Twitter hackers strike again! The twitter account of India's supreme leader Narendra Modi is hacked to seek bitcoin payment. But that's not the main problem! See below,
My dad was reading newspapers from his tab while having morning tea and suddenly uttered - "this bitcoin thing is ruining everything online" (definitely he used local language but it is the literal translation)!
While I immediately cleared his doubt about bitcoin but that's how majority of the common people have reacted because bitcoin is now associated with all small/major hacks happening worldwide!
Sometimes I really feel, it's good to have a centralized authority who can take corrective measures to protect the goodwill of bitcoin. We are loosing reputation fast! Sad to see such an innovation like Bitcoin loosing its reputation and credibility due to few mere miscreants!
Never. Central authorities lead to abuse, period. Its the fundamental problem: If they can, someday they will. So what if a few criminals use it? Isn't the majority of crime done with fiat? Bitcoin even leaves more traces.
A central authority is the very reason the fiat of any country can lose its value. In fact the same applies to crypto, all the other altcoins that depend in a single person or small group. The beauty of Bitcoin is that no such thing exists so its value won't disappear overnight from a decision of the supreme leader. Even if Satoshi returned he cannot destroy it anymore, and that's what makes it valuable.
If you want to kill the value of a coin, do exactly what you propose. Heck my country made one but nobody wants it. My country also has the worst fiat in the world, because rather than fixing the economy, our "supreme leader" decided that everything is a capitalist lie and there is absolutely nothing wrong with "printing" to pay debt and the Americans are always at fault.
Loosing reputation fast? You must be new. 11 years of that but Bitcoin is only gaining better and better reputation. Only some older people would say things like that, people who can't bother to learn of something new since they absolutely trust what they already know; until they see everybody else saying otherwise.
What has "hacking" the Supreme Leader Twitter account to do with anything? NOTHING. Why are you not protesting your authority for the use of Twitter to begin with? And what foolish thing they did to let the account get taken? Probably they used an idiot password or had some aide managing it, which is so typical. They should have not been using Twitter in the first place. There is your problem, your Leader, not Bitcoin, and those who follow them.