/diy/ here. I heard about the bitfinex hack...

It's not bait. Just trying to understand a little better and figured you guys know about this stuff. What's monero? How is it different?

>What's the point of a public blockchain if nothing can be done to stop this type of stuff from happening then? Isn't a public blockchain supposed to make large entities more accountable than the banking system?
No, not at all, it's just a side effect of being decentralized; all miners and anyone with a wallet should have a copy of the entire blockchain or else you can't really do anything with btc. In fact accountability is not something that btc was meant for at all, instead it's designed to be ano/pseudonymous and unregulatable.

>asking for source for 10 different circumstances
>demanding answers on why bitcoin isn't more forthright and ethical

stick to building chairs out of pallets

Also that user is kinda right, you seem to think btc is about the opposite of what it actually is. Just go read wikipedia or something.

>unregulatable
Bitcoin can't be totally above the law though, can it? Didn't that one guy at mtgox get arrested? How did that happen if bitcoin is anonymous? Sorry for all the questions. I'm not too knowledgable about this stuff but I'm trying to learn.

I just wanted to know if there was one place you can find all this info.

>I just wanted to know if there was one place you can find all this info.
Yea google. I don't know if you've ever heard of it. Little search engine that could?

Watch this video
m.youtube.com/watch?v=GEVm1dMn5Ks
I've been re watching it for the last half hour to make sure it's helpful and it is. I love this video.

Besides that there are some basic things you need to understand about bitcoin.

Bitcoin was made to be digital money that the government can't shut down. Kind of like bit torrent it was born after some of digital monies were made that got killed. It is money that you can use without permission.

I referenced the eth hard fork before. This is because ethereum tried to do something like what you're suggesting when heaps of eth got "stolen" from the dao. Now ethereum is split into two chains, one where the "hacker" keeps the eth and one where he doesn't. Look out for the etc (eth classic) threads for the latest on that situation.

One good thing about Monero is that it's privacy makes it fungible so an eth style hf isn't possible.

If you watch the video you'll see that privacy is important in a currency. The idea with bitcoin isn't to make banks more accountable, it's to be your own bank. You can make purchases online without having to go through a bank or PayPal or whatever.

Decentralized tech services sound great but it's really the wild Wild West out here. So many sharks swimming among the sheep taking what they want. We need a sheriff or these hacks and thefts are just going to get worse. What makes it worse that the fucking sheep keep bleating this nonsense about immutability and code is law. So fucking sad.

Vietnam fucking shit detected

You fucks treat the the thieves like their heroes. The day traders think they are gods for the volatility they create. Say goodbye to serious money assholes - it took a look - didn't like what they saw and fucking left. The Banking industry is laughing their old ass balls offf right now. Fuck you crypto retards for the mess you have created.

>It is money that you can use without permission.
Is there money that you need permission to use? I never understood the whole "permissionless" meme that bitcoiners perpetuate.

I'm confused now. I thought you needed to have a bank account to use bitcoin exchanges. Every one that I tried asked for one. Now you're saying you don't need a bank? How do I deposit and cash out to fiat without one?

Want to receive money? Then you need a bank account. You have to ask the bank to please give you an account but first they need your private information and then they might need to double check with the government that you are allowed to use money because you're not a terrorist or something.

Then later after you've got your account the bank finds out you're a drug dealer or something else they don't like and they shutdown your account and take all your money.

With bitcoin you open an account by generating some keys and as long as you hold onto those keys no one can fuck with your money and your ability to send and receive money. So much simpler.

>You have to ask the bank to please give you an account but first they need your private information and then they might need to double check with the government that you are allowed to use money because you're not a terrorist or something.
Lmao. How is that any different than bitcoin exchanges? Also, I have never had that problem with cash. I literally never have to use a bank if I dont want to. Cash is entirely permissionless.

You don't have to aquire bitcoin at an exchange.

The way all bitcoin is originally obtained is by mining it with computer power. At this point that requires specialised equipment like gold mining today though.

Another thing you could do is work or sell goods in exchange for bitcoin.

And if you have some cash you could organise on a trading site or just ask someone with bitcoin to trade with you irl.

You get paid in cash and keep it under your mattress?

Yes, cash is great. It's not digital though. Permission less digital currency is the breakthrough.

>You don't have to aquire bitcoin at an exchange
And I dont have to get cash from a bank. Whats you point, really?

Try spending and receiving cash online.

Naw I use a bank just like you use bitcoin exchanges. Both require permission. If I wanted to I could just use cash though. No permission required. Just like if you wanted to you could just use bitcoin. The only difference is I can live off just cash alone, pretty much indefinately. Cash is accepted at a million more places.

Why would I need to when can use a bank. Are you going to sit here and tell me you have never used a bitcoin exchange? I trust my bank just a little more than your bitfinex lol.

I have many times. Sold item on auction site, receive funds direct to my bank account. No fees either.

BTC is for druggies and pedos and those enabling same.

Could you just fucking try? I've already explained all this shit in my last few posts.

One simple example: Buying and selling drugs over the internet. Crypto-yes, bank-no, cash-no.

You don't need to use an exchange for crypto and it's established wisdom that you should never store your money on an exchange after you've made your trades if you do.

People were buying and selling drugs online way before bitcoin ever came around. You would be surprised hw inventive people can be when they need to be.

It may be used by druggies and pesos now but there's still no reason to be a cuck to banks, letting them dictate what you're allowed use money for. You could have your account closed for any bullshit reason.

And they use bitcoin now because it is a better solution. Likewise Monero in the future.

>You could have your account closed for any bullshit reason
I guess that in the incredibly remote possibility that this ever happens I will go back to using permissionless cash. It's a lot better than being a cuck to bitcoin exchanges imho. You can't tell me that the majority of bitcoiners dont use exchanges while giving all their identifying information to FinCen and the NSA. You guys like to meme how permissionless bitcoin is but there is hardly even a few individuals that use bitcoin in leiu of cash. You shit on banks but then use the bitcoin equivelant to them.

Most people are cucks. So what? Crypto currency gives the option of cuckless digital transactions and wealth storage. You can still act like a cuck with it if you want to though. The point is you don't have to be a cuck with crypto.

Then why do the majority of crypto users choose to be cucks to crypto exchanges? Nvm thats a dumb question. They do it because they could care less about the ideology and are really in it for the promise of exchanging it to lots of cold hard cash. It's ok for you to be a cuck, just have the balls to admit it. Personally, I would rather be a cuck to banks than to fly-by-night hack magnets. Also, you dont have to be a cuck with fiat either. Like I said, I can avoid banks altogether and use cash. I literally never have to buy anything online if I dont want to. Even if I did, I could just give a paypal account a fake identity. That's if I was up to something shady. Which I really have no inclination to do.

>Then why do the majority of crypto users choose to be cucks to crypto exchanges?
did you miss
>most people are cucks

Using an exchange is not the same as storing on an exchange. Majority of bitcoins are not stored on exchanges.

>really in it for the promise of exchanging it to lots of cold hard cash
See pic related. There's already heaps of places to spend bitcoin. Also it's more likely you'd exchange it for digital fiat than cash if dollars are what you want.

>I literally never have to buy anything online if I dont want to
Ok. I want to. Most people want to. The internet is actually a pretty useful place to exchange things.

>I could just give a paypal account a fake identity. That's if I was up to something shady.
That's a pain in the ass when you could just use crypto. Good luck when paypal freezes your funds when they find out what you're up to. And I don't know how your fake identity is going to hold up when paypal knows the bank account your money comes from. You can't just load paypal with cash.

Where have you been the past 3 years?!

฿ fans have been bragging about how it's masked digital cash, nof contestable credit transactions. Sure there's a blockchain, but you can slice and dice wallets left and right faster than you can even utter 'money laundering.'

THE BLOCKCHAIN ISN'T SANTA CLAUS YOU IDIOT

IT EXISTS SOLELY TO FREE UP COLLATERAL !!!

Otherwise, you would have to have collateral to make transactions (credit cards require a billable identity, fiat currency represents tickets which satisfy tax authorities)

It's not some dream money, it's the wild goddamn west. The only cash you can spend without a minister of X in your way.

opsec stops these things from happening, everytime, it has been human error

>Using an exchange is not the same as storing on an exchange. Majority of bitcoins are not stored on exchanges.
I really dont store any real money in banks either. I just put enough for everyday spending. I still dont see how your bitcoin exchanges are any better than banks. Both charge fees and both collect personal information. You don't even need to store bitcoin on an exchange to get cucked by them. If you use them even 1 time to trade then the government has all your info.

>There's already heaps of places to spend bitcoin.
So you guys say. I don't even think that 1% of bitcoiners use bitcoin as a cash replacement. You all are speculators, buying bitcoin so you can wait for the price to go up so you can get more "worthless fiat". There's no problem with that but cut the bullshit. You are in this for the hope of lots of money.

>Ok. I want to. Most people want to. The internet is actually a pretty useful place to exchange things.
I do too. Which is why I use banks. As long as I keep a minimum balance in the bank I can use my debit card anywhere for pennies on each transaction. I don't pay any other fees. My checking account is free. I cant imagine ever using a slower, less convenient method like bitcoin.

>That's a pain in the ass when you could just use crypto.
Crypto is a pain in the ass when I could just use Paypal if I ever wanted to buy some shady shit. Super easy to load a Paypal account with a VCC or prepaid debit card. It doesn't really matter anyways since I am not a druggie.

Bitcoin is absolutely worthless to me. Stop trying to convince me its better for normies or that normies should use it. We just dont want to because its a pain in the ass to buy and trade, the value could drop any minute and who knows what the fuck shady exchanges are doing with all my personal and banking information. I'm cool on all that. You use it.