Tech General

[Fife]

We need something based on precious metals. There's no intrinsic value to bitcoins. They are only worth anything because, for now, they are the default currency of criminals and the black market. But that can change pretty fast.

Like Ole Amos said, it can change so fast it will make one's head swim.

Not-financial-advice-(consult your professional advisor)-incoming: If you have anything tied up in BTC, today would be a good day to GTFO.

North Korea’s hackers are reportedly targeting bitcoin exchanges

“It should be no surprise that cryptocurrencies, as an emerging asset class, are becoming a target of interest by a regime that operates in many ways like a criminal enterprise. While at present North Korea is somewhat distinctive in both their willingness to engage in financial crime and their possession of cyber espionage capabilities, the uniqueness of this combination will likely not last long-term as rising cyber powers may see similar potential,” FireEye concluded.

North Korean hackers target Bitcoin to bypass US and China sanctions, claim researchers

North Korean hackers are increasingly targeting Bitcoin as a way to circumvent international sanctions, researchers have claimed.

Hackers linked to the regime have hacked into at least three South Korean cryptocurrency exchanges to steal Bitcoin this year, a report by cybersecurity firm FireEye said.

The UN Security Council has agreed to impose new sanctions on North Korea following its sixth and largest nuclear test, banning textile exports and capping fuel supplies, but such measures may mean North Korea focuses its efforts on generating revenue through cybercrime.

[SuburbanFarmer]

We need something based on precious metals. There's no intrinsic value to bitcoins. They are only worth anything because, for now, they are the default currency of criminals and the black market. But that can change pretty fast.

Like Ole Amos said, it can change so fast it will make one's head swim.

Not-financial-advice-(consult your professional advisor)-incoming: If you have anything tied up in BTC, today would be a good day to GTFO.

North Korea’s hackers are reportedly targeting bitcoin exchanges

“It should be no surprise that cryptocurrencies, as an emerging asset class, are becoming a target of interest by a regime that operates in many ways like a criminal enterprise. While at present North Korea is somewhat distinctive in both their willingness to engage in financial crime and their possession of cyber espionage capabilities, the uniqueness of this combination will likely not last long-term as rising cyber powers may see similar potential,” FireEye concluded.

North Korean hackers target Bitcoin to bypass US and China sanctions, claim researchers

North Korean hackers are increasingly targeting Bitcoin as a way to circumvent international sanctions, researchers have claimed.

Hackers linked to the regime have hacked into at least three South Korean cryptocurrency exchanges to steal Bitcoin this year, a report by cybersecurity firm FireEye said.

The UN Security Council has agreed to impose new sanctions on North Korea following its sixth and largest nuclear test, banning textile exports and capping fuel supplies, but such measures may mean North Korea focuses its efforts on generating revenue through cybercrime.

I thought the blockchain made theft impossible?

[TheReal_ND]

Nah. There's ways to steal it though I'm unsure how it works. Some people recommend installing it on a separate PC that only accesses the web to download/upload it and never to use it for checking the indexes or anything else.

[Speaker to Animals]

Lololol

You are better off with precious metals and maybe land.

[TheReal_ND]

For an investment sure. For anonymous online transactions, no. Though some are paranoid about just how anonymous BTC actually is.

[Speaker to Animals]

For an investment sure. For anonymous online transactions, no. Though some are paranoid about just how anonymous BTC actually is.

Negative. Not for investment. To diversify assets. Gold and silver is not a great investment strategy, and land speculation is a difficult business to get into unless you want to learn to do it full-time. You buy precious metals and land so that your wealth is not overly exposed to the USD.

If you want to invest, buy Union Pacific.

As far as bitcoin for currency.. that's crazy due to its volatility. It's volatility makes it an awful currency.

The fact that so many people are speaking about and using bitcoins as a speculative investment is exactly why you should avoid it for currency. People are literally "investing" in these digits. It's crazy. That's not a currency. That's a joke investment.

[TheReal_ND]

Regardless, it fulfills a market demand. Namely the anonymous, online currency demand. With paypal and google becoming SJW's, it will only grow.

[Speaker to Animals]

What I am saying is, we need something different. It needs to be stable.

I'd prefer something run by an NGO that is based on precious metals stored in vaults scattered around the world. Then the value of the currency becomes an aggregate of the futures markets for the precious metals that make up the currency. There are still risks involved, and definitely opportunities for some serious fuckery, but it's at least more stable and accountable than Bitcoin.

[SuburbanFarmer]

Look at the bottom-right area, and see the US Money Supply per Gold Oz. (using the global amount of gold)
http://www.usdebtclock.org/index.html

Currently around $6,500/oz. Not the US stores of gold, that's all gold on the planet.

http://www.macrotrends.net/1333/histori ... year-chart

1971 price (when Nixon drops gold standard) = $275/oz.

Since then, we've printed enough money to buy all the gold on the planet about 30x over. But everything's cool, because US military is now the basis of value for the dollar. And that will last forever, because we can always print more money.

Right?

[Speaker to Animals]

Look at the bottom-right area, and see the US Money Supply per Gold Oz. (using the global amount of gold)
http://www.usdebtclock.org/index.html

Currently around $6,500/oz. Not the US stores of gold, that's all gold on the planet.

http://www.macrotrends.net/1333/histori ... year-chart

1971 price (when Nixon drops gold standard) = $275/oz.

Since then, we've printed enough money to buy all the gold on the planet about 30x over. But everything's cool, because US military is now the basis of value for the dollar. And that will last forever, because we can always print more money.

Right?

If you have extra cash sitting around, it's not such a bad idea to put some of it in gold and silver for very long term asset management. It's a terrible investment, in my opinion, but a great tool for swing trading (though ETF and futures are better instruments there).

As far as creating a new digital currency that is backed by precious metals, you don't need one unit of currency to match an ounce of precious metals at all. It need only be a small fraction of a troy ounce of about four precious metals (I would just stick with the standard four). Instead of the value of the currency directly depending upon a market like Bitcoin does, or a float like government currencies, the value would always track the futures markets of the composite precious metals plus an exchange surcharge to keep the "central" bank of the currency operating.