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Bit Coin Troubles

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  • #31
    Originally posted by Sparko View Post

    see your PM. the price is still dropping but I think it will eventually go back up. Musk didn't sell his bitcoin which is telling. Some people think he is using this to set the stage to sell a green energy bitcoin mining rig he comes up with to "solve the problem"

    Blockchain is from what I understand a distributed encrypted ledger/database containing all of the crypto. Every time you buy or sell it has to be processed and re-encrypted and added back to the blockchain. That takes calculation power which in turn uses electricity which uses fossil fuels mostly. You can earn bitcoin transaction fees by processing these transaction. You can also "mine" new crypto by solving some algorithms adding more available bitcoin to the blockchain. Bitcoin encryption is very complex and takes a lot of power. The mining boxes for crypto are usually dedicated servers filled with GPU cards or special processor cards built just for mining/processing. for most people, it would take more electricity costs to mine the crypto than you would earn.
    What, the servers aren't already in Iceland?

    Told you guys that we should have bought Greenland ...
    "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

    "Forgiveness is the way of love." Gary Chapman

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    • #32
      Out of curiosity, do any of you who have been investing in it have any qualms about how cryptos have been used on the dark web?
      "I am not angered that the Moral Majority boys campaign against abortion. I am angry when the same men who say, "Save OUR children" bellow "Build more and bigger bombers." That's right! Blast the children in other nations into eternity, or limbless misery as they lay crippled from "OUR" bombers! This does not jell." - Leonard Ravenhill

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      • #33
        Originally posted by KingsGambit View Post
        Out of curiosity, do any of you who have been investing in it have any qualms about how cryptos have been used on the dark web?
        How about this piece last month from The Balance financial news website: The Illicit World of Bitcoin and the Dark Web

        I know little about bitcoins and dogecoins, so I don't know useful this is


        I'm always still in trouble again

        "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
        "Of course, human life begins at fertilization that’s not the argument." --Tassman

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        • #34
          Originally posted by rogue06 View Post
          How about this piece last month from The Balance financial news website: The Illicit World of Bitcoin and the Dark Web

          I know little about bitcoins and dogecoins, so I don't know useful this is
          Oh, tell me it isn't so!!!
          "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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          • #35
            Originally posted by Cow Poke View Post

            Oh, tell me it isn't so!!!
            Don't make me get up

            I'm always still in trouble again

            "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
            "Of course, human life begins at fertilization that’s not the argument." --Tassman

            Comment


            • #36
              Originally posted by KingsGambit View Post
              Out of curiosity, do any of you who have been investing in it have any qualms about how cryptos have been used on the dark web?
              Can't anyone use any currency for ill means? (and I'm sure they have) It's not something endemic to crypto.

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              • #37
                Originally posted by Ronson View Post

                Can't anyone use any currency for ill means? (and I'm sure they have) It's not something endemic to crypto.
                Here in the U.S. if you have too much currency (carrying $10,000 or more) they can "arrest" the money and you have to prove you weren't carrying it for nefarious purposes (i.e., buying drugs).

                I'm always still in trouble again

                "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                "Of course, human life begins at fertilization that’s not the argument." --Tassman

                Comment


                • #38
                  Originally posted by rogue06 View Post
                  Here in the U.S. if you have too much currency (carrying $10,000 or more) they can "arrest" the money and you have to prove you weren't carrying it for nefarious purposes (i.e., buying drugs).
                  I never heard of that before. Is that a local law?

                  Comment


                  • #39
                    Originally posted by KingsGambit View Post
                    Out of curiosity, do any of you who have been investing in it have any qualms about how cryptos have been used on the dark web?
                    sure. I also have qualms about how regular money and untraceable things like diamonds are used by criminals.

                    I am using it in a perfectly legal way, using a legal broker (Coinbase) who even tracks your investments just like E*trade does, and will issue you tax documents at the end of the year.

                    Comment


                    • #40
                      Originally posted by Ronson View Post
                      I never heard of that before. Is that a local law?

                      It’s called the Bank Secrecy Act (aka. The $10,000 Rule), and while that might seem like a big secret to you right now, it’s important to know about this law if you’re looking to make a large bank deposit over five figures.

                      The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.

                      It states that banks must report any deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).

                      Essentially, any transaction you make exceeding $10,000 requires your bank or credit union to report it to the government within 15 days of receiving it -- not because they’re necessarily wary of you, but because large amounts of money changing hands could indicate possible illegal activity.

                      This includes theft, money laundering, or helping to fund criminal organizations or even terrorists.


                      So, what happens is that people who don't want their money tracked will simply make multiple depsits/transactions of LESS than $10,000, which could total to far more than the $10,000.
                      "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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                      • #41
                        Originally posted by Ronson View Post

                        I never heard of that before. Is that a local law?
                        Feds

                        I had a friend who's father owned a nursery in Tennessee who flew down to Florida to buy plants and roses (IIRC, Mother's Day was coming soon). He was carrying over $10,000 in a money belt because the growers always gave him a better deal when he paid cash. He was stopped and searched at the airport (not sure why) and the money was confiscated.

                        It darn near ruined his business. He pretty much had to write it off in that lawyers told him it would basically cost about 10 grand to fight it in court with no guarantee of victory.

                        I'm always still in trouble again

                        "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                        "Of course, human life begins at fertilization that’s not the argument." --Tassman

                        Comment


                        • #42
                          Originally posted by rogue06 View Post
                          Feds

                          I had a friend who's father owned a nursery in Tennessee who flew down to Florida to buy plants and roses (IIRC, Mother's Day was coming soon). He was carrying over $10,000 in a money belt because the growers always gave him a better deal when he paid cash. He was stopped and searched at the airport (not sure why) and the money was confiscated.

                          It darn near ruined his business. He pretty much had to write it off in that lawyers told him it would basically cost about 10 grand to fight it in court with no guarantee of victory.
                          And if he had been carrying $9,500, they'd give him a hard time, make him uncomfortable, and let him go.
                          "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

                          Comment


                          • #43
                            Originally posted by Cow Poke View Post


                            It’s called the Bank Secrecy Act (aka. The $10,000 Rule), and while that might seem like a big secret to you right now, it’s important to know about this law if you’re looking to make a large bank deposit over five figures.

                            The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.

                            It states that banks must report any deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).

                            Essentially, any transaction you make exceeding $10,000 requires your bank or credit union to report it to the government within 15 days of receiving it -- not because they’re necessarily wary of you, but because large amounts of money changing hands could indicate possible illegal activity.

                            This includes theft, money laundering, or helping to fund criminal organizations or even terrorists.


                            So, what happens is that people who don't want their money tracked will simply make multiple depsits/transactions of LESS than $10,000, which could total to far more than the $10,000.
                            That just covers bank transactions. This is done under federal (and some state) laws regarding forfeiture, where they can seize property, including cash, without compensation to the owner, if the money is made from, or used to commit a crime. Unfortunately, turning the concept of being innocent until proven guilty completely on its head, they assume any large amount of cash ($10K and over) is intended for illegal purposes and it is up to the person from who it was taken to "prove" that it wasn't.


                            I'm always still in trouble again

                            "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                            "Of course, human life begins at fertilization that’s not the argument." --Tassman

                            Comment


                            • #44
                              Originally posted by rogue06 View Post
                              That just covers bank transactions. This is done under federal (and some state) laws regarding forfeiture, where they can seize property, including cash, without compensation to the owner, if the money is made from, or used to commit a crime. Unfortunately, turning the concept of being innocent until proven guilty completely on its head, they assume any large amount of cash ($10K and over) is intended for illegal purposes and it is up to the person from who it was taken to "prove" that it wasn't.
                              True
                              "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

                              Comment


                              • #45
                                Originally posted by Cow Poke View Post

                                And if he had been carrying $9,500, they'd give him a hard time, make him uncomfortable, and let him go.
                                Sorta kinda like what I experienced when I returned from Jamaica shortly before the last fin de siècle while carrying 20 Cuban cigars. Although they let me keep one.

                                I'm always still in trouble again

                                "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                                "Of course, human life begins at fertilization that’s not the argument." --Tassman

                                Comment

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