Why Do YOU Like Cryptocurrencies?

[NInety]

Answer the question.

NOW!

[CowsGoRoar]

No.

[Benjamin G]

nep

[NInety]

No.

Didn't expect that response from a Canadian...... 

[flibberdipper]

Free moneys if people donate to me through my website.

[CowsGoRoar]

Didn't expect that response from a Canadian...... 

Sorry...

[SAV1OUR]

because i think this is a good way of saying f*ck the banks

[NInety]

Sorry...

:rolleyes:

[Osmium]

I think they could be good if they can get off the ground. People see them still as a cash grab and not an actual way to exchange currency. A decentralized currency I think would be much more stable in the long run.

[NInety]

I think they could be good if they can get off the ground. People see them still as a cash grab and not an actual way to exchange currency. A decentralized currency I think would be much more stable in the long run.

Well, TigerDirect accept BTC.... I think that if more online stores accepted it, it would eventually cause IRL stores to accept in the form of a BTC card of some sort.

[_ASSASSIN_]

I get a good laugh at people who actually believe that this "legitimate currency" can replace the likes of USD even though it needs other currencies to exist for it's own infrastructure lol.

[nosirrah123]

I don't, they're a really bad investment because they're so damn unpredictable. I have a friend who was screwed out of A MILLION DOLLARS because his bit-coin pool suddenly closed. The whole thing survives on hype, when the fad passes, it'll be gone,

[nosirrah123]

because i think this is a good way of saying f*ck the banks

How? There are plenty of bit-coin banks, and they're usually more corrupt and sh***y than normal real banks.

[SAV1OUR]

How? There are plenty of bit-coin banks, and they're usually more corrupt and sh***y than normal real banks.

im talking about the real banks...

[nosirrah123]

im talking about the real banks...

I know, how are you getting back at banks by switching to smaller, more unreliable, and sh***ier banks?

[SAV1OUR]

I know, how are you getting back at banks by switching to smaller, more unreliable, and sh***ier banks

all of the "real money" banks tax the hell out of money because bitcoin is un usable to banks you can kind of get back at them

[RuecanOnRails]

I know, how are you getting back at banks by switching to smaller, more unreliable, and sh***ier banks?

 

By the looks of it, you don't understand Bitcoin in the slightest. Sorry I don't have time to explain it to you, but with Bitcoin, you don't need a bank of any kind. You have full control over your funds and assets when using Bitcoin, you become your own bank so to speak. A bank that never closes, doesn't have fees, restrictions, or credit checks, won't and can't freeze your funds, etc.

 

[CatCloud]

Why do i like it? Because i can buy stuff without using my wallet ! Just bought a new pair of headphones!

[nosirrah123]

By the looks of it, you don't understand Bitcoin in the slightest. Sorry I don't have time to explain it to you, but with Bitcoin, you don't need a bank of any kind. You have full control over your funds and assets when using Bitcoin, you become your own bank so to speak. A bank that never closes, doesn't have fees restrictions, or credit checks, won't and can't freeze your funds, etc.

 

A lot of people do keep their bitcoins in banks or other things of similar function. People like knowing that a hard-drive failure won't turn a profit into a bunch of money wasted on crazy computers. If I'm totally wrong I apologize, but I think I'm right, .

[RuecanOnRails]

A lot of people do keep their bitcoins in banks or other things of similar function. People like knowing that a hard-drive failure won't turn a profit into a bunch of money wasted on crazy computers. If I'm wrong I apologize, but I think I'm right, .

 

On this point, you are not right. Very few people keep their Bitcoin in "banks" It's highly advised by anyone and everyone in the community to never relinquish control of your private keys when dealing in large sums. There are no Bitcoin banks to begin with, there are online wallets providers of which the majority do not gain control over your private keys. Examples would be Blockchain.info or greenaddress.it both allow you instant access to your Bitcoins from multiple devices online but never hold or have access to your private keys. If their site goes offline or gets shut down you are still in control of your private keys and hence your Bitcoins are never lost.

 

Learning how to secure and following best practices will ensure you are never in a situation where you lose access to your Bitcoin. This includes events as common as a crashed drive or as life changing as a house fire. Backing up Bitcoin keys can be done easily and safely providing redundancy with multi-signature encryption and various 2 of 3 combinations.

 

 

Education is the key; Take the time to learn how it works and you will be amazed at what you can achieve.

[nosirrah123]

On this point, you are not right. Very few people keep their Bitcoin in "banks" It's highly advised by anyone and everyone in the community to never relinquish control of your private keys when dealing in large sums. There are no Bitcoin banks to begin with, there are online wallets providers of which the majority do not gain control over your private keys. Examples would be Blockchain.info or greenaddress.it both allow you instant access to your Bitcoins from multiple devices online but never hold or have access to your private keys. If their site goes offline or gets shut down you are still in control of your private keys and hence your Bitcoins are never lost.

 

Learning how to secure and following best practices will ensure you are never in a situation where you lose access to your Bitcoin. This includes events as common as a crashed drive or as life changing as a house fire. Backing up Bitcoin keys can be done easily and safely providing redundancy with multi-signature encryption and various 2 of 3 combinations.

 

 

Education is the key; Take the time to learn how it works and you will be amazed at what you can achieve.

Realizing how douchey I was acting, with too little information to have an informed opinion, thank you for not being a dick back, and giving me information. I tend to put my foot in my mouth, and thats why I like the LTT forums, because even when I find myself being totally wrong, people are nice about it.

[RuecanOnRails]

Realizing how douchey I was acting, with too little information to have an informed opinion, thank you for not being a dick back, and giving me information. I tend to put my foot in my mouth, and thats why I like the LTT forums, because even when I find myself being totally wrong, people are nice about it.

 

No problem, I thought my replies may have sounded a little condescending or otherwise rude, although unintentional it does happen from time to time

 

Here's an example of just how easy it is to protect your Bitcoins.

This is a Bitcoin private key.

5KSHxCwrGEXHzVwYx3ese9QqPrEtQ5QQS7v4sRRCjjzYLWevUWu

There's really nothing too special about it, it's nothing more than an unassuming string of numbers and letters. It's what gives you access to a Bitcoin address, and the only thing that you need to back up.

You can print it off, write it down, engrave it into metal, make multiple copies, store it in text documents, flash drives, etc. You can store that key any way you like, there's no real tools or skills required to protect and backup your keys. This is why the idea of keeping your Bitcoins in a "bank" is absurd to most people.

 

The private key above corresponds to this public address here 18E9ZPxMYDohJBLsy5wrX5Fr9JgyTf36wU It's empty and just generated, seeing as I posted the private key it should never be used. The public key can also be derived from the private so there's no need to backup or worry about the public key.

 

The issues of backing up come from the fact that anyone who has that private key has control over the address it corresponds to. So you have the options to protect it further, such as encrypting it with a password/phrase if we encrypt the above private key using "LTT" it comes out as 6PfN1EEMCshJMPsFxPwn4WJTop7bhaiBKUCxwsXN4yRdtR6NN5vryV9MSn an entirely different key which requires you to enter the password/phrase to decrypt and get the original key. This makes it safer to store as someone who sees or steals it still needs your password to use it.

 

You can then take it further by splitting the key up, so it requires 2 of 3 parts to decrypt it. This allows you to keep one copy in a bank safe deposit box, another copy in your home, and the third at a trusted relatives. This method is much safer than a password alone as you not only need a password, but you need access to any two of the three keys to get the Bitcoins. In the terrible case of your house burning down, you still have 2 keys which can combined to recover your Bitcoins. Splitting the keys further is possible to achieve 5 of 7 or more.

 

 

A good site for creating these public/private key pairs and encrypting them is bitaddress.org of course best practices would recommend you download and verify the open source code of the site then load it from an offline computer running a linux live cd.

[Mooshi]

I don't like crypto currencies in its current form.

 

Yes, just like the USD, we have a crupto currency that is the standard in Bitcoin. But then everything got out of hand when a bunch of nubs started releasing way too many alt coins that were no more than flavor of the month. I mean at least Doge is endearing, "Coinye" was retarded and there are many other alt coins with just as many levels of immaturity that makes everything look like a joke.

 

Then we have petty theft. Real currency can be tracked, crypto can't. If you coins get stolen, tough luck. They are gone forever. This is why the model of crypto currency fails - zero accountability.

[RuecanOnRails]

I don't like crypto currencies in its current form.

 

Yes, just like the USD, we have a crupto currency that is the standard in Bitcoin. But then everything got out of hand when a bunch of nubs started releasing way too many alt coins that were no more than flavor of the month. I mean at least Doge is endearing, "Coinye" was retarded and there are many other alt coins with just as many levels of immaturity that makes everything look like a joke.

 

Then we have petty theft. Real currency can be tracked, crypto can't. If you coins get stolen, tough luck. They are gone forever. This is why the model of crypto currency fails - zero accountability.

 

I would argue against most if not all of that.

The "Alt coins" do not devalue or take away from Bitcoin in any way. They work as a great testing ground to see in real time how rises, collapse, attacks, and new features affect various situations. Bitcoin is able to watch, learn, and cherry pick features from any of the alt coins if they provide any feature that is worth while.

Pump and dumps will obviously happen as they prey upon the ignorant who jump on a new coin without looking into it. That's not a bad thing though, they will quickly learn that not all coins have monetary value especially the copy/paste coins. Even now with all the new coins popping up, fewer and fewer are gaining value over other more established coins. Pump and dumps are occurring less often and when they do, they are much quieter and smaller.

 

If anything, I believe we still have too few alt coins. It's open-source where anyone can pick it up and fork the code. The best way to get a real understanding of Bitcoin is to create your own coin to see exactly how it works. See how simple changes you make affect things for better or worse.

If you have any interest in cryptography, coding, or learning about the inner working of the most important computer science discovery of the century; I'd highly recommend forking bitcoin and seeing what you can do.

 

I'd like to one day see creating a cryptocurrency by forking Bitcoin happen in schools on a regular basis. It would be a great teaching lesson for any level computer science, economics, and social experiments. Creating coins can be as indepth as creating unique features for advanced students; Or changing just the name and perhaps the amount of coins for younger kids.

 

 

Bitcoins are completely traceable. Every transaction occurs on an open public ledger visible to everyone and impossible to hide a transaction. You can't say that about fiat. Bitcoin is pseudonymous, not anonymous. It also features FULL accountability, not zero. You are accountable for your own actions, there's no crying in Bitcoin. No longer is it the responsibility of the tax payer to bail out your lost Bitcoins or forcibly pay into an FDIC scheme/scam. The user has complete control over their Bitcoins, from how to store and protect them to where and how they want to spend them. If you don't trust a merchant, opt for an escrow service to get consumer protection. The escrow service you choose will have to have proved itself in the competitive free market unlike any of our current financial systems and tools. Having your Bitcoins stolen is no ones fault other than your own, best practices and simple security is easy. You wouldn't trust a $5 safe to protect a bar of gold, likewise you shouldn't trust 5 minutes of "security" to protect your Bitcoins.

 

One of the greatest things about Bitcoin is that it doesn't have any of the forced consumer protections, regulations, permissions, fees, institutes, or central authority that has plagued monetary systems for centuries.

Bitcoin is programmable money which offers the ability to build on top of it and ADD as many or as few features when using it. Just because consumer protections aren't included by default, doesn't mean none exist.

[Mooshi]

@RuecanOnRails

 

I beg to disagree on the following:

 

 

"Alt coins" do not devalue or take away from Bitcoin in any way.

 

The alt coins are flooding exchanges with several of which being obvious pump and dump.

 

 

If anything, I believe we still have too few alt coins. It's open-source where anyone can pick it up and fork the code.

 

This kills any integrity since literally anyone can BS a new coin and if anything, there are too many alt coins, not too little.

 

 

1 Bitcoin $ 5,661,145,220 $ 444.14 12,746,375 BTC $ 7,850,936 -0.17 %   2 Litecoin $ 300,781,165 $ 10.67 28,189,904 LTC $ 2,152,533 +0.08 %   3 Ripple $ 45,773,633 $ 0.006039 7,579,478,083 XRP* $ 262,643 -4.85 %   4 Peercoin $ 44,736,421 $ 2.09 21,386,208 PPC $ 52,645 -0.79 %   5 Dogecoin $ 36,397,693 $ 0.000474 76,718,546,412 DOGE $ 511,131 -0.89 %   6 Nxt $ 29,802,534 $ 0.029803 999,997,096 NXT* $ 73,121 +25.47 %   7 Mastercoin $ 19,649,540 $ 34.89 563,162 MSC* $ 1,139 +0.34 %   8 Namecoin $ 17,660,894 $ 2.03 8,711,782 NMC $ 127,797 -1.57 %   9 BlackCoin $ 9,694,020 $ 0.13 74,527,958 BC* $ 358,922 -2.98 %   10 DarkCoin $ 7,092,605 $ 1.67 4,248,924 DRK $ 62,689 +1.73 %   11 MaidSafeCoin $ 6,625,759 $ 0.014641 452,552,412 MAID* $ 12,898 +1.34 %   12 BitShares-PTS $ 5,842,546 $ 3.57 1,635,231 PTS $ 9,237 -1.10 %   13 Quark $ 4,470,469 $ 0.018041 247,794,210 QRK $ 12,336 -5.56 %   14 Primecoin $ 4,053,799 $ 0.73 5,582,999 XPM $ 18,534 -1.17 %   15 Counterparty $ 3,971,519 $ 1.50 2,649,292 XCP* $ 18,773 +29.10 %   16 Zetacoin $ 3,388,880 $ 0.021125 160,418,375 ZET $ 36,111 +5.14 %   17 Vertcoin $ 3,370,030 $ 0.81 4,172,900 VTC $ 49,073 +1.98 %   18 Feathercoin $ 3,223,780 $ 0.076031 42,400,690 FTC $ 26,934 -4.29 %   19 Infinitecoin $ 1,950,244 $ 0.000022 90,535,727,677 IFC $ 4,337 +0.31 %   20 Novacoin $ 1,908,862 $ 2.80 680,723 NVC $ 11,808 +2.41 %   21 Cinni $ 1,902,305 $ 0.13 15,007,424 CINNI* $ 1,183,772 -12.64 %   22 Megacoin $ 1,899,006 $ 0.081257 23,370,225 MEC $ 13,420 -2.98 %   23 YbCoin $ 1,608,829 $ 1.11 1,442,902 YBC $ 14,075 -4.78 %   24 WorldCoin $ 1,576,966 $ 0.028793 54,769,944 WDC $ 11,280 -2.29 %   25 MaxCoin $ 1,506,999 $ 0.05989 25,162,752 MAX $ 19,148 -2.86 %   26 Ixcoin $ 1,125,000 $ 0.057792 19,466,450 IXC $ 1,174 +9.93 %   27 Billioncoin $ 1,096,371 $ 0.000146 7,487,816,190 BIL $ 478,548 +1.16 %   28 Mintcoin $ 934,830 $ 0.000049 18,977,205,036 MINT $ 4,457 -1.60 %   29 WhiteCoin $ 811,511 $ 0.002684 302,373,364 WC $ 55,182 -3.20 %   30 FlutterCoin $ 803,638 $ 0.004278 187,872,127 FLT $ 142,263 +26.85 %   31 Particle $ 765,841 $ 0.001092 701,394,222 PRT $ 5,466 +21.50 %   32 ReddCoin $ 706,540 $ 0.000031 22,701,450,008 RDD $ 21,877 +39.93 %   33 USDe $ 660,210 $ 0.000986 669,288,800 USDE $ 6,306 +1.89 %   34 HoboNickels $ 629,835 $ 0.15 4,290,145 HBN $ 3,618 -3.65 %   35 Devcoin $ 622,101 $ 0.000091 6,847,020,050 DVC $ 1,476 -6.50 %   36 Auroracoin $ 599,782 $ 0.45 1,342,010 AUR** $ 4,064 -2.72 %   37 Anoncoin $ 572,088 $ 0.61 935,400 ANC $ 8,742 -5.76 %   38 Myriadcoin $ 546,208 $ 0.002504 218,167,000 MYR $ 24,366 +1.60 %   39 Terracoin $ 509,245 $ 0.079426 6,411,550 TRC $ 3,929 -0.31 %   40 UltraCoin $ 463,492 $ 0.032002 14,483,278 UTC $ 5,731 -2.95 %   41 Applecoin $ 454,374 $ 0.026713 17,009,286 APC $ 17,168 -2.31 %   42 Coin2.0 $ 450,273 $ 0.007505 60,000,000 NC2* $ 141,624 +135.26 %   43 Digitalcoin $ 415,109 $ 0.027455 15,119,507 DGC $ 3,480 -5.82 %   44 Pandacoin (PND) $ 413,788 $ 0.000013 31,127,232,322 PND $ 12,584 +54.00 %   45 ShibeCoin $ 413,069 $ 0.001754 235,500,000 SHIBE $ 100,548 +49.33 %   46 Tickets $ 405,086 $ 0.000006 66,876,281,414 TIX $ 807 -5.09 %   47 Bitcoin Plus $ 401,956 $ 7.26 55,350 XBC* $ 38,578 +12.57 %   48 Unobtanium $ 381,347 $ 2.11 180,677 UNO $ 2,576 +0.67 %   49 Freicoin $ 371,445 $ 0.008314 44,679,233 FRC $ 1,754 +0.45 %   50 Gridcoin $ 370,734 $ 0.019582 18,932,413 GRC $ 2,386 -0.79 %   51 PotCoin $ 365,845 $ 0.003778 96,827,219 POT $ 6,066 -1.48 %   52 NetCoin $ 350,371 $ 0.001338 261,797,872 NET $ 2,327 -3.56 %   53 NoirShares $ 325,162 $ 0.17 1,951,289 NRS $ 12,387 +49.82 %   54 CaiShen $ 321,329 $ 0.19 1,696,346 CAI $ 17,806 +12.08 %   55 Cryptogenic Bullion $ 311,678 $ 0.33 950,185 CGB $ 717 -3.08 %   56 CommunityCoin $ 306,439 $ 0.0003 1,022,519,308 COMM* $ 5,986 +7.70 %   57 GoldCoin $ 276,936 $ 0.00896 30,907,490 GLD $ 1,587 -11.52 %   58 YellowCoin $ 265,699 $ 0.007722 34,406,403 YC $ 37,191 +79.16 %   59 Pesetacoin $ 257,236 $ 0.008901 28,901,248 PTC $ 710 +0.08 %   60 Faircoin $ 250,815 $ 0.005014 50,018,932 FAC* $ 42,552 +11.44 %   61 Nas $ 241,664 $ 0.000024 10,000,000,000 NAS* $ 1,644 +8.64 %   62 DigiByte $ 225,759 $ 0.000207 1,093,182,989 DGB $ 3,848 -1.37 %   63 ECCoin $ 224,299 $ 0.000013 16,835,895,197 ECC $ 1,123 -0.38 %   64 MonaCoin $ 219,269 $ 0.035529 6,171,599 MONA $ 820 -7.14 %   65 NobleCoin $ 211,201 $ 0.000183 1,157,095,000 NOBL $ 14,409 +2.36 %   66 SecureCoin $ 204,796 $ 0.12 1,778,426 SRC $ 4,385 -4.33 %   67 Karmacoin $ 203,741 $ 0.000004 50,386,204,065 KARM $ 1,790 +1.21 %   68 Mincoin $ 197,244 $ 0.11 1,721,350 MNC $ 641 -4.70 %   69 BadgerCoin $ 182,215 $ 0.031871 5,717,326 BDG $ 21,270 +13.61 %   70 TagCoin $ 162,286 $ 0.12 1,353,580 TAG $ 3,885 -6.72 %   71 FedoraCoin $ 159,793 $ 6.6e-07 241,387,232,904 TIPS $ 2,598 +0.99 %   72 Einsteinium $ 155,914 $ 0.001787 87,245,969 EMC2 $ 5,344 +12.14 %   73 CleanWaterCoin $ 154,252 $ 0.000315 489,258,135 WATER $ 1,779 -22.97 %   74 Riecoin $ 150,220 $ 0.058912 2,549,900 RIC $ 545 +1.22 %   75 RedCoin $ 148,513 $ 0.003329 44,607,109 RED $ 722 -0.90 %   76 BBQCoin $ 143,073 $ 0.004046 35,361,423 BQC $ 1,630 +0.90 %   77 Sexcoin $ 134,976 $ 0.00193 69,920,252 SXC $ 548 +0.86 %   78 BitBar $ 131,042 $ 11.87 11,038 BTB $ 515 +5.08 %   79 Saturncoin $ 125,982 $ 0.000018 7,092,733,289 SAT $ 1,959 -11.86 %   80 MemoryCoin $ 124,765 $ 0.018066 6,906,101 MMC $ 683 -0.71 %   81 microCoin $ 120,502 $ 0.000004 27,126,401,224 MRC $ 2,303 +0.51 %   82 Philosopher Stones $ 119,719 $ 0.060727 1,971,440 PHS $ 875 +2.79 %   83 Yacoin $ 105,296 $ 0.004851 21,705,482 YAC $ 688 -1.07 %   84 Isracoin $ 98,718 $ 0.035597 2,773,201 ISR** $ 1,512 -17.92 %   85 MazaCoin $ 94,780 $ 0.000309 307,135,100 MZC $ 1,801 -2.34 %   86 GroestlCoin $ 86,013 $ 0.002636 32,627,328 GRS $ 3,846 -3.37 %   87 PiggyCoin $ 85,368 $ 0.000448 190,348,000 PIG $ 11,146 -13.85 %   88 ZimStake $ 84,258 $ 0.021865 3,853,512 ZS* $ 2,853 +60.71 %   89 Bitcoin Scrypt $ 78,102 $ 0.01625 4,806,250 BTCS $ 477 -22.80 %   90 SolarCoin $ 77,424 $ 0.004399 17,600,706 SLR** $ 1,319 -12.43 %   91 Heavycoin $ 76,748 $ 0.003427 22,396,496 HVC $ 945 -1.01 %   92 KlondikeCoin $ 76,189 $ 0.010407 7,320,629 KDC $ 2,485 +0.63 %   93 EarthCoin $ 75,838 $ 0.000027 2,825,796,158 EAC $ 967 +20.41 %   94 Hirocoin $ 75,453 $ 0.002068 36,486,400 HIRO $ 2,980 +1.40 %   95 UniversityCoin $ 67,701 $ 0.007056 9,594,844 UVC $ 2,759 -4.46 %   96 CacheCoin $ 66,716 $ 0.22 303,445 CACH $ 585 +19.35 %   97 Execoin $ 63,823 $ 0.008511 7,498,450 EXE $ 953 -9.37 %   98 Mooncoin $ 63,785 $ 6.4e-07 99,630,161,385 MOON $ 888 -0.39 %   99 Pawncoin $ 62,518 $ 0.008925 7,004,687 PAWN $ 1,231 +1.42 %   100 DNotes $ 62,176 $ 0.000792 78,483,000 NOTE $ 1,144 +8.66 %

 

Just look at the names of some of these, it's a joke.