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

Your conclusions of btc origin and secp256k1 backdoor resonated with me (FBI recovered Colonial Pipeline Ransom) and was curious what you thought of other elliptic curve alg like  Ed25519 used for Monero?

No it is not possible with gold because when you digitize gold the only thing you hold in your hands is a derivative, a certificate but not the real gold. That is very different from Bitcoin where you essentially hold the Bitcoin in your hands anytime and anywhere in the world as long as you are the only person possessing the private key to the respective unspent TXO.

when the criminal sees a guard it automaticaly tells them that there are valueables that can be stole inside but if we only hodl btc we dont need for guards because it easy to hide our btc than physical things like a gold but i guess this wont work if the criminal kidnaps , hold up or forces you to give what you have got , more if the criminal knows about btc and ask you for your  private keys . if its our time its really our time .

Is BTC easier to steal? How? How virtual thing can be easier to steal compared to the physical one?
You store gold at your house or somewhere in a real-life place. Since you do this, people are able to find it and even your relatives, those who live in your house can rob you. But when it comes to Bitcoin, it's an encrypted, digital wallet, where only you have access. If you are careless person, then doesn't matter whether you own a gold or bitcoin, you'll lose it anyway.

Also, if something bad happens around you, people can rob your house and find golds but they can't find bitcoins and can't steal them if you saved them well. Also, you can carry your bitcoins everywhere and no one will know it, while you can't go on boarders with your golds and you can't carry golds with you.

Whats been said about bitcoin is an acceptable statement. Being immaterial by its development has given more easier accessibility or the global market. The same is now possible with gold as well, because when something is digitised automatically it gets the ease of access. In terms of divisibility bitcoin has an upper hand against gold, because gold has the milligrams as the lowest denomination.

Scamming and ease of crime/stealing of gold too is happening around, but those being materialistic there is some form of physical work being done whereas with the stealing of cryptocurrencies the brain work is the key. Whether it is gold or bitcoin, it all depends on the way we keep it secure.

Are you saying that Bitcoin lacking materiality is a weakness of Bitcoin? I would argue the opposite way and say that Bitcoin being immaterial is the strongest property Bitcoin has. It gives Bitcoin unlimited mobility, almost unlimited divisibility, and many other positive characteristics that Gold never can achieve or obtain.

This will always be a convenient material of all time, being a weakness of Bitcoin.
However, in every weakness, don't we also have to balance it by looking at the advantages offered by Bitcoin?
There are many other advantages possessed by Bitcoin compared to Gold or others.
And if it has succeeded and there has been mass adoption throughout the country, BTC can also be used as a global payment very easily, and now it has been valid. Not only that, investment in Bitcoin is also more tempting right? High Risks, High Profits here. So, let's start from ourselves, not only bitcoin but also all things, fiat money, and alin so on can also be misused for the actions of Criminals. Therefore, we will determine what Bitcoin is. Don't just judge what people are misused by people.

@Wind_FURY I know Satoshi has been suggested for the Nobel Prize in Economics, but I fear he won't be suggested for the Nobel Prize in Literature for his statement "Bitcoin could either be very valuable, or worth nothing" Unless he refers to Bitcoin's utility in a very specific time and space relationship. If I was living on an island in a moment where there is no internet and no radio masts, Bitcoin would be worthless to me while it would be of value to others at the same time but in a different space! Let's assume he meant that, I'll suggest him for the Nobel Prize in Literature now!

That actually might be true, but currently Bitcoin is valued at $34,500 per coin, not by you, but by the free market which cannot be controlled by you. Plus wasn’t there a Satoshi quote that said, Bitcoin could either be very valuable, or worth nothing?

Of course Bitcoin is easier to steal than gold. Once you manage to get your hands onto the keys of someone, you can just transfer their BTC to your account and that's it. What are you going to do if you have the number to a safe within a house that you heard is said to have a ton of gold in there? You have to break into the house, kill the owner, open the safe, hope it's true, put the gold into a bag and try to disappear into the dark without getting caught. Now what are you going to do next? You need to sell that shit without getting caught again. Bitcoin does make stealing easier for sure.

not necessarily those guarded by many bodyguards are safe, and not easily stolen, the proof is that there are many large companies that are guarded by a lot of security but every year there is always a loss of their valuables, not necessarily those without guards are easy to hack, it all depends on ourselves how do we take care of all that, if we are good at storing it is definitely not easy to steal, because the security of bitcoin is in ourselves, but the security of other goods, there must be strict control..

Gold is practical and represents rarity, as an identity of human wealth. But I disagree is, BTC is "easier to steal", I don't understand the problem, do you understand bitcoin's immutable and decentralized security mechanism? You think that owning gold is uncontrollable, it is unrealistic. Lol, anyway, I appreciate this "black ink" category, and bitcoin is still the best.

HOW about reading the OP and responding to the assertions??

Well the same for the fool who walks around telling people he has 'gold',

With GOLD of the fools have no gold, and I'm sure most of the people who talk about bitcoin, have no bitcoin.

U didn't read the OP, your not addressing the original issues of the OP.

As long as we keep Bitcoin in a safe place with a good security system, and be careful with other people who offer something promising. Our Bitcoin
should be safe and not easily hacked, usually people who are often exposed to fraud and their Bitcoins are successfully hacked, because it does not
keep the Bitcoin it has properly. Actually not only Bitcoin, Gold and fiat are easy to steal if the owner doesn't store them in a safe place and guard
them carefully. I agree it all depends on us, don't blame Bitcoin.

it's true what you said, it all depends on us, how we store it, if we are good at storing our bitcoins, surely our bitcoins will be safe, if someone says bitcoin is easy to hack, I don't agree, because even gold if we don't good at keeping it, will definitely be stolen by others..

Just don't brag what you have right now because of bitcoin, if you really want to protect your self from such issue. Because you don't know what's usually happened to some people who exposed thier self owning bitcoin especially in public places , so if its possible to become anonymous all the time just do it for your safety.

And also when it comes scamming, well it's very common to be honest, wherein even in public places as well there are someone people trying to scam you facw to face, so how about online that most of people can hide their identity and can use fake information in order to scam other people.? All i can say is stay away from them such those unknown people who's offering and promising something, because that's the only way to prevent scam issues.

bitmover has already answered the concerns raised by the OP. One question to the OP - if Bitcoin is so attractive to the criminals, then why the usage of BTC for illegal purposes is going down? And increasingly we are hearing reports about BTC from criminal proceedings seized by the authorities. BTC may be easier to use, but it is not anonymous and can be traced back to the individual with some effort. That explains why fiat cash remains the preferred medium for the criminals. And regarding the SHA-256 Algorithm - it will remain safe for the next two decades at least. If needed, the developers will issue a hard fork and move to a more secure algorithm.

The majority, yeah, I'd agree. But you're unfairly ignoring the good work done by quite a lot of good, very smart people out there, some even on this forum. I learnt a lot from people I met here, and I've learnt to steer clear away from most of the subforums that aren't Bitcoin.

You know what, though? It's not a very different scene than from 20 or 15 years ago with all these digital money ponzis and HYIPs. Don't be mad at Bitcoin, be mad that there's always a scammer out there, and fools are born every minute, so they'll always have plenty to feed on.

Digitalise gold and you'll get the gold bugs falling for the same tricks.

Yes lot of scam is comes in crypto and this maybe one of reason people scare about this technology but this can be pretended when we educate ourself and so many platfrom like coinmarketcap learN binance learn and many more will make us more smarter.

I saw many scam is actually comes from new innovation like defi or nft coin which is pretty new on earth

So the keys is educating yourself always #DYOR and #DWYOR and keep your coin on hardware wallet 😎

And you can easir avoid scam

I think all investments have their own risks. Likewise with btc, btc investment is a profitable investment but if you are not careful it will be dangerous too. Lots of fraud and theft in it. For example, if we are not careful our assets can be stolen or we follow a scam project, of course it will make big losses. So it would be better if before joining the world of cryptocurrency we should study it well where if we make a decision we will not go wrong. Btc is a crypto that has good prospects to invest in. The skyrocketing price makes investors get big profits. So I think if you want to be a successful investor, you have to be patient and smart in understanding the market.

your comparing two different scenarios. the first one is investing and the other one is trading but you think gold is more safer when traded face to face?  your life will be at risk but trading with btc is safe because it can be done online without going outside your house.


dont forget that more and more people are now discovering btc and the more years will pass the more the value will be added into btc .

But the advantage is bigger than the disadvantage. Bitcoin can make the growth of economy increase faster. Bad people use anything to do their crime activity. Those criminals can't prevent law enforcement to do their job only because they use bitcoin. I want to become a person who keep moving forward rather than a person who keep afraid of changes. We may have different opinion, I respect your thoughts.

An honest angle, Gold is not better than bitcoin in this scenario, Gold is easy to lose and consume, bitcoin is not easy, how do you login his wallet, it is difficult to consume bitcoin otherwise must be the owner. It is similar to a person sending bitcoins to the CEX exchange, imagine if they die, will their bitcoins be easily absorbed / stolen?

in the handle maybe bitcoin is easier than gold because it is very difficult to be stolen by bad people, and for honest people we can take bitcoin anywhere even when we want to go abroad without the knowledge of bad people who want to steal ours , and this is very different from gold which looks easier for people with malicious intent to steal our gold, so that's where the advantage of bitcoin is that it is easy to carry anywhere when we go anywhere

Why does everybody not read the OP rather than just spouting 'company line' based on the title of post? I have not yet seen a single commenter having shown any sign of having read the OP

U didn't even read the OP, that's what I think; You created your own straw argument based on the 'title line' and then answered it. In my op I gave specific examples of which you chose to ignore, surely because you didn't read the post.

Agree. It is basically quite secure, who makes it is easier to steal is ourselves. If we are careful to store it and keep the private keys in a proper way, then stealing our BTC will be very difficult. Commonly, hackers look for careless BTC users who store their BTC in haphazard ways. But, there are also smarter hackers who try the chance to steal BTC from exchanges by analyzing the weaknesses of the security system. However, hackers only can get access if we give them the chance. So, minimize the chance for the hackers to get access to our BTC wallet address.

That is so true that whether gold or Bitcoin, the owners are the one who are responsible for its safekeeping. Criminals will always be there and will always think of ways to succeed in their bad intentions. So, regardless of what asset a person is holding, if one cannot guarantee its utmost security then it can be stolen. Maybe some think that since cryptocurrency is digitalized, wherein digitalization hacking situations are rampant, that is why they think that it can be easily stolen and scammed.

If we go directly to the topic, then who said stealing BTC is easy?
Yes you can claim that stealing BTC from noobs is easy. If you don’t know how to protect your own coins, then don’t blame that the rest of the community also doesn’t know.
BTC was popular for his anonymity, and that’s what the criminals take advantage of.
But we can’t yell on BTC for it, if same process happens with Gold, then will you too say the same thing OP?
Waiting for community answers.

I totally agree with your opinion, all control of bitcoin is in our hands, if we are good at storing all the data we have, and successfully storing the keys we have, I think it is difficult for others to take what we have, it all depends on ourselves we ourselves, gold is good, but gold also has drawbacks, if we are not good at keeping the gold we have, they also easily hack what we have, gold and bitcoin have their respective advantages..

Exactly what you are talking about? Your sentences and structure don't make sense to me even though I have read it two times which wasted my time.

I don't think that it's easy to do that anymore, remember that scammers have already been caught by the authorities even though they used bitcoin as a form of ransom for their attack. I wouldn't say that bitcoin is the gold for criminals, I think the privacy coins are the more likely candidate to be called a gold for criminals but even that isn't safe anymore because organizations and tech firms are trying to destroy them by trying to find patterns.

Bitcoin is your digital decentralised finance and it's one of the most secured crypto at this time because you hackers can't brute force and gain access to your keys it's only easier to steal when you are dumb enough to loose it otherwise it's not possible at all.The criminals will not prefer to use it because they are smart unlike you because they know it's not full anonymous and you can still trace the transaction but you may have seen most of the illegal works being carried out by making fiat deals or gold bars.But you can't always blame a currency which is capable of providing your financial freedom if your are positive enough to look at it.

Bitcoin can be considered as a two-edged sword...it is bringing many new possibilities but also some disadvantages and weaknesses that criminals or evil people can use to exploit. Hackers are evolving with the time and when they are seeing a good opportunity they rush into it like a blood-sucking worm. On the other hand, there are also disadvantages for criminals to be always using cryptocurrency because the record of all transactions are permanent and if there can be a way to track the owners of those wallets then they can be facing a big problem. The bottom-line is that there is no such a thing as a perfect system or a perfect investment for that matter...and why we might ask? Because of human nature. Nobody is proclaiming that Bitcoin is perfect...no it is not but neither is gold.

Very easy to to steal btc by scammers than steal gold indeed, since I have been part of crypto I have come across many scam issues from different users and hardly has any of those stolen btc where refund to the owners, several times people will fall into scam and they will lose their funds so easily by just clicking the wrong link but if it where to be gold i doubt it will be that easy, any little mistake with wallet and keys and can be very detrimental to one's funds.

Wow... the stupidity of some of these shills (Goldbugs) are seriously funny.

OP, have you ever heard about ......"Metal detectors " ..... those devices that can detect Gold or any other metal? Also, while that Gold is hidden under ground, it is useless. (....or are you going to dig it up, every time you want to buy something.. )

Also, Gold is not practical.....  If you want to make online transactions, you have to sell some Gold coins or Gold bars and then transfer that money to a Bank account and then make online transactions.  

Bitcoin can be stored on laminated paper / carved in Stainless Steel .... or even on a Gold bar... if you wanted to do that. (I can store say.... $100 000 000 worth of Bitcoin on a piece of paper.... where are you going to hide that amount in Gold?)  

Ps... The NSA do not print money. 

Most stealing takes place on the exchanges, where most people hang out 'day-trading' the number of whales in cold-storage is probably close to 1 or 0 on this dumbed down message board.

In time once sha256 & secp256k1 are easily attacked then all high value accounts will be attacked, followed by low value, I would agree if your address has < 0.001 btc then your probably safe.

jeebuz, let me guess your in prison right? They gave you a computer so you earn $$ by talking up bitcoin, by the post;

why is everybody crying? or at a loss?

Who miserable other than yourself

I'm just talking facts, no emotion or 'feelings' required.

Jealous of what morons? Do u understand that the average moron owns like 0.0033 bitcoin or about $1k to their name in btc? Who is jealous of  what?

When all of you head for the exits at the same time to sell, see how much you walk away with.

let me guess why you're angry:

1 - you bought bitcoin on high and now you are at a loss and decided to cry here on the forum

or

2 - you invested in gold and spent the whole year and made a miserable profit and saw the high price increase that bitcoin had and how people made a high profit investing in bitcoin and now you came to cry on the forum because you are jealous

Well for stealing bitcoins.

If you don't usually connect your seeds/private keys to the web and you've got your own cold storage, you're unlikely to be hacked.  

There were those people that have been hacked and their bitcoins were stolen because they've never been secure and didn't do the basics of keeping their keys safe and probably signs up for a phishing site.

Regardless, Sha256 is still one of the most secure algo in the market until the era of quantum computers come to play which is by the next decade. Until then, Bitcoin would still be the de-facto crypto for everyone to use as store of value.
Privacy isn't one of bitcoin's biggest selling points considering all data is available on a publicly viewable blockchain. But back on decentralization topic, it does a very good job. To achieve the level of privacy that would add additional security since there's no tracking, then we have the taproot upgrade which would add another layer of security and privacy to Bitcoin transactions.

Nothing is perfect in this world. after all anything can be a tool of crime, depending on the user. and as you said, criminals, whether money laundering, black market, drug trafficking, etc. can use this easily and "hiddenly". but the other side is also very profitable, this is part of the evolution in finance, everything is getting easier without the administrative problems that take a long time.
basically it depends on who the user is and what the purpose is. the bad side and let's put this to good use while it gives us a good chance.

Whether it is bitcoin, gold or some other valuable asset. It has got the good and the bad, which means advantages and disadvantages within it. Our responsibility is to overcome the problem and make use of the good in it. Even now people aren't aware of bitcoin compared to gold. This is the reason why gold is getting more importance over bitcoin.

Being an anywhere accessible asset, bitcoin is more easier to be moved anywhere. Gold being a valuable asset isn't that accessible as bitcoin, even after its digital form of investment access. Gold can't be used for transaction needs as bitcoin, which is also a reason for the increased chance of bitcoin being stolen easily. As per the present security structure it is quite hard to steal bitcoin, but scamming is possible and happening in large-scale with the beginners.

One cannot just exclude the fact that ' bitcoins is trackable', ofcourse we have exception for the virgin coins which are just mined but let's be honest we don't have many of them.

Have you seen any good trading platform which does not require documents therefore you have to understand that one cannot just scam people on a big scale and then run away.

At rhe same time one have to understand the fact that gold is a physical asset which can be stolen anytime. If you are very careful with Bitcoins and your wallets then there is no possibility of them being stolen. Most of the times it's problems with the personal security and not bitcoins itself.

One supposed Crypto investment company that proves original author point is www.coinassetfinance.co. Supposedly Great Britain based with a domain owned by an American and @gmail.com for their email address. CAF that they like to go by, has only Telegram as their communication medium of choice. Never replies to emails or sends out written rules and regulations to investors, as required by international laws. Do not invest with Coin Asset Finance or CoinAsset-Finance. They are nothing but modern day Internet based thieves.

Rogue nations like north korea have reportedly been involved in a majority of crypto ransomware attacks. They're state based attacks made by countries currently under economic sanctions. Making it impossible to extradite or prosecute ransomware attackers due to north korean authorities not cooperating with law enforcement, opting not to abide by international extradition.

A case could be made for traditional financial institutions being breached and attacked far more severely in contrast to crypto equivalents. The federal reserve having reportedly been breached more than "50 times" in 4 years doesn't set a good precedent.


....

Gold is actually not a good option for criminals. Cash in the form of unmarked bills is the option of choice for villains in movies for good reason. Unlike crypto, paper bills leave no digital trail.

BTC is easier to use for regular people too. Criminals will always try to find the way to use something in their benefit.
And how it's easier to steal? If you don't know the private key you can't get access to BTC. Yeah, some of holders may be dumb enough to give it to you but there are always people who can be easily tricked.

Being a Bitcoin user for more than a decade, my only question here is this - if Bitcoin is tailor made for the criminals, then why 99% of them are using fiat currency instead of BTC? And compared to the situation we had when dark markers such as Silk Road and Alphabay were running, now the proportion of BTC transactions that can be linked to the contraband trade has plummeted. One of the reasons is that the criminals no longer regard Bitcoin as a "safe" medium. They don't prefer a currency, where each and every transaction is stored in the blockchain.

In terms of security, since Bitcoin is being managed and used online, the scam is often times occured. The anonymity added the reason why it was used by some criminals. It's decentralization content also abused that it may be use in unusual way.

However, there is also an advantage of using bitcoin, the convenience of using it by transacting online and most of us here used it as store of value. Gold is also a good investment but in terms of alternative payment use, it can not be use as that.

If you hate BTC so much why don't you just go away.
I know you have none and have never had access to any real amounts of coins.
Nobody who uses BTC really cares what you have to say.
Nobody on this forum really cares about what you have to say.

You come here to tell everyone how bad BTC is and how bad CHIA is yet you own none and never have.

Just stop complaining and being a troll get a job.

Oh, and BTC is better then gold since more places take it for commerce then gold (Which you don't have any of either)

-Dave

COINBASE is OWNED by the IRS; They have already banned 'tainted' aka mixed coins; The FBI, NSA, and almost all Gov's on earth have now had +10 years to study and develop tech to track everything about bitcoin, especially given that +90% get in&out of BTC via the exchanges which like COINBASE have already setup 100% KYC.

Then there are the third party tools like Palintir that Lets the Govs unify bitcoin paypal and swift and track everything anybody on earth does;

U can almost argue that the users of BITCOIN are just puppet's and that the puppet masters aren't even seen. The only way to play bitcoin is to be a virgin miner, off the grid with 1,000's of S-19's mining your own virgin BTC, that is then untraceable, but what 99% of the people on this board do is probably tracked more than normal banking.

Real criminals use cash, I think that every single nimrod that has extorted somebody for bitcoin has been busted. It really is money transfer for retarded people.

Why would the Mafia trade in something that fluctuates 50% on a daily basis. Nutz.

Like all algo's what the NSA does is study all and develop predictive models, what they track of interest is that which hadn't been predicted; The anomaly is the point of interest; Like lots of BTC going to the same place, or coming out of the same place, that hadn't already been predicted;

The way its setup now, COINBASE will not even accept a 'tainted coin' and the first time u use it of course you have an account, so they know your KYC data, automatically the FBI gets a notice "Customer transaction tainted coin", visit & all, even though you were denied the ability to use it.

So BTC has become the GOV control freaks nirvanna, like a heaven for arseholes.

Which leads us back, how is this all better than physical gold in the hand. Its NOT;

Agree, the FBI has more tools to detect you when you are using crypto especially bitcoin compared with fiat plus it's really difficult to split all those bitcoin in different addresses because they will track those addresses one by one. I don't get why people hate it that bitcoin is being used by criminals when it's much easier to track them this way.

Probably because people are quite ignorant of what and what not to do on the internet platform, thinking that everything is safe and that they can take everything for granted. Not to mention that gold is heavy lmao. And fr, why are we blaming mediums of transactions for being easy or whatnot when really anything is easy to steal if the people holding it are ignorant, whether it be fiat, btc or any other crypto, heck even simple items.

Though tbh, it has made stuff easier for criminals, but hey, that's because they know how to use it, unlike the majority of the people who invested into it.

Exactly, thank you for saying this. If you are flexing your money in social media platform and you always have it on topic when you are talking to someone then you are going to meet someone that will also tell it to others until the stories found it's way on a malicious person. But OP is right that it's much easier to steal bitcoin than gold since there's no manpower needed unless there's a security that you need to breach, most things stolen nowadays are digital anyway.

bitcoin has been used by thousands of retailers in the world, bitcoin is used by all walks of life, from large financial institutions to your grandchildren, this doesn't mean criminals don't do it, just like conventional money, criminal users also use bitcoin and crypto, actually do crime using crypto makes it easier to track down,

Well, actually you have to think more positively and don't need to think too much about risk, here we are in a community that of course should be able and understand more about the popularity of bitcoin and its advantages, which can still avoid all things that are detrimental.

You become a target if you're too vocal about owning bitcoin in public places. You don't have to tell everyone that you're into bitcoin.

And about being scammed, everywhere there is a scam and it's not only in the bitcoin community that has scams. But also in real life, there are scams and hacks.

that's nonsense. bitcoin is the hardest to steal. if people leave their door open and put a welcome sign for thieves on their doorstep that  doesn't mean the lock they were using was easy to break, that means those people were idiots.
of course considering your post history filled with trolling and FUD i am not surprised you created yet another low quality topic which apparently is allowed in this forum

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]