Topic: Better than "GOLD" for criminals, BTC is easier to steal; Easier to scam; - page 4. (Read 604 times)

Bitcoin is better than gold. Can you provide something that Bitcoin is worse than Gold?

How do you think Bitcoin is easier to be stolen?
Who are able to break your private key if you save it carefully and off line?

Scammers can use Bitcoin or Gold or other things to scam. Don't blame what scammers do on Bitcoin.

If you did not read the whitepaper read it once and if you did not understand read it hundred times till you understand what is written. Anyone carrying on criminal activities publicly as the entire transactions are recorded and no one can change that and you really think that you can get away with it. You might get away since it is the initial stages but eventually you will get caught because the illegal transactions cannot be reversed or erased as every micro transactions are recorded.  

Regarding Bitcoin's weaknesses, yes, technology always has weaknesses. Even if you understand Fiat is also weak. Even gold he also has weaknesses. If you expect everything to be perfect maybe only the creators of the world have no weaknesses. So Bitcoin has a Hard Fork process from developer to improvement. It will continue as long as the deal is still there. There is enough calm and take advantage of that to make you feel better. Not only BTC looks at other cryptos, it tries to be a new innovation, fixes weaknesses but new weaknesses also appear. Innovation will always evolve it will always be new.

Isn't that what you were saying 2-3 years ago? I hope you know that if Bitcoin's cryptographic algorithms ever become weak, we can hard fork it to a quantum safe environment. If we realize that our wealth is in danger, we won't hunker down and do nothing.

OP refers to the hashing algorithms and the public-key cryptography Bitcoin uses. It's known that SHA's (Secure Hashing Algorithm) whitepaper was written by NSA. He believes that they know something we don't about the hashes.

You've been drowned by your own conjectures. For your information, everyone can create money; what everyone can't do is create value.

Needless to comment the title...

This is one of the points of view and it also has the right to be discussed. Nobody knows who is behind the creation of bitcoin and for what purpose it was created. Playing cryptocurrency can be much more difficult and multi-turn.
Quantum computers already exist, although this forum has recently been assured that many years will pass before their real appearance. Moreover, it has already been confirmed that they functionally far exceed the capabilities of the existing ones. Becoming an ostrich and burying your head in the sand is not always a good way out of a threatening situation. Therefore, I also try to diversify my portfolio and pay attention to more advanced technologies in cryptocurrency.

I am facing difficulties understanding OP. You have to understand why Bitcoin was created, most likely you have to read the Bitcoin whitepaper again. Doesn't matter who created Bitcoin either satoshi or any other agent. But the goal was to create a decentralized financial environment which is called peer-to-peer election cash. So the cash won't compare with real assets like Gold. You can't send gold from your country to another country within minutes. But here Bitcoin would help you. Scammers are everywhere, even when Bitcoin wasn't popular Ponzi Schemes ran their business with other digital currency. Blaming Bitcoin for scammers is ridiculous, scammers won't steal money until you send them. Hacking if a different story but there is also involved your lack of knowledge.

Well, I do agree with your comment. Without going into the technical nitty-gritties, I can say that bitcoin has made the life of a scammer much easier. Now they don't have to worry about going through the banking channel to launder money or to receive the criminal proceedings. This statement is not only true for bitcoin but for other cryptocurrencies which has enough liquidity available. So there is no surprise that the cyber criminals are trying to use cryptos only. Much easier to receive the dirty money and much easier to hide from the eyes of enforcement agencies.

But, that doesn't make bitcoin look bad. Right now bitcoin is a hot topic so people are using it and promoting it. It one fine morning, if we find something hotter, we will move to it. That's the normal flow of life.

I think you raise a good point about how vulnerable Bitcoin will be to future cracking attempts and people are generally terrible at estimating how easily it will all fall apart once that happens. The second the first wallet is hacked using a new method and the news is released, the whole market cap of Bitcoin will effectively drop to zero and this is likely for other cryptocurrencies too. We have made leaps and bounds when it comes to tech, usually driven by a desire to make money, what easier way to take money than to crack a trillion dollar market? One thing that you might be overlooking is the liquidity factor which is both a positive and a curse. Gold has some drawbacks, for instance I wanted to free some cash up at the start of Covid but all the gold shops were shut (locked down) and I am definitely not sending it away via the postal service - so basically I was unable to sell the gold I wanted during this unprecedented crisis, that was a major downside which Bitcoin does not have.

Not a peep, what can they say? Nuttin

HODL,

that's all they got.

Hater,
...

But seriously we all know crypto is the future, but u got to diversify; In 5 or 10 years from now we have no idea which crypto will be on top, but its certain is the first generation bitcoin, will be long gone;

Because the blockchain is permanent, future super-computers will be able to go back and unhash all the keys, and discrete logs solve the private-key puzzles; For all addresses of value;

 So there no 'freezing the dead' solution, the only solution is to move out before it slowly goes to zero.

Bitcoin was a trojan horse from the beginning, and we have't even begun to set the real move, remember in the entire history of NSA they have never made an algo public where they didn't have the back door keys, and again SHA256 & SECP256k1 are both NSA; Bitcoin is 100% NSA.

It's easier to track criminals who deal with bitcoin too. For thieves it's much better to use paper money since it can't be tracked. That is why we see these guys on the movies making their deals always eqquiped with bags, suitcases full of big chunks of paper money.

Why would NSA create bitcoin? Just for fun, to make a joke or to bet against their workmates who is going to crack it first and when? It doesn't make sense. That is a very simplistic explanation for something very complexly created like bitcoin.

Bitcoin is easier to deal with than gold, not just for criminals, but for honest people as well.

How the hell are you supposed to carry your live savings in gold while traveling to a different country, in case you are running from war or from a dictatorship?

Bitcoin also lasts forever. You cannot destroy a bitcoin. You cannot just Delete a bitcoin. It lasts forever. You may lose access to it, but it will last forever.



You can just put your BTC in a hardware wallet or in a piece of paper. A bitcoiner is not someone who actively trade trying to get each pump and dump. It may be just a person who wants to diversify their asset allocation, and just use exchanges once every 5 years or so.

Bitcoin is based in cryptography, this is why it is called a cryptocurrency. The whole internet security is based in that, even when you use your traditional bank mobile app you are using cryptography.

in long term cryptography will evole, and these new cryptography concepts will be applied to bitcoin as well, obviously. The whole digital world as we know depends on cryptography and security.

Better than "GOLD" for criminals, BTC is easier to steal; Easier to scam; PPL lock their gold up, keep their mouth shut, gold lasts forever;

PPL who play BTC, trade it on the exchanges, are just targets, and hardly whales or rich;

Bury a LB of gold in the Ground, and 1BTC private-key scratched glass; bury them together come back in 20 years, I can tell u which one exactly will have value, because its a historical fact. In 20 years from now this generation BTC will be a pet-rock artifact. BTC is based on SHA-256 an NSA tech with at best a 10-20 year shelf-life, ergo hashes will have been long de-hashed into public-keys easily solved  by discrete-log supercomputers. The Secp256k1 algo to make the key into public ( also NSA ) will have long been hacked&cracked making all 2010 era Btc's worthless in the coming years.

Now if u had today a Secp2048k1 elliptic-curve and key 512bit say 10^88 ( atoms in universe ) then I would say maybe that super-btc would be around 20+ years form now; but in the next 2-3 all of BTC will be common place crackable.

The problem today is that the entire BTC narrative is ran by bullshitters and promoters to keep the ponzi alive, like 99% of the paid comments & posts on this forum by to 'influencers' by scammers;

Very few, perhaps 1 in 10k people even have a clue about bitcoin vulnerability, IMHO its all a joke, created by the NSA (satoshi) to see how long as a puzzle before their algo's got cracked&hacked; The fact that the joke went viral, but have them at the puzzle-palace all in a hysterical laughter, remember these people don't care about MONEY$$ then can print it to free to infinity, they don't need to make crypto to have wealth, they own the printing-press. The NSA already had the power to create infinite USD fiat;

Lastly, they can pull the plug on BTC anytime they wish, which is why bitcoin is kept around a crippled old "Your Grandfathers Crypo".

In the future people will be saying, why did everybody just sit on their ass and not move their wealth into a longer term, safer crypto than first generation bitcoin sha256/secp256k1??

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Not a peep, what can they say? Nuttin

Go with the flow, go with the narrative, it works until it doesnt'.

[moderator's note: consecutive posts merged]