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
