SovCit Financial Frauds & Related Shenanigans (HATJ & RKB)

[Notorial Dissent]

She's kind of a one trick pony, and I think the pony has died.

[TheNewSaint]

She's kind of a one trick pony, and I think the pony has died.

Very true. But judging from the responses, her fans are no less entertained by it.

[Flatpointhigh]

Last I checked, the reward for mining wasn't worth the cost of the electricity to keep your computer on. Maybe that's changed now that the value is way up, but the endgame comes into focus. As the transaction payload continues to grow, processing a transaction will eventually become impossible, either because its too expensive or no one is willing to lend their computing power to it. At that point Bitcoin will lose all utility, even as a speculative investment.

Not to mention that a few years ago attempts to increase the blockchain size was shot down:
https://en.bitcoin.it/wiki/Block_size_limit_controversy

[TheNewSaint]

Heather and Randy news: the court has granted the government's motion in limine to prohibit them from making certain claims:

It is therefore ORDERED that the defendants are prohibited from offering any evidence, testimony, or argument at trial concerning the following subjects: (1) whether this Court has subject-matter jurisdiction over these proceedings; (2) whether the United States government is defaulted, has been foreclosed, or is otherwise legally impaired; and (3) whether the United States government has legal authority to bring a prosecution of the defendants for the charged offenses.

...and the one-trick pony has just been prohibited from doing its one trick.

The trial starts Tuesday the 23rd.

[Suranis]

We have finally found a Crytocurrency that is based on something real.



I had a look at the website, and it seems to be an odd way of advertising their Vietnam Banana Buisness, or at least getting funding in for it. I couldn't say if its an ACTUAL cryptocurrency scam, but hey, if you want to go bananas...

https://bananacoin.io/

[nancydrew]

For your enjoyment! This is MoneyBoyFilmz aka Melvin L Belton. This is a video of his special checks he had printed up by way of VistaPrint. Yup to access his secret accounts. He has quite the followers, and tells them to get some of their own. Even shows the routing number, to help them out, which one to use. The routing number belongs to the US Treasury!

[neeneko]

Last I checked, the reward for mining wasn't worth the cost of the electricity to keep your computer on. Maybe that's changed now that the value is way up, but the endgame comes into focus. As the transaction payload continues to grow, processing a transaction will eventually become impossible, either because its too expensive or no one is willing to lend their computing power to it. At that point Bitcoin will lose all utility, even as a speculative investment.

The idea is that as mining becomes less profitable, the profit motive will move to processing transactions faster. So you add a little 'process me!' money into each transaction and the miners fight over who gets that money. So BTC moves from a currency free of fees to something that depends on fees.

[Suranis]

But it already costs money to do transactions in Bitcoin. I've heard 30 dollars, and it takes a few hours to clear.

[neeneko]

But it already costs money to do transactions in Bitcoin. I've heard 30 dollars, and it takes a few hours to clear.

Well, there is getting money in and out of bitcoin. Unless one is doing direct trading with someone that means there is some 'hey now we can be a bank too and do all the things we claim we hate banks for' gatekeeper that does the conversion and charges some fee for it.

Actually transfering bitcoins though is, in theory, 'free'. The amount you enter into the blockchain is the amount that goes from your address to someone else's, and should only take < 10 minutes. But we are probably entering the phase of 'pay for transfer', which is supposed to be a feature and not a bug.

(edited to add) ah, I had not realized that the 'fees for any transfer on the blockchain' trend had not only started but had gotten so strong. Last time I played with the stuff there was no transaction fee unless you wanted some super high priority transfer.

[Foggy]

Those banana bitcoins don't work none. I took a banana and cut it up into coins, and ... I think I messed up the Coke machine at the gas station.

Didn't get a Coke, tho.

[Grumpy Old Guy]

Those banana bitcoins don't work none. I took a banana and cut it up into coins, and ... I think I messed up the Coke machine at the gas station.

Didn't get a Coke, tho.

OBVIOUSLY, you didn't do it correctly. You should have recited your Social Security Number at the machine.

[TheNewSaint]

But it already costs money to do transactions in Bitcoin. I've heard 30 dollars, and it takes a few hours to clear.

Which raises the question: why bother? Ordinary payment cards have gotten faster, more efficient, and more secure, while Bitcoin's failings have been exposed.

[neeneko]

Which raises the question: why bother? Ordinary payment cards have gotten faster, more efficient, and more secure, while Bitcoin's failings have been exposed.

BTC has always been an ideological solution, not a practical one. People have been willing to overlook its limitations and shortcomings for years because it promises quick wealth and fighting the powers that be.

[TheNewSaint]

BTC has always been an ideological solution, not a practical one. People have been willing to overlook its limitations and shortcomings for years because it promises quick wealth and fighting the powers that be.

That should be engraved on Bitcoin's tombstone. What a perfect summary of the whole thing.

[Whip]

Those banana bitcoins don't work none. I took a banana and cut it up into coins, and ... I think I messed up the Coke machine at the gas station.

Didn't get a Coke, tho.

because all they are good for is:

[NotaPerson]

But it already costs money to do transactions in Bitcoin. I've heard 30 dollars, and it takes a few hours to clear.

Which raises the question: why bother?....

Cuz ya still can't buy weed over the darknet using a credit card, paypal, etc.

Beyond the speculators hoping to get rich, I'm pretty sure that's what most of the bitcoin transactions are for.

[neeneko]

BTC has always been an ideological solution, not a practical one. People have been willing to overlook its limitations and shortcomings for years because it promises quick wealth and fighting the powers that be.

That should be engraved on Bitcoin's tombstone. What a perfect summary of the whole thing.

I mostly wonder how much longer this is going to go on. Right now proponents and true believers are mostly in smug mode and it is getting really obnoxious.

[mmmirele]

A friend of mine wrote a book about Bitcoin. This is at the front. He didn't write this, but it expresses his opinion regarding Bitcoin.

abitcoinfaq.jpg

He also says the best book about Bitcoin was written in 1841. It is called Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay. But he does have a book to sell; it's $5.38 on Kindle.* It's called Attack of the 50 Foot Blockchain by David Gerard.



He also has a blog, where you can read his snark. He's keeping up with this stuff, as crazy as it is, like busting the "Kodak" coin and blockchain stupidity, keeping up with "Tethers" (which I simply don't understand), that sort of thing. https://davidgerard.co.uk/blockchain/

*It came out six months ago and he's sold over 5000 copies. He's shocked; he's actually going to have to hire an accountant to do his taxes this year.

[RTH10260]

But it already costs money to do transactions in Bitcoin. I've heard 30 dollars, and it takes a few hours to clear.

When the broker buys or sells your gold you don't complain about the fees (usually grudgingly ).It's the new bankers and brokers that will make the fortune in the evolving market.

[RTH10260]

Those banana bitcoins don't work none. I took a banana and cut it up into coins, and ... I think I messed up the Coke machine at the gas station.

Didn't get a Coke, tho.

Did you fry the banana chips ahead Check with the nearest casino how it's done. Ask for the chef

[BigSkip]

But it already costs money to do transactions in Bitcoin. I've heard 30 dollars, and it takes a few hours to clear.

Which raises the question: why bother?....

Cuz ya still can't buy weed over the darknet using a credit card, paypal, etc.

Beyond the speculators hoping to get rich, I'm pretty sure that's what most of the bitcoin transactions are for.

Also for playing poker and sports betting.

Or so I have heard.

[neeneko]

When the broker buys or sells your gold you don't complain about the fees (usually grudgingly ).It's the new bankers and brokers that will make the fortune in the evolving market.

While it might be shifting, I think the people who really made a good income, besides the exchanges, were the people making the ASIC hardware. You would think that people would be skeptical of companies that were building boxes that literally make money, but found it more profitable to sell them than just mine themselves.

[RTH10260]

When the broker buys or sells your gold you don't complain about the fees (usually grudgingly ).It's the new bankers and brokers that will make the fortune in the evolving market.

While it might be shifting, I think the people who really made a good income, besides the exchanges, were the people making the ASIC hardware. You would think that people would be skeptical of companies that were building boxes that literally make money, but found it more profitable to sell them than just mine themselves.

How true

To quote Thomas Jefferson (?) " There's A Sucker Born Every Minute"

[boots]

I get it that many people who post here don't like bitcoin, or other cybercurrencies, and think they are a scam of some sort. But it shouldn't be in a sovcit thread, because it really isn't a sovcit thing. Maybe it should have its own thread.

[Notorial Dissent]

Oh, please, the sovcits wet themselves when they get to talking about the cryptos and majik gold and such, anything that isn't a FRN, one or another of them is always coming up with a pretend bank that never gets past the how wonderful it is stage and it's gonna end the FED fer shure.