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| Crypto currency - bitcoin - Genesis Technologies, what is the deal going to be? (Page 1/2) |
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2.5
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FEB 12, 10:00 AM
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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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FEB 12, 12:02 PM
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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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FEB 12, 12:26 PM
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| 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.
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Biden's stationary has the same seal and he's worthless.
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theogre
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FEB 12, 05:42 PM
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| 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. |
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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.------------------
Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should.
(Jurassic Park)
The Ogre's Fiero Cave
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randye
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FEB 12, 08:25 PM
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| 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.
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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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FEB 13, 08:08 AM
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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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FEB 13, 12:12 PM
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| quote | Originally posted by maryjane:
I guess my 200 strips of GPL is almost worthless now.......... |
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Well, Hello there... 
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sourmash
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FEB 13, 12:55 PM
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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? )
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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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FEB 13, 03:43 PM
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| 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. |
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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. |
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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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FEB 13, 06:05 PM
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| quote | Originally posted by maryjane:
(Oh, was I being rude and supposed to wait to be invited into this conversation? )
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Anyone is always invited to my theads 
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