Cryptocurrency

Cryptocurrency

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This is a discussion on Cryptocurrency within the Science and Technology forums, part of the Topics of Interest category; Help me explain what is Cryptocurrency, Bitcoin, Etherium, Blockchain In a simpleway....

  1. #1

    Cryptocurrency

    Help me explain what is Cryptocurrency, Bitcoin, Etherium, Blockchain In a simpleway.



  2. #2

    Bullshit, that's as simple as it gets

  3. #3

    Look up Tulipmania.

    It's a pile of hogwash.

    Almost all Crypto is following the exact same trend as the original Tulipmania. I just saw a series of graphs that have shown that all cryptos are in free fall. Don't fall for the bullshit. If you want to invest, stick with regulated stocks, bonds, mutual funds, real estate.

    Stay away from the unregulated bullshit because that's all it is.
    Rebelgoatalliance and HAL thanked this post.

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  5. #4

    The easiest way to describe cryptocurrancy? Basically trying to legitimize monopoly money by backing it with real money and pretending it has value. Combine that with a similar premise to Elf: if you believe in it, it's "real," but when the majority believes it's fake, it begins to cease to exist.
    Rebelgoatalliance and HAL thanked this post.

  6. #5

    This is Ethereum.



    Here's Ripple:



    Bitcoin:



    Dash:



    Litecoin:




    Stay away. Crypto is for people who have enough money to dabble in the market and short-sell making money off of the idiots who only see the small picture and invest looking at the big numbers. It sucks in the gambling addicts while the big players continue to profit.

    This is a dozen times worse than the stock market in every sense of the world.

    If you're some average joe who makes 18-100k a year, stay the fuck away from it.
    HAL, Dare and saijana thanked this post.

  7. #6

    Dark Web: Bitcoin Alternatives

    Dark Web News: Dark Web Users Abandon Bitcoin for Other Cryptocurrency

    According to recent reports, dark web users are dropping Bitcoin for new and emerging cryptocurrencies that are more difficult for authorities to track.

    Despite it being quite tricky to trace and pin down actual criminal activities associated with digital currencies, there has been a substantial decline in the number of illegal transactions that involve Bitcoin.

    What’s more, dark web users are increasingly monitoring other digital currencies such as Ethereum and Monero. What many users are learning about the reliance of Bitcoin to carry out transactions is that it’s as safe as it is risky.

    Bitcoin operates on an exclusive public record known as the blockchain, where all the transactions are available online.

    To get payments, one needs an address (public) but unfortunately for the users, this is how intelligence agencies can monitor how the funds are moving to addresses provided by hackers.

    This way, they can arrest criminals while they’re attempting to withdraw through several more regulated platforms like banks or exchanges.

    Over the last few years, there has been a splurge of new cryptocurrencies in addition to Bitcoin. These digital currencies have cropped up from the necessity for added privacy.

    As opposed to Bitcoin’s now-vulnerable open transaction public record, the underlying Monero technology conceals the identities of the senders and receivers, not to mention the amount.

    Given the relative stability of Ethereum and Monero over the course of last year, perhaps 2018 will see even more dark web users flocking to these alternative cryptocurrencies in the place of Bitcoin.

    Just recently, CoinMarketCap’s Monero charts recorded a massive high of $400 in value, which is already a spike for the first week of 2018.

    According to recent reports, dark web users are dropping Bitcoin for new and emerging cryptocurrencies that are more difficult for authorities to track.

    Data indicates that Ethereum (also a relatively new cryptocurrency) has become a preferred option for cybercriminals. Ethereum has gone up approximately 4,300 percent amid a flurry of Initial Coin Offerings, which brought in around $1.8 billion within the last few years.

    According to 2017 data, hackers raised an approximate $225 million in Ethereum funds.

    Phishing attacks, a type of messaging that lures unsuspecting individuals to disclose personal information, represents over half of recent total revenue courtesy of Ethereum cybercrimes (about $115 million).

    The European Union law enforcement authority Europol has since noted that the dark web would subsequently identify alternative options to escape financial detection.

    In their report, they indicate they have observed a trend where “other cryptocurrencies” like Ethereum, Zcash and Monero are continually gaining popularity in the dark web.

    Online scammers and many phishing hackers are in recent times demanding ransom in the form of digital currencies such as Monero.

    In one of the most recent prominent cyberattacks, a number of WordPress sites were targeted in a Monero crypto mining campaign.

    According to industry experts and analysts, Monero is quickly becoming a preferred revenue source for cybercriminals.

    As aforementioned, this is mainly because unlike its counterpart Bitcoin, Monero is virtually untraceable since it does not operate by using a public ledger where transactions can be accessed and consequently traced back to the involved parties.

    This eradicates the chance of transaction verification for criminal activity.

    Zcash is yet another alternative to consider, although it is yet to make a significant mark on the dark web as compared to Ethereum and Monero.

    That said, reports still indicate that Bitcoin remains a favorite for numerous dark web users because of its more extensive use which makes it easier to convert it into standard currency devoid of any intermediary.

    What’s more, the sharp recent Bitcoin gains have also not gone unnoticed. In fact, they have made Bitcoin even more lucrative for cybercriminals as witnessed by recent high-profile incidents like WannaCry.

    Bitcoin simply introduced a scenario where people can easily bypass money mules. Nonetheless, while Bitcoin initially represented anonymity, recent occurrences have gone to show that it may not be that anonymous — hence the new trend. (S)

    https://blockchain.info/
    Other Important Cryptocurrencies

  8. #7

    Basically it's gambling and is also causing a climate crisis. The tech that underlies it is pretty interesting because blockchain solves the "double spending" problem. The distributed ledger makes it such that you can exchange money on the Internet without a third party (eg paypal).

    Bascially they are all currencies based on blockchain tech. Ethereum has a currency but, unlike bitcoin, actually offers a product -- smart contracts.

    If you have any more specific technical questions about how these work I can answer them.

    I don't endorse any of the cryptocurrencies.

  9. #8

    A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.

    Bitcoin is the first ever cryptocurrency invented and remains by far the most sought after cryptocurrency to date. Bitcoin is known as the digital gold standard in the cryptocurrency network.

    You can also read more [link removed]here about this question.
    Last edited by ScaryMary; 07-23-2018 at 08:46 AM. Reason: Link removed

  10. #9

    Quote Originally Posted by 7teen4ever View Post
    Blockchain In a simpleway.
    Blockchain use cases:
    - cryptography
    - cryptocurrency
    - automated contract verification ("smart contracts")
    - distributed ledger
    - online voting

  11. #10

    Another New World Order implementation.


     
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