Private Money!

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JasonL
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Re: Private Money!

Post by JasonL » 02 Aug 2017, 11:29

Oh I thought the fork was BtC classic supported by miners who get paid and the post segwit thing that I thought was BCC. I didn't know / think there was a post split BtC that used segwit other than BCC.

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Warren
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Re: Private Money!

Post by Warren » 02 Aug 2017, 12:36

JasonL wrote:
02 Aug 2017, 11:29
Oh I thought the fork was BtC classic supported by miners who get paid and the post segwit thing that I thought was BCC. I didn't know / think there was a post split BtC that used segwit other than BCC.
I've only been reading up for the past week and only articles 2k words or less and YouTubes 10 min or less. But at I understand it, a soft fork (BIP66?) was put in some time ago and adopting the soft fork meant you were on board with the segwit hardfork and 100% of the miners indicated they were on board. Then someone said that when the hard fork went active they'd implement BCC, which I'm not sure what that is, but it's an alternative to segwit.

So I'm pretty sure segwit is part of BtC now.
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Dangerman
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Re: Private Money!

Post by Dangerman » 02 Aug 2017, 13:38

What happened to BitCoin Classic? Wasn't that the first fork?

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dbcooper
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Re: Private Money!

Post by dbcooper » 02 Aug 2017, 14:56

JasonL wrote:
02 Aug 2017, 11:10
Is there any support for BCC blockchain mining or could a volume of transactions create liquidity crisis because no back end support?
Mining:

http://blockdozer.com/insight/block/000 ... 36191a5eec

https://news.ycombinator.com/item?id=14903873
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dbcooper
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Re: Private Money!

Post by dbcooper » 02 Aug 2017, 15:12

Slip inside a sleeping bag.

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Mo
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Re: Private Money!

Post by Mo » 02 Aug 2017, 15:53

For what? They pretty clearly told all of their customers well in advance.
his voice is so soothing, but why do conspiracy nuts always sound like Batman and Robin solving one of Riddler's puzzles out loud? - fod

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Re: Private Money!

Post by Warren » 02 Aug 2017, 16:05

Mo wrote:
02 Aug 2017, 15:53
For what? They pretty clearly told all of their customers well in advance.
True. As I understand it, they're saying it's like if a stock split and they didn't disperse the new shares. Don't know how far they'll get with that.
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Warren
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Re: Private Money!

Post by Warren » 02 Aug 2017, 16:06

So, I figured out how to get my BitCoins Cash.
Still haven't found an exchange to sell them on.
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D.A. Ridgely
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Re: Private Money!

Post by D.A. Ridgely » 02 Aug 2017, 16:11

So, does all this mean my nearly $60 invested in BitCoins is at risk? Should I panic and sell? Does this mean the kids won't get to go to college and I'll never be able to retire? Oh, wait.... Nevermind.

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JasonL
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Re: Private Money!

Post by JasonL » 02 Aug 2017, 16:17

Seems like if coinbase gets caught retaining the value of customer BCC there could be an interesting discussion. Like say they just had a side accounting system that held customer BCC and they started converting it into cash on other exchanges. That would not be great.

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Re: Private Money!

Post by Warren » 02 Aug 2017, 16:58

JasonL wrote:
02 Aug 2017, 16:17
Seems like if coinbase gets caught retaining the value of customer BCC there could be an interesting discussion. Like say they just had a side accounting system that held customer BCC and they started converting it into cash on other exchanges. That would not be great.
But you'd have to show that they did that. Since Coinbase controls the keys, I think it might be possible to sever the link between the BCCs and their Customer's BtCs.
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dbcooper
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Re: Private Money!

Post by dbcooper » 02 Aug 2017, 17:32

Matt Levine on BCC arbitrage games:

https://www.bloomberg.com/view/articles ... y-bitcoins
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Re: Private Money!

Post by Warren » 02 Aug 2017, 17:45

dbcooper wrote:
02 Aug 2017, 17:32
Matt Levine on BCC arbitrage games:

https://www.bloomberg.com/view/articles ... y-bitcoins
RTFA
Yeah, short selling. Short selling is IMHO necessary for institutional exchanges, but it's fraught with peril. If you're going to allow short selling on your exchange, you'd better have a your accounting ducks in a row. Bitfinex didn't and they got bit.

None of the exchanges I've dealt with allowed short selling. One of them had plans to implement margin trading but never did.
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Re: Private Money!

Post by Warren » 03 Aug 2017, 20:09

Just got an email from Coinbase.
Dear Coinbase customer,

We wanted to give our customers an update on the recent Bitcoin hard fork. You can read more about what a digital currency fork is here.

Forks enable innovation and improvements to digital currency and we believe that we will see an increasing number of forks in the future. We expect this to be a vibrant and innovative community.

When a digital currency forks, it creates a new digital asset. Adding new digital assets to Coinbase must be approached with caution. Not every asset is immediately safe to add to Coinbase from a technical stability, security, or compliance point of view.

Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital asset we support remains safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we’ve invested significant time and care into supporting it securely. We believe this is the best approach for us to maintain customer trust.

In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:
  1. Both bitcoin and bitcoin cash remain safely stored on Coinbase.
  2. Customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.
  3. We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.

Once supported, customers will be able to withdraw bitcoin cash. We'll make a determination at a later date about adding trading support. In the meantime, customer bitcoin cash will remain safely stored on Coinbase.

Thank you,

Coinbase Team
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Warren
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Re: Private Money!

Post by Warren » 04 Aug 2017, 10:45

This blows.
It took me a day to claim my BCC. It took another day to get an account set up on an exchanged that handled BCC. It took another day to move some BCC into that account.
And now that I converted some BCC to BTC I can't get them off the exchange. There's suppose to be an "authorizing email" for the withdrawal, but nothing is showing up in my inbox.
Every hour that goes by my BCC gets closer to zero. Fucking Fucks.
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Dangerman
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Re: Private Money!

Post by Dangerman » 04 Aug 2017, 16:10

Trust The Blockchain!

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Warren
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Re: Private Money!

Post by Warren » 04 Aug 2017, 16:25

Dangerman wrote:
04 Aug 2017, 16:10
Trust The Blockchain!
The blockchain is solid. It's the exchanges that are pissing me off. Three different exchanges are giving three different kinds of grief.
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dbcooper
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Re: Private Money!

Post by dbcooper » 05 Aug 2017, 07:34

Slip inside a sleeping bag.

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JasonL
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Re: Private Money!

Post by JasonL » 05 Aug 2017, 08:33

Til fudding.

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Dangerman
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Re: Private Money!

Post by Dangerman » 05 Aug 2017, 11:21

It seems that not having a reputation mechanism is becoming a problem. You can't identify bad actors.

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JasonL
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Re: Private Money!

Post by JasonL » 05 Aug 2017, 19:22

Thin trading is the problem.

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Mo
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Re: Private Money!

Post by Mo » 05 Aug 2017, 21:33

Would identifying bad actors violate thick free speech norms? :twisted: :twisted: :twisted:
his voice is so soothing, but why do conspiracy nuts always sound like Batman and Robin solving one of Riddler's puzzles out loud? - fod

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Warren
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Re: Private Money!

Post by Warren » 05 Aug 2017, 22:31

Interesting. I don't buy that this represents any sort of serious problem or threat to BTC.
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dbcooper
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Re: Private Money!

Post by dbcooper » 05 Aug 2017, 22:34

Warren wrote:
05 Aug 2017, 22:31
Interesting. I don't buy that this represents any sort of serious problem or threat to BTC.
I suspect that it's a problem with Bitfinex rather than the BTC market as a whole.
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Re: Private Money!

Post by Warren » 05 Aug 2017, 22:40

dbcooper wrote:
05 Aug 2017, 22:34
Warren wrote:
05 Aug 2017, 22:31
Interesting. I don't buy that this represents any sort of serious problem or threat to BTC.
I suspect that it's a problem with Bitfinex rather than the BTC market as a whole.
Wouldn't doubt it. Those fuckers stole a BCC off me. Been trying to find someplace to sell my BCC. I transferred 1 BCC to Bitfinex which was confirmed yesterday and still doesn't show in my account.

UPDATE
My BCC showed up. I traded it for BTC and sold that for nearly 200 USD. W00T!

I'm staying at my parents for the next few days. The BCC network seems to be really slow, and the exchanges are requiring a ridiculous number of confirmations. It'll probably be a week before I get any more BCC where I can sell them. If the price gets below $100 per, I'll probably just hold onto them and see what happens.
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