https://motherboard.vice.com/en_us/...allegedly-stole-millions-bitcoin-sim-swapping

California authorities say a 20-year-old college student hijacked more than 40 phone numbers and stole $5 million, including some from cryptocurrency investors at a blockchain conference Consensus.

 

Anyone who invests in these types of schemes is a fool - sorry, Fool. You would be better off investing in the Zimbabwe economy. None of these cryptocurrencies are based on anything of value. To illustrate this point, the creator of Bitcoin recently said that he was going to be the world's first trillionaire. Since he hasn't done anything of value, it must be from all the Fools trying to get rich quick and losing everything. These kind of get-rich-quick schemes have been cleaving people's money from their back pockets for centuries.

 

https://www.cnbc.com/2018/08/03/goldman-sachs-sees-more-price-pain-ahead-for-bitcoin.html

Goldman Sachs is not optimistic for the near-term fate of cryptocurrency. In its mid-year economic report, the bank's investment management group highlighted "cryptocurrency mania" as one of six factors creating an unsteady undertow affecting markets for the remainder of 2018.

"We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency," Sharmin Mossavar-Rahmani, Goldman's chief investment officer of the private wealth management group, said in the report published Friday.

 

You would be better off investing in the Zimbabwe economy.

I can verify that. In fact I’ve done it. About 10 years ago after visiting Victoria Falls we took the boat across the river and then bus onwards to Botswana. At the river crossing there were some guys selling Zimbabwe paper money I bought a 100 trillion Z dollar note and paid one American dollar for it. That was the highest one they ever printed.

But I had an angle, my friend back home collected such things and I knew he would just have to have it. Sure enough I sold it to him for $5 USD. That’s 500 percent, not bad for a bankrupt economy.

 

Sure enough I sold it to him for $5 USD. That’s 500 percent, not bad for a bankrupt economy.

I thought scalping was illegal.

 

I asked our local Ford dealer recently if he would accept Bitcoins for a new car purchase and he said NO!
I asked our First National Bank manager if he would exchange Bitcoins for dollars, and he said NO!
I asked our super market manager if he would exchange Bitcoins for a T-bone steak and he said NO!

Doesn't sound like a valid currency to me...

 

I asked our local Ford dealer recently if he would accept bitcoins for a new car purchase and he said NO!

Doesn't sound like a valid currency to me...

Ask him if he will accept gold bullion or the gold coins that are pushed so hard. It's probably more possible to talk them into that than bitcoin, but I'd be willing to bet that someone that takes a bunch of gold coins to a dealership to buy a car is going to have a real hard time making the deal happen.

 

Ask him if he will accept gold bullion or the gold coins that are pushed so hard. It's probably more possible to talk them into that than bitcoin, but I'd be willing to bet that someone that takes a bunch of gold coins to a dealership to buy a car is going to have a real hard time making the deal happen.

The face value of a 1 oz. American Gold Eagle is $50. I have no doubt a dealer would accept 600 of them in exchange for a $30K vehicle. But it'd be kind of silly to pay ~$0.75M for a $30K car.

 

If someone uses a $50 American Gold Eagle to buy $50 of anything then that only underscores my point about the fallacy of gold being "the safe store of value during economic uncertainty."

 

If someone uses a $50 American Gold Eagle to buy $50 of anything then that only underscores my point about the fallacy of gold being "the safe store of value during economic uncertainty."

In my 8th grade lunch line, the student in front of me was going to purchase his lunch with a 1921 Morgan silver dollar. I gave him a paper buck for it.

I still have that coin.

My original point was: there are forms of precious metal that are legal tender. Cryptocurrencies are not.

 

https://www.bloomberg.com/news/features/2018-09-04/the-bitcoin-boom-reaches-a-canadian-ghost-town

 

My uncle tried it a couple of months ago, at first he was earning so he put more money into it in hope of a great return but the bitcoin business suddenly shut down and he can't do anything about it.

 

http://fortune.com/2018/09/07/bitcoin-goldman-sachs-cryptocurrency-trading-fake-news/

 

http://fortune.com/2018/09/07/bitcoin-goldman-sachs-cryptocurrency-trading-fake-news/

Fake news on fake currency, sounds about right.

 

Blockchain 51% attack on Bitcoin fork.
https://www.ccn.com/fools-gold-bitcoin-fork-faces-cryptocurrency-exchange-delisting-after-51-attack/

As CCN reported at the time, the attackers managed to steal an estimated $18 million worth of BTG from multiple cryptocurrency exchanges by using rented mining rigs to accumulate a majority of the Bitcoin Gold network’s hashpower. This allowed them to execute a double spend attack, through which they rewrote recent blockchain data to reverse payments and steal funds from exchanges.

https://www.coindesk.com/blockchains-feared-51-attack-now-becoming-regular/

 

Japan hit by another cryptocurrency heist, $60 million stolen
https://www.reuters.com/article/us-...SKCN1M001K?feedType=RSS&feedName=internetNews

Hackers stole $60 million from a crypto exchange in Japan's second major bitcoin heist this year
https://www.businessinsider.in/hack...coin-heist-this-year/articleshow/65885730.cms


Some reports say there will be resignations. This happened in Japan so it is possible.

I wonder if the value of Bitcoin and other cryptocurrencies will drop.

 

I’ve always wanted to invest in cryptocurrencies, but there’s just so many coins in the market now. Do we stick with bitcoin, since it’s the pioneer of all cryptos?

 

https://techxplore.com/news/2018-11-bitcoin-energy-denmark.html

 

https://techxplore.com/news/2018-11-bitcoin-energy-denmark.html

From another link about the story.

David Malone from the Hamilton Institute at Ireland's Maynooth University says some cryptocurrency networks are seriously looking at revamping the process miners use to unlock new coins so it uses less energy.

“There’s a lot of effort going into this area,” says Malone, who published one of the earliest analyses of bitcoin’s energy footprint.

But Malone says bitcoin, the largest network and the most energy intensive in this study, is not among them.

“For bitcoin, I think the situation is actually slightly grim,” Malone said. “I think the only thing that will reduce the energy usage of bitcoin itself in the near future is likely to be a crash in value of bitcoin or something like that.”

 

https://www.bbc.com/news/technology-46150107

A Chinese headmaster has been fired after a secret stack of crypto-currency mining machines was found connected to his school's electricity supply.

Teachers at the school in Hunan became suspicious of a whirring noise that continued day and night, local media report.