I honestly don't see why this is a problem given how many business have senior/children discounts and all. How are these things materially different. I guess this will be appealed.
To clarify the argument (without endorsing this position). It would be like you created an internet connected IOT weather station that because it was unsecured got hijacked to be included in a DDoS swarm.
The problem with poor IoT security is that, even if the device is useful for nothing else to the hacker, if it has a network stack and a connection it can DDoS someone else and there are millions of these devices. If this guy can get in and brick it, than someone else can get in and use it to DDoS
Coinbase isn't an exchange, it is a retail bitcoin dealer. They do run an exchange call GDAX, if you want spot pricing and instantaneous trading you use GDAX.
Block chain transactions only occur during deposit or withdrawal of BTC from the exchange. Trading on the exchange never goes to the block chain, and the exchange doesn't take sides in the trades so volatility is no risk.
Every futures contract has a long and short side. There are only two ways to acquire a future position, either you buy someone's obligation or a new contract is created when someone takes the opposite side of your position. For every party that is long, there is a party on the opposite side that is short. Much different from trading equities.
These are cash settled futures on BTC (a financial derivative) as such no BTC is actually changing hands.
Furthermore, on actual BTC exchanges trades are done off block chain. Your BTC ownership only recorded to the blockchain once you withdraw it from the exchange.
If you take a short position on a physically settled future for a product you do not produce (or haven't yet), that is essentially a naked short. Speculators do it all the time. It is no different than selling a call option, when you don't have the underlying, with the difference being an option may expire worthless, but a future contract always settles.
Supposedly GDAX only holds 2% of the float in hot wallets, the rest is in cold storage. Every bitcoin traded on the exchange can be withdrawn though, it would just take some time to bring wallets online if enough people wanted to mass withdraw. While they are in the exchange, trades just become notations on an asset ledger for who owns what. When you withdraw to you own wallet is when your actual ownership gets recorded to the block chain.
The market can stay irrational longer than you can stay solvent. Again it is easier to say it 'will' crash, more difficult to say 'when' or to what value.
Predicting it will crash is axiomatic, it has no usefulness as a thesis.
Exchange transactions occur off chain, and are usually expressed as basis points of value. GDAX for instances charges a tx fee of 25 bp for liquidity takers, but is free for liquidity makers.
Exchange trades generally happen off chain so there are only commissions to worry about (25 bp on GDAX for takers). If you want to withdraw BTC to a private wallet, yes that will have transaction costs. Moving USD via ACH to and from banks is free.
You can literally deposit $170 to GDAX (coinbase) right now (if it were not crashing) and buy 0.01 BTC, there is no minimum to open a trading account on coinbase.
To trade on equity markets you could go open an account with Fidelity, Schwab, or Robinhood (if app only is your thing) right now with no minimum and go trading to your hearts content.
No one knows what it will crash to though, it could run up to 50k and crash back to 20k, which would be a sizeable crash, but would mean the bubble hasn't actually started yet.
People said that at 100, and at at 1000. Reality is no one knows where this is going to end up. I could just as easily see it be at 10 or 100,000 by the end of next week.
If you have a crystal ball, feel free to short BTC right now and make a fortune. My point remains, it is easier to say it will crash than say when it will crash or what fair value is.
You can buy in at any fraction of a BTC, you don't have to buy/sell a whole bitcoins. Just watching the ticker on GDAX you can see there are a lot of trades sized less than 0.1 BTC.
Knowing it will crash, and knowing when it will crash are two very different feats. Saying it will crash is practically axiomatic, and in the mean time if your sitting on the sidelines you may have missed opportunities that may have led to profits even if you held through a crash.
It would be different if he was meeting all his goals and requirements. Gundecking is a serious offense being a breach of trust and can be straight up dangerous. It should generally always be met with termination if not a lawsuit or fraud complaint.
It doesn't, but it allows discovery to proceed so the a person can be identified, for instance by subpoenaing ISP records. This part of the case isn't assigning liability it deciding whether there is enough substance to warrant proceeding with discovery.
The single largest source of credit card fraud losses is card cloning either via skimming, or database compromise. Chips will prevent that. The PIN as you mention only stops stolen card fraud which by comparison is a tiny amount of losses and is generally detected quickly. Shutting down a stolen card is easy.
Banks probably did the math and figured that customer support issues and infrastructure for PINs were not worth it, so they'd rather continue to eat the losses on it.
Slashdot Mirror
You can also use subresource integrity.
That also isn't true, because you have things like child discounts or 'kids eat free', under 13 matinee ticket pricing, etc.
I honestly don't see why this is a problem given how many business have senior/children discounts and all. How are these things materially different. I guess this will be appealed.
To clarify the argument (without endorsing this position). It would be like you created an internet connected IOT weather station that because it was unsecured got hijacked to be included in a DDoS swarm.
The problem with poor IoT security is that, even if the device is useful for nothing else to the hacker, if it has a network stack and a connection it can DDoS someone else and there are millions of these devices. If this guy can get in and brick it, than someone else can get in and use it to DDoS
Coinbase isn't an exchange, it is a retail bitcoin dealer. They do run an exchange call GDAX, if you want spot pricing and instantaneous trading you use GDAX.
Block chain transactions only occur during deposit or withdrawal of BTC from the exchange. Trading on the exchange never goes to the block chain, and the exchange doesn't take sides in the trades so volatility is no risk.
Every futures contract has a long and short side. There are only two ways to acquire a future position, either you buy someone's obligation or a new contract is created when someone takes the opposite side of your position. For every party that is long, there is a party on the opposite side that is short. Much different from trading equities.
These are cash settled futures on BTC (a financial derivative) as such no BTC is actually changing hands.
Furthermore, on actual BTC exchanges trades are done off block chain. Your BTC ownership only recorded to the blockchain once you withdraw it from the exchange.
If you take a short position on a physically settled future for a product you do not produce (or haven't yet), that is essentially a naked short. Speculators do it all the time. It is no different than selling a call option, when you don't have the underlying, with the difference being an option may expire worthless, but a future contract always settles.
Supposedly GDAX only holds 2% of the float in hot wallets, the rest is in cold storage. Every bitcoin traded on the exchange can be withdrawn though, it would just take some time to bring wallets online if enough people wanted to mass withdraw. While they are in the exchange, trades just become notations on an asset ledger for who owns what. When you withdraw to you own wallet is when your actual ownership gets recorded to the block chain.
The market can stay irrational longer than you can stay solvent. Again it is easier to say it 'will' crash, more difficult to say 'when' or to what value.
Predicting it will crash is axiomatic, it has no usefulness as a thesis.
There is $1.3MM in buyer liquidity in the top $200 of the order book right now on GDAX and that is one exchange.
Translating the above, you could put a market order to sell $1.3MM all in one go and it would only move the market ~$200 down from where it is now.
Exchange transactions occur off chain, and are usually expressed as basis points of value. GDAX for instances charges a tx fee of 25 bp for liquidity takers, but is free for liquidity makers.
Exchange transactions occur off chain. Only when you take BTC off the exchange does go to the block chain for recording.
Exchange trades generally happen off chain so there are only commissions to worry about (25 bp on GDAX for takers). If you want to withdraw BTC to a private wallet, yes that will have transaction costs. Moving USD via ACH to and from banks is free.
Incorrect.
You can literally deposit $170 to GDAX (coinbase) right now (if it were not crashing) and buy 0.01 BTC, there is no minimum to open a trading account on coinbase.
To trade on equity markets you could go open an account with Fidelity, Schwab, or Robinhood (if app only is your thing) right now with no minimum and go trading to your hearts content.
No one knows what it will crash to though, it could run up to 50k and crash back to 20k, which would be a sizeable crash, but would mean the bubble hasn't actually started yet.
People said that at 100, and at at 1000. Reality is no one knows where this is going to end up. I could just as easily see it be at 10 or 100,000 by the end of next week.
If you have a crystal ball, feel free to short BTC right now and make a fortune. My point remains, it is easier to say it will crash than say when it will crash or what fair value is.
You can buy in at any fraction of a BTC, you don't have to buy/sell a whole bitcoins. Just watching the ticker on GDAX you can see there are a lot of trades sized less than 0.1 BTC.
You sell it on a BTC exchange for USD or EUR and then send the proceeds to a bank.
Knowing it will crash, and knowing when it will crash are two very different feats. Saying it will crash is practically axiomatic, and in the mean time if your sitting on the sidelines you may have missed opportunities that may have led to profits even if you held through a crash.
It would be different if he was meeting all his goals and requirements. Gundecking is a serious offense being a breach of trust and can be straight up dangerous. It should generally always be met with termination if not a lawsuit or fraud complaint.
You can add any block device you want to a vdev. The recommendation is that it be a physical drive, but there is no software limitation.
It doesn't, but it allows discovery to proceed so the a person can be identified, for instance by subpoenaing ISP records. This part of the case isn't assigning liability it deciding whether there is enough substance to warrant proceeding with discovery.
The single largest source of credit card fraud losses is card cloning either via skimming, or database compromise. Chips will prevent that. The PIN as you mention only stops stolen card fraud which by comparison is a tiny amount of losses and is generally detected quickly. Shutting down a stolen card is easy.
Banks probably did the math and figured that customer support issues and infrastructure for PINs were not worth it, so they'd rather continue to eat the losses on it.