The Crypto coin thread

[Richard 1234]

https://gizmodo.com/the-6-biggest-bitcoin-heists-in-history-1531881137

[Richard 1234]

sorry chap i cant dumb it down anymore.
 
you are clueless.

Plenty of proof out there that they can be stolen why lie to people?

[Tom D]

Of course they can be stolen, in the same way that your money can be stolen if you leave your cash card lying on a park bench. Hacking into your account is a different matter.

 

The reason cryptos are inherently safer than other types of banking is that they are decentralised. 

 

A centralised system works like your bank, or eBay, amazon paypal etc. there is a big computer somewhere that stores a ledger which shows how much money each person has in their account. Any centralised system can be hacked because the data is all in one place, there have been plenty of high profile cases of companies loosing customers data...

 

A decentralised system works differently, basically the ledger is stored as a blockchain, which is a series of blocks of code that detail every transaction that there has ever been. The block chain is stored on thousands of computers, some cryptos allow all wallet holders to store the whole chain.  When a transaction is made it is confirmed by different holders of the chain once a set number of confirmations have been made the transaction is approved. Any hacker would have to simultaneously hack hundreds or even thousands of computers simultaneously in order to profit. This is impossible.

 

The wallets that are used to store the coins come in 3 basic types, 1, web based where your private key is stored on a server on the web: hackable. 2,desktop wallets where your keys are stored on your phone or desktop: also hackable. 3, hardware or paper wallets where your keys are stored on a usb type device or a piece of paper in a safe: not hackable, they could be lost or stolen however.

[Richard 1234]

Of course they can be stolen, in the same way that your money can be stolen if you leave your cash card lying on a park bench. Hacking into your account is a different matter.
 
The reason cryptos are inherently safer than other types of banking is that they are decentralised. 
 
A centralised system works like your bank, or eBay, amazon paypal etc. there is a big computer somewhere that stores a ledger which shows how much money each person has in their account. Any centralised system can be hacked because the data is all in one place, there have been plenty of high profile cases of companies loosing customers data...
 
A decentralised system works differently, basically the ledger is stored as a blockchain, which is a series of blocks of code that detail every transaction that there has ever been. The block chain is stored on thousands of computers, some cryptos allow all wallet holders to store the whole chain.  When a transaction is made it is confirmed by different holders of the chain once a set number of confirmations have been made the transaction is approved. Any hacker would have to simultaneously hack hundreds or even thousands of computers simultaneously in order to profit. This is impossible.
 
The wallets that are used to store the coins come in 3 basic types, 1, web based where your private key is stored on a server on the web: hackable. 2,desktop wallets where your keys are stored on your phone or desktop: also hackable. 3, hardware or paper wallets where your keys are stored on a usb type device or a piece of paper in a safe: not hackable, they could be lost or stolen however.

Thanks a good explanation there!
Much better than calling people clueless when, yes I don’t know loads about it but I have read about all these thefts!

[kevinjohnsonmbe]

On 5 December 2017 at 16:25, Mark Bolam said:

I lost £80 buying Stella once.

Could you clarify?  I'm assuming, either:

 

(a) £80 fell out of your wallet never to be seen again whilst you were at the bar purchasing a premium, cold, refreshing, continental alcoholic beverage....

 

Or,

 

(b) you spent £80 buying Stella...?

 

(a) being a foolish, careless and reckless act of irresponsible financial management

 

Whereas, 

(b) might be considered a sound financial investment...

 

 

 

 

[Gary Prentice]

On 05/12/2017 at 16:25, Mark Bolam said:

I lost £80 buying Stella once.

£80? that’s nothing! I lost three days drinking Stella once

[sloth]

So if I get a wallet, can it hold multiple coin types? Or does each currency have its own wallet? Can one crypto currency be traded directly for another, and if so, is that trade liable for tax, or not?
I'm not really sure about all this! If it's decentralised and anonymous, how is it taxed? I appreciate if it's sold for GBP etc, then you'll theoretically owe tax on any profit made from increasing value since you purchased the crypto, but how would the government know when you originally got it? Hmm...

[kevinjohnsonmbe]

7 minutes ago, Gary Prentice said:

£80? that’s nothing! I lost three days drinking Stella once

Three days....

 

Thats's nothing!

 

My mate "lost" his wife and spent 3 months on remand in Winchester after drinking Stella!  

 

http://www.telegraph.co.uk/news/uknews/1375975/Navy-officer-cleared-of-battering-wife-to-death.html

Edited December 7, 2017 by kevinjohnsonmbe

[Gary Prentice]

8 minutes ago, kevinjohnsonmbe said:

Three days....

 

Thats's nothing!

 

My mate "lost" his wife and spent 3 months on remand in Winchester after drinking Stella!  

 

http://www.telegraph.co.uk/news/uknews/1375975/Navy-officer-cleared-of-battering-wife-to-death.html

For the win

[kevinjohnsonmbe]

1 minute ago, Gary Prentice said:

For the win

Cracking bloke!  Haven't seen him for a while, must try and look him up before Christmas....