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I'm kind of amazed Tether is still around and its executives haven't gone to jail. But, the opera singer hasn't sung yet.
If it falls, it will be replaced and always be there in the background, like roaches. Excuse me, I mean like multi-level marketing.
Since BTC and other crypto are supposed to be able to be tracked bcausee every transaction is in the ledger, wouldn't it be possible to trace a transaction based on that ledger? I'm excluding those places which mingle coins to prevent tracking.
https://btcscan.org/ [btcscan.org]
https://etherscan.io/ [etherscan.io]
Since BTC and other crypto are supposed to be able to be tracked bcausee every transaction is in the ledger, wouldn't it be possible to trace a transaction based on that ledger? I'm excluding those places which mingle coins to prevent tracking.
Since BTC and other crypto are supposed to be able to be tracked bcausee every transaction is in the ledger, wouldn't it be possible to trace a transaction based on that ledger? I'm excluding those places which mingle coins to prevent tracking.
Sure, but wallets are free to make and it's difficult to tell who owns a wallet unless they do something to connect it back to their real-world owner.
I think the only constraint is: a) How confident you are in your bookkeeping / code to keep track of all the wallets you created. b) The transactions aren't free, so for every additional bit of obfuscation you add you pay a bit more.
If you were buying a bitcoin from me, we would look up the price, negotiate our price, and settle on blockchain. This sale would be private in that no one knows what was exchanged, but the transaction- the transfer of one btc from me to you- would he visible on chain.
That is not what sets the price.
If I put my bitcoin into an exchange, and you went to that exchange, and I sold my bitcoin for market price, and you bought bitcoin for market price, that would modify the price at that exchange. However, no actual blockchain transaction would do so.
There would be me moving a bitcoin to the exchange, and later, perhaps you might remove it. But nothing would link those as the same, nor would they be.
Exchange trades don't take place on any ledger.
The negativity is just here on Slashdot. You won't find it on any of the crypto sites.
The negativity is just here on Slashdot. You won't find it on any of the crypto sites.
Why would a crypto site post anything negative about crypto?
You know, people get old, they watch those youngsters making millions on bitcoin while they themselves struggle to pay their bills
You know, people get old, they watch those youngsters making millions on bitcoin while they themselves struggle to pay their bills
Older people should generally be more risk-averse. Their earning power has declined and will continue to do so. Also, having lived a life of seeing high-flying investments come and go, and seeing the value of slow and steady continuing to grow, they realize that the way to be comfortable in your old age is to take advantage of your earning power when you have it, don't waste the money on frivolous things, and invest in conservative ways such as something as simple as an index fund. Everyone when they're you
The public (decentralized) ledgers track things when Bitcoin/Ethereum/etc are being used as currencies. And that actually only tracks that A gave B coins; it doesn't say what B gave or did for A in exchange. No pricing information can be extracted from the blockchains' ledgers.
When used as a security (as they are in reality), the blockchain is largely uninvolved. These exchanges hold a pile of coins in a collection of wallets and then have their own (centralized) ledgers where they track their customers acc
It's "similar" to stock brokers. It's also "similar" to how fences, and money laundering works. The exchanges are notorious for concealing details from regulatory agencies, whether criminal, customs, or tax related. And the high speed clutter and anonymity to these agencies is exactly how the high speed traders are engaging in predatory "pump & dump" with cryptocurrency, deliberately trigging buying and selling sprees under their own control and existing only for their own profit.
So the main way to use and trade Bitcoin is to actually give up what was supposed to be the main point of Bitcoin by not having the trades in the decentralized ledger and opening it up to manipulation and theft?
Yeah, that's all you need to know about the cryptocurrency scam right there.
Artificial diamonds have long surpassed the barrier where non-specialists can pick them out
Artificial diamonds have long surpassed the barrier where non-specialists can pick them out
The price of diamonds has always been a scam. They were never scarce, it's just DeBeers buying up all the mines and manipulating the availability to inflate the price.
https://www.google.com/search?... [google.com]
Video games are precious! How DARE you sir. How dare you.
That said, I'm not sure the bottom is going to fall out of that one unless or until counterfeits become indistinguishable from the real thing. People can and do want originals. (Oh NOES! Don't sell me the Mona Lisa! I'll be stuck holding the bag when art and history become worthless!)
This would be a little bit like the "bottom" falling out of the real estate market. (which only happens in some parts of Central America, dern sink-holes)
As part of Forbes research into the crypto ecosystem using 2021 data, we ranked the 60 best exchanges in March.
As part of Forbes research into the crypto ecosystem using 2021 data, we ranked the 60 best exchanges in March.
Does that mean most or least theft and/or loss? I'm still a little confused about all this, especially with an article stating that more than 50% of all trades are fake. I mean... is this a good or bad thing? :-)
Which is safer? A green piece of paper or a really big prime number backed up on 70,000 different computers? People gotta keep score somehow.
Of course... Don't forget we got that qubit count ticking up almost every day. Can crypto-currency keep pace with the digital arms race?
The "best" exchanges are the ones that don't block trading when the market goes off a cliff.
Kind of a minor annoyance, a battle those of us who care probably should have given up ten years ago on the internet, but a professional, journalistic, you know, good version of this headline would be something like.
"Forbes study says greater than 51% of Bitcoin trades likely fake"
There's no reason to hide that info other than happily annoying your users for clicks.
Welcome to the Internet, I've got some free time next weekend if you'd like someone to show you around.
Kind of a minor annoyance, a battle those of us who care probably should have given up ten years ago on the internet, but a professional, journalistic, you know, good version of this headline would be something like. "Forbes study says greater than 51% of Bitcoin trades likely fake" There's no reason to hide that info other than happily annoying your users for clicks.
Kind of a minor annoyance, a battle those of us who care probably should have given up ten years ago on the internet, but a professional, journalistic, you know, good version of this headline would be something like.
"Forbes study says greater than 51% of Bitcoin trades likely fake"
There's no reason to hide that info other than happily annoying your users for clicks.
That's no better. Wash trades aren't really fake, at least the way they're legally defined. In spirit, sure they're fake, but the law doesn't cover the intent of your trade, just how you do it.
So every repurchase of the same asset sold within 30 days is not *fake*, you'd have to know everyone's intent to prove that and that's impossible. If you're selling and buying immediately at almost the same price, just to create volume or just to claim you "sold" it this year for tax purposes, that's *fake*, but se
A lot of trades are fake. The forex market has done this since day dot.
The large banks pass money back between each other to create the impression of a trading range to get orders coming in. Then they exploit the range by moving the market and profit off the aggregate. Rinse wash repeat. Knowing this is the only way to determine how to actually trade completely speculative instruments with any accuracy.
This, in particular, is a pump and dump scheme.
And then there's also a lot of other fake activity where people are just moving their own money from hand to hand for various purposes.
Is a pocket-switch really fake though?
Probably people or companies are also inflating BTC trade volume but...
Isn't transferring BTC between wallets you own also included in this? That's perfectly legitimate and probably happens frequently. Though, it's not really valid in terms of wanting to know how many distinct entities are sending BTC to other, different entities...
Unless there's a way to transfer between wallets that is distinct?
The question is what is the volume og a single pair on a single centralized exchange.
Thanks, wasn't getting that for some reason, it makes more sense now.
Great... so 50% of the energy used is for nothing. Yet another reason to move away from Proof of Work.
There is no inherant value to it
There is no inherant value to it
If you're trying to make a currency then having no inherent value is a good thing. One of the reasons people historically used Gold instead of say Iron as a currency was that Gold was too soft for most industrial uses. It would be wasteful to have Iron you be using to make useful tools gathering dust in some bank vault.
However, AFAICT, almost nobody actually uses bitcon as a currency. And if you're trying to make an asset or financial instrument then having no inherent value (and no means of producing an
A real transaction is when I want to buy bitcoin so I place a buy order on an exchange, you want to sell it so you place a sell order, and they get matched and executed. A fake transaction is when there is no money changing hands. For instance I open two accounts, I mak sure I pay no real exchange fees (for example I register as a market maker) and I buy and sell bitcoins between these two accounts. No money changed hands but the volume went up. So far I made millions of real orders and about half a million of transactions between cryptocurrencies. None of them was fake.
A real transaction is when I want to buy bitcoin so I place a buy order on an exchange, you want to sell it so you place a sell order, and they get matched and executed. A fake transaction is when there is no money changing hands. For instance I open two accounts, I mak sure I pay no real exchange fees (for example I register as a market maker) and I buy and sell bitcoins between these two accounts. No money changed hands but the volume went up. So far I made millions of real orders and about half a million of transactions between cryptocurrencies. None of them was fake.
No, what this article is talking about is when you sell something and buy it again at nearly the same price. They're normal transactions. That's what they mean by non-economic, no exposure to risk, etc. You didn't do it to make or lose money, you did it just for the sake of doing a transaction, and intent is kind of hard to prove there.
For tax purposes, if you buy something again within I think 30 days of selling it, that's a wash sale. It doesn't mean every wash sale is really a wash sale. Some people
They seem to define real/fake with respect to if there's actual economic activity as opposed to e.g. moving money between ones own wallet etc.
They seem to define real/fake with respect to if there's actual economic activity as opposed to e.g. moving money between ones own wallet etc.
No, well, maybe that too, but no that's not what they mean by wash trading. Non-economic trade can look like this You own 100 shares that you paid $1 each for. Today, they're worth $0.50 each. You sell 100 shares at 50 cents, and immediately purchase 100 shares of the same stock at 50 cents, that's a wash. You could call it a fake trade I guess, you didn't do it because of the share price. Now you claim on your taxes that you "lost" $50 this year, and your 100 shares are now $50. Why you'd do that is t
Funny that the article referred to bitcoin as a popular "digital currency" when it doesn't serve in any way as a currency.
On your other point, for several years, I held your viewpoint. Blockchain useful tech, crypto coins scam. However, 10 years later, I no longer think blockchain is particularly useful. I can't think of one application, out of the thousands of instances of blockchain projects, that is better than existing solutions using non-blockchain tech.
I am now blockchain agnostic or blockchain bellig
They're the ones making all these fake trades.
Not sure how you can maintain wash trading and not get killed on fees. You'll need a very very good deal with the exchange in order to keep this up.
You could also argue that crypto trades are grossly underreported as trades within exchanges aren't normally reported on the public blockchain.
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