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Crypto currency - bitcoin - Genesis Technologies, what is the deal going to be? by 2.5
Started on: 02-12-2021 10:00 AM
Replies: 14 (190 views)
Last post by: sourmash on 02-17-2021 09:08 AM
2.5
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Report this Post02-12-2021 10:00 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
They get to some points around the 2:30 min mark.
This was in 2018,Crypto currency was usable and able to convert to real cash, or trade for gold.

It seems like crypto currency is the money of the future.
Isnt it technically virtual money, with nothing to back it up?
Not that the dollar has that much backing it up either.


"How can we disrupt the industry" he said

What do you think about the whole deal?

[This message has been edited by 2.5 (edited 02-12-2021).]

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Jake_Dragon
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Report this Post02-12-2021 12:02 PM Click Here to See the Profile for Jake_DragonSend a Private Message to Jake_DragonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Well the money in my pocket has the seal of the USA on it and is a guarantee that it has some value.
The money in my bank is just a number in a database somewhere, the bank should have the same amount of paper funds somewhere but we have to take their word for it.
I use to walk into my bank and ask them to withdraw $20000 to see what the response was. After the questions I was always told that it would take 3 days for them to request that much cash.
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williegoat
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Report this Post02-12-2021 12:26 PM Click Here to See the Profile for williegoatClick Here to visit williegoat's HomePageSend a Private Message to williegoatEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Jake_Dragon:

Well the money in my pocket has the seal of the USA on it and is a guarantee that it has some value.

Biden's stationary has the same seal and he's worthless.
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theogre
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Report this Post02-12-2021 05:42 PM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Jake_Dragon:
Well the money in my pocket has the seal of the USA on it and is a guarantee that it has some value.
The money in my bank is just a number in a database somewhere, the bank should have the same amount of paper funds somewhere but we have to take their word for it.
I use to walk into my bank and ask them to withdraw $20000 to see what the response was. After the questions I was always told that it would take 3 days for them to request that much cash.
Because that amount would require the bank to file w/ Feds under Money Laundering Rules and likely will be tracked by SN on every bill.
$10,000 cash check or whatever starts this officially but any big amount should see similar problems under Anti Fraud from bank and more.

If you Deposit high amounts can or will trigger same but maybe weeks to months to bounce a "Nigerian Check" and other scams and leave you holding a huge bag if you took out that money in the mean time.

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randye
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Report this Post02-12-2021 08:25 PM Click Here to See the Profile for randyeClick Here to visit randye's HomePageClick Here to Email randyeSend a Private Message to randyeEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by theogre:

If you Deposit high amounts can or will trigger same but maybe weeks to months to bounce a "Nigerian Check" and other scams and leave you holding a huge bag if you took out that money in the mean time.



NONSENSE

There are virtually no federally charted banks that follow the UCC in the United States that will post the funds from a check or a wire transfer to anyone's account for their access until the funds clear from the issuer.

Additionally, deposits of "high amounts" are flagged for federal notification ONLY if they are made in cash, or if the account holder is under surveillance pursuant to a federal court order.

[This message has been edited by randye (edited 02-13-2021).]

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maryjane
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Report this Post02-13-2021 08:08 AM Click Here to See the Profile for maryjaneSend a Private Message to maryjaneEdit/Delete MessageReply w/QuoteDirect Link to This Post
I guess my 200 strips of GPL is almost worthless now..........
(Oh, was I being rude and supposed to wait to be invited into this conversation? )

[This message has been edited by maryjane (edited 02-13-2021).]

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TheDigitalAlchemist
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Report this Post02-13-2021 12:12 PM Click Here to See the Profile for TheDigitalAlchemistClick Here to visit TheDigitalAlchemist's HomePageClick Here to Email TheDigitalAlchemistSend a Private Message to TheDigitalAlchemistEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by maryjane:

I guess my 200 strips of GPL is almost worthless now..........


Well, Hello there...
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sourmash
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Report this Post02-13-2021 12:55 PM Click Here to See the Profile for sourmashClick Here to Email sourmashSend a Private Message to sourmashEdit/Delete MessageReply w/QuoteDirect Link to This Post
If 51 % of the miners of bitcoin decide one day to sabotage it, they can. China is said to mine a significant amount of bitcoin (up to 85% accordingly 1 source) and will be introducing their own crypto some time. So, go ahead and try to time the market at your own peril. Your USD aren't a unit of wealth, at the same time.

 
quote
Originally posted by maryjane:
(Oh, was I being rude and supposed to wait to be invited into this conversation? )



Do you know another way to behave? It's univetsally understood it's not rude to participate in open conversations. Not everybody has equivalent character, if course.
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theogre
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Report this Post02-13-2021 03:43 PM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by randye:
NONSENSE

There are virtually no federally charted banks that follow the UCC in the United States that will post the funds from a check or a wire transfer to anyone's account for their access until the funds clear the issuer.

Additionally, deposits of "high amounts" are flagged for federal notification ONLY if they are made in cash, or if the account holder is under surveillance pursuant to a federal court order.
Quote from FTC link that calls your statement BS... (Ogre underline some points.) https://www.consumer.ftc.go...ort-fake-check-scams
 
quote
Fake Checks and Your Bank

By law, banks have to make deposited funds available quickly, usually within two days. When the funds are made available in your account, the bank may say the check has “cleared,” but that doesn’t mean it’s a good check. Fake checks can take weeks to be discovered and untangled. By that time, the scammer has any money you sent, and you’re stuck paying the money back to the bank.

In Short, Gone Many Decades Ago Banks would not allow check $ to be available w/o truly clearing with source bank. I work for a very Big Bank and they tell same thing and Repeatedly warn about Fake Cashier's Checks, Money Orders, etc. You can spend weeks reading about Fake Cashier's Checks alone. But you believe your myths if let's you sleep...

In just recent news, BoA proved banks can and will rollover Any privacy you think you have. Others just hind better that they got same demand by Fed likely involving FISA "Court" rubber stamping whatever FBI wants making sure they will keep their mouth shut. You only deposit or get $5,000? $7,000? $9,990? Banks can Flag or still report it to .Gov and never tell you. Not just the Amount but Account Behavior and more can be triggers for Fraud, Laundering, etc. But Again, you believe your myths if let's you sleep...

Note that "Coin Exchanges" in the US also have to meet US laws/rule including Anti-laundering laws same as every Bank and other money transfer services. Exchanges in other Countries can report any/all data to the gov like CCP or be a scam itself like McGox and others. Even w/o that, once you pay w/ Bitcoin and some others, throw out thinking that wallet and coins aren't traceable as you have shipping address and more attach to it that can be hacked sold or taken by any govrmnt.
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2.5
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Report this Post02-13-2021 06:05 PM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by maryjane:

(Oh, was I being rude and supposed to wait to be invited into this conversation? )



Anyone is always invited to my theads
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theogre
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Report this Post02-14-2021 12:11 AM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by sourmash:
If 51 % of the miners of bitcoin decide one day to sabotage it, they can. China is said to mine a significant amount of bitcoin (up to 85% accordingly 1 source) and will be introducing their own crypto some time. So, go ahead and try to time the market at your own peril. Your USD aren't a unit of wealth, at the same time.
There are old wallets that hold enough coins that could cause major problems too. Some of these wallets maybe truly lost but not others and Fed and other Govs are holding a lot of coins seize after crimes like silkroad and worse.

Value is pointless and Not a good plain for most people. More so w/ Musk and others that easily throw away Millions to Billion buying anything. Far worse issues then w/ GameStop last few weeks. Musk and others just posting one way or the other affecting any market tell many problems that market has.
I wonder how many Musk "friends" got more money shorting Tesla stock when he posted price was too high and price dropped because of that post.
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Report this Post02-14-2021 05:06 AM Click Here to See the Profile for Jake_DragonSend a Private Message to Jake_DragonEdit/Delete MessageReply w/QuoteDirect Link to This Post
I was looking at a car and the owner would only take cash.
The plan was to meet him at the court house with the cash, car and title.

Never happened.
For the record the bank had no problem giving me the cash they just didn't have that much paper money on hand at that branch.
I told them why I wanted the money, we talked to a manager and all that was said was to call in 2 days before I needed the money.

It was a very nice 1970 Camaro but they seller backed out at the last second.
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Report this Post02-17-2021 05:47 AM Click Here to See the Profile for AustralianClick Here to visit Australian's HomePageClick Here to Email AustralianSend a Private Message to AustralianEdit/Delete MessageReply w/QuoteDirect Link to This Post
I have a website with bit coin tools
http://encryptmoney.com
I also have loads of seo and website tools over my network. http://free.marketing
Huge collection of domain names http://www.domainused.com

[This message has been edited by Australian (edited 02-17-2021).]

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olejoedad
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Report this Post02-17-2021 07:43 AM Click Here to See the Profile for olejoedadClick Here to Email olejoedadSend a Private Message to olejoedadEdit/Delete MessageReply w/QuoteDirect Link to This Post
Crypto currency is the wet dream of those who would like to see the US dollar cease to be the world's reserve currency.

If that happens, Americans will be eating their pets.
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sourmash
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Report this Post02-17-2021 09:08 AM Click Here to See the Profile for sourmashClick Here to Email sourmashSend a Private Message to sourmashEdit/Delete MessageReply w/QuoteDirect Link to This Post
There is only one way the USD remains world reserve currency; the Nuclear Option.

"They" have been saying for years that it will be part of a basket of currencies used as reserve status.

With oligarchs already deleting bank accounts of dissenting voices, a crypto version is the direct path to autocratic rule.
Speak out and you get your account shut off.

autocratic adj

1. Relating to or being an autocrat.
2. Tending to impose one's will on others in an insistent or arrogant manner; domineering.

Also;
1. (Government, Politics & Diplomacy) of or relating to an absolute and unrestricted ruler
2. domineering or dictatorial.

[This message has been edited by sourmash (edited 02-17-2021).]

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