Explain Bitcoin Please

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xCon

Social climber
909
Jun 14, 2018 - 07:19am PT
Bitcoin’s Price Was Artificially Inflated Last Year, Researchers Say

SAN FRANCISCO — A concentrated campaign of price manipulation may have accounted for at least half of the increase in the price of Bitcoin and other big cryptocurrencies last year, according to a paper released on Wednesday by an academic with a history of spotting fraud in financial markets.
The paper by John Griffin, a finance professor at the University of Texas, and Amin Shams, a graduate student, is likely to stoke a debate about how much of Bitcoin’s skyrocketing gain last year was caused by the covert actions of a few big players, rather than real demand from investors.

https://www.nytimes.com/2018/06/13/technology/bitcoin-price-manipulation.html

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066
High Fructose Corn Spirit

Gym climber
Sep 15, 2018 - 09:43pm PT
Here's a really insightful discussion on cryptocurrency, bitcoin and digital financial services, or so I thought, between Sean Carroll (Caltech) and Neha Narula (MIT). She's so clear. I wish somehow I could've heard this very same talk back in 2013 or so.

https://www.preposterousuniverse.com/podcast/2018/09/10/episode-13-neha-narula-on-blockchain-cryptocurrency-and-the-future-of-the-internet/

One reason among others I wanted to listen to this was for more discussion on money as a "made-up" convention/invention we trust in (Harari's "fiction" or "story" we believe in). Thought one or two here might enjoy for any of several reasons. What a charming, pleasant voice she's got too.

I'm willing to bet cryptocurrency acquires a better name - digital something or other, perhaps - as this evolutionary development continues. We'll see.
High Fructose Corn Spirit

Gym climber
Sep 18, 2018 - 06:04pm PT
The Blockchain: Boon for Bankers - or Tool for Tyrants?

https://www.wired.com/story/wired25-joi-ito-neha-narula-blockchain-banks/?mbid=social_twitter

"It took a while before the internet was ready for prime time. Blockchain is also not ready for prime time and needs a lot more work. And that work needs to happen without pressure from the established financial industry to conform to its own narrow goals."

Neha Narula, director of the Media Lab’s Digital Currency Initiative
Reilly

Mountain climber
The Other Monrovia- CA
Oct 10, 2018 - 09:07am PT
Teuters:

Cryptocurrency theft hits nearly $1 billion in first nine months: report

Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) - Theft of cryptocurrencies through hacking of exchanges and trading platforms soared to $927 million in the first nine months of the year, up nearly 250 percent from the level seen in 2017, according to a report from U.S.-based cyber security firm CipherTrace released on Wednesday.

The report, which looks at criminal activity and money laundering in the digital currency market, also showed a steadily growing number of smaller thefts in the $20-60 million range, totaling $173 million in the third quarter.

Digital currencies stolen from exchanges in 2017 totaled just $266 million, according to a previous report from CipherTrace.

Bitcoin’s popularity and the emergence of more than 1,600 other digital coins or tokens have drawn more hackers into the cryptocurrency space, expanding opportunities for crime and fraud.

“The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws,” Dave Jevans, chief executive officer of CipherTrace, told Reuters in an interview.

Jevans is also the chairman of the Anti-Phishing Working Group, a global organization that aims to help solve cyber crime.

He said there are likely 50 percent more criminal transactions than those that were traced for this report. For instance, CipherTrace is aware of more than $60 million in cryptocurrency that was stolen but not reported.


The data also showed that the world’s top cryptocurrency exchanges from countries with weak anti-money laundering regulations (AML) have been used to launder $2.5 billion worth of bitcoins since 2009. The top 20 virtual currency exchanges in terms of volume were analyzed for the report.

The CipherTrace report declined to name those exchanges.

These money-laundered funds represent transactions that CipherTrace was able to directly monitor and designate as criminal or highly suspect.

In estimating the $2.5 billion, CipherTrace looked at about 350 million transactions from the 20 exchanges and found 100 million of those with counterparties. From there, the firm was able to cross-check the 100 million transactions with its own data on criminal activity.

At the same time, these exchanges have also been used to purchase 236,979 bitcoins worth of criminal services, equivalent to approximately $1.5 billion at current prices, the report showed.

“All exchanges get these money-laundered funds. You really can’t stop them,” said Jevans.

“And here’s the reason why. We learn about the criminal stuff often times after it actually happened. So there’s no way to know in real time. You can know 80-90 percent of the time, but it’s impossible to know 100 percent,” he added.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrea Ricci

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Yeah, Bitcoin is da bomb!

xCon

Social climber
909
Oct 10, 2018 - 04:39pm PT
what percent of their total does this billion amount to?
looks easy from here

climber
Santa Cruzish
Oct 10, 2018 - 11:14pm PT
About 1%.
xCon

Social climber
909
Oct 11, 2018 - 05:31am PT
ive read that the credit card industry accepts a 3% loss to fraud yearly...

came across this figure in electronic voting research which said that's the best any voting system could every hope to achieve and that's terrible
Dingus Milktoast

Trad climber
Minister of Moderation, Fatcrackistan
Oct 11, 2018 - 07:41am PT
ive read that the credit card industry accepts a 3% loss to fraud yearly...

If by accept you mean they adjust the interest rates they charge to consumers and card merchants to absorb that loss, well, yeah, sure.

DMT
Jon Beck

Trad climber
Oceanside
Oct 11, 2018 - 07:48am PT
Despite losses from delinquent accounts and fraud, credit cards are highly profitable, returning 4%. Retail banking returns 1.4%. Retail banking is like selling gas, the real money is in the mini-mart junk fod and drink. In banking the real money is in the "junk" (credit cards and other products)
Dingus Milktoast

Trad climber
Minister of Moderation, Fatcrackistan
Oct 11, 2018 - 07:52am PT
If someone gets ahold of your credit card info and creates fraudulent charges on your account, you have legal protections and recourse to correct the situation.

When someone raids your black market bitcoin exchange who you gonna call?

DMT
Reilly

Mountain climber
The Other Monrovia- CA
Oct 11, 2018 - 08:19am PT
That $927 million in stolen cryptos is actually closer to 4% of cryptos’ market cap. That ain’t chopped liver and I rather doubt that 3% credit card loss figure that was tossed out as credit card companies do a much better job these days of stopping suspected fraudulent payments. With so much business being online now ‘stuff’ doesn’t go out the door before the dirty deed gets found out.
Banks

Trad climber
Santa Monica, CA
Oct 11, 2018 - 02:50pm PT
The current market cap of cryptos is 200 Billion, so that 927 million dollar figure represents .5%, not 4%.

Very simple solution to the theft problem......Don't leave your bitcoin/crypto on sketchy exchanges! And if you really really need to keep some on an exchange, use a U.S. based one.
Jon Beck

Trad climber
Oceanside
Oct 11, 2018 - 03:54pm PT
With so much business being online now ‘stuff’ doesn’t go out the door before the dirty deed gets found out.

and the credit card companies delay payment to give themselves time to figure out if a transaction is fraudulent. My credit card is constantly asking me to verify transactions.
xCon

Social climber
909
Oct 12, 2018 - 05:42am PT
they push a lot of Metamucil adds at you?
Reilly

Mountain climber
The Other Monrovia- CA
Oct 12, 2018 - 08:46am PT
Banks, thank you. That’s why I’m typing this in the sponging-house.
Basic math does lay me by the lee at times. 🤡

Jon, yes, our card has an app which notifies us of every charge within seconds. It does make it hard to surprise the wifey. On the other hand just a few weeks ago we were able to deny payment to some trendy online boutique in Spain.

ps
And for those that think cryptos are significant compare the total market cap of all cryptos,
currently in low $200 billion range, to the daily FOREX volume of $5 TRILLION!!!
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