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Bitcoin, 21st Century Tulips ?

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flyangler

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From my kid, via text:

 

Nicehash was a service. Your computer logged into their servers, and mined whatever crypto nicehash told you to. On the other side of that equation, someone is buying your computers mining abilities for periods of time. Because of this, nicehash would hold both A, the freshly mined capital, and B, the payment capital. 

 

All of that capital is sitting in software wallets on servers. If a hcaker gets into the server and finds the private keys to those wallets, they can write a script to drain the accounts easily

 

 

“No nation in history has survived once its borders were destroyed, once its citizenship was rendered no different from mere residence, and once its neighbors with impunity undermined its sovereignty.”

- Victor Davis Hanson 

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3 hours ago, tomkaz said:

From my kid, via text:

 

Nicehash was a service. Your computer logged into their servers, and mined whatever crypto nicehash told you to. On the other side of that equation, someone is buying your computers mining abilities for periods of time. Because of this, nicehash would hold both A, the freshly mined capital, and B, the payment capital. 

 

All of that capital is sitting in software wallets on servers. If a hcaker gets into the server and finds the private keys to those wallets, they can write a script to drain the accounts easily

 

 

Yep.  The first rule of crypto is never to share your private key and it follows that you therefore don't own any coins stored in a wallet to which anyone else has access.

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The idea originally for bitcoin as i understood it was that it was not tied to government nor backed by gold, however people values the bitcoin in US currency and buy bitcoins in US currency, so it's value is backed by currency. seems to volatile to except bitcoin as a form of payment for a physical item, house/car/boat etc..

If you try to change it, you will ruin it. Try to hold it, and you will lose it.

 

Lao Tzu, Tao Te Ching

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So futures trading has commenced with three front month contracts. Up $1000 at the start. 

 

Did learn theses contracts will settle for cash which addresses one of my dumb questions. Also will settle via the Gemini exchange I believe. 

 

Going to to sleep now, it’s past midnight here. Will be interested to see levels tomorrow. 

“No nation in history has survived once its borders were destroyed, once its citizenship was rendered no different from mere residence, and once its neighbors with impunity undermined its sovereignty.”

- Victor Davis Hanson 

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I'm not familiar with cryptos. But this sounds real disconcerting to me:

 

The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Edited by patchyfog
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Recap of Earliest part of the first trading session:

 

Bitcoin, (BTC/USD) the world’s most traded cryptocurrency, extended its recovery from yesterday’s dip to near $ 12,750 levels and reached as high as $ 16,580, after Bitcoin futures rallied hard and surpassed the $ 18k mark, following its closely-watch launch on Sunday.

Reuters reports, “the most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 percent.”  As of writing, BTC/USD on Bitfinex is up +9% and trade near $ 16,330.

The sentiment also remains underpinned by the comments from Yuzo Kano, bitFlyer’s chief executive, delivered in an interview with FT. Kano said trading on the exchange was “roughly 50-50” between existing investors and new money coming in. “The scale of deposits is steadily increasing. It’s pretty large,” he said.

BitFlyer, which ranks third for trading in the underlying digital currency, has also won authorization to open in the US.

 Moreover, the latest announcement by Goldman Sachs Spokeswoman, as saying that the US banking giant is planning to clear Bitcoin futures for some clients, also continued to offer some support to the prices.

Meanwhile, Bitcoin sits at the market capitalization of $ 278.40 billion, down from about $ 285 bn seen last Friday.The total market capitalization of the cryptocurrencies sits at $ 440 billion

“No nation in history has survived once its borders were destroyed, once its citizenship was rendered no different from mere residence, and once its neighbors with impunity undermined its sovereignty.”

- Victor Davis Hanson 

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