Global problems of cryptocurrency that cannot be sold by humanity

Kakmakr

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Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it
2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration
3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

1. The weak code being used by centralized exchange services are not Bitcoin's fault. Each of these services has a responsibility towards their own customers to protect them with secure software.

2. We have 3rd party services like Bitcoin mixers that can be used to add a little extra financial privacy. Wink

3. All markets/commodities/stocks and shares are manipulated in some way, so this is not unique to Bitcoin or Crypto currencies. Just accept. Roll Eyes

hignjuh

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Quote from: brakemelion on June 10, 2019, 12:02:47 AM

Look, every day comes the news of new thefts of funds from wallets. But this kind of fraud is not an indication that the entire industry is problematic. Of course, the reputation of companies and exchanges suffers, it also leads to a decline in the cryptocurrency rate. However, one cannot deny the human factor. After all, all users are recommended to use secure wallets, but instead people come up with the most simple passwords that are easy to crack.

that's the point. All of the problems are caused by a human factor. they created these problems and now seeking for justice. but it won't stop. such kind of problems will grow with crypto popularity

ruthsGHY

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Quote from: marksandtoday on June 10, 2019, 12:09:10 AM

Now a bigger problem than insufficient protection of wallets is the lack of education among users. The crypto community is quickly replenished with new members. But very often one can see that people came thinking about quick benefits, but not caring to explore the issue of cryptocurrency investing deeply. I was greatly helped by educational articles and trading strategies on the taklimakan platform, which give an idea of what an investor should do in order to choose a wallet, set up a exchange for trading, etc. Such knowledge is available and free, but for some reason few people use it.

I agree with how many newbies refuse to spend time on training. But the most difficult thing is to be able to calculate the risks and especially control your emotions. You can not go into cryptocurrency investing, if you are a gambler. This is also a kind of game, because the rate of cryptocurrency is changing very quickly. You need to be able to understand which challenges you need to respond to, and where it is better to save money

marksandtoday

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Now a bigger problem than insufficient protection of wallets is the lack of education among users. The crypto community is quickly replenished with new members. But very often one can see that people came thinking about quick benefits, but not caring to explore the issue of cryptocurrency investing deeply. I was greatly helped by educational articles and trading strategies on the taklimakan platform, which give an idea of what an investor should do in order to choose a wallet, set up a exchange for trading, etc. Such knowledge is available and free, but for some reason few people use it.

brakemelion

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Look, every day comes the news of new thefts of funds from wallets. But this kind of fraud is not an indication that the entire industry is problematic. Of course, the reputation of companies and exchanges suffers, it also leads to a decline in the cryptocurrency rate. However, one cannot deny the human factor. After all, all users are recommended to use secure wallets, but instead people come up with the most simple passwords that are easy to crack.

princesspoppy

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Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it
2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration
3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

If I'm right, all these things are also done by human. Hackers are human as well as the ones who manipulate the market. Well it is inevitable. As long as there are people who keeps on relying to other people in order to get what they wanted, there will always be risks in cryptos. Well, there will always be answers to these problems. People will not stop finding ways to stop or to lessen this kind of problems.

Rufsilf

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Quote from: iqlimasyadiqa on June 07, 2019, 01:21:17 AM

Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it
2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration
3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

this will continue to grow and I am very optimistic that every time we will always be on a positive track. indeed there is currently a problem that often occurs and there is no solution. but remember that human ability will continue to increase, by utilizing increasingly good technology, all the trouble that exists can be slowly resolved.

I agree, problems are inevitable the more people to adopt and invest in bitcoin it also increases risk of hacking and manipulation but I guess investors will have enough knowledge with these types of problems hence they will be more careful when in comes to their coins. Blockchain on the other hand is still being develop and improved for the best so I think little by little these problems will have solutions in the future.

yusupjatigumilar

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I think that such problems are quite reasonable now that the crypto currency has only been used for a number of years, I think it is still in the period of developing all the problems that now appear to be material development systems, something when it will be well resolved and use crypto currency can run efficiently without any significant problems.

xWolfx

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First, learning is a thing as stated in this subject by the part of the exchanges in this case. To not be so brainlessly greedy and actually invest in security because they are storing money which can be used to buy material stuffs in huge amounts with the amount of money they have so not so innocent people will attempt to have some of it always.

The funny part is that banks started kinda like that and they had to adapt over time, how old are banks?

About KYC, i don't particularly like it. I see how they buy IDs and Passport pictures and paying for phone verification too. The funny part of everything is that they are not even paying a big amount for that service. Targeted mainly at people in third-world countries.

cabron

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Quote from: samcrypto on June 07, 2019, 05:52:47 PM

Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it
2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration
3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

Keep learning, this can be a good solution especially to your problem number three since if we learn hot to ride with the whales then we can start now earning even if the markets are down. Exchanges are weak, and the solution to that is not to put big money on the exchanges, blokchain is not private since you can tract every transactions but its more on anonymity that would make it hard to know the real owner of tha address not unless you filled the KYC form.

There were projects being developed to solve the weak exchanges like the DEX which has security tight solutions, projects like Volentix, EIDOO and soon can solve the issues about weak security exchanges which hackers may not break in. KYC I think is being done to solve the the regulations but then of course resistance is going to be stronger and this is also because manipulators don't want getting caught. Manipulators is always there even to the old markets, there are just rich people among us and there are also way intelligent than someone who can manipulate the market.

7788bitcoin

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Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it

When there is regulations and running an exchanges means you have to deposit a huge amount of money as security and if something like a hack happens they will compensate with that security and they will be serious about the user funds than we see now.

Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration

There is no protocol as KYC integration, if you are planning to run any business that deals with money you have to take care of some of these, bitcoin market does not mean that anyone can launder money and for the companies to avoid getting into trouble they have to follow those steps if not they will get into trouble if any tainted coins gets through them.

Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

There is nothing you can do about market manipulation unless there is some body overlooking the entire market and by the way you want the market to be, it is not possible, either you can have a strict regulated market or you have to deal with the current situation.

samcrypto

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Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it
2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration
3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

Keep learning, this can be a good solution especially to your problem number three since if we learn hot to ride with the whales then we can start now earning even if the markets are down. Exchanges are weak, and the solution to that is not to put big money on the exchanges, blokchain is not private since you can tract every transactions but its more on anonymity that would make it hard to know the real owner of tha address not unless you filled the KYC form.

Ucy

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Centralized exchanges do not count. They are not meant to be here in the first place.
Decentralized exchanges (not semi-decentralizrd exchanges)
are doing great.
Most of the crypto problems occur mostly on Centralized platforms. The platforms do not represent us and our ideals

Haunebu

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Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it

Have you ever heard of banks being robbed and people losing their money op? This is the same thing. There are good and bad exchanges and nothing is perfect.

Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration

This applies to FIAT as well. You are already selling your privacy on social media websites. You can protect your identity through various security measures and it all comes down to the individual at the end of the day.

Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

Everything is manipulated to an extent in this world. FIAT itself is being manipulated by the rich and powerful. This problem is not specific to BTC.

Nadziratel

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Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it

I don't think exchanges are weak! There are a lot of exchanges has a good trading volume. Yes they are not subject to supervision. But they have great affect on the market. Even more than necessary ...

Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration
3. Manipulations on the market. Usual ppl just lose because of that

Yes there is no enough privacy and security. In order for these to be achieved, perhaps DEXs need to be more powerful in our lives.

darklus123

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Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it
2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration
3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

1. There are really no perfect system and so don't rely too much on any exchangers.
2. KYC protocols are only applicable to services such as exchangers and not from the blockchain itself that we are saying. You have the full rights not to do participate with this services.
3. Market Manipulations might really be happening and the only way we could solved it is to have the proper distribution of coins.

The problem that you have stated can actually be possibly solve by us users. When hackers steal your money then it will answer to your question #2 since you can't claim it the hacker is private.

kryptqnick

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Quote from: gipsongos2 on June 07, 2019, 12:14:18 AM

1. The exchanges are weak. There are more and more cases when hackers steal a huge amount of money and we can't do nothing with it
2. There's not enough privacy and security. U say blokchain is private and secure but what about frauds that leads to kyc protocols integration
3. Manipulations on the market. Usual ppl just lose because of that
Do u have any solutions?

1. It's true that hacks are still occurring very often, but some exchanges have gained the trust of customers by reacting to the hacks properly. Just recently Binance lost 40 million dollars, but people were (or will be) fully compensated.
2. Blockchain is very secure if you use it properly, act carefully with passwords and private key, etc. As for KYC, I think it makes sense to enforce it when big amounts of money are being moved, and I guess the policies will become better in the future.
3. Manipulations are common with coins that have small market capitalization or centralization, but I still don't believe they are possible with cryptos like Bitcoin or Ethereum. There are still many immature investors that shake things up a bit, but the community is getting stronger, and I think we are moving towards a decrease of volatility.

Ailmand

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Crypto wasn't made perfectly so we must expect lapses and problems. However, these problems are also the same problems experiencing by banks meaning it is not just a shortcoming of cryptocurrency but also the main problem of every currency. I think we can solve this in due process and with a long term study and implementations.

bering

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Currently there is no solutions about exchange hacked and manipulate price but i believe the technology will improve following the development of cryptocurrencies itself but at least we can minimize the risk from OP mentioned above with not to store all of our crypto assets to the exchange and not too rush when decide to invest on altcoins to avoid loss because people who rush usually will regret their decission

BL46K 7193R

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There is still a lot of problems in the Yes Cryptocurrency, there are limitations. Actually, there is no way to avoid your points. I agree with you every day someone is facing these problems. I myself also posted that Bitcoin should be improved. In fact, cryptocurrency security should work more, as well as finding solutions to these problems.

Topic: Global problems of cryptocurrency that cannot be sold by humanity (Read 383 times)