The danger of the cyptocurrencies - page 10.

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Quote from: DoublerHunter on February 16, 2017, 04:19:00 PM

Quote from: Mr.grin on February 16, 2017, 12:35:46 PM

I think, using cryptocurrency are not as dangerous if you use it properly. but in general, cryptocurrency increase illegal transactions that occur in every country. Besides, the government saw cryptocurrency as a transaction tool that can make fiat replaced. Well, cryptocurrency not provide government revenue because there is no tax on it.

The one i think that the danger of using cryptocurrency is being volatile on the price because if you buy at a high price then suddenly it drops then you already loss a few amount of money.

Yes you are right, If we use it properly then there is nothing to worrry aboout because we make sure that we will do the right things before engaging any decisions.

Government will take profit in cryptocurrency soon, We know that the government will do anything just to earn money not just by tax and also other things like getting fees on bitcoin. That is possible because we are used to that kind of attitude of the government.

I think government revenues from a currency is taxes and fees bitcoin belonged blockchain which became the book on bitcoin transactions

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Quote from: Mr.grin on February 16, 2017, 12:35:46 PM

I think, using cryptocurrency are not as dangerous if you use it properly. but in general, cryptocurrency increase illegal transactions that occur in every country. Besides, the government saw cryptocurrency as a transaction tool that can make fiat replaced. Well, cryptocurrency not provide government revenue because there is no tax on it.

That's actually the only danger that I can see with it is if you will use it illegally. We know that bitcoin (crypto) is the main currency in the dark market (deep web) and that's why it's also one of the reason why the demand is becoming high. And there are some countries that are prohibiting the usage of bitcoin upon seeing this use.

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Quote from: mindrust on October 01, 2016, 03:52:50 AM

You are probably aware of the recent news about removing the fiat money for good and building up the cashless world.

Have you thought that bitcoin maybe the first step of this utopia? What if CIA behind this project?

Intelligence agencies like the FBI, CIA, NSA et al oppose encryption being utilized in everything from cell phones to PC's.

There would be irony present in them supporting encryption in currency, when they have expressed a wholesale condemnation of encryption everywhere else.

I think if the CIA was behind a digital currency, it would be exactly like bitcoin except there would be as little encryption involved as possible and zero anonymity.

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Quote from: Mr.grin on February 16, 2017, 12:35:46 PM

I think, using cryptocurrency are not as dangerous if you use it properly. but in general, cryptocurrency increase illegal transactions that occur in every country. Besides, the government saw cryptocurrency as a transaction tool that can make fiat replaced. Well, cryptocurrency not provide government revenue because there is no tax on it.

The one i think that the danger of using cryptocurrency is being volatile on the price because if you buy at a high price then suddenly it drops then you already loss a few amount of money.

Yes you are right, If we use it properly then there is nothing to worrry aboout because we make sure that we will do the right things before engaging any decisions.

Government will take profit in cryptocurrency soon, We know that the government will do anything just to earn money not just by tax and also other things like getting fees on bitcoin. That is possible because we are used to that kind of attitude of the government.

Mr.grin

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I think, using cryptocurrency are not as dangerous if you use it properly. but in general, cryptocurrency increase illegal transactions that occur in every country. Besides, the government saw cryptocurrency as a transaction tool that can make fiat replaced. Well, cryptocurrency not provide government revenue because there is no tax on it.

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Quote from: Barbut on February 16, 2017, 10:46:30 AM

Quote from: gandame on February 16, 2017, 10:37:10 AM

When fiat currency applied the same ways and copy the digital currency platform, i guess that would be a great danger of cryptocurrencies. If that will happend people would rather choose the ways of fiat currency which been copied from bitcoin and that will be the main reason that btc will have a massive pull down of its economy. But, its imposible to happen because btc is a unique currency with many alternatives which fiat doesn't have.

I'm not some expert, but copying digital currency platform is copying blockchain technology, and that is not possible. If they don't come up with new solution they will build their coin based on blockchain.
Bitcoin is unique, but they can push their coin a lot, and governments have ways to force companies and ordinary people to use their coin. I like bitcoin cause independence, and cause of that bitcoin will be number one always.

Ask yourself why they would ever need that?

They already have everything they need, i.e. fiat. There is no reason to create another, government issued cryptocurrency. They can indeed force its use but instead of which currency exactly? They can only force its use instead of their own money. People who are using Bitcoin right now will continue to use it, anyway, but people which will use this government cryptocurrency may switch to Bitcoin eventually. Even if we somehow assume that they start issuing their coin, it will be counterproductive for them. Basically, they will be shooting themselves in the foot

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Quote from: SvenBomvolen on February 16, 2017, 10:46:49 AM

Quote from: The_Dark_Knight on February 15, 2017, 08:20:23 PM

Quote from: daringdiscovered on February 14, 2017, 04:21:19 AM

The fact that cryptocurrency is made in a computer and used in the internet gives it a big a danger to itself. It is very prone to hackers. And no one can say how long can it last over the internet. Because cryptos are also money some people are still having doubt to invest and use it because it will be easy for someone to steal it. And the transaction made by crytos are anonymous.

The same can be said about paypal, credit cards, gift cards and any medium we could use to pay online, the only problem is you cannot get your money back with bitcoin since you cannot chargeback transactions like with paypal, that is a characteristic of bitcoin I love, but that helps hackers and scammers to get away with their crimes.

In our would it stays less and less chances for privacy. Crypto currency have that kind of danger when it may be stolen and you will not find any step of the thief. But professional hackers can take away all the info about you and your wallets easy.

I would say that this is the blessing and curse for bitcoin.
Many people like bitcoin because of anonymity.
We don't like idea to pay a lot of taxes to our government, for every income we have, online or offline.
Until now, our governments could see or find everything, all our financial transactions, but with bitcoin we are finally free, and can earn without need to report and pay taxes.
But, in other hand, if anybody steal our bitcoin funds, we can't report this person or start any legal action.
It seems that we can't have everything.

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Quote from: The_Dark_Knight on February 15, 2017, 08:20:23 PM

Quote from: daringdiscovered on February 14, 2017, 04:21:19 AM

The fact that cryptocurrency is made in a computer and used in the internet gives it a big a danger to itself. It is very prone to hackers. And no one can say how long can it last over the internet. Because cryptos are also money some people are still having doubt to invest and use it because it will be easy for someone to steal it. And the transaction made by crytos are anonymous.

The same can be said about paypal, credit cards, gift cards and any medium we could use to pay online, the only problem is you cannot get your money back with bitcoin since you cannot chargeback transactions like with paypal, that is a characteristic of bitcoin I love, but that helps hackers and scammers to get away with their crimes.

In our would it stays less and less chances for privacy. Crypto currency have that kind of danger when it may be stolen and you will not find any step of the thief. But professional hackers can take away all the info about you and your wallets easy.

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Quote from: gandame on February 16, 2017, 10:37:10 AM

When fiat currency applied the same ways and copy the digital currency platform, i guess that would be a great danger of cryptocurrencies. If that will happend people would rather choose the ways of fiat currency which been copied from bitcoin and that will be the main reason that btc will have a massive pull down of its economy. But, its imposible to happen because btc is a unique currency with many alternatives which fiat doesn't have.

I'm not some expert, but copying digital currency platform is copying blockchain technology, and that is not possible. If they don't come up with new solution they will build their coin based on blockchain.
Bitcoin is unique, but they can push their coin a lot, and governments have ways to force companies and ordinary people to use their coin. I like bitcoin cause independence, and cause of that bitcoin will be number one always.

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When fiat currency applied the same ways and copy the digital currency platform, i guess that would be a great danger of cryptocurrencies. If that will happend people would rather choose the ways of fiat currency which been copied from bitcoin and that will be the main reason that btc will have a massive pull down of its economy. But, its imposible to happen because btc is a unique currency with many alternatives which fiat doesn't have.

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Quote from: deisik on February 16, 2017, 04:57:35 AM

Quote from: splitups on February 15, 2017, 02:58:47 PM

Different topics in the OP, so will discuss them one by one:

-The BTC is made by the CIA... I wonder why everything is just from the CIA? why not the KGP or Masonians, Nazi's or the like?

If Bitcoin has really been invented by a secret or security service, it will be the NSA, not CIA

Or, at least, some of their former employees. And there are a few factors which disallow to throw this suspicion away as a conspiracy theory. First, it is the NSA which is behind the security protocols used by Bitcoin, so this agency is deeply involved in the things which Bitcoin is built on, whether it has any irrelevance or not. Second, someone has posted a link to a white paper published in the late 90's basically outlining what got made into existence 10 years later as Bitcoin. As you guess, it was the NSA behind this research

Or they can be all we dont know that. To many is not just bitcoin but all crypto currency are in this let say shady business, with every illegal information there are talks that some crypto is involved or government agency or even both.

But from everything that we know or we heard think that CIA is prime on the list.

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Quote from: splitups on February 15, 2017, 02:58:47 PM

Different topics in the OP, so will discuss them one by one:

-The BTC is made by the CIA... I wonder why everything is just from the CIA? why not the KGP or Masonians, Nazi's or the like?

If Bitcoin has really been invented by a secret or security service, it will be the NSA, not CIA

Or, at least, some of their former employees. And there are a few factors which disallow to throw this suspicion away as a conspiracy theory. First, it is the NSA which is behind the security protocols used by Bitcoin, so this agency is deeply involved in the things which Bitcoin is built on, whether it has any irrelevance or not. Second, someone has posted a link to a white paper published in the late 90's basically outlining what got made into existence 10 years later as Bitcoin. As you guess, it was the NSA behind this research

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Quote from: daringdiscovered on February 14, 2017, 04:21:19 AM

The fact that cryptocurrency is made in a computer and used in the internet gives it a big a danger to itself. It is very prone to hackers. And no one can say how long can it last over the internet. Because cryptos are also money some people are still having doubt to invest and use it because it will be easy for someone to steal it. And the transaction made by crytos are anonymous.

The same can be said about paypal, credit cards, gift cards and any medium we could use to pay online, the only problem is you cannot get your money back with bitcoin since you cannot chargeback transactions like with paypal, that is a characteristic of bitcoin I love, but that helps hackers and scammers to get away with their crimes.

splitups

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Different topics in the OP, so will discuss them one by one:

-The BTC is made by the CIA... I wonder why everything is just from the CIA? why not the KGP or Masonians, Nazi's or the like?

This is just a form of conspiracy theory IMO, No one could predict BTC would make it like this, if the CIA made it then they would have been wasting government money, No one could see it becoming like this -except some hard-headed enthusiasts maybe (millionaires now)-

- The government can rip us off instantly now if they ever wanted to, with Credit Cards, Bank accounts and even fiat/cash/dollars, if the government want to take it away it would even be easier. They would just need to contact the bank and it would be done, now it's in your PC... I doubt the NSA would be hacking computers and stealing BTC's anytime soon.

- Fiat becoming worthless I don't think so, The current financial system wouldn't be completely changed IMO, banks would still exist and normal cash would, BTC would just be another payment system with more advantages and a growing population using it -like what it used to be with CC and DB starting, even though BTC is different but the idea is the same IMO-

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Quote from: EdenHazard on February 15, 2017, 10:25:55 AM

Quote from: Viscore on February 10, 2017, 12:57:30 AM

Let us not hope already that majority of the population in this world will adopt with bitcoin, only few people are willing to take the risk of this new technology. As the world moves to the new technology, there will be people that will be left behind due to lack of capacity and education to adopt.
That is the reality but it's not the danger of crypto currency as we can still be progressive even without the adoption of the majority.

the danger what op talking about are a worries on how government can seize your money over the internet/computer much more easy than when have to do it in real life on paper money like USD and i think it is just excessive anxiety.

too much speculation here without a good proof on what can bitcoin do to threaten financial system

Well, if we are talking about what Bitcoin could potentially do to a financial system based on fiat, that seems to be pretty straightforward. Basically, it could just wreak havoc in the finances of a country. In fact, an incompetent or downright rogue government might do essentially the same even without Bitcoin, for example, by heavily devaluing their currency, but Bitcoin can do exactly that entirely on its own, i.e. crowd out state money. Indeed, this is highly unlikely to happen for such conditionally hard currencies like the US dollar or Euro, but it is quite feasible with weak currencies like the Venezuelan bolivar

Many currencies across the world have less total value (market cap) than Bitcoin (in dollar terms)

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Quote from: WhiteStar_ on February 14, 2017, 04:23:16 AM

Quote from: noictib on October 01, 2016, 04:24:47 AM

beauty of crypto currencies is only of their privacy . if it would by the government then their is no option to use crypto currency . while we will use direct other online currency instead of these . because due to control under government of country there will be restrictions of saving and transfer .

I would agree into this thought.Cryptocurrency is not advance at fiat currency but just improved some features and added some that is what makes it special from fiat

yes and in future the importance of fiat is continously increasing and in future it is expected the crypto currencies will dominant fiat because people are now dong most of their shopping through online.

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Quote from: Viscore on February 10, 2017, 12:57:30 AM

Let us not hope already that majority of the population in this world will adopt with bitcoin, only few people are willing to take the risk of this new technology. As the world moves to the new technology, there will be people that will be left behind due to lack of capacity and education to adopt.
That is the reality but it's not the danger of crypto currency as we can still be progressive even without the adoption of the majority.

the danger what op talking about are a worries on how government can seize your money over the internet/computer much more easy than when have to do it in real life on paper money like USD and i think it is just excessive anxiety.

too much speculation here without a good proof on what can bitcoin do to threaten financial system.

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Quote from: WhiteStar_ on February 14, 2017, 04:23:16 AM

Quote from: noictib on October 01, 2016, 04:24:47 AM

beauty of crypto currencies is only of their privacy . if it would by the government then their is no option to use crypto currency . while we will use direct other online currency instead of these . because due to control under government of country there will be restrictions of saving and transfer .

I would agree into this thought.Cryptocurrency is not advance at fiat currency but just improved some features and added some that is what makes it special from fiat

Cryptocurrency come with its breaktrough feature as real money/physical money alternative.
We can not expect bitcoin can be the next USD or EURO as primary currency at least for now.
People should not have to worry about what bitcoin can do in the future, it is even have positive impact so far.

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Quote from: Ucy on February 14, 2017, 07:59:52 PM

We know its CIA once they dont allow physical currencies or make the unattractive

CIA?? whoa, i think it is absurd. Bitcoin is free and people are using it without a small complaint. I think you are saying that bitcoin is a tool of CIA and used for tracking people.
But if they do thats illegal! They have no rights to stalk any people's account of activity unless it is needed ordered by the court. I think Cia will never do that.

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Quote from: stadus on February 15, 2017, 12:08:34 AM

Quote from: shinratensei_ on February 14, 2017, 09:56:09 PM

Quote from: yakpimp on February 13, 2017, 09:36:53 PM

My biggest concern is the hundreds of Alts that have an ICO and then disappear. And scams like Paycoin that take take take and then poof they are gone. I've been happy since switching only to trading BTC. It's the risk that makes it exciting though.

It's cryptocurrency, Too many the ponzi, MLM scheme and what the PBOC has done with the chinese exchange to prevented the growth of the pyramid scheme. Bitcoin is the safe place right now.

The possible actions of the government can already be foreseen, they see the impressive growth of bitcoin and they are alarm about the fact. Hence, they make necessary actions not to prevent bitcoin from growing but to make sure that bitcoin will not be use for illegal activities. In fact, they just want to enforce the exchanges to comply with the AMLA.

yes that is a good idea. i also thing that the most important think is to stop people from using bitcoin illegally and it will be more easy for government if they first consider bitcoin as legal currency.

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