Out of curiousity, down in puerto rico, was that cryptocurrency
buying any gas, water ot food?
On Nov 17, 2017 4:48 PM, "Sean Heskett" <[email protected]
<mailto:[email protected]>> wrote:
Hey Travis and gang,
Here's a really good audiobook that does a deep dive into
all things cryptocurrency. It was written by a couple of
Wall Street Journalist. The link below is to audible.com
<http://audible.com>. It answers a lot of the questions you
are asking.
********************************************************************
Hi,
I've listened to this audiobook, "The Age of
Cryptocurrency: How Bitcoin and Digital Money Are
Challenging the Global Economic Order" by Paul Vigna,
Michael J. Casey, and thought you would enjoy it, too.
It's totally free and you won't need a credit card if it is
your first time accepting an Audible book from a friend.
Get it here <http://a.co/69VdGfJ>
---------
After you accept the book, you will be prompted to download
the Audible app to start listening.
Enjoy!
-Sean
On Fri, Nov 17, 2017 at 1:43 PM, Travis Johnson
<[email protected] <mailto:[email protected]>> wrote:
Hi,
I agree with most of what you said here... however, the
original premise for BTC was that everyone was tired of
the "banks" controlling the money... and charging fees
to do so. I just really don't see how that has changed
much... I currently have 4 or 5 bank accounts, all at
different banks... and I control all of them from my
computer. I can send/receive/wire/transfer money in and
out of any of them at my own will.
Also, how is sending BTC from wallet to wallet not
free? I have sent BTC to other people without being
charged a fee... I was doing it from my own wallet on a
computer, not using a service.
For me it just doesn't make sense... I can have a
totally free bank account with an ATM/VISA card that I
can use anywhere and not have to worry about getting
hit with fees or the value of my "money" changing every
5 seconds... and it's insured and if there is an issue
(fraud, etc) the bank covers it. I get none of those
features with BTC, and I have to pay a much higher
"fee" to use it.
The current state of BTC is not how it was envisioned
when it was first created. It has become commercialized
and everyone is after their 1.5% fee. :(
Travis
On 11/17/2017 12:28 PM, Chris Wright wrote:
Many of the negative things you say here about BTC
are questions I had when I was still learning. Let
me clear some things up.
Coinbase charges for when you want to buy BTC with
fiat (USD). They have a business to run. Everyone
here knows that processing debit/ACH payments is
NOT free. Onboarding your US dollars to crypto
currency will require a gateway, and every gate
requires a gatekeeper, and every gatekeeper has
mouths to feed.
Sending BTC from wallet to wallet is not free.
Current transaction fees on Bitcoin are ~$10 USD at
the time I'm writing this. Other crypto currencies
like Ethereum are more robust in this area (~$0.30
currently). Every transaction needs to be written
to the blockchain, which requires mining time,
electricity, and processing.
Bitcoin and other cryptocurrencies are doing what
the banks have been doing for years... it's an
electronic ledger. What's a bank statement worth?
It's only a piece of printed paper or numbers on a
screen that show how much currency to which one is
entitled. It has no value in and of itself. A US
dollar bill is simply paper; its value is whatever
we all agree it is. The *big* thing
cryptocurrencies bring to the table is that your
"bank account" is no longer controlled by one
central building. Your account, or "digital wallet"
is controlled by thousands of computers, each
checking themselves against the other.
The only way someone can hijack the blockchain
would be if they controlled more than 50% of the
compute power in the mining world. Think about how
many vectors of attack from which our traditional
banks are vulnerable.
This video answered even more questions I didn't
even think to ask... I highly recommend giving it
your time.
https://www.youtube.com/watch?v=bBC-nXj3Ng4
<https://www.youtube.com/watch?v=bBC-nXj3Ng4>
Chris Wright
Network Administrator
-----Original Message-----
From: Af [mailto:[email protected]
<mailto:[email protected]>] On Behalf Of Travis
Johnson
Sent: Thursday, November 16, 2017 1:42 PM
To: [email protected] <mailto:[email protected]>
Subject: [AFMUG] BTC
Hi,
The entire idea and goal of bitcoin was to take
away the financial institutions from having
"control" and charging fees to handle money. In
exchange for no fees (sending or receiving BTC is
free), you also have no security. Once it's sent,
it's gone.
However, now the banks have just been replaced with
places like Coinbase... bitcoin "exchanges" that
charge roughly 1.5% for every buy/sell
transaction... and they take 7-10 business days to
convert btc to cash or visa versa.
I don't see how this is a long term thing? Once all
the "mining" is being done by huge datacenters (for
another 3-4 years is all), then I don't see it
becoming the new money standard like everyone
thinks. You will still have to pay fees, and
someone else is still in control of your money. :(
Travis
