Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Thu Feb 08, 2018

jcz1 wrote:T-Mobile Sued Over Theft of Customer's Cryptocurrency

A T-Mobile customer is suing the carrier over a cryptocurrency heist.

Carlos Tapang claims that hackers broke into his cryptocurrency account because T-Mobile was fooled into transferring his account to AT&T. The hackers then used Tapang's wireless account to access his cryptocurrency account and sell virtual currencies for 2.875 in bitcoin.
...
Tapang, a resident of King County, Washington, noticed the theft when his phone lost its connection to T-Mobile on Nov. 7. He called the carrier, and learned that T-Mobile had canceled the service and transferred his phone number to AT&T.

"More specifically, unbeknownst to Mr. Tapang, T-Mobile had transferred control of his phone number to a device under the control of someone else," the lawsuit claims.

https://www.pcmag.com/news/359051/t-mob ... tocurrency

Looks like a new avenue of attack (at least new to me).

The article doesn't say how taking over someone's cell phone allowed access to their crypto. Any thoughts? One idea I had could be 2FA, and they already had his pwd on an exchange.

I'm guessing it wasn't stored on the phone, because they would need the physical device. Either way, it brings up a new thing to worry about, if your phone gives someone access.


From the article:
- In this case, the hackers targeted Tapang's wireless account, which was registered with one of his cryptocurrency accounts.
- The hackers had changed the passwords on one of Tapang's cryptocurrency accounts, and drained the funds inside.
- Prior to the heist, Tapang had enabled a PIN number that was supposedly needed to transfer his phone number to another carrier. But despite this, the hackers still tricked T-Mobile agents into porting Tapang's phone number to AT&T.

So it isn't 100% clear but it appears hackers fooled T-mobile into switching his account to AT&T and gaining access to his phone number. Somehow his phone number was likely linked to an exchange account where they drained his funds. So 1) he kept funds on a centralized exchange, 2) either he stored his password to his crypto exchange account on his phone (bad idea) or the hackers ALSO hacked his PC or wherever he stored his exchange account passwords. This is why we use strong passwords, 2FA, and stay as anonymous as possible on exchanges so that a hacker can't get you from just one angle. They need to hack your PC, get access to your phone number, and then you need to have $$$ sitting on an exchange.

I wonder if this dude will win the lawsuit.
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Thu Feb 08, 2018

This kind of trickery usually involves identity theft and money theft of a conventional nature. But replace stolen cash with stolen crypto and it is sexier and played as a big deal.

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Feb 09, 2018

Bucketeer wrote:I don't have any extra money at the moment, but dumping $266-$500 into Bitcoin makes no sense for me because it will not materially change my position in USD value. A cheap ICO or a cheap existing coin has the possibility of adding a nice profit.
Example: Current: QTUM $41.17 X 1900 = $78,230. Cost was $596 10 months ago. I'm fishing for Marlins, not Bluegills.

SilverDoge wrote:You and I both know that picking the next QTUM or NEO is fifty times harder to do now than in March 2017. The scam coins are out in force now. It is really one's time that is the real resource. If I took as much time to research every new ICO as I did when I first bought QTUM, I would be a full time researcher working 80 hours per week. Good luck finding today's needle in the haystack. It can be done, it is just much more difficult.


You are correct Doge, I've given up on following the alts. I missed out on NEO because I didn't understand it. I'm retired, so I could do the 80 hour weeks, but realistically, the results of my work would perform like a mutual fund. Some people have criticized me for "warning" about the price of alts. My 5 cents of opinion won't buy a beer at the bar. DYODD.

For the record, I was s*it dumb lucky with QTUM, and thanks to you I was able to buy into it.
SilverDoge wrote:Let me use an example that I consider somewhat parallel to your proposition. Let's say there was a non-profit charity that purported to help starving kids in some $hithole like Haiti. And while they would do some feeding, the real intention was to use the outfit as a means of child sex-trafficking. Now originally you only knew the website headline of feeding the kids and not the fine print. You've donated to this charity for 5 years already, then at an insiders meeting where you are an important person, you learn the truth. Do you continue to donate to this "charity" that still actually does help feed starving kids? Hopefully the answer is a vehement no.

You see we have other options. Ripple is not 1 of 5 cryptos in existence. It is one of thousands. We lament about having to pick the lesser of two evils for a Presidential election. Now you have the choice of the lesser of a couple evils, many scams, and a whole list of quality projects that are trying to change the world for the better. If your conscience is clear knowing you are "only holding the evil project for a little while to make profits" then that decision is on you. I had this same conversation with another person who ended the conversation with the line... "I don't care about changing the world, I am only here to make money (profits)", to which I replied... "hopefully that isn't the last lesson you leave your kids with because they inherit the world that you don't care to change."


I've got a big mouth, and sometimes I say things I regret. We all do. I shouldn't drink at the keyboard.

As far as your "fictional" charity, I'd be first in line to prosecute or execute the sponsors.

Let's make it a little more personable. Suppose my daughter was raped. I'd advise her to not pick a stranger from a line-up. I'll take care of the problem. It would go medieval before death.

Whats my downside? 3 hots and a cot, plus free healthcare. I've already lived my life, prison doesn't scare me.

Let's go back to the Bitcoin discussion.
Gentlemen prefer Engelhard.

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Re: Bitcoins - fad or trend?

Postby Purple and Gold » Fri Feb 09, 2018

Bucketeer wrote:I've got a big mouth, and sometimes I say things I regret. We all do. I shouldn't drink at the keyboard.


Words of Wisdom, lol
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Fri Feb 09, 2018

Binance is back online after a lengthy (like 1.5 days!) hiatus for system upgrades. They also cited a DDoS attack that may still hinder logging in at the usual URL. They recommend using us.binance.com or kr.binance.com if that is the case. They also have cut trading fees by 70% until Feb. 24 as compensation for the extended lockout. It appears that if you use Binance Coin to pay the fees it's the usual 50% off, so I turned off that option so I could get the bigger savings. That's how I read their twitter post:

https://twitter.com/binance_2017

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Feb 09, 2018

Long John wrote:Binance is back online after a lengthy (like 1.5 days!) hiatus for system upgrades. They also cited a DDoS attack that may still hinder logging in at the usual URL. They recommend using us.binance.com or kr.binance.com if that is the case. They also have cut trading fees by 70% until Feb. 24 as compensation for the extended lockout. It appears that if you use Binance Coin to pay the fees it's the usual 50% off, so I turned off that option so I could get the bigger savings. That's how I read their twitter post:

https://twitter.com/binance_2017


The fine print on that tweet says 0.03% transaction fee, and only a 0.015% if using BNB, therefore still 50% off the new and limited time rate.
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Fri Feb 09, 2018

SilverDoge wrote:The fine print on that tweet says 0.03% transaction fee, and only a 0.015% if using BNB, therefore still 50% off the new and limited time rate.

Oh, you're right. I missed that thin little "1" in .015% in the fine print. Keep your Pay with BNB button switched on!

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Re: Bitcoins - fad or trend?

Postby Long John » Fri Feb 09, 2018

An interesting article at nasdaq.com by someone who is "cautious but bullish" on Bitcoin.

http://www.nasdaq.com/article/bitcoin-i ... h-cm919193

He makes the case that inflation hedges, including Bitcoin, are good to have in one's pocket, but he warns against going all-in. He also has something interesting to say in response to those who claim governments are out to kill crypto:

Most governments, true to form, are more intent on ensuring that they can derive tax revenue from bitcoin than anything and attempts to regulate the market are being made with that as the focus, thus allowing bitcoin to find its market value.

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Re: Bitcoins - fad or trend?

Postby joefro » Fri Feb 09, 2018

http://www.bbc.com/news/world-europe-43003740

Russian nuclear scientists arrested for 'Bitcoin mining plot'



Russian security officers have arrested several scientists working at a top-secret Russian nuclear warhead facility for allegedly mining crypto-currencies.
The suspects had tried to use one of Russia's most powerful supercomputers to mine Bitcoins, media reports say.
The Federal Nuclear Centre in Sarov, western Russia, is a restricted area.
The centre's press service said: "There has been an unsanctioned attempt to use computer facilities for private purposes including so-called mining."
The supercomputer was not supposed to be connected to the internet - to prevent intrusion - and once the scientists attempted to do so, the nuclear centre's security department was alerted. They were handed over to the Federal Security Service (FSB), the Russian news service Mash says.

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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Fri Feb 09, 2018

joefro wrote:http://www.bbc.com/news/world-europe-43003740

Russian nuclear scientists arrested for 'Bitcoin mining plot'

Trying to take over supercomputers for mining. Never trust techies! They're out to rule the world.

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Re: Bitcoins - fad or trend?

Postby tdtwedt » Fri Feb 09, 2018

Bitcoin may not be worth all the hoopla: NY Fed

Bitcoin and other digital currencies have nor proven to be formidable competition for traditional methods of payment in major economies, according to two economists at New York Federal Reserve.

Virtual currencies usually thrive as an alternative form of payment during times of suspicion around traditional forms of payment.

Extreme volatility and high energy usage are two major drawbacks of digital currency.


https://www.cnbc.com/2018/02/09/bitcoin ... y-fed.html
There are more ways than one to skin a cat.

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Feb 09, 2018

tdtwedt wrote:Bitcoin may not be worth all the hoopla: NY Fed

Bitcoin and other digital currencies have nor proven to be formidable competition for traditional methods of payment in major economies, according to two economists at New York Federal Reserve.

Virtual currencies usually thrive as an alternative form of payment during times of suspicion around traditional forms of payment.

Extreme volatility and high energy usage are two major drawbacks of digital currency.


https://www.cnbc.com/2018/02/09/bitcoin ... y-fed.html


BREAKING NEWS: Bankers believe bitcoin and crypto are worthless! :grinch:
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Re: Bitcoins - fad or trend?

Postby cmiller17363 » Fri Feb 09, 2018

Long John wrote:He also has something interesting to say in response to those who claim governments are out to kill crypto:

Most governments, true to form, are more intent on ensuring that they can derive tax revenue from bitcoin than anything and attempts to regulate the market are being made with that as the focus, thus allowing bitcoin to find its market value.

I said this a while back to a friend who was curious about bitcoin. He asked why the governments won't just make it illegal to use bitcoin. They dont want to shoot the cow for meat, they want to milk it for years to come.
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Feb 09, 2018

CoinDesk has released their 2017 "State of the Blockchain" annual report. Lots of good data in this long report.

https://media.coindesk.com/uploads/research/state-of-blockchain/2017/q4/sob2017q4-2018.pdf

Some highlights:
Pg 5: In a survey of crypto buyers, 81% said they did NOT go into debt to buy crypto, and of those who did, over half have already paid back that debt. This is impressive as many bubbles in our debt-based fiat money economy rely on debt to expand.
Pg 18: Google search trend chart.
Pg 24: Chart showing bitcoin exchange trading migrating from China to Japan and others.
Pg 101: ICO's raising significantly more money than VC funding.
Pg 107: Futures market summary.
Pg 109: Government policies regarding crypto.
Pg 115-157: Sentiment surveys. 86% believe there will be an ETF in 2018. 29% were unaware of Bitcoin Gold, haha. 80% want to participate in "small cap" cryptos. 79% believe that a central bank will one day hold bitcoin on its balance sheet. 6% became crypto millionaires in 2017. 84% reinvested their gains back into crypto.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Feb 09, 2018

Yesterday I attempted to do a purchase on APMEX using bitcoin. Only a few months ago I did this easily directly with my hardware wallet (KeepKey). Unfortunately, I couldn't get the KeepKey working after I went to check out, and discovered the issue. BitPay is the service provider that APMEX (and many other merchants) use to accept bitcoin. BitPay recently updated their policies and now you can only pay with bitcoin if you use certain wallets that support both Bitcoin URIs and their Payment Protocol. There are currently 7 wallets that have both. This is explained in more detail here:
https://blog.bitpay.com/payment-protocol/

And here: https://bitpay.com/docs/wallets

While I was a bit peeved at first, after researching the rationale it makes complete sense. A lot of new users make errors because the software with some of these wallets isn't user friendly. As long as users can make these simple errors, bitcoin won't be an easy-to-use payment system for the masses. After I downloaded the BitPay wallet and then completed the transaction, it was much easier, quicker, and error-proof.

For the BitPay support "how-to" guide and video, see here: https://support.bitpay.com/hc/en-us/articles/115005559826-How-do-I-pay-without-a-payment-address-

I've updated the wallet post on the bitcoin beginner thread to reflect this as well.

Therefore, if you want to spend your bitcoin with any merchant that is using BitPay as a payment service (like APMEX does) you need to spend your bitcoin from a wallet that is compatible, such as: BitPay, CoPay, Mycellium, AirBitz, Electrum, or Bitcoin Core Wallet.
See here for details: https://support.bitpay.com/hc/en-us/articles/115005701523
Or here: https://support.bitpay.com/hc/en-us/articles/115005559826

BitPay Wallet - https://bitpay.com/wallet
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Re: Bitcoins - fad or trend?

Postby natsb88 » Fri Feb 09, 2018

:lol:

Engineers of ‘max security’ nuke center busted trying to mine cryptocurrency on supercomputer

A powerful supercomputer located at a Russian nuclear research facility in Sarov was reportedly targeted by a pair of engineers who wanted to use it to mine cryptocurrencies.

“There has been an attempt of unsanctioned use of workplace computing capacities for personal gain, including for so-called mining,” the press service of the Sarov nuclear weapons facility told Interfax on Friday. The statement said the employees involved have been arrested and are facing criminal charges.

More: https://www.rt.com/news/418339-russia-n ... er-mining/

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Feb 09, 2018

joefro wrote:http://www.bbc.com/news/world-europe-43003740

Russian nuclear scientists arrested for 'Bitcoin mining plot'



Russian security officers have arrested several scientists working at a top-secret Russian nuclear warhead facility for allegedly mining crypto-currencies.
The suspects had tried to use one of Russia's most powerful supercomputers to mine Bitcoins, media reports say.
The Federal Nuclear Centre in Sarov, western Russia, is a restricted area.
The centre's press service said: "There has been an unsanctioned attempt to use computer facilities for private purposes including so-called mining."
The supercomputer was not supposed to be connected to the internet - to prevent intrusion - and once the scientists attempted to do so, the nuclear centre's security department was alerted. They were handed over to the Federal Security Service (FSB), the Russian news service Mash says.


natsb88 wrote::lol:

Engineers of ‘max security’ nuke center busted trying to mine cryptocurrency on supercomputer

A powerful supercomputer located at a Russian nuclear research facility in Sarov was reportedly targeted by a pair of engineers who wanted to use it to mine cryptocurrencies.

“There has been an attempt of unsanctioned use of workplace computing capacities for personal gain, including for so-called mining,” the press service of the Sarov nuclear weapons facility told Interfax on Friday. The statement said the employees involved have been arrested and are facing criminal charges.

More: https://www.rt.com/news/418339-russia-n ... er-mining/


joefro beat you to it Nate.
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Re: Bitcoins - fad or trend?

Postby Silversummit » Fri Feb 09, 2018

Getting closer to being able to pay taxes in bitcoin.

http://www.foxnews.com/politics/2018/02 ... tcoin.html
Get $10 in bitcoin when you spend $100 with the link below.
https://www.coinbase.com/join/593f314703c4930098573eed

save 10% on all trade fee's for 6 months at gate exchange.
https://gate.io/signup/955279

binance
https://www.binance.com/?ref=13221361
thank you to any who use these links as I get referral bonuses also :thumbup:

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sat Feb 10, 2018

SilverDoge wrote:Food for thought:

Annual all time low by year:
2015: $192.35....on 14 January
2016: $372.55....on 02 February
2017: $795.32....on 12 January
2018: $X,XXX.xx... XX January

The last 3 years we have had an annual market bottom within the first 33 days of the year. If that trend holds, we are merely 16 days away from having our annual low. Could be today, could be next week. The difficult part is always holding (and better yet buying) the yearly lows.


If our 2018 low holds at $5,855, the date will be 06 February 2018. This would be in line with the last 3 years as well.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sat Feb 10, 2018

SilverDoge wrote:Yesterday I attempted to do a purchase on APMEX using bitcoin. Only a few months ago I did this easily directly with my hardware wallet (KeepKey). Unfortunately, I couldn't get the KeepKey working after I went to check out, and discovered the issue. BitPay is the service provider that APMEX (and many other merchants) use to accept bitcoin. BitPay recently updated their policies and now you can only pay with bitcoin if you use certain wallets that support both Bitcoin URIs and their Payment Protocol. There are currently 7 wallets that have both. This is explained in more detail here:
https://blog.bitpay.com/payment-protocol/

And here: https://bitpay.com/docs/wallets

While I was a bit peeved at first, after researching the rationale it makes complete sense. A lot of new users make errors because the software with some of these wallets isn't user friendly. As long as users can make these simple errors, bitcoin won't be an easy-to-use payment system for the masses. After I downloaded the BitPay wallet and then completed the transaction, it was much easier, quicker, and error-proof.

For the BitPay support "how-to" guide and video, see here: https://support.bitpay.com/hc/en-us/articles/115005559826-How-do-I-pay-without-a-payment-address-

I've updated the wallet post on the bitcoin beginner thread to reflect this as well.

Therefore, if you want to spend your bitcoin with any merchant that is using BitPay as a payment service (like APMEX does) you need to spend your bitcoin from a wallet that is compatible, such as: BitPay, CoPay, Mycellium, AirBitz, Electrum, or Bitcoin Core Wallet.
See here for details: https://support.bitpay.com/hc/en-us/articles/115005701523
Or here: https://support.bitpay.com/hc/en-us/articles/115005559826

BitPay Wallet - https://bitpay.com/wallet


Are cryptos the future? Here is a glimpse:

1) eBay will stop using PayPal by 2020: https://www.recode.net/2018/1/31/16957212/ebay-adyen-paypal-payments-agreement

2) Instead eBay is migrating to payment processor Adyen: https://www.bloomberg.com/news/articles/2018-01-31/ebay-to-ditch-paypal-for-dutch-processor-adyen-lowering-costs

3) On 03 FEB 2018: the bitcoin wallet service called BitPay announced its integration with Adyen. https://blog.bitpay.com/adyen-integrates-bitpay/
Merchants choosing Adyen and BitPay will receive all the advantages of working with a stable, scalable payments platform. Adyen is a great company, and a strong partner, to help expand bitcoin adoption worldwide.


4) The writing is on the wall... https://btcmanager.com/e-bay-signs-accord-adyen-cryptocurrency-payment-platform-bitpay/

Will people be able to buy/sell with bitcoin and/or other cryptos on eBay in the near future? If Bitpay integrates Litecoin or Stellar in conjunction with this, it will be big news and very bullish.

I used my newly acquired BitPay wallet to buy over $20k of PMs on APMEX in order to facilitate a 3-party trade that is in the works this week. It took 30 seconds, cost me $2.50 in bitcoin transaction fees, and took a total of 2 clicks of the mouse. Payment confirmation is instant, and shipping is next day. I know many on this forum have experienced PayPal chargebacks, shutdowns, account closures, etc. A better system is around the corner.
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