?
No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow Angry

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

Straw man.

You are a banker shill and apologist, and I claim my 0.0001 bit.


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ICO: Oct 2 - Nov 6
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