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[Serious] Facebook PR Crash and Burn

Discussion in 'General Discussion' started by Juice, Mar 22, 2018.

  1. scotchcrotch

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    A hopeless endeavor overseas.
     
  2. Nettdata

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    It's the money in, money out points that they will want to tax, not the individual trades, I'm thinking. It’s impossible to track them, especially when you go BTC to Litecoin to Doge to fiat. How the hell do you report on that?

    Never mind when you hit a mixer exchange and then convert to another coin.

    Taxation rules are going to have to change for crypto currencies I think.

    The end user reporting requirements are almost impossible, never mind trying to audit them.

    I don’t see any crypto exchanges doing automated 1099’s(?) for their clients yet.
     
  3. scotchcrotch

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    Buying into crypto is a drop in the bucket compared to all the transactions using crypto.

    I can see the Secret Service delving into crypto regulation since theyre probably the closest jurisdiction seeing their work with counterfeiting.

    How they’d do that? That question is way above my pay grade.
     
  4. Nettdata

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    The one area I think that will be tightened up is the anonymity of it all. There is already talk about putting "bad actor" wallet addresses on the "no fly" list, so that you (as an exchange) have to check the blockchain history to see if the current transaction has been tainted.

    All the data is out there in public (the very nature of the blockchain), and it's amazing how correlations can be made between "anonymous" transactions and real-world actors, especially when you have the "know your client" legislation at the exchanges themselves. (such as legally verifying that the person is who they say they are with passports, driver's licence, proof of residence, etc).

    Even now I'm building out an online legal/technical process to support this requirement.

    We're finding that a number of legitimate people are being bought/used to launder money... it's not a case of them not getting caught, it's just a case of when they're caught.

    For instance, dude with terminal cancer is getting $50k to launder $1 million. If the forensics happen at month-end, days/weeks after the event, the cash is gone transferred into the blockchain, and sure, the individual is eventually prosecuted under existing reporting/money laundering laws, but the bitcoin is already out and washed. Same goes with getting the money back... cancer-dude creates a legit account with an exchange, and the cash is transferred to his wallet, but that wallet is then given/sold to a criminal organization.
     
  5. Nettdata

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    There are a number of places it could be beneficial... but I think it's still new and companies are dipping their toes in the water, but there's no "killer app" for it yet.

    For instance... education credentials. I can see all the universities/colleges having a private blockchain that they share, and they dump graduating info into it. Gone would be the days of supplying your diploma or calling the registrar of a university to verify something... just look at the blockchain and verify that the user is on it with the creds they claim to have with all the details of their transcripts. There could even be a public blockchain for employers... "Joe Smith has a degree in Business from Idiotic University Online" as signed/verified by Idiotic University.
     
  6. downndirty

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    I like an online ledger as part of a complicated digital DNA. Think of all the data of owning a car: title, maintenance history, this part has this lot number etc.

    Bitcoin in particular seems tailor made to launder money.

    An unregulated online ledger seems kind of flawed for financial transactions. I just think of theft and misuse of the data as almost comically easy.
     
  7. Nettdata

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  8. downndirty

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    Right?

    A start up I worked with tried to do this for building maintenance records: a complete repository for all the maintenance in a given space, including the safety manuals, manufacturers instructions, etc. Over a 25-year history, that data gets crazy scarce and hard to assemble. Blockchain would be a natural solution to that problem.
     
  9. Nettdata

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    But would it?

    Who would host a blockchain node, other than that building?

    This is an example of where I think a single, database-driven, centralized repo would make sense, but blockchain wouldn't... there's nothing worth decentralizing there.
     
  10. Juice

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    It’s flawed for many reasons. As scotchcrotch said, it’s not treated as a currency, but rather a commodity. Plus there is no way to control the value of a single unit in the market. No built-in mechanisms to keep runaway inflation/deflation in check. You can’t print more bitcoin. It’s done at 21,000,000 no matter what. And as you mentioned, the normal checks for laundering/structuring that are used by the FTC and FDIC aren’t present. People dumping their savings into it are lunatics.
     
  11. Crown Royal

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    Right on cue:

    Saks Fifth and Lord & Taylor just got hit with a five million customer credit card breach.

    And awaaaaay we go again.
     
  12. Nettdata

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    Yes and no... you can fork it (like they have a few times already) to include new functionality, which could include removing the sizing cap. The problem is that a few big players (miners) in the scene control the adoption of the new features (like Lightning Networks) because they run a majority of the participating nodes, so they're basically going to be doing what is in their best interest, which isn't always aligned with the casual "investor" or user.
     
  13. Juice

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    Right, correct me if Im wrong, but dont the chain splits still have to ultimately value up to the original BTC chain? I dont know, splitting a currency like a stock seems like it could trigger a negative chain reaction on the overall value if the miners, exhanges and wallet-holders disagree. Isnt that kind of what happened with Bitcoin Gold?
     
  14. Nettdata

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    Basically, it only has value if people says it has value. You can split/fork whatever you want, but unless it's then adopted by a majority of the players, it doesn't do fuck all.

    There were some other issues with Bitcoin Gold as well:

    A few days after the launch of the mainnet miners started accusing developer Martin Kuvandzhiev (StarbugBG) of adding a hidden 0.5% mining fee in the z-nomp code fork the team suggested to use. Suprnova and other mining pools allegedly found the hidden fee and removed it after examining the code causing some to speculate that the removal was related to why many found blocks didn't show up as paid to the finder and why Suprnova's chain was out of sync.[8]
    The online wallet provider mybtgwallet.com prompted users to enter their private keys or recovery seeds. An analysis revealed that the code contained a line to convert the entered passphrases into Google Analytics cookies that could later be retrieved.[9]
     
  15. audreymonroe

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    Have you guys looked up the info that Facebook breaks your profile down into for data for advertisers and found anything interesting? I learned that I’m black.

    2C27DFAE-0724-498A-8AA9-E5C93F1256CD.png
     
  16. Rush-O-Matic

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    Only in the US, though. Is that enough cred to get you to NAACP president in Spokane, or are they wise to that after Dolezal? I'm more impressed that your iPad has 100% charge at 11:27 a.m.
     
  17. Aetius

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    Audrey's interests: big black cock and aryan supremacy penis. Also weekly seder.
     
  18. Kubla Kahn

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    ASP cucked by bbc in JAPP(ussy) is one of the hottest trending genres. Look it up!
     
  19. Revengeofthenerds

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    I was scared to see my data but finally bit the bullet and looked at it. I'm actually relieved that I've done a fairly good job of limiting the amount of info that's out there.

    One thing I find funny though:

    "Interests: This Is Why You're Fat"
     
  20. Revengeofthenerds

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    Anyone else find it a little funny that today a bunch of old people asked questions to Zuckerberg like they actually knew how to operate facebook?

    I mean these are the same people with flip phones and landlines who ask their grandchildren to hook up their dialup so they can change their senator email password from "password" after they realized data security was a thing.