# Blockchain tech to change the world



## MrXavier

Hi everyone.

It's not like it's really controversial, but it's just the beginning of the show.

There's Bitcoin that is based on Blockchain. And Blockchain, technically is a decentralized database. Bitcoin uses it as a public ledger. But it can be used anywhere actually. Quite some time passed before bitcoin community and adventurous business people realized that Blockchain is the thing, not Bitcoin itself. Banks now test it to create their own private international public ledgers, digital rights firms try to implement it. There's much more on it actually, (link removed by Administrator).

I have two questions in my mind:

1) Have you heard enough about it and what do you think about this tech?
2) When big companies like Microsoft and Apple will come to this party, invest their billions and take over the tech?

Looking forward to your answers!


----------



## Johnny b

Indeed.
Like the funding of terrorism.
Like criminal ventures.

* Is Bitcoin A Credible Payment System For Terrorists? *
https://www.forbes.com/sites/nikita...oin-a-credible-payment-system-for-terrorists/
Dated 2015:


> According to a 2015 Europol report, bitcoin was used in over 40% of high profile investigations involving payments between criminals in the European Union.


* Terrorist Use of Cryptocurrencies *
https://www.rand.org/pubs/research_reports/RR3026.html
Rand RR3026 pfd dated 2019
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=10&ved=2ahUKEwi-19myupTmAhXEx1kKHdL5AOsQFjAJegQIARAC&url=https://www.rand.org/content/dam/rand/pubs/research_reports/RR3000/RR3026/RAND_RR3026.pdf&usg=AOvVaw1vMsjA1DEHn3uDCtz00iLF

*The Evolution Of Bitcoin In Terrorist Financing*
https://www.bellingcat.com/news/2019/08/09/the-evolution-of-bitcoin-in-terrorist-financing/
The evolution of 'invisible' terrorist crowdfunding. Dated 2019.


> If a transaction is needed to put one of these uniquely generated addresses on the blockchain, then the only way to get that information is to donate to Hamas. And therein lies the catch: In order to track the terrorists, you have to join them.
> 
> By utilizing these uniquely generated addresses, Hamas ensures that the mishaps other groups ran into with researchers and law enforcement tracking them close to impossible. *Every new donation belongs to a completely new address that only the person donating has ever seen before. *This funding mechanism is a powerful tool in Al-Qassam Brigade's arsenal, and they aren't the only ones using it.


*Terrorists Turn to Bitcoin for Funding, and They're Learning Fast*
https://www.nytimes.com/2019/08/18/technology/terrorists-bitcoin.html











> Hamas, the militant Palestinian group, has been designated a terrorist organization by Western governments and some others and has been locked out of the traditional financial system. But this year its military wing has developed an increasingly sophisticated campaign to raise money using Bitcoin.
> 
> In the latest version of the website set up by the wing, known as the Qassam Brigades, every visitor is given a unique Bitcoin address where he or she can send the digital currency, a method that makes the donations nearly impossible for law enforcement to track.
> 
> The site, which is available in seven languages and features the brigades' logo, with a green flag and a machine gun, contains a well-produced video that explains how to acquire and send Bitcoin without tipping off the authorities.


Blockchain as implemented, turns out to be a means for an individual to support terrorism and evade detection.


----------



## Cookiegal

This is a three year old thread and I believe the second poster who suddenly revived this was a spammer and has been dealt with as such. I'm also suspicious of the first poster and have removed the link the post contained.

John, do you wish to continue this? Otherwise, I will close the thread.


----------



## Johnny b

It does have current relevance on a large scale.
I'd tilt towards keeping it open for further comments


----------



## Cookiegal

Alright then.


----------



## Johnny b

Thank you 


At least it's not another impeachment thread 

( yet  lol! )


----------



## Cookiegal

LOL! If it does you may be the one impeached!


----------



## Johnny b

lol!


----------



## Wino

Did someone mention "IMPEACH"?? LOL


----------



## Johnny b

Of course there are the scammers.

* This alleged Bitcoin scam looked a lot like a pyramid scheme *

https://arstechnica.com/tech-policy...coin-scam-looked-a-lot-like-a-pyramid-scheme/



> The world of cryptocurrency has no shortage of imaginary investment products. Fake coins. Fake blockchain services. Fake cryptocurrency exchanges. Now five men behind a company called BitClub Network are accused of a $722 million scam that allegedly preyed on victims who thought they were investing in a pool of bitcoin mining equipment.


----------



## robo6000

been in Bitcoin for many years, i truly believe Bitcoin will replace the u.s. dollar as the world's reserve currency


----------



## Johnny b

robo6000 said:


> been in Bitcoin for many years, i truly believe Bitcoin will replace the u.s. dollar as the world's reserve currency


China wants to replace the US dollar.
They have been developing their own digital currency, but it will likely be state backed.

Interesting article here:

https://www.bloomberg.com/news/arti...ryptocurrency-to-challenge-bitcoin-and-dollar


----------



## Johnny b

* Steve Wozniak sues YouTube over ongoing bitcoin scams *
https://www.theverge.com/2020/7/23/...ube-lawsuit-bitcoin-scam-cryptocurrency-apple



> The plaintiffs, which include Wozniak and 17 other individuals, allege that YouTube is aware of these scams but has nonetheless not taken the videos down.
> 
> Fraudulent "giveaways" have long been a feature of the bitcoin world, but they are getting more attention after a network-wide hack on Twitter that leveraged account access to perform the scam on a massive scale.
> 
> Last week, hackers accessed the accounts of a number of high-profile users, including Barack Obama, Joe Biden, Elon Musk, Bill Gates, Kanye West, and Michael Bloomberg. Hackers used the breached accounts to announce fraudulent giveaways, claiming users who sent bitcoin to a provided address would receive double the amount in return.


An old saying...a fool and his money are ... ( well, you can easily guess the rest  )


----------



## ekim68

Banks in US Can Now Offer Crypto Custody Services, Regulator Says



> In a public letter dated July 22, Senior Deputy Comptroller and Senior Counsel Jonathan Gould wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients.


----------



## Johnny b

*Coinbase erroneously reported 2FA changes to 125,000 customers*
https://arstechnica.com/information...sly-reported-2fa-changes-to-125000-customers/

Panic selling at Coinbase.

It wasn't hacked, the software just magically sent out a warning to 125,000 or so accounts relating to a change in 2fa settings.

Apparently some became wary about the safety and security of the venture.



> *The unexpected 2FA notifications led some customers to panic-sell everything.*
> 
> Coinbase says that the erroneous 2FA messages were the result of an internal error, not hacker activity. "All of a sudden, the system just started sending stuff like a bug in the system," Coinbase spokesperson Andrew Schmitt told CNBC, adding, "but it was not a malicious or third-party error."


Darn bugs.

And then there's this:


> Although Coinbase tweeted that it's "laser focused on building trust and security into the crypto community," panic among its affected customer base is understandable. In addition to a general history of hacked crypto exchanges-including Bitfloor, Mt. Gox, Bitfinex, CoinCheck, QuadrigaCX (technically not a hack), and KuCoin-Coinbase itself has a bad reputation for its response to customers who have been hacked individually_._


*Coinbase slammed for what users say is terrible customer service after hackers drain their accounts*
https://www.cnbc.com/2021/08/24/coi...ervice-after-hackers-drain-user-accounts.html


----------



## Johnny b

Interesting article about the 'value' of cryptocurrencies.

*Crypto crash: Here's why billionaire John Paulson's 'worthless' call might be right *
https://finance.yahoo.com/news/crypto-crash-heres-why-billionaire-162000886.html



> .........billionaire investor John Paulson, who, in recent comments, called digital currencies a bubble that will "eventually prove to be worthless.
> 
> "I would describe them as a limited supply of nothing. So to the extent there's more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There's no intrinsic value to any of the cryptocurrencies except that there's a limited amount."


----------



## Johnny b

With the erratic valuation of bitcoin that fluctuates wildly on speculation, it looks like a terrible way to express value. 
As an investment, it's perceived value is driven by supply and demand as noted in my previous post.
Bitcoin was never legal currency in the US.
Because it hides ownership from authorities, it's difficult to tax profits generated from it's usage.
It's a way to hide wealth.

I'm surprised my socialist friends haven't complained 

But I digress, it's also a mechanism used to hide criminal and terrorist financial activity.
And if you like conspiracy theories, a fantastic weapon against free and democratic nations whose economies are based on capitalism.
When considering long term usage as a weapon, low cost and bloodless with out a shooting war.
A weapon that manipulates greed from a technological platform to become self destructive.

Maybe that's why my socialist friends aren't complaining.
Are they waiting to see how efficient digital money can be used to wreck our economy?

Shocking, just shocking I tell you!

lol.


----------



## Johnny b

MrXavier said:


> Hi everyone.
> 
> It's not like it's really controversial, but it's just the beginning of the show.
> 
> ..........................
> 
> 1) Have you heard enough about it and what do you think about this tech?
> .......................
> 
> Looking forward to your answers!


Time passes and vulnerabilities eventually become apparent:

* How $323M in crypto was stolen from a blockchain bridge called Wormhole *
https://arstechnica.com/information...len-from-a-blockchain-bridge-called-wormhole/



> This is a story about how a simple software bug allowed the fourth-biggest cryptocurrency theft ever.


----------



## Johnny b

If digital money was safe, this wouldn't have happened 

* Justice Department seizes $3.6B in bitcoin in its biggest finance bust ever *
https://www.cnet.com/personal-finan...lion-in-bitcoin-linked-to-2016-bitfinex-hack/

And if someone has done it this big, there's sure to have been others.


----------



## Johnny b

Bad news on the horizon for those that 'hold' Bitcoin:

* Billionaire Michael Saylor Tries to Reassure as His Bitcoin Bet Falters *
https://www.thestreet.com/investing...is-bitcoin-bet-falters?puc=yahoo&cm_ven=YAHOO



> Prices for the king of cryptocurrencies have plummeted from $69,044.77 in November to around $31,000 currently.
> 
> This fall, which is far from over, is about to cause damage for companies and investors, both professionals and individuals, who have bet on bitcoin


----------



## Johnny b

* Celsius Is Crashing, and Crypto Investors Are Spooked  *
https://www.wsj.com/articles/celsiu...vestors-are-spooked-11655371801?siteid=yhoof2



> On Sunday evening, though, Celsius said it was no longer allowing customers to withdraw cash from their accounts. On Tuesday night, The Wall Street Journal reported that Celsius hired restructuring attorneys to help handle its mounting financial problems.


https://en.wikipedia.org/wiki/Celsius_Network


----------



## Johnny b

*Bill Gates Says NFTs and Crypto Are '100%' Based on Greater Fool Theory  *
https://www.wsj.com/articles/bill-g...ol-theory-11655302143?mod=trending_now_news_2

https://en.wikipedia.org/wiki/Greater_fool_theory


> In this context, one "fool" might pay for an overpriced asset, hoping that he can sell it to an even "greater fool" and make a profit. This only works as long as there are enough new "greater fools" willing to pay higher and higher prices for the asset.


A lot of fools 'losing their shirts' these days,


----------



## Wino

Bernie Madoff would be proud !!


----------



## Johnny b

* Elon Musk, SpaceX And Tesla Sued For $258 Billion In Alleged Dogecoin 'Pyramid Scheme' *
https://www.forbes.com/sites/brianb...8-billion-in-alleged-dogecoin-pyramid-scheme/



> The suit says Dogecoin is a "fraud whereby 'greater fools' are deceived into buying the coin at a higher price."


Looking like Elon was betting on the *Greater Fool Theory.*


----------



## Wino

Reiterate - Musk is a grifter, same as Trump, except much more intelligent. Again, he reminds me of Dr. No and other nefarious Bond villains, all intent on placing the world under their control mentally or financially. Unfortunately, we have no James Bond to save our butt! We only have the electorate - scary that!


----------



## Johnny b

MrXavier said:


> ..........................................
> 
> 1) Have you heard enough about it and what do you think about this tech?
> 2) When big companies like Microsoft and Apple will come to this party, invest their billions and take over the tech?
> 
> Looking forward to your answers!


Blockchain can be hacked.

* Hackers stole $100 million worth of cryptos from Harmony's blockchain in another blow to digital assets *
https://markets.businessinsider.com...-theft-hack-harmony-blockchain-bitcoin-2022-6

Why invest in something that has security issues and loses value at the same time?


----------



## Johnny b

MrXavier said:


> Hi everyone.
> 
> It's not like it's really controversial, but it's just the beginning of the show.
> 
> .............................
> 
> Looking forward to your answers!


Beginning or the start of the end?
For some investors, it's the latter.

* Crypto broker Voyager Digital files for bankruptcy as industry falters *
https://www.washingtonpost.com/business/2022/07/06/voyager-bankruptcy-three-arrows/


----------



## Johnny b

* 'Epic Failure'-Ethereum Founder Issued A Serious Bitcoin Price Prediction Warning Amid BNB, XRP, Solana, Cardano And Dogecoin Price Crash *
https://www.forbes.com/sites/billyb...-xrp-solana-cardano-and-dogecoin-price-crash/

* 'People Are Scared'-Crypto Braced For A Fresh Fed Earthquake After $2 Trillion Bitcoin And Ethereum Price Crash *
https://www.forbes.com/sites/billyb...oin-and-ethereum-price-crash/?sh=676f19954c2d


----------

