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Thread: Bitcoin: The Future or Ponzi Scheme?

  1. #61
    Unencrypted Wraith's Avatar
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    Quote Originally Posted by Aimless View Post
    The recent tax bill appears to have ensured that crypto-only transactions (eg. exchanging bitcoin for ethereum) are no longer covered by the "like kind exchange" exemption. It's clearly a recent change. I think some exchanges have been required to identify a large number of accounts that have incurred tax liabilities as a result of this change.
    I'm not familiar yet with changes from the recent tax bill, but crypto exchanges were never covered by the "like kind exchange" exemption. That's been a persistent belief in crypto circles, but the IRS has said for years now that you can't do like-kind exchanges with crypto.

  2. #62
    Quote Originally Posted by Wraith View Post
    The Bitcoin ledger is public.
    https://bitbonkers.com
    "In a field where an overlooked bug could cost millions, you want people who will speak their minds, even if they’re sometimes obnoxious about it."

  3. #63
    All Worship Ragnarök Loki's Avatar
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    One of Japan's largest digital currency exchanges says it has lost some $534m (£380m) worth of virtual assets in a hacking attack on its network.
    http://www.bbc.com/news/world-asia-42845505

    Hope is the denial of reality

  4. #64
    All Worship Ragnarök Loki's Avatar
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    Bitcoin, the future of armed robbery. https://mobile.nytimes.com/2018/02/1...extortion.html
    Hope is the denial of reality

  5. #65
    Unencrypted Wraith's Avatar
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    Do you really need to turn this into a team sport too?

  6. #66
    Unencrypted Wraith's Avatar
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    After Venezuela released their Petro cryptocurrency, now Turkey and Iran are looking at releasing their own. I doubt they'll act before they see how the Petro plays out, and I'm hoping that one bombs spectacularly. It'll be interesting to see what happens after.

  7. #67
    Senior Member RandBlade's Avatar
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    Anything Venezuela touches bombs spectacularly and there are very good reasons to doubt a single word their government says about Petro.

    https://arstechnica.com/tech-policy/...t-its-a-farce/
    Quote Originally Posted by Ominous Gamer View Post
    Being upset is understandable, but be upset at yourself for poor planning, not at the world by acting like a spoiled bitch during an interview.

  8. #68

  9. #69
    SEÑOR Member Aimless's Avatar
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    Bitcoin blockchain contains child-porn:

    https://theoutline.com/post/3799/if-...ded-child-porn

    I knew it.
    “Humanity's greatest advances are not in its discoveries, but in how those discoveries are applied to reduce inequity.”
    — Bill Gates

  10. #70
    Senior Member RandBlade's Avatar
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    If the blockchain can be made to include illegal material or malware that doesn't sound too positive.
    Quote Originally Posted by Ominous Gamer View Post
    Being upset is understandable, but be upset at yourself for poor planning, not at the world by acting like a spoiled bitch during an interview.

  11. #71
    Unencrypted Wraith's Avatar
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    I don't think it's common practice to attempt to locally execute arbitrary data on the blockchain, so there's not much risk of malware.

    Finally got around to reading through that paper. The bitcoin blockchain only allows arbitrary data in 80 byte chunks, so the data had to be cut up and spread out, making it pretty unlikely to get to unless you already know how to piece it together. You'll need special tools in order to extract it from the blockchain in any usable form. Further, the protocol allows these chunks to be pruned to save space under certain conditions, so you'll need to make sure your blockchain is unpruned, or extraction will be impossible. Lastly, because of how difficult this all is, the researchers never actually verified that there is child pornography on the blockchain. Here's the relevant quote:

    While five files only show, describe, or link to mildly pornographic content, we consider the remaining three instances objectionable for almost all jurisdictions: Two of them are backups of link lists to child pornography,containing 274 links to websites, 142 of which refer to Tor hidden services.The remaining instance is an image depicting mild nudity of a young woman. In an online forum this image is claimed to show child pornography, albeit this claim cannot be verified (due to ethical concerns we refrain from providing a citation). Notably, two of the explicit images were only detected by our suspicious transactiondetector, i.e., they were not inserted via known services.
    So the story that got repeated all over the media is originally sourced from an unknown online forum post. Good job, media.

    BTW, I heard a rumor that if you correctly assemble certain chunks of the digits of Pi, you can find child pornography too.

  12. #72
    Unencrypted Wraith's Avatar
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    Quote Originally Posted by Ominous Gamer View Post
    http://cryptolights.info/

  13. #73
    Unencrypted Wraith's Avatar
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    The European Commission has decided to invest 300 million euros in tulips. Shameful.

  14. #74
    Senior Member RandBlade's Avatar
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    What a waste of money. Hopefully it won't happen until we're out.
    Quote Originally Posted by Ominous Gamer View Post
    Being upset is understandable, but be upset at yourself for poor planning, not at the world by acting like a spoiled bitch during an interview.

  15. #75
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    Eh, the UK actually signed up for it.

    Hard to see also what's wrong with it.
    Greece shows us that there is a kind of politician worse than the ones that break their election promises; the ones that keep their election promises.

  16. #76
    https://www.amazon.com/dp/B07BWHC5ZJ

    Free book for those of you who are still having trouble understanding the future of the blockchain.
    "In a field where an overlooked bug could cost millions, you want people who will speak their minds, even if they’re sometimes obnoxious about it."

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