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Virtual currencies, Blockchain bitcoin
royco
post Posted: Sep 26 2020, 05:25 PM
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https://www.google.com/amp/s/www.bbc.com/ne...siness-54261382



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mullokintyre
post Posted: Aug 27 2020, 11:42 PM
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From Coin Telegraph
QUOTE
Major Korean crypto exchange seized after 99% trading volume allegedly faked
Police claim that wash trading and market manipulation by the owner and management team of the Coinbit exchange netted over 100 billion won.South Korea’s third-largest cryptocurrency exchange, Coinbit, has been seized by police following fraud allegations. According to an Aug. 26 report by the Seoul Shinmun, 99% of transaction volume on the exchange was faked through wash trading.

The Seoul Metropolitan Police searched and confiscated a number of properties, including Coinbit’s headquarters in the Gangnam district of Seoul.

Coinbit’s owner, Chairman Choi Mo, and his management team are accused of inflating transaction volumes and manipulating token prices using a number of ghost accounts.

Police estimate that the fraudulent activities netted over 100 billion won ($84.26 million) in total.
The Seoul Shinmun was alerted to suspected wash trading on the exchange by an insider in May. Following an investigation, it found that, between August 2019 and May 2020, 99% of transactions on Exchange 1, where major cryptocurrencies such as Bitcoin (BTC) were traded, had no corresponding deposit and withdrawal details.

In addition, it found that Exchange 2, which mainly listed smaller cryptocurrencies, blocked coin transactions with other exchanges, enabling Choi and his team to control the supply of coins. This allowed the management team to directly realize market margin by buying and selling large quantities of coins at certain times.

The publishing of the investigation findings was held back until after the police operation due to concerns about personal safety and destruction of evidence.

Wash trading on exchanges is a major problem for the cryptocurrency industry, with many legitimate traders lured into using low-liquidity exchanges based on fraudulent daily volume claims.


Just when you think that Technology has at last go the better of scammers, something like this pops up.
Sigh!
Mick




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early birds
post Posted: Aug 18 2020, 11:21 AM
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In Reply To: mullokintyre's post @ Aug 18 2020, 07:25 AM

thought i'm really good with math

but really scratched my head for a lot of these formulars Mick.
if i can really understand all that, i will be a real scientist , not a shameless market scalper !! ohmy.gif

thank you to provide this, i guess some readers might understand them. not my little brain though!!



 
early birds
post Posted: Aug 18 2020, 09:42 AM
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In Reply To: mullokintyre's post @ Aug 18 2020, 07:22 AM


Hate to disappoint you EB, but there is no reason why CB's won't keep digitally printing Virtual Currencies, just like they do now.

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i actually appreciate your educational info.

only thing that i think this thingy can safe purchasing power [or against inflation] is all these CB's main purpose not just for easier the payments.

there is nothing in this world can really stop CB to printing after Nixon GOVT. decouple the gold standards at 70s ---it's like let the genie out of bottles

by witness the bitcoin performance ............i kinda think if the digital currency that issued by MAJOR CBs it might provide some kinda inflation protection and it they have solid back ups.

i could be wrong as we never encountered these things, it's all my ' educated guess works" . smile.gif

thank you for the info Mick!!



 
mullokintyre
post Posted: Aug 18 2020, 09:40 AM
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In another first for blockchain technology, the US Postal Serice h\earlier this year filed a patent application that uses blockchain tehcnology to provide bsecurity in a postal ballot system.
From The Twittersphere

QUOTE
The "United States Postal Service" is listed as the applicant on the application.

"Voters generally wish to be able to vote for elected officials or on other issues in a manner that is convenient and secure," the application says. "Further, those holding elections wish to be able to ensure that election results have not been tampered with and that the results actually correspond to the votes that were cast. In some embodiments, a blockchain allows the tracking of the various types of necessary data in a way that is secure and allows others to easily confirm that data has not been altered."

Equally as interesting as the patent itself is the fact that the application was filed before the coronavirus had wreaked total havoc on the country and long before the idea of mail in voting was being tossed around by pundits and the mainstream media on the daily.


be interesting to see how that one turns out!.
mick



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mullokintyre
post Posted: Aug 18 2020, 07:25 AM
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Yo EB, If you are up to a bit of heavy reading, have a look at this article on bitcoin Here
As in any computer system, scalabilty is the key constraint.
Mick



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mullokintyre
post Posted: Aug 18 2020, 07:22 AM
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In Reply To: early birds's post @ Aug 18 2020, 06:34 AM

Hate to disappoint you EB, but there is no reason why CB's won't keep digitally printing Virtual Currencies, just like they do now.
There is no reason as to why there should be an upper theoretical or physical limit on the block chain technology.
The creator(s) of bitcoin, which is but one example of the use of blockchain , put a physical limit on it, but there is no reason that a new digital currency has to have that limit..
The biggest issue is going to be capacity.
For the blockchain technology to work safely and securely, there has to be a vast network of distributed computers to verify and store copies of the blockchain.
As the Blockchain technology is reliant on not being allowed to alter a blockchain unless a minimum of 51% of the computers storing the blockchain are in agreement, a secure system needs millions of computers.
As the number of transactions increase in real time, this level of computing power will increase exponentially.
Eventually, it will consume all the available electricity in the world!.
And of course there are always the hackers.Trying to get the magical 51% to agree to a change is a challenge for hackers that is just too good to pass up.
There is a group of hackers called the "51 crew" who spend their time trying to do just that.
For them to succeed needs control of 51% of the computers in the network. More computing power and electrons wasted.
Mick



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early birds
post Posted: Aug 18 2020, 06:34 AM
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The FED's digital currency and what that means for cryptocurrencies

The United States Federal Reserve announced through Governor Lael Brainard that they are conducting tests with digital currency, no commitments to adoption has been stated at this time.

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hope it can hit market soon , so people can hedge them self from endless money printing from all major central banks around world.



 
mullokintyre
post Posted: Aug 16 2020, 01:32 PM
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From Zero hedge


QUOTE
China's Commerce Ministry released new details Friday of a pilot program for the country's central bank digital currency (CBDC) to be expanded to several metropolitan areas, including Guangdong-Hong Kong-Macao Greater Bay Area, Beijing-Tianjin-Hebei region, and Yangtze River Delta region.

The Commerce Ministry is currently running pilot tests in four cities: Xiong'an New Area, Shenzhen, Suzhou, and Chengdu. The People's Bank of China (PBoC), the country's central bank, is supervising the rollout of the CBDC pilot program on a city by city basis.

China's CBDC is also known as a digital currency electronic payment (DCEP) and could become the first national digital currency. In April, the PBoC tested DCEP among government workers in Suzhou. Major state banks have also been administering large scale tests of digital wallets designed for a digital currency, or as the world will eventually find out: the digital yuan.Beijing owned China Global Television Network (CGTN) said test subjects would be able to "withdraw money, make payments, and transfer money after registering with their mobile phone number. The banks are also testing a scenario where users can transfer money without the internet."

Last week, the PBoC said it would "actively and steadily promote the research and development of the state digital currency" during the second half of the year.

The Commerce Ministry provided no details on when the extended pilot programs would begin. The ministry said the policy design of the digital currency would be achieved by the end of the year.

As for CBDCs, Steven Guinness, an independent UK economic and geopolitical analyst, provides his take on the subject:
The ideological agenda of central banks to digitise the entirety of the world's financial system and to maintain their power base is being spearheaded by the Bank for International Settlements through their Innovation Hub. Unless people begin to recognise where the manipulation and growth in the CBDC narrative is coming from, and how there is a targeted agenda to guide the world into a cashless society, global planners will in the years to come get their way," Guinness said.

Under the guise of a virus pandemic, the push to digitize money is quickly emerging.


One of the great things about being a control and command central autocracy is that it can bring in these sorts of social and financial changes (or experiments), without any opposition, whether it is warranted or not.

Mick




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mullokintyre
post Posted: Jul 17 2020, 09:08 AM
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Is high frequency trading killing Bitcoin??
From Cointelegraph


QUOTE
The Bitcoin (BTC) market has been quiet lately. A little too quiet.

As of Tuesday Bitcoin’s volatility levels had dropped to levels unseen since 2017. In recent weeks, Bitcoin has fallen behind as investors piled into altcoins such as Chainlink (LINK) and Cardano (ADA) .

One possible explanation for Bitcoin’s consolidation may be an increased presence of high-frequency trading (HFT) firms in crypto in recent months. Speaking to Cointelegraph, Paolo Ardoino, CTO of Bitfinex explained that he believes HFT is a major reason behind Bitcoin’s low volatility. In crypto, we are back to the old days of HFT before it became the zero-sum game that it has become today. In crypto HFT firms can make a lot of money deploying relatively straightforward plays, such as cross-exchange arbitrage and exploiting the spread between one exchange and another.”

HFT is a trading method that uses algorithms to transact a large number of orders in fractions of a second. It has existed in the cryptocurrency space for a long time. But just as billionaire Paul Tudor Jones revealed his Bitcoin holdings recently, other institutional investors are increasingly joining the market. This may explain the greater use of HFT.

Bitfinex, which claims to be “huge for HFT in crypto”, recently revealed that between 80 percent and 90 percent of volume on Bitfinex was now generated by HFT firms. Bitfinex partnered with Market Synergy and has been offering “institutional standard cryptocurrency connectivity.” Bitfinex concludes the growing use of HFT represents increasing “maturity in the digital asset space”. But why would Bitcoin volatility go down with increased use of HFT? Ardoino explains the increased liquidity due to the surge of HFT tradings leads to low volatility:

“As Bitcoin becomes an established asset class, we anticipate the high levels of volatility associated with cryptocurrency to recede,” he explained. “There is generally an inverse correlation between liquidity and volatility; i.e., higher liquidity tends to lead to lower price volatility.”


Mick



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