Topic: Probability of cryptocurrency apocalypse (Read 567 times)

Choosing a place to store your money, you choose the type of criminals who will try to steal your money. Bitcoin will enable small fraudsters to steal huge amounts of money both in physical world and on internet.



if you have lost money as a private person, there is no problem. If bitcoin is scaled up to larger organizations, then the problem is already huge. Money and access to it must be protected and controlled by people, for this we invented banks.



If I were an organization, I would be afraid to use Bitcoin. I would be scared like of fire. I would like to sleep well, knowing that I am not responsible for protection of money. This idea is contrary to libertarianism, but Bitcoin is too harsh and cruel for most people.

Bitcoin is good not as a replacement for the fiat system, but as an ADDITIONAL mechanism to resist banks and censorship.

Considering human error, there is a possibility of losing your private keys but I don't think that the system in place is not going to easily collapse just because of one human factor, maybe if multiple vulnerabilities are spotted and all exploited then there is a possibility of a collapse but I think an apocalypse will be possible because there are people that knows what they do are going to protect it and try to raise it back up.

In fact, I find your thoughts strange to me, how do you say "you cannot just lose a large amount of fiat money - bank will not let this happen"? There are a lot of banks that have declared bankruptcy and people have lost a lot of money there without being able to do anything. You must remember the mortgage crisis in the United States in 2008. Many banks declared bankruptcy and the global economy was on the verge of collapse. The banks were closed and defaulted on their debts until the US government intervened to save the situation.
You can view the mortgage crisis here:
https://en.wikipedia.org/wiki/Subprime_mortgage_crisis

The virus cannot steal large sums of money from the bank, you cannot just lose a large amount of fiat money - bank will not let this happen. All cash flows are easily tracked and blocked. With the help of a bank, you can dispute fraudulent transactions. Credit cards have additional fraud protection that bitcoin does not. Storing a large amount of bitcoin is like keeping a bag of money at home that weighs nothing and can be sent over the internet. If criminals find out that you have a lot of bitcoins, they will force you to give all the money without any consequences for yourself - Bitcoin is a crime haven. For these reasons, Bitcoin is not scalable to the majority of the population or businesses. Most people will not want or will not be able to ensure the safety of their money.

These accidents can happen, whether for paper money or bitcoin, Bitcoin like any other currency can be lost, stolen or damaged for many reasons, paper money also can be damaged, lost or stolen, so what is the difference?
Banks also can be exposed to viruses or hackers via the Internet, and all money in bank accounts or credit cards can be stolen.
In the end, whether it is paper money, bank cards, or cryptocurrencies, you are the first responsible for protecting your money, at least you can protect bitcoin and cryptocurrencies yourself, but banks or bank cards cannot protect them yourself!

We should not encourage investment in bitcoin, bitcoin should remain a platform for speculative traders and a payment tool for people who need it. No more.

I don't think Bitcoin will become a reserve currency, unless its controlled only by a few people, making it more centralized, and something to represent value rather than having value simply by acting as a currency should. The only way we can really stop this is via adoption, and encouraging investment into Bitcoin, which is something the news outlets, and various organizations are campaigning against.

Not to mention the amount of times I've heard Bitcoin is a bubble, and its going to burst soon. Like traditional currencies, and any technology for that matter doesn't have some sort of events resembling a "bubble". They ignore that bubbles can actually be beneficial for traders, and that other currencies also have bubbles as that's the natural pattern of currencies. However, Bitcoin is more volatile in the amount that it can rise, and drop which is also part of the reason it appeals to speculative traders.

My current fears are related to the fact that the pumping of the media may lead to the fact that the population will carry their money in organizations like Bitwage/Gemini and Bitcoin may become a reserve asset under pressure from the population for natural reasons.
The idea of a deflationary asset is very contagious to people, although I myself have nothing against deflation.
Crypto-extremists are gaining strength. I can only hope that this is just another wave of fraud and bubble pumping.
We must not let this happen.

I believe that there is logic in your words and I am not going to refute your words. If we talk about Bitcoin as the new world money, then you need to understand that in addition to security, there is another very important factor. And this is the adoption of BTC as, say, the reserve currency in the world. That is, it is not we who decide this, but the heads of state. At the moment, I have not yet heard official statements about Bitcoin from world leaders, which means that at the official level, hardly anyone considers BTC as money. As a new asset for saving money, perhaps yes, but as the world's money is unlikely. And there is also a logical explanation for this. The fact is that in the future we are likely to return to currency zones and there is a possibility that there will no longer be a global reserve currency.

We can't blame them, the money that you can get out of bitcoin is pretty promising to the point that we ignore the other benefit that comes with it. Good thing that in this forum, I learned how to take care of the things that is important when it comes to my bitcoin and wallet. Probably other reasons include being an arrogant person that brags about their bitcoin to the point that they unconsciously reveal the important details.

I look at BTC price and the events that are taking place and I have only two options in mind: either a crypto-apocalypse or another bubble burst, but already with the collapse of the world economy.

You must remember that people are greedy idiots.

What you have stated as your arguments is not unique, I have been reading it for 7 years since I became interested in cryptocurrencies - no one can even count how many times someone called Bitcoin a Ponzi scheme, multi level marketing, rat poison squared or in the end say that Bitcoin is dead. I have already stated my arguments, the fact that you refuse to accept anything other than the idea of a crypto apocalypse that you have in your head is a completely different problem.

I can't predict the future, but I'm pretty sure that Bitcoin isn't something that can in any way jeopardize the system you're talking about - it will sooner or later collapse on its own.

We lost the main idea that I wanted to develop about the prospects for cryptocurrencies in general.
This is my fault, I should have explained everything in the first post, and not in the further discussion.

What a bunch of FOD bs.  lol.

The problem is that cryptocurrency is still difficult for its safe operation by ordinary citizens who do not have special knowledge in this area. Because of mistakes, hacker attacks and scams, many will suffer losses and be afraid to work with her.
The OP is right after all that bitcoin will not constantly rise in price. In this regard, it is not difficult to predict what will happen to the price of bitcoin in this case. At the same time, an increase in its price is likely to be negatively assessed over time by most of the leading states, and an increase in its influence is most likely to meet with opposition from states. Therefore, it is better for cryptocurrency to remain in the shadow of conventional currencies simply as an alternative means of payment.

And what about bank servers? They can also be damaged, destroyed in a fire, flooded, hacked, virused.
 
Long ago most documentation was stored in paper form. My father had some job documents held in a government archive and they lost them in a flood and as a result lost a proof that he had a pension fund.

How about that? You think you're safe because a government institution holds your money?

I agreed with what you said except there's no chance of getting the fund stolen back because there's a chance of getting the fund if the fund back in some case when the attackers make some mistakes that link is anonymity online but it requires multiple steps though.

If Bitcoin is easy, anonymous and safe as you believe, why would people with large balance experience paranoia as you said if the mistake is not from Bitcoin but from their end?
Aside from that, Bitcoin cant destroy banks or the economy but to compliment it. It some government and banks that see it as a threat just like they first did when Google was introduced.


This is the reason why people are advised to always check the review and community opinion about Bitcoin client before using it but if the Bitcoin client is recommended and verify when downloading there no cause for alarm. The only left is not to visit the untrusted site or download or open a link from an untrusted source.

Check the hash is the thing some people ignore but every APP integrated on Github has it source code included for community review.


Yes, if avoid the human error which may make the hardware vulnerable to attack.

Yes but those vulnerabilities will only entice the newbies and the last time I check the crypto community also develop an innovative wallet at some point to ensure crypto funds are safe.

Everything you said is the same if you were holding fiat currency as well. Let me tell you how.


This is the same with fiat since the top billionaires also hold large amount of money. But that doesn't change anything because money gets printed almost every year.


People get tortured for fiat money as well. People get kidnapped, robbed, blackmailed etc... for money and there's no stopping to that.


There have been many cases where the banks have gone bankrupt eating up people's money.
In such cases your money is gone anyway. There have been many cases of online fraud leading to money getting debited from their bank accounts.

Moral of the story : There's no full proof method to stay safe. All you can do is try your best to keep away from such attacks and prevent it from happening by adopting good security measures. Bitcoin makes it easier since YOU are the one holding your money. If you don't leave any hole from your end then there's very little chance of your money getting vanished.

Every investment has risks and so thus Bitcoin. It can go to zero if all holders dump their holdings, its like imagining on how a person will die but the question is how? There are many factors that could lead Bitcoin to its death , its not invincible after all its either a machine or human could be the catalyst to its downfall.

I have not read anything, everything I write is exclusively my speculation from my fevered imagination. What is your argument?