It's unstable so it's not a sound investment. Electronically it's easier and safer to just use credit cards.
The one upside to it was its anonymity, but I spent a couple hours this week searrching out a way to buy some truly anonymously but no matter the transaction size, every site requires ID's even for gift card style transactions. And if you go to a bitcoin ATM, most of them require an ID for the initial transaction, and almost all of them require a phone to do SMS. I tried finding one where you could just scan a QR code of a wallet and insert cash, but no such luck.
And forget shit like localexchange, as any service that requires escrow still asks for ID.
Is there any way to truly buy bitcoin anonymously?
Bitcoin is not anonymous at all, trade it for monero.
Angel Lewis
i don't mean anonymous as in transactions, i mean anonymous as in purchase.
Monero is basically worthless.
Christopher Hall
The idea was that you'd be able to make investments without having to filter your money through a bank, but as you said it's too unstable without a proper standard to value it's worth
Caleb Gomez
It's history's first true virtual commodity, and the first commodity whose cost to produce only ever increases. What a brave new world.
I did an incident response for a small client of mine whos machines got infected by a chinese monero miner.
After I cleaned them up and patched their weblogic servers, I read through the config of the miner. Was able to log in. It had like $3000 on their wallet with a password of "x"
faggost don't know that monero has been in a race to make shit actually anonymous by implementing piss poor patches and they started being close to anonymous like 3 or 4 months ago and before that it wasn't. It's been meme to death by their mindless zealots but it has a shitton of flaws regarding the privacy part. ZCash and PIVX are better prospects right now.
they need work on the anonymous side, but believing you are safe and nobody knows what you do because Monero is fail safe is retarded at best. It's a meme, they have a faggot rallying idiots on twitter and other social media crap 24/7 to make idiots use it or believe random shit. Right now the advantages is that it's used by people selling drugs, fees are nothing, it's kind of fast since there's not a shitload of people using it, it comes almost preconfigured on most malware miners and a small group will join the circlejerk pretty much anywhere and also makes it super easy to spot who's an ignorant imbecile when you see it join said circlejerk
Gabriel Robinson
dont trust the faggots, read the whitepaper, and MRL papers on what tech it actually uses, then open the blockchain, why are u so braindead ZCash shill. off yourself
GUYS JUST IGNORE THIS THREAD IT'S ALL FUD FUD FUD FUD FUD FUD FUD
ANY CRITICISM OF CRYPTO IS JUST USELESS FUD
REMEMBER TO ALWAYS HODL EVEN IF THE PRICE CRASHES TO NOTHING BECAUSE THERE WILL BE MASS ADOPTION IN THE FUTURE ANY DAY NOW ALL CASH WILL DROP DEAD BIG BANKS BTFO
>buy some bitcoin to try it out >steals 15% of what I put in >taking it back out isn't possible without paying another 10-15% >can't convert it to eth or anything without losing huge chunks of money >can't do fucking shit with it as an actual currency >if I try to move it anywhere I get chunked >a week after I bought it the price tanked >now I'm left with 30% of my initial payment >can't even cash out >can't even buy anything
The point is that the blockchain allows two people on opposite sides of the globe to exchange 5 billion dollars safely (if done right) without the need of intermediaries like banks or institutions. Bitcoin is the first comer and has many problems but the technology behind it is here to stay.
Zachary Lopez
If you set up a vpn paid for with a mastercard gift card purchased in cash, connect to an open or broken wifi access point from a tails OS with the mac changed, etc etc. you can be anonymous up until you need to purchase bitcoin.
ATMS require ID and/or a phone number. you can't buy bitcoin with gift cards without ID, Localexchange requires ID now. A lot ofhis within the last 6 months, really.
So you need ID to buy it. And if that's the case, you likely need ID to make any sort of withdrawl.
That being the case, I'm not really clear as to the advantages of bitcoin or any e-currency. The only advantage that I originally saw was that it was anonymous. But since it can be tracked, traced, and requires ID to transfer to an actual paper currency anonymously that's widely accepted (without going through several hoops, fees, cut-outs, mixers where you generally lose 20% or more), I'm just not seeing the value in it. Maybe I'm missing a key component of this.
Did something change recently where FINCEN or something began cracking down on transactions? What's with the ID requirements?
Chase Butler
The original idea has been co-opted by normies and powerful entities looking to make a quick buck. If you're just getting into crypto now I got a bridge in New York to sell you.
Kevin Lewis
>anonymous bitcoin is 100% trackable , you can watch any transaction and every wallet . blockchain.info/
the point is to replace the retarded shit that is modern banking with something more secure , faster and that is not centralized and not controlled by corrupt people that are not accountable to anything they do with your money while charging you fees.
currency being cryptographic is inevitable , bitcoin is pushing for public free crypto as opposed to corporation\bank crypto which is what would have happened if bitcoin didnt exist .
Cooper Lee
Faggot
Camden White
If you say so. It has zero impact on me either way. I just liked the idea of being able to spend something and at most they could track it to an email address that's only tied to a vpn provider that doesn't keep logs or maybe a tor exit node. Anonymity has an appeal.
The rest of it is hippy bullshit that doesn't matter to me one way or another. The fact that you can't buy bitcoin without an ID is just proof that everyone will capitulate to whatever rules of whatever country they're in, and the corporations will be making the rules. The jews want their 30 pieces of silver, they're gonna get it.
Alexander Watson
buy monero , move it to wallet not associated with any exchange and you got anonymous money .
of course you need fucking ID on a fucking currency exchange (or atleast the reputable ones) . that dosnt have anything to do with the features of the currency itself . thanks fuck it was bitcoin and not the banks\big corporations that started crypto , or we'd be fucked even harder then we currently are .
Isaiah Sullivan
>commodity No.
Matthew Turner
They didn't ask for it before six months ago on localexchange, at ATM's, virwox or other places.
Michael Wood
But how do you just go around cracking so many accounts?
Jose Bailey
you need to give ID to do that.
Ryder Mitchell
they're probably asking for it because of local laws about currency exchanges .especially those who hold fiats cant trade with unverified people because of all kinds of illegal trading .
trading on exchanges isnt the point of money , the point is that you can pay someone for goods\services with something like monero and its near instant,anonymous, untraceable , near instant , has a minuscule fee and anyone can make a wallet whenever they want without any person's permission .
mathematics are more trustworthy then bankers .
Ayden Butler
Just hlod and you'll get a return on your investment, user!
>cryptofags unironically say this while their currency depreciates
Hudson Rivera
It's decentralized
Mason Anderson
OTC buying bitcoin is the next big meme. I believe legally omisego are trying to set these up. Bitcoin purchases on exchanges are the only thing illegal in some countries. just dont reuse your bitcoin address brainlets. No one is going to use monero except deep web people
Asher Garcia
stop using coinbase
Gabriel Powell
>New disruptive technology is 8 years old >Not yet able to entirely replace the banking institutions that were around since before America was born 242 years ago
What if you just chilled for a while, homie?
Hunter Davis
>20% of the mining goes to devs >There exists a key which can create infinite amounts of zcash >The network is completetly opaque so you could never ever tell
Fuck. No.
Zcash is fucked.
I don't believe for a second that they dropped the entire key into the flames of mount doom.
The worst Monero ever had was the algo had an exploit which made it more efficient. Everyone upgraded their algo and nothing changed. The devs have no premine and no stacks of miner fees flooding in from the entire network.
Dominic Myers
>his cryptocurrency of choice has transaction fees >he unironically enjoys using it
Lol this. It’s like judging the state of internet tech in 1980.
Hudson Adams
On what planet is well designed crypto less secure than credit cards?
Oliver Ortiz
The point of bitcoin was for the transfer of illegal goods on tor. However, normies fell for it and now its complete shit, and theyve made pedophiles and drug dealers millionaires unwittingly
Jeremiah Bell
Bitcoin and other crypto is about trustlessness and permissionlessness. No other payment methods have these properties, and they can enable a lot of cool uses.
For example. you can pay for whatever you want regardless of arbitrary restrictions placed by governments or payment processors.
Another example is that you can have an entity without personhood, for example an AI, own and use money. This is not possible with f.ex. credit cards or bank accounts as they all require a legal person to hold responsibility.
A third advantage is that it enables truly seamless international payments. Any other payment method is subject to a lot of roadblocks such as delays, restrictions and fees when paying abroad, even more so than when paying domestically. But crypto knows no borders, it is just as easy to pay someone in Bangladesh as paying your neighbor.
Colton Brown
>tfw you started a thread a literal year (12 months) ago describing Monero as the crypto of Jow Forums >get told to fuck off to Jow Forums for shilling shitcoins >suddenly Monero actually is the coin of Jow Forums I guess it's nice to know I was right all along
Justin Harris
The original creator's of monero released it as bytecoin but there was dodgy premine in it so some devs decided to fork it into monero. a couple months ago there was a exploit that leaked addresses. monero really isnt that impressive desu
Dylan Bailey
That screen shot is not yours because that's closer to $600000
Benjamin Hernandez
PhD student on blockchain here, AMA. >inb4 enjoy you worthless thesis I know it's mostly hype currently, but it doesn't mean there's no interesting problems behind it.
Pro tip, you don't need to give your ID to buy on kraken. They will ask to state your name, phone and address, but nothing that you can't fake.
So many monero shills here, I'm impressed. I don't really have a clear standpoint on monero vs Zcash. From what I've seen, there may be issues with monero actual privacy. On the other hand, I think that you can be very confident in Zcash zkSNARKs, but there is this trusted setup which is problematic.
The tech behind is legitimately shit. The founders knows it, at least to some extent. That's why they currently have the Coordinator, which completely breaks the point of a blockchain. >inb4 hurr durr it's a tangle not a blockchain. It doesn't change shit you retard, the goal is the same. And anyways having a DAG instead of a chain is great, but it has nothing to do with their issues. Without Coordinator their thing does not work, period.
Also keep in mind that I don't give the slightest fuck on financial aspects. There is absolutely no correlation between one cryptocurrency value and its technology.
Dominic Lee
It's a decentralized and trustless way to store and transfer bits. If you don't find value in that or its future prospects, then don't buy it