Lamborghini Talk banner
61 - 80 of 93 Posts
So let me ask you a technical issue/scenario for peer to peer transactions….

person A has $1 million in Bitcoin on his personal wallet
Person B has a Countach he wants to sell to person A

they meet at the local police department.
Person A shows up with his wallet. Person B shows up with his Countach.

person B tells person A to send $1 million to his wallet in exchange for the countach.

How does person A validate the wallet he’s sending the bitcoin to, belongs to person B?

Once person A sends the Bitcoin, can the transaction be undone? Is there any recourse to get the Bitcoin back?

thanks
I mean, I'd suggest an escrow agent for any transaction that large, but you could just send a few test transactions to the receiving wallet (you should pretty much always do this anyways), to verify you have the correct address before sending the full amount.

If you still manage to goof, then there's little to no recourse. That would still be hard to do, as you can't send BTC to an invalid address, as BTC wallets check for address validity. You'd have to input the wrong address, that actually connected to a wallet (odds are 1 in 4 billion), to actually send them improperly.

That's the risk you take with self custody. Just like cash, it's gone if you lose it.
 
I mean, I'd suggest an escrow agent for any transaction that large, but you could just send a few test transactions to the receiving wallet (you should pretty much always do this anyways), to verify you have the correct address before sending the full amount.

If you still manage to goof, then there's little to no recourse. That would still be hard to do, as you can't send BTC to an invalid address, as BTC wallets check for address validity. You'd have to input the wrong address, that actually connected to a wallet (odds are 1 in 4 billion), to actually send them improperly.

That's the risk you take with self custody. Just like cash, it's gone if you lose it.
So when you send bitcoin, does the receiving wallet respond with a receipt?
 
You can see the transactions on the blockchain. But the receiver would obviously have access to their wallet, to verify that it was their wallet you were sending it to.
I think the prudent thing to do is to bring the escrow twins(Butch and Bruno), just to make sure the transaction goes smoothly.
 
True story - I’ll take a polygraph if you want… I was at a restaurant/bar last week and a couple started talking to me. Typical 30s ish (my age also) start talking about crypto and I let them know I don’t touch it. They divulged how they recently put $10,000 into BTC and it’s down to $5,000 but are going to keep holding it (diamond hands baby). I guess the Reddit crew didn’t learn from GME, AMC, BBB (down 24% today, etc. I told them to take their $5,000 and invest it elsewhere right now, and IF BTC starts climbing again, hop back on the wagon to recoup. But in the interim, that 5k is looking more and more like it’ll be $100 within 2 years. That $5k loss so far was hurting, based on the wife’s non-verbal queues as they talked about it.

@2Tired what was your anticipated value for 2023?

PS: I doubt in my lifetime there will ever be trading of shards of gold, silver, platinum, etc.. If anything, we will become a world where we trade goods/services for other goods/services instead of currency for those goods/services.
 
If you can buy now and hold till 2024 for the bitcoin, halving and bull run-otherwise buy Xrp it will be the only crypto with 100% clarity as NOT a security, it has real world adoption between countries trading currencies around the world, all networks in place and currently in use (ripple is the company headquartered in San Francisco with offices around the world) no scams here do your research 🧐
 
People have been talking about XRP to the moon for a couple years. It’s still Pennie’s and 1/3 of its value from a year ago. Granted, so are stocks. But at least stocks are backed by a company. If you want penny stocks with tons of hope and fake promise, they have those available, just like XRP.

*disclaimer: I rarely mess with stocks too. HFT has destroyed the entire investment aspect of buying shares of a company in order to own a piece of it based on the fundamental values of the leadership and perceived growth. I’ll take a stock trade over crypto gambling any day though.
 
Wanted to get honest, calm discussion regarding the information provided in this clip. As I mentioned, I respect and genuinely appreciate opposing dialogue to expand my thoughts in this subject. Please stick through the video as I believe it is about 10 min or so. This is just a one hundreds of videos I have watched to get as much knowledge as possible on the subject.


Respectfully looking forward to counter thoughts.
 
I thought this image was funny, considering it was from 2013, and we still hear the same thing on repeat a decade later.

Image





Did you watch the video? Yes, I agree it "looks" like a click bait video. Actually, if you don't know what XRP is then don't waste your time.
Unfortunately you aren't going to get any decent crypto discussions going here. They ALWAYS turn into a bash fest.
 
I personally believe all that digital mumbo jumbo is just that.
Here’s an idea… invest in water. It will continually be a scarce commodity. Eventually, wars will be started because of water.
 
61 - 80 of 93 Posts