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Old 08-03-2016, 12:47 PM
 
Location: Philadelphia, Pennsylvania
4,370 posts, read 5,142,420 times
Reputation: 3896

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As someone who invest in cryto, you're not telling me anything that I don't know. This was not an issue with bitcoin, but an exchange called BitFinex. This exchange has been hacked before, so the fact people still kept money in this exchange is just stupdity on the part of the investor.


The hack came from bitcoin's hot wallet, which is what's used on exchanges. But due to exploits with multisig wallets, the hacker was able to take advantage. This was just stupidity on the behalf of the exchange. They should have held people's money in cold wallets, and then when people requested their with drags, they could write code for this.

Poloniex, which is the biggest exchange has NEVER been hacked. I wonder why? Oh yeah, a competent security team goes a long way.
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Old 08-03-2016, 01:12 PM
 
8,881 posts, read 3,932,252 times
Reputation: 1720
Quote:
Originally Posted by branh0913 View Post
As someone who invest in cryto, you're not telling me anything that I don't know. This was not an issue with bitcoin, but an exchange called BitFinex. This exchange has been hacked before, so the fact people still kept money in this exchange is just stupdity on the part of the investor.


The hack came from bitcoin's hot wallet, which is what's used on exchanges. But due to exploits with multisig wallets, the hacker was able to take advantage. This was just stupidity on the behalf of the exchange. They should have held people's money in cold wallets, and then when people requested their with drags, they could write code for this.

Poloniex, which is the biggest exchange has NEVER been hacked. I wonder why? Oh yeah, a competent security team goes a long way.
When the FDIC insures my bitcoins, then I'll bite.

(lol)
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Old 08-03-2016, 01:15 PM
 
Location: Philadelphia, Pennsylvania
4,370 posts, read 5,142,420 times
Reputation: 3896
Quote:
Originally Posted by Hoonose View Post
When the FDIC insures my bitcoins, then I'll bite.

(lol)
People giving up freedom for security is why our financial system is in such disarray. The funniest thing, the most over regulated industry in the entire economy is finance. Yet so many financial scams have happened right under the nose of regulators. The bottomline, you money is no more safe in a FDIC insured bank, but they give you illusion that it is.
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Old 08-03-2016, 01:43 PM
 
8,881 posts, read 3,932,252 times
Reputation: 1720
Quote:
Originally Posted by branh0913 View Post
People giving up freedom for security is why our financial system is in such disarray. The funniest thing, the most over regulated industry in the entire economy is finance. Yet so many financial scams have happened right under the nose of regulators. The bottomline, you money is no more safe in a FDIC insured bank, but they give you illusion that it is.
As long as you have no more than $250K per account, you are absolutely insured.
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Old 08-03-2016, 01:50 PM
 
Location: The ends DO NOT justify the means!!!
4,783 posts, read 3,166,348 times
Reputation: 1335
Quote:
Originally Posted by branh0913 View Post
People giving up freedom for security is why our financial system is in such disarray. The funniest thing, the most over regulated industry in the entire economy is finance. Yet so many financial scams have happened right under the nose of regulators. The bottomline, you money is no more safe in a FDIC insured bank, but they give you illusion that it is.
"FDIC" insures nothing. The people insure themselves. If "banks" lose money, the people give them their money to reward them. It is like paying yourself back if you are robbed
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Old 08-03-2016, 08:30 PM
 
Location: Right here; Right now
8,750 posts, read 4,437,902 times
Reputation: 1404
Quote:
Originally Posted by irspow View Post
If you read through the entire thread, you know that I agree with you for the most part. My only bone with this post is that you say that the International Central Banking Families are not the problem.

They have written the "laws" which grants them a monopoly over a single "legal tender". People are forced to be their perpetual slaves if they wish to engage in the market in any way.

They have written the "laws" which grant them a monopoly on "money" creation both physical and virtual, and the many fold "debt" and usury accompanied by that "creation". They have also written the "laws" which legally decreed the human beings perpetual living collateral for that fictional "debt" for their non-service scam.

They have written the "laws" which have effectively transformed the human population into their personal slave race...

But I certainly agree with you that "money" is the foundation problem behind it. "Money" is, always has been, and always will be, simply a tool of exploitation. It is an absurdity to "legitimize" exploitation in place of actual human exchanges. "Exchange" literally meaning trading equal amounts.

In this way, we can say "profit", is indeed nothing more than a substitute term for exploitation.

And I will agree with you, that "money" is not necessary in any way for man to make exchanges with his fellow man or to survive. Despite the peddler's "justifications" for their methods of exploitation. Money, in the end, simply allows those who control and create money to confiscate the assets of everyone who uses it without every having to offer anything, create anything, or produce anything in exchange. "Money" is a scam of parasites.

However, the slaves have been so brainwashed by their masters, they cannot even fathom a world without wearing the shackles of "money". That is why I mentioned a labor/time currency alternative.

One of the largest supposed needs of money is for third party "trades" and "conversion" of unlike goods and services to be "traded" into an easily transported and divisible medium of exchange. Time/labor units fit that duty.

The true problem with those units is that people don't want to make actual exchanges with their fellow man, they only want to maximize their exploitation of their fellow man. They don't wish to "trade" anything, they wish to extract more from others than they are willing to offer themselves. That is the hurdle for a "currency" like time/labor units.

Because of the immoral "virtue" of profit and exploitation that is held religiously by people now, they would find actual exchanges as abhorrent.

All the while they would still be complaining that they are "worth" more than other human beings. That their lives are "worth" more than the lives of other human beings. That they "deserve" to get more in return than they have offered to others.

Those who didn't have "money" had it right. We are more like predatory animals than human beings...
A most excellent response. All that you say is right on the money.

I apologize for not having more to contribute ...
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