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Toolie92

Joined: 3/5/15 Posts: 6196
Likes: 3913


The term blockchain has been completely coopted


It means cryptocoins and nothing else to everyone invested in the cryptocoin market. Trying to use that word to mean something broader (despite its historical usage prior to Bitcoin mania) is going to mean any hodlers won't understand the words you are using.

Unregulated distributed consensus cryptocurrencies have found their market - pump and dump schemes and unregulated fractional reserve exchanges. Enabling criminals and money launderers is what allowed this new money to get off the ground, but exchange manipulation is what is driving the market right now with so many sheep wanting to get in.

Until bitcoin exchanges are regulated like actual banks and exchanges with controls on how they create money and protect assets, they will continue to be dominated by market manipulation. Pump and dump, market manipulation and trading using customer-entrusted assets is financially lucrative - that is why those things had to be outlawed in the regular financial services sector. It is just fraud - the market is mostly air with the real value being the exchange fees and silent swapping of incoming real dollars from customer accounts to exchange owner accounts in exchange for tokens.

Imagine if your bank could take your deposits and play with them in a bull market. Would they do it if they could get away with it? Imagine if you owned the NYSE and could engage in wash trading, front running, faked orders, and were simultaneously also the brokerage with no audits of how you held customer assets. What would such a business do? Leave all that easy profit alone? Or risk their customer assets and manipulate their own exchanges to generate fees, siphon actual money away from customer accounts, and profit from the mania until withdrawals exceed deposits and it is time to declare bankruptcy, burn the books and relocate to a country without extradition to the US.


(In response to this post by RML Hoos)

Posted: 01/12/2018 at 10:15AM



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Current Thread:
 
  
For those even thinking about investing in Bitcoin now... -- Hoos Operator 01/11/2018 08:36AM
  Congrats ... got close once or twice -- Trigon 01/11/2018 3:07PM
  Don't let the facts get in the way of a good narrative -- BrevardHoo 01/11/2018 12:37PM
  The term blockchain has been completely coopted -- Toolie92 01/12/2018 10:15AM
  Not exactly -- BrevardHoo 01/11/2018 1:53PM
  And to take it a step further.... -- BrevardHoo 01/11/2018 2:14PM
  Sure, there's reason to mine. -- Lucius 01/11/2018 11:48AM
  Totally depends on what your energy costs are -- Faz d. Hoo 01/11/2018 12:13PM

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