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Old 04-24-18, 03:09 PM
  #121  
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Originally Posted by Marklouis View Post
Coincheck was questionable from the start. All exchanges are vulnerable to a degree, as are banks, however a platform like Binance, that I trade on has a much better security posture. Same with Coinbase. This was back in January as well. Lessons learned.
There are a lot more banks holding a lot more assets than there are coin exchanges. Yet I somehow missed the multiple stories over the past few years where hundreds of millions of dollars were stolen from a bank in a single attack.

Also color me dubious that lessons have been learned from Coincheck in 2018, since they obviously weren't after Mt. Gox in 2014, Bitfinex in 2016, or the various smaller incidents in 2011, 2012, or 2015 where "only" tens of thousands of bitcoin were stolen.
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Old 04-24-18, 07:53 PM
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Originally Posted by geko29 View Post
There are a lot more banks holding a lot more assets than there are coin exchanges. Yet I somehow missed the multiple stories over the past few years where hundreds of millions of dollars were stolen from a bank in a single attack.

Also color me dubious that lessons have been learned from Coincheck in 2018, since they obviously weren't after Mt. Gox in 2014, Bitfinex in 2016, or the various smaller incidents in 2011, 2012, or 2015 where "only" tens of thousands of bitcoin were stolen.
As with any new venture there are going to be bumps in the road along the way. Let's look at the main technology that is the foundation of the Cryptocurrency Market, the blockchain.
Cyber experts in this field knows that Blockchain is highly secure and the R&D is a high priority for major companies like IBM, Samsung, Mercedes, BMW, Uber, Facebook, Amazon, just to name a few.

When it comes to the exchange platforms, the number one factor to protecting the assetts is their security posture, absolutely. None are perfect, but Binance has done a hell of a job and has kept security a top priority, so has Coinbase. Now would I trust them enough to keep all my investments on the exchange? After the devastating blow with Mt. Gox, no. I have a Ledger Hardware wallet to keep my funds even more secure.

Now there has been plenty of pushback on the Crypto currency market, however with so many average joes deciding to invest a portion of there earnings, even major investors and institutions are showing interest. J. P. Morgan, George Soros, Musk, etc.

As far as major banks go, let's not forget the major economic collapses that have happened over the years, because of shady investments and loans that had absolutely no transparency, and has cost the taxpayers trillions.

http://www.ifre.com/a-history-of-the-past-40-years-in-financial-crises/21102949.fullarticle

Now something historical is definately happening, the DOW is down 500 points, and has wiped out most of April's earnings, while the Cryptocurrency Market is up almost 35% across the board.

I don't think banks are going away totally, and I don't believe Crypto is going to totally takeover, but there will have to be a mutual agreement somewhere in the middle, as one rises and one falls. Just do Your Research before investing in anything, and follow the lessons learned from those that have been burned before.

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Old 04-25-18, 05:56 AM
  #123  
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Originally Posted by Marklouis View Post
As with any new venture there are going to be bumps in the road along the way. Let's look at the main technology that is the foundation of the Cryptocurrency Market, the blockchain.
Cyber experts in this field knows that Blockchain is highly secure and the R&D is a high priority for major companies like IBM, Samsung, Mercedes, BMW, Uber, Facebook, Amazon, just to name a few.
This "cryptocurrency is revolutionary because it's based on blockchain" argument is getting very tired. Just because an underlying technology is sound and promising doesn't mean that every product based on it is revolutionary, and nowhere is this more true than the first application of said technology. It's difficult to argue that computerization has revolutionized almost every aspect of our lives. The world owes hundreds of trillions of its accumulated GDP to computers. But why were computers invented? To predict the weather. Yeah they still pretty much suck at that.

Originally Posted by Marklouis View Post
Now there has been plenty of pushback on the Crypto currency market, however with so many average joes deciding to invest a portion of there earnings, even major investors and institutions are showing interest. J. P. Morgan, George Soros, Musk, etc.
I don't think you've been paying attention. Several months ago yes, the office was buzzing about "investing" in cryptos, I was getting questions about it left and right (I work in IT), there were dozens of high-profile news stories every day, marketwatch added a crypto chart to its front page, Long Island Iced Tea company changed its name to Long Blockchain, etc. Now? Nobody asks about it, I don't hear any buzz among "normals" or even others in IT, news cycle has settled down, and Long Blockchain has declared bankruptcy. "Average joes" are no longer investing en masse. The "dumb money" will move on to the next get-rich-quick scheme, or go back to whatever they were doing before.

Originally Posted by Marklouis View Post
As far as major banks go, let's not forget the major economic collapses that have happened over the years, because of shady investments and loans that had absolutely no transparency, and has cost the taxpayers trillions.
Agreed. But we were talking about security and exploits, don't move the goalposts. Let's see some major hacking/thefts.

Originally Posted by Marklouis View Post
Now something historical is definately happening, the DOW is down 500 points, and has wiped out most of April's earnings, while the Cryptocurrency Market is up almost 35% across the board.
I literally LOL'd at this one, as it's one of the most hilarious things I've ever read. The DOW (which is not a good index, but that's beside the point) was down 2.26% yesterday. The only thing historic about that is that single day drops of 2% or more historically happen on average about 10-14 times per year. Yesterday puts us at five times so far in 2018 (Feb 2nd, 5th, and 8th, and March 22 being the other four), so we're right about on track. And again, no one who is paying attention should be surprised that an index that has been in a bull market for an unusually long 9 years (and is therefore historically overdue for a correction), gaining 296% since the bottom of the previous bear market, has dropped 2% in a day, especially when it also did so last month, and three times the month before that. This goes doubly so when it comes on the heels of a 2017 in which for the first time in history there were zero days with a 2% drop, and no months with a drop at all.

Nor should a person who is paying attention be shocked when a currency that lost nearly 3/4 of its value from a high just five months ago has seen a sudden surge from its bottom. Especially when volatility in that market is known to be extreme.

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Old 04-25-18, 07:09 AM
  #124  
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Originally Posted by geko29 View Post
This "cryptocurrency is revolutionary because it's based on blockchain" argument is getting very tired. Just because an underlying technology is sound and promising doesn't mean that every product based on it is revolutionary, and nowhere is this more true than the first application of said technology. It's difficult to argue that computerization has revolutionized almost every aspect of our lives. The world owes hundreds of trillions of its accumulated GDP to computers. But why were computers invented? To predict the weather. Yeah they still pretty much suck at that.
No, not Every product emanating from Blockchain tech is revolutionary. There are thousands of startups that fail, weekly. Have you researched some of the projects that are under development? That may "revolutionize" the logistics of current business models? Take a look at ShipChain for example.

https://shipchain.io/

https://www.prnewswire.com/news-rele...300633429.html


Originally Posted by geko29 View Post
I don't think you've been paying attention. Several months ago yes, the office was buzzing about "investing" in cryptos, I was getting questions about it left and right (I work in IT), there were dozens of high-profile news stories every day, marketwatch added a crypto chart to its front page, Long Island Iced Tea company changed its name to Long Blockchain, etc. Now? Nobody asks about it, I don't hear any buzz among "normals" or even others in IT, news cycle has settled down, and Long Blockchain has declared bankruptcy. "Average joes" are no longer investing en masse. The "dumb money" will move on to the next get-rich-quick scheme, or go back to whatever they were doing before.
No need for rude banter, I have been tracking for several years. Just last year most if not all Major Banks, Investment gurus, Business Media, were trash talking the CryptoMarket and throwing out careless predictions about what was going to happen. It did affect the "mood" of the market yes, and those that were invested were getting tired of the haters that knew nothing about it. Well it's a year later and all those same millionare and billionare nay-sayers are turning 180 degrees, and are getting in on the game to. They know it's not going anywhere, and it has HUGE growth potential. No, not everyone has shown an interest in investing in the Crypto market, as most go by what they hear on the news or what their friends think. The ones who do their own research into the many legit projects and start to collaborate with the more knowledgeable investors, then they can understand the potential for investment.

Originally Posted by geko29 View Post
Agreed. But we were talking about security and exploits, don't move the goalposts. Let's see some major hacking/thefts.
Well here's one example that SWIFT was just hacked back in Feb, which most banks utilize around the world: http://www.dw.com/en/hackers-stole-6...tem/a-42616207

Originally Posted by geko29 View Post
Also let's not forget that someone who invested at the market peak in 2008 right before the bottom dropped out, has seen 130% total return since then. Money invested below that peak has done far, far better than that.
Believe me I'm not hating on the Stock Market, just the series of events that the Major Banks were in fault of (rotten rebranded mortgages and loans) that caused the tumble, Many lost, a few gained. Fannie May and Freddie Mac Bailouts made sure those Major Players could stay in the game, and continue with the same business practices.

Originally Posted by geko29 View Post
I literally LOL'd at this one, as it's one of the most hilarious things I've ever read. The DOW (which is not a good index, but that's beside the point) was down 2.26% yesterday. The only thing historic about that is that single day drops of 2% or more historically happen on average about 10-14 times per year. Yesterday puts us at five times so far in 2018 (Feb 2nd, 5th, and 8th, and March 22 being the other four), so we're right about on track. And again, no one who is paying attention should be surprised that an index that has been in a bull market for an unusually long 9 years (and is therefore historically overdue for a correction), gaining 296% since the bottom of the previous bear market, has dropped 2% in a day, especially when it also did so last month, and three times the month before that. This goes doubly so when it comes on the heels of a 2017 in which for the first time in history there were zero days with a 2% drop, and no months with a drop at all.
Look, I apologize, I worded that totally wrong - the historical point I intended is there's a new avenue for the "average joe's" to invest in and see returns. Not everyone can hop on the Stock Market and start investing right away, especially with minimum entry points and fees. I have portfolios in both. If one is down, and the other is up, I now have more options to move funds around.

Originally Posted by geko29 View Post
Nor should a person who is paying attention be shocked when a currency that lost nearly 3/4 of its value from a high just five months ago has seen a sudden surge from its bottom. Especially when volatility in that market is known to be extreme.
We both agree here. That's the current nature of the CryptoMarket. With Millions of transactions happening in mere seconds, and very minimal to no fees tied to each, It's going to move like an Ocean with 8-10 foot waves. It's currently on the backside of a pullback now.

SO to not have this "moved" to the Debate Forum, can we both agree there is both negative and positive when investing in anything? I'm just trying to point out in these posts that with the right research and knowledge learned, you can stay on the positive side of the market(s), build a decent portfolio, and have steady gains. I honestly can't stand the "100xgains Lambo to the MOON" BS that circulates in the Crypto Forums, That's where newcomers can lose big time.

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Old 04-25-18, 07:47 AM
  #125  
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Originally Posted by Marklouis View Post
No, not Every product emanating from Blockchain tech is revolutionary. There are thousands of startups that fail, weekly. Have you researched some of the projects that are under development? That may "revolutionize" the logistics of current business models? Take a look at ShipChain for example.
This was my point. Undoubtedly there will be numerous innovations based on blockchain or some successor technology, at least some of which will be with us for decades. That doesn't in and of itself mean cryptocurrency will be one of them. It might be, or it might not.

Originally Posted by Marklouis View Post
No need for rude banter. I have been tracking for several years. Just last year most if not all Major Banks, Investment gurus, Business Media, were trash talking the CryptoMarket and throwing out careless predictions about what was going to happen. It did affect the "mood" of the market yes, and those that were invested were getting tired of the haters that knew nothing about it. Well it's a year later and all those same millionare and billionare nay-sayers are turning 180 degrees, and are getting in on the game to. They know it's not going anywhere, and it has HUGE growth potential. No, not everyone has shown an interest in investing in the Crypto market, as most go by what they hear on the news or what their friends think. The ones who do their own research into the many legit projects and start to collaborate with the more knowledgeable investors, then they can understand the potential for investment.
Apologies, it was not meant to be rude. Just noting that even casual observation bore out that there was immense interest in cryptos by average joes late last year, and that seems to have largely dried up. If it was the "dumb money" part you objected to, that was not directed at crypto specifically. This is a term of art that refers to casual investors that jump into things because they've been hot, under the assumption that they'll always be hot. These are the people that usually cause bubbles, and are also the ones left holding the bag when the music stops.

Originally Posted by Marklouis View Post
Well here's one example that SWIFT was just hacked back in Feb, which most banks utilize around the world: http://www.dw.com/en/hackers-stole-6...tem/a-42616207
We're getting warmer, and have actual theft here. But it's $6M, and we're looking for multi-hundred-million dollar thefts, just like we've seen from several exchanges.

Originally Posted by Marklouis View Post
Believe me I'm not hating on the Stock Market, just the series of events that the Major Banks were in fault of (rotten rebranded mortgages and loans) that caused the tumble, Many lost, a few gained. Fannie May and Freddie Mac Bailouts made sure those Major Players could stay in the game, and continue with the same business practices.
We have no quarrel here. Though there were a few casualties among those at fault, it definitely wasn't enough.

Originally Posted by Marklouis View Post
Look, I apologize, I worded that totally wrong - the historical point I intended is there's a new avenue for the "average joe's" to invest in and see returns. Not everyone can hop on the Stock Market and start investing right away, especially with minimum entry points and fees.
I disagree with this. My 10-year-old is invested in the stock market. He owns many of the largest and most successful US companies. His initial buy-in was $209, but he could have gotten in with as little as $1. There are no transaction fees, and his net expenses are 0.03%, so if his current balance of $550 goes nowhere over the next year, it will cost him a little less than seventeen cents to hold it.

Originally Posted by Marklouis View Post
I have portfolios in both. If one is down, and the other is up, I now have more options to move funds around.
Again, no issues here. rebalancing is important with any asset allocation, but especially where extreme volatility is involved.

Originally Posted by Marklouis View Post
We both agree here. That's the current nature of the CryptoMarket. With Millions of transactions happening in mere seconds, and very minimal to no fees tied to each, It's going to move like an Ocean with 8-10 foot waves.

SO to not have this "moved" to the Debate Forum, can we both agree there is both negative and positive when investing in anything? I'm just trying to point out in these posts that with the right research and knowledge learned, you can stay on the positive side of the market(s), build a decent portfolio, and have steady gains. I honestly can't stand the "100xgains Lambo to the MOON" BS that circulates in the Crypto Forums, That's where newcomers can lose big time.
Agreed. However, I believe that only a miniscule proportion of people can time any given market successfully and consistently over the long term--and that goes even moreso for highly volatile assets that have no underlying intrinsic value--but it is technically possible.
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Old 04-26-18, 12:34 PM
  #126  
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Originally Posted by geko29 View Post
I disagree with this. My 10-year-old is invested in the stock market. He owns many of the largest and most successful US companies. His initial buy-in was $209, but he could have gotten in with as little as $1. There are no transaction fees, and his net expenses are 0.03%, so if his current balance of $550 goes nowhere over the next year, it will cost him a little less than seventeen cents to hold it.
Your right, I exaggerated on this one, I stand corrected. Both avenues do have low level entry points, and most if not all exchanges need I.D. verification for account creations.

in other news, Nasdaq considering becoming a crypto exchange:


https://medium.com/@VidrihMarko/nasd...18-2e5b225c8ea

https://www.cnbc.com/video/2018/04/2...ys.html?play=1
https://www.forbes.com/sites/kenrapo.../#6140f13a13f4

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Old 04-26-18, 12:36 PM
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One of the biggest problems in Crypto are these pump & dump scheme manipulations. Once this gets under control the market will be more stable for everyone. Below is some of the more known names in Crypto schemes captured. might want to grab some popcorn before clicking the links:

https://steemit.com/cryptocurrency/@...d-dump-schemes

https://medium.com/cryptomedication/...o-3cba53b42e21

how to help fight Pump and Dump schemes:

https://news.bitcoin.com/cftc-offers...histleblowers/








and yes, these type schemes are in fact illegal, so do not get caught up in them:

https://www.cftc.gov/sites/default/f...mpdump0218.pdf

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Old 04-30-18, 01:12 PM
  #128  
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Crypto says, "How do you like me now?!?"


"Morgan Stanley Wants To Beat Goldman Sachs To Crypto Trading Riches"

https://theicojournal.com/source-mor...rading-riches/
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Old 05-04-18, 02:24 PM
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Here we go. J.P. Morgan Chase has applied for a patent to facilitate payments between banks using the blockchain.The patent was originally submitted in October, but the application was made public by the U.S. Patent and Trademark Office on Thursday. It outlines a system that would essentially use distributed ledger technology, such as blockchain, to keep track of payments sent between financial institutions.

J.P. Morgan Files Patent for Blockchain-Powered Payments
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Old 05-07-18, 11:23 AM
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Sources close to the Russian central bank told the media outlet that the Financial Communications Transfer System (SPFS) would be converted to a blockchain system. SPFS is the Russia equivalent of SWIFT. It was developed and implemented in 2014 following Western threats to withdraw SWIFT from Russia as part of sanctions for the invasion of Crimea. Russia developed its own version of Visa, called Mir, for the same reason.

Russian SWIFT to Transfer to Blockchain Technology by 2019
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Old 05-07-18, 11:50 AM
  #131  
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blockchain is cool. cryptocurrencies... the wild west.
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Old 05-07-18, 02:32 PM
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Originally Posted by bitkahuna View Post
blockchain is cool. cryptocurrencies... the wild west.
Quote for truth!!
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Old 05-14-18, 08:04 AM
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UPbit--South Korea's largest exchange--raided on suspicion of fraud:

https://www.marketwatch.com/story/wh...ket-2018-05-11

They're accused of selling cryptocurrency they don't hold.
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Old 05-15-18, 10:09 AM
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Originally Posted by geko29 View Post
UPbit--South Korea's largest exchange--raided on suspicion of fraud:

https://www.marketwatch.com/story/wh...ket-2018-05-11

They're accused of selling cryptocurrency they don't hold.
upbit audit confirms south koreas biggest cryptocurrency exchange not at fault

The official police investigation to be released this week

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Old 06-12-18, 05:18 AM
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Another month, another exchange hack:

Bitcoin prices continue to fall as yet another exchange reports a breach (Ars Technica)

Granted, this one is pretty small potatoes--"only" $37 million.
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