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Crypto Currency for KSP modders?


harrisjosh2711

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10 minutes ago, MKI said:

 

I don't really see a way around the centralized distribution model of current cryptocurrencies. Which essentially kills the main selling point of if being decentralized, which ultimately makes the entire concept impractical as a viable financial alternative.

Regardless of the technology, having a centralized model means its easier to get people connected, on-boarded, reviewed, tracked and protected.

Without that its nearly impossible to scale as everyone suddenly becomes their own financial advisor, banker, teller, fraud protection, and security. If someone steals your bitcoin wallet its over, as there's no one to contact, no fallback, no security advisor. Heck if you forget your password you suddenly lose access to all your funds with no alternative route. Yes the technology will protect funds from being forged, but that is only a single vector of a financial systems security model. For comparison, 100$ USD bills are super hard to forge, but no one leaves them lying around on the ground. You put them somewhere secure, or just deposit them in a bank so you don't have thousands of dollars sitting in a safe in your closet. You probably already have some fraud protection so if someone steals your credit card, they cant go spend all your money, and even if you do, the financial system will be able to deal with it themselves which is just less personal risk.

So in general it turns into a massive personal financial risk for increased freedom and anonymity, where the most important users are those doing shady dealings which can afford that risk as they need that anonymity. 

However for a main-stream person to make a full jump just makes no sense, as the risk vastly outweigh the reward. Leaving cyrpto on the side as more of a novelty, rather than an actual viable alternative.

So cryptocurrencies fundamentally cant go mainstream because a decentralized model fundamentally isn't practical. Mind you it has nothing to do with the underlying block-chain technology itself, it has to do with the idea you can use block-chain to create cryptocurrencies that are better than existing financial institutions. That idea just doesn't hold.

 

The fdic first started covering deposits on crypto currency up to 250k in 2019. The last two month have been off the wall.. Institutional investors are now involved. The us government will protect it. 

Edited by harrisjosh2711
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8 minutes ago, harrisjosh2711 said:

The fdic first started covering deposits on crypto currency up to 250k in 2019.

Really? Whats your source on this? 
 

I have this one from coinbase:

Quote

Digital currency is not legal tender, is not backed by the government, and digital currency accounts and value balances on Coinbase are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections

Its worth noting in the above link coinbase does have its "hot storage" covered from physical breaches on its server. So this is more if it "as a bank" gets breached due to its own security, then its covered, and you as a user are not impacted. However this doesn't protect if you do something wrong with your own funds.

Its worth mentioning that coinbase itself can be considered a "financial institution", so the fact your funds are secured within coinbase... is exactly why you should use coinbase, and thus why a centralized financial system works.

 

Its very very possible your crypto funds are actually covered via a financial institution directly or indirectly, as to have it covered means its protected by a centralized entity. Which kinda proves my point that you need and want a centralized system for your own finances. 

Edited by MKI
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1 hour ago, MKI said:

Really? Whats your source on this? 
 

See above.

1 hour ago, MKI said:

Its very very possible your crypto funds are actually covered via a financial institution directly or indirectly, as to have it covered means its protected by a centralized entity. Which kinda proves my point that you need and want a centralized system for your own finances. 

I understand your reserves but I personally believe the benefits outweigh the cost.  

Edited by harrisjosh2711
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@MKI

So long as I have my private keys and can touch my money at any time im happy with the level of centralization I have deal with. That is, and has never been the case with banks. Theu are only required to hold a fraction of the money deposited in their accounts.

Edited by harrisjosh2711
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15 minutes ago, harrisjosh2711 said:

Bloomberg. Of course it's currently limited to the rich.

https://www.bloomberg.com/news/articles/2019-05-14/wild-crypto-market-s-traders-get-something-new-fdic-protection

Kracken financial became the first digital asset firm to obtain a bank charter this past september. I assume they will be next.

Paid for article BTW.

 

With what is shown it clearly states it's backed due to partnership with an actual bank. Which further validates the point it's just another centralized system building up to what is essentially a ponzi scheme in the worse case, or just a bank facade in the best case.

The key being the more crypto you buy, exchange thru the exchange, the more funds the underlying bank has, which again is exactly what a bank wants you to do.

 

Now if the thought that these exchanges morphing into banks validates crypto, then you actually have things backwards. If all your money is in crypto on a given exchange, you actually end up exactly where you started, with your funds in a bank. Except you went thru a potential ponzi scheme, and thus may be a little richer. However at this point nothing stops the exchange from raising rates and your back to succumbing to the will of a bank. Or worse it collapses and you lose everything... just like any financial institution. 

 

15 minutes ago, harrisjosh2711 said:

I understand your reserves but I personally believe the benefits outweigh the cost.

Yeah, the benefits of existing financial institutions. Which an exchange essentially is, so crypto itself is just the "fancy facade" over existing infastructure that will happily get rich off the funds you give it.

 

Mind you it's all well and good as long as demand keeps increasing. Once demand reaches a peak, the system will collapse. As long as you get off before that you can make some $. This might sound reasonable, but this is exactly a ponzi scheme.

A questionable way to make money yes, but a real future financial system, no.

 

 

Edited by MKI
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Well, that link is behind a paywall.  
 

But a simple google search reveals that your claim that the FDIC will back cryptocurrency investments to be false.  
 https://www.forbes.com/sites/robertfarrington/2020/11/02/cryptocurrency-savings-accounts-will-this-new-trend-help-you-boost-earnings/?sh=540ded43237f

although, that link might also be behind a paywall, although the meat of the answer does come up in a sine search.  

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@Gargamel, @MKI

I understand not all crypto deposits are covered by the fdic. I am not 100% certain to what extent that may be. I actually intended that my wording wasn't explicitly clear in that regard. My argument is that is has began. 

@MKIi don't think I effectively communicated what I meant by centralized. I actually wasnt talking about banks. What I meant is, when a crypto currency is created in generally end up in only a few people hands. If one of those few people ever decides to sell, they can single handedly crash the price. Therefore, a true currency needs to be distributed equally so that the market can balance it accordingly. Thats my opinion.

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15 minutes ago, harrisjosh2711 said:

 

I understand not all crypto deposits are covered by the fdic. I am not 100% certain to what extent that may be. I actually intended that my wording wasn't explicitly clear in that regard. My argument is that is has began. 

It’s known that the fdic doesn’t normally cover any type of investment, so it’s be very odd for them to cover one as volatile as crypto.  
 

My main concern with these statements is that our forum is full of young and intelligent people who might try to invest for the first time without knowing all the facts.   Linking somewhat misleading links that are behind a paywall might keep some of them from doing their homework and thinking their gamble is protected.  

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11 minutes ago, Gargamel said:

It’s known that the fdic doesn’t normally cover any type of investment, so it’s be very odd for them to cover one as volatile as crypto.  
 

My main concern with these statements is that our forum is full of young and intelligent people who might try to invest for the first time without knowing all the facts.   Linking somewhat misleading links that are behind a paywall might keep some of them from doing their homework and thinking their gamble is protected.  

Ah, I did not think of it this way. I will remove it and be more careful. Honestly, I wasn't really thinking about it as I was bored on arguing about Cryptos legitimacy. Either you believe its the future or you don't. Thats kinda where we are.

Edit: Cant remove it from quoted link.

Edited by harrisjosh2711
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IMO All the previously mentioned problems exist, but I think the more important one is that if you gave out "KerbKoins" for free, then they have no value. 

As nice as the idea of "cutting out the middleman" with a crypto is, it would be nice to give them something which has value. I know that some have a bitcoin wallet address that you can send to. It's probably better to give someone you want to support, something that will actually support them :)

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19 hours ago, Spaceman.Spiff said:

IMO All the previously mentioned problems exist, but I think the more important one is that if you gave out "KerbKoins" for free, then they have no value. 

As nice as the idea of "cutting out the middleman" with a crypto is, it would be nice to give them something which has value. I know that some have a bitcoin wallet address that you can send to. It's probably better to give someone you want to support, something that will actually support them :)

Do u think I would always give them out for free?  Its not free to mine them. Do you think bitcoin was valuable two months after it was posted on a crypto forum? Did you know dogecoin was invented as a joke and now has a market cap of $6.7 billion? [snip] I 100% believe the ability of this community is far greater than doge.

[snip] Companies hand out free samples for every new product. Join a focus group if you don't believe me.. Heck, I bet ur local G man gives free samples and ask for feedback. [snip]

I'm going to recall what one of my finance professors once told me-

"If you have an idea and everyone likes it- its not a good idea. However, if you have an idea an everyone thinks your crazy. It may actually be a good idea"

[snip]

 

Edited by Snark
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Just an FYI. If kerbcoin became dogecoin (the joke/meme currency) everyone on this forum that participated would be able to afford a seat on a spaceX rocket. And then some..... we need to be smart, spread it around, and promote it on social media. Elon Musk will love kerbcoin when he sees what this community can make it. That is if anyone else is willing to work for it but me.

elon musk wants someone to make a new crypto.- For the people. Said he would make it himself "if neccesary". He is giving us a golden opportunity on a diamond encrusted platter. Im here to tell you guys the richest man in the world is knocking on the door. Are we going to answer? I for one am sick of missing opportunity. Dogecoin was created in two days by two people.

Oh, elon said all this 2-3 days ago. Check his twitter.

Edited by harrisjosh2711
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Some content has been redacted and/or removed, due to insults and personal remarks.  It's not okay to start name-calling and finger-pointing just because someone happens to have a different opinion from you.

Let's keep it civil, please.  Thank you.

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5 hours ago, kerbiloid said:
  Reveal hidden contents

mMSQ58G.png

 

 

Karbo? That is a kerbcoin wallet. The answer to ur question was unique ports is how im sure my coin isn't confused with litecoin. Which its based off. 

9 hours ago, HebaruSan said:

Oh right, this is that thing where people waste electricity and GPU cycles and bid up GPU prices, isn't it?

If you want to donate cryptocurrency, sell it and send $ or £ or €.

How much waste does fiat money produce? Does it not take paper, cotton, or even plastic? Does it not need to be printed with inks? How often does it need to be reprinted? Does all this not come at the cost of electricity and pollution?

Nothing is perfect. The best decision is therefore the one which helps the most people. I would argue a little electricity and gpu power is nothing compared to the waste of fiat money. But....

I know digital currencies seems scary. But the entire world is going digital. People dont go to the movies. They dont shop at the mall. We live in a digital world. But yet..... digital currency is just too radical huh?

Edited by harrisjosh2711
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@HebaruSancrypto to me is a revolution. At what point in history could normal people band together under a common goal and create value? I still look to the doge community. Their joke coin helped send the Jamaican bobsled sled team to the Olympics, built wells in Africa, and handed out free clothes to the homeless. Everyone thinking this is all about money and electricity is wrong. If you joined  kerbcoin hebarusan its potential for success would increase a few hundred fold. 

Edited by harrisjosh2711
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Other than criticize my idea. I'd love to hear how you guys imagine a digital currency should work. I'd be happy to share the algorithms from the code for u check out if anyone's interested. Of course my source code will be available once i have decided on the final name and purchased the web address. If i shared the real name now no doubt someone would go out and buy it before me smh. At the end of the day. For me, it felt really cool working on code written by the legendary satoshi Yakamoto. Whoever the person (or persons) is, is undeniably a genius.

@HebaruSanthe entire idea of it being for donation is solely to give it a use case. People are more likely to fall behind the idea (cough--Elon Musk, follow his twitter) if they see its meant to genuinely accomplish a good thing.. The only issue is, Elon will not support a crypto thats too concentrated. He wants it distributed among the people.  "The peoples currency" he calls it. The wealthy spend billions marketing to create value. With social media allowing near instant wold wide communication, we dont need to spend billions to engineer value. We only need hope!

Who wouldn't want to help a bunch of guys who create free content so others can learn and enjoy their lives?

Edited by harrisjosh2711
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Also. Me offering to give this away is by DEFINITION a gift. Its very rude to criticize a gift even if you don't appreciate it. I dont know of any culture off hand where that's acceptable. Generally it's highly insulting and selfish.  Me personally, I'd far rather a gift that comes from someone's heart rather than $10. That $10 isn't buying more than two coffies. Im giving you something that could buy you a ticket on a spacex rocket. There's a catch though. It wont work if you guys dont participate. Its happened before (dogecoin). Those guys were comedians not serious. You guys around here are intelligent, serious & compassionate. We are the winning team! I'd have taken this to Twitter if I felt otherwise. The one post I did leave had 'get rich quick' types with endless illegal ideas filling my inbox. This isn't no get rich quick scheme. It requires work, communication & collaboration.

and just and fyi. You are the only people that know about this project. I've kept it secret so you guys get all the first coins.

Another argument is by creating this i can give back to so many more creators. Sure I could give 20  guys $10. Wow big deal. Or I can spend a week  of my time working my body and mind to utter exhaustion to create something that could make 10000 people millionaire's.  FYI, I will destroy you if you try and become a billionaire off my coin. (Joking in a very serious way)

Edited by harrisjosh2711
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lastly, the use case of this coin (why its a currency) is intended to allow modders to monetize themselves.  I know this is an unpopular opinion, but if we dont monetize ourselves, someone else will monetize us. In fact they allready have. I imagine a hosting website in the future, that I have by no means finished its business plan. Hence I will not share it at this time. If you have ideas I would love to hear them!

Edited by harrisjosh2711
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The reason i love and believe in this community??

Your guys work inspired me. You showed me that I had long been underestimating myself. When I started kerbalized spacex I had owned a computer for about a year and knew only  ms word and  ms excel. Seeing what you guys created challenged me. I opened up those tutorials and within two days released my first command pod.  It wasn't pretty, but it was MINE! I had to learn 3d modeling, texturing, scripting, animations, countless softwares, etc.  I was proud of myself. I would have never done that if It weren't for you guys. You helped me believe in myself!

My profile picture is that pod! Hopefully u can see how much it means to me. 

 

It would T total awesome if it were possible to land on duna and mine some kerbcoin lmao!

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