Crypto Gang Wars

The latest crypto shenanigan is cities adopting their own crypto currencies.

www.telegraph.co.uk...

Seoul joins cities and nations planning to launch own cryptocurrency

South Korea’s capital, Seoul, may become one of the world’s largest cities to officially adopt its own cryptocurrency. The proposal to create the “S-coin” was revealed by Park Won-soon, the city's mayor, who said it could be used as a payment mechanism to fund public welfare programmes or to pay private contractors.

With the advent of all this new currency that is not backed there is a huge potential for fraud and attack, utter corrupution and loss of democratic accountability and control. It is the easiest way of letting a gangster have complete power over your finances and then you are their goods and they your pimp whether you like it or not, with no escape route other than destitution or the morgue. Without state and without the networking that traditional finance have built they can be nothing more than local Monopoly games. Yet they are potential DESTROYERS. You know what the word "Crypt" means surely? Just make sure it is not you and your currency in it because you did not see the Nemesis coming.

I will never back anything other than democratic state currency because the cost of losing control democratically is disastrous. There is nothing better as it stands and cash needs to remain king. In times of war the cashless system could easily be sabotaged, manipulated or even wiped out just by typing on a keyboard, no bombs required even. The public finances of Seoul if they adopt the crypto currency could easily be hacked. How vulnerable is that?

These young cultures just don't have a clue. In the West we have been around through the Greeks, the Hebrews and the Romans and we have learned the hard way. I can't stand to watch the wise get corrupted by some young sexy buck who promises you the world and all they ever are is one good "you know what" at the time that you'll be paying for for a very long time afterwards.

This is the time NOT to sell out. It is the time NOT to fall for scams. It is the time not to accept treaties that are easily broken tomorrow or whenever it suits. Now is the time to build up your home. Focus on what is strong about you and there is plenty. You let the enemies in to trash you and were so naive.

I have been SMH ing til the cows come home and they still are not home yet. They criticize Trump, but they are lucky that a guy like him came around to shake it all up some and dine at Trump Tower rather than brave that spirit recipe that got burnt in the oven.

Sorry to bother you guys yet again. I have to speak when I see danger. That is all. Yep, Jacob is allowed to be my pimp, lol, but not anyone else. Sorry, just having me some fun.

a reply to: Revolution9

With the advent of all this new currency that is not backed there is a huge potential for fraud and attack, utter corrupution and loss of democratic accountability and control. It is the easiest way of letting a gangster have complete power over your finances and then you are their goods and they your pimp whether you like it or not, with no escape route other than destitution or the morgue.

How is that any different than the US dollar and the federal reserve?

Why does everybody want to create their own Crypto ?

Everyone should just use Bitcoin.

Now is the time to get into the banana buck.
Buy low. Sell high.

a reply to: Revolution9
'Crypto' is short for cryptography, the type of math cryptocurrencies are built on. If used properly they are more secure from any method of theft than central bank currencies are.

I believe in a small government, but one thing a government MUST do is have a currency they control. Private, for-profit central banks that have a legal monopoly on the monetary system are robbing freedom from people and their governments. When a government controlled currency is reinstated I will gladly participate to the fullest.

I only keep Federal Reserve notes as much as I have to to survive. It really is a dastardly system I'd rather not be a part of.

a reply to: nOraKat
Bitcoin is too slow for the number of transactions that cryptocurrencies will be demanding. Other cryptos that are more efficient and able to handle the volume of transactions will emerge true currencies.

There will be tens and maybe hundreds of thousands of cryptocurrencies made in the next decade or so. The vast majority will be for special interest groups with little to no value especially outside of their niche.

Cryptocurrencies will force people to become more financially astute the same way the internet has forced people to become more technologically astute. A new paradigm where there isn't a 'one size fits all' currency is coming.

originally posted by: nOraKat
Why does everybody want to create their own Crypto ?

Everyone should just use Bitcoin.

Bitcoin is impractical for most transactions. The biggest issue with it is that payment processing operates on a bidding system. In order to have your payment processed, you have to give the processor more money so that they'll prioritize it. In order to have a payment processed in just a few minutes these days it costs around $40. As more users adopt Bitcoin and there's a larger supply of transactions, competition will force payment higher.

There are many other currencies that offer better systems.

Wgile the cryto war wages Charles Hoskins is busy manking Cardano reality. Imo decentralized cryptos that benefit the users through passive incomes will do the best.
Eos
Vechain
Cardano
Syscoun
Neo
Hpb
Iota
Bat
Those are the most likey projects to succeed and get mass adoption.

a reply to: Aazadan

Do you think it is possible to have created a system that did not need a bidding system?

Is it possible for any block-chain crypto to process large volumes with sufficient transaction times?

If so why doesn't Bitcoin implement it?

originally posted by: nOraKat
a reply to: Aazadan

Do you think it is possible to have created a system that did not need a bidding system?

Is it possible for any block-chain crypto to process large volumes with sufficient transaction times?

If so why doesn't Bitcoin implement it?

Bitcoin uses this system, because it's designed such that fewer coins are released per block solved over time. Instead it seeks to encourage participation in the payment system rather than hugely inflating the supply of coins. It can't be changed at this point.

Several crypto currencies offer alternatives. I'm no expert on all of them available out there but Ripple (the only one I've ever considered buying) for example works through a network of exchanges that seek to minimize the cost of transferring funds. In fact, Ripples system is so efficient that it costs only fractions of a cent to transfer money between countries nearly instantly (it's about 5x faster than the existing banking system, at a very small percentage of the cost), and with better adoption will only get faster and cheaper.

Bitcoin can't do that, because the currency operates on a fundamentally different set of rules.

a reply to: Aazadan

But why have a payment system at all?

Why not all free transactions?

Also if its all Blockchain, why should one crypto currency have longer or shorter transaction times over another?

originally posted by: nOraKat
a reply to: Aazadan

But why have a payment system at all?

Why not all free transactions?

Also if its all Blockchain, why should one crypto currency have longer or shorter transaction times over another?

It's the way bitcoin was designed. Bitcoin was set up to reward the party that can come up with a new block to hold the transactions. It takes an enormous amount of compute power to go through the chain over and over to see if a block exists. If, for example, you choose to be one of those that "mines" for bitcoin blocks, would you pay for the equipment and electricity out of the goodness of your heart or would you do it if you could earn a profit?

This is one of the fallacies of Bitcoin among others. That's why it will never work in the mainstream until there's a better way to mine for blocks.

originally posted by: nOraKat
a reply to: Aazadan

But why have a payment system at all?

Why not all free transactions?

Also if its all Blockchain, why should one crypto currency have longer or shorter transaction times over another?

Transactions can't be free because it requires processing power and time in order to transfer money. This is a feature of any funds transfer from physical transferring like Western Union to an electronic bank transfer. They all charge fees, for example the 1% credit card fee or whatever.

Blockchain is nothing more than a ledger system, your question is essentially "if all cars run on gasoline why are there any differences between them?". Different implementations lead to longer or shorter transaction times. With Bitcoin there are two ways to make money, you can either mine for new blocks which verifies the ledger and adds more coins to the system, or you can process payments. The way Bitcoin is designed, the returns on mining new blocks tapers off over time, while the funds for payment processing increase. The issue is that there's currently not enough payment processors (and this is unlikely to change in the future), so people have to post additional bounties on their transactions in order to make them attractive enough to process.

Other coins have other systems, I don't know all of them.

a reply to: LogicalGraphitti

Is it really the case that Bitcoin miners are only engaged in payment processing?

I though they received (sort of) arbitrary math problems to justify earning new money.

So you are saying that new money is never added to the system? ..that the total amount of bitcoins stay the same and that money earned by miners is earned by people paying transaction fees?

originally posted by: nOraKat
a reply to: LogicalGraphitti

Is it really the case that Bitcoin miners are only engaged in payment processing?

I though they received (sort of) arbitrary math problems to justify earning new money.

So you are saying that new money is never added to the system? ..that the total amount of bitcoins stay the same and that money earned by miners is earned by people paying transaction fees?

New bitcoins are added to the system as blocks are solved. One block is solved on average every 10 minutes. When a block is solved, the account that solved it originally got 50 bitcoins. Every 210,000 blocks (about every 4 years) the number of bitcoins given for solving a block is decreased. It's currently at 12.5 bitcoins per block. This will continue until there are 21 million bitcoins in the system (there's currently 17 million in the system, and it gets exponentially slower over time). At which point mining will cease to offer a reward (but still be a necessity of the system).

Mining is a verification of transactions that have already happened. Payment processing involves adding a new transaction to the ledger and getting it spread between enough systems that the mining will consider it valid into the future.

I feel like a gov launching its own crypto is the exact reason crypto extists anyway, to decentralize money monopolies........I cant see this going very far

a reply to: Aazadan

Why charge money for transactions?

Did you think it’s possible to reduce transaction times with Bitcoin?

originally posted by: nOraKat
a reply to: Aazadan

Why charge money for transactions?

Did you think it’s possible to reduce transaction times with Bitcoin?

Transaction times have always been high with Bitcoin, it's one of the issues with blockchain based systems. The problem, is that if transaction times are short, a payment could be rejected, not make it into the accepted chain, and then the merchant never gets their money. Transaction times with Bitcoin are always going to take several minutes minimum because of that technical limitation. Other cryptocurrencies don't have this restriction. Etherium for example lets you attach a contract to a coin, if the contract is fulfilled, the transaction happens and automatically becomes accepted. Ripple makes exchanges between trusted networks up front, and then exchanges goods behind the scenes in slower but larger volumes. Other currencies have their own features which may or may not make them faster.

As far as charging money for a transaction goes, how else would you get payment processors to handle it? It's a decentralized currency, they have no incentive to process the payment.

a reply to: Aazadan

As far as charging money for a transaction goes, how else would you get payment processors to handle it? It's a decentralized currency, they have no incentive to process the payment.

Doesn't the miners process payments? Who processes payments? Miners get new coins not belonging to anyone you said..

If Ripple can process payments up front, and then exchange good slower later; or if Etherium can add a contract to a coin, why couldn't Bitcoin create a fork employing similar methods to speed transactions?

a reply to: nOraKat

They could fork Bitcoin and address these things, but it requires a fundamental change to how the whole system works. At that point, it's easier to just create a new coin. Which is why there's currently thousands of currencies on the market. They're all attempting to solve their own problems, or built for a specific purpose. That's actually something of a problem right now, 80% of crypto currencies (or more) aren't designed for general use cases.