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Old January 13th, 2019 #61
Emily Henderson
Intellijintly Dezined
Join Date: Jul 2016
Location: Pre-Rapture, USA ⚛️
Posts: 3,871
Emily Henderson
Default Interesting Comparison

One thing I know with re to the bill they passed in Australia: it affects crypto holders all over the globe right now, with re to security.

That's because it allows the tech companies to enable encryption backdoors on their devices and apps, and it allows agencies who operate 'in the shadows' to install key-loggers, spying software, etc. to do 'routine operating system updates'. So it affects all users of mobile technologies who might engage them.

This is a disparaging article re Bitcoin, but it makes an important point, correctness to be determined by the reader's noggin:

"To work as intended, the bitcoin system requires atomistic competition on the part of the miners who validate transactions blocks in their search for newly minted bitcoins. However, the mining industry is characterized by large economies of scale.

Indeed, these economies of scale are*so*large that the industry is a natural monopoly. The problem is that atomistic competition and a natural monopoly are inconsistent: the built-in centralization tendencies of the*natural*monopoly mean that mining firms will become bigger and bigger – and eventually produce an*actual*monopoly unless the system collapses before then.

The implication is that the bitcoin system is not sustainable. Since what cannot go on will stop, one must conclude that the bitcoin system will inevitably collapse. The only question is when."


^^But what I'm seeing with the new coins is they are mostly scams that claim to have surpassed Bitcoin in speed and what-not.

Example might be Apollo, it makes this claim but look up their CEO. He had a Kickstarter campaign to look for lizards in the Congo.

He got $29K and allegedly never went, no lizards, and no refund.

He's a zoology expert....now a Crypto expert.

So which thing will actually surpass Bitcoin, if any? That is one thing to recognize might happen, while in the meantime it has not worked out that way for any of them.

If you're going to buy Bitcoin at all, it's good to follow certain do's and don'ts, like not buying it with gift cards and not trading it for cash with a corporate supplier--there is no such thing as 100% safe.

IMO this is the simplest way if someone just wants to buy some and hang on to it:

Use Bonpay.

Buy Bitcoin with bank account wire transfer. In around 3 days it'll be received and they'll hold it for 30, and you convert your $ to BTC.


Crypto ATMs can and have been scams, as the article states. I know there was a legit one in Austin at Brave New Books, and there's one in Saskatchewan that is real, lol. I'm sure those aren't the only options. Look them up and see how long they've been there.
"Inquiry and doubt are essential checks against deception."--Richard Carrier