The danger of the cyptocurrencies - page 18.

tabas

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Quote from: dEjAvU97 on January 31, 2017, 06:48:25 PM

I think this is of concern from some people that their bitcoin will change the existing financial order. we must understand that the world is changing and the problem becomes complex and so we need a new system that could solve the problem.

And that's going to bring the existing financial system in danger. That is making the crypto currencies dangerous but still it depends on the government if they are going to let crypto's eat their financial system. Innovation is always there but it depends on how it is going to be regulated and being used by us.

FasTroy

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I think there is no danger to use bitcoin. Which it is anonymously used. And here it is the beauty of bitcoin.
When your transaction is secure and untracked also there is no tax.
It's really an amazing currency. So the government can't control transactions.

dEjAvU97

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I think this is of concern from some people that their bitcoin will change the existing financial order. we must understand that the world is changing and the problem becomes complex and so we need a new system that could solve the problem.

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Quote from: machinek20 on January 27, 2017, 09:56:28 PM

Quote from: dihari on January 26, 2017, 08:21:37 PM

I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

I think this is true no matter what happened, bitcoin will never replace any fiat or make the bank close, it just a currency that being created to make our transaction easier, and it can be used for global payment, so its a currency that can make our life easier and better

although bitcoin is created to be use as online currency people are also using it for investment and getting double benefit from it. although the use of bitcoin as online currency is increasing from day to day, because now about every big online stores are accepting bitcoin. while in some area bitcoin is also use for shopping in physical shops.

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Quote from: Hotel_Prodeo on January 30, 2017, 08:00:22 PM

I think the biggest threat, cryptocurrency is able to remove legitimate money system i.e. fiat money. We all know that with the existence of the bitcoin then all terms of the deals we can do on its own so that financial services such as banks will be replaced.

Well, it can happen, I can agree with you. but not so fast. and there is also a chance that bitcoin dead on some point and than everything will become normal like before.
the biggest enemy of crypto currency are other cryptos... there are more than thousands crypto currency and all are working with the help of bitcoin.. and lots of bitcoins are blocked because of them.

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Quote from: Doms on January 30, 2017, 08:08:16 PM

Quote from: The_Dark_Knight on January 30, 2017, 07:38:27 PM

Quote from: btvGainer on January 26, 2017, 07:45:42 PM

The greatest danger of cryptocurruncy is that it can be created by anyone with required knowledge and once that cryptocurruncy become popular or adopted by mass,the creator can manipulate it either by price or with some technical eggs or bugs that he might have injected during development.

That could only work if the source code was kept secret or if you were able to know beforehand of vulnerabilities that no one will be able to find, which seems unlikely if enough people review the source code.

Making something, in this case, a new currency, is the easy part. Making people believe that they need it is the hard part. It depends on you on how you sell or market your product in such a way that you would find a niche market. It is hard to create a whole a new form of currency that can make people turn their backs on fiat and adopt this new system being introduced

They don't necessarily need to turn their back on fiat completely

Bitcoin has surely found its niche. In fact, it is sort of created this niche since nothing had been taking it before its emergence. Prior to Bitcoin, you couldn't make instant payments that wouldn't depend on third parties (such as banks, Visa and their likes). And this is where it has the absolute advantage before fiat since fiat can't possibly be used that way at all (apart from hand to hand payments as in the case of cash)

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Quote from: The_Dark_Knight on January 30, 2017, 07:38:27 PM

Quote from: btvGainer on January 26, 2017, 07:45:42 PM

The greatest danger of cryptocurruncy is that it can be created by anyone with required knowledge and once that cryptocurruncy become popular or adopted by mass,the creator can manipulate it either by price or with some technical eggs or bugs that he might have injected during development.

That could only work if the source code was kept secret or if you were able to know beforehand of vulnerabilities that no one will be able to find, which seems unlikely if enough people review the source code.

Making something, in this case, a new currency, is the easy part. Making people believe that they need it is the hard part. It depends on you on how you sell or market your product in such a way that you would find a niche market. It is hard to create a whole a new form of currency that can make people turn their backs on fiat and adopt this new system being introduced.

Hotel_Prodeo

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I think the biggest threat, cryptocurrency is able to remove legitimate money system i.e. fiat money. We all know that with the existence of the bitcoin then all terms of the deals we can do on its own so that financial services such as banks will be replaced.

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Quote from: btvGainer on January 26, 2017, 07:45:42 PM

The greatest danger of cryptocurruncy is that it can be created by anyone with required knowledge and once that cryptocurruncy become popular or adopted by mass,the creator can manipulate it either by price or with some technical eggs or bugs that he might have injected during development.

That could only work if the source code was kept secret or if you were able to know beforehand of vulnerabilities that no one will be able to find, which seems unlikely if enough people review the source code.

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Quote from: dihari on January 26, 2017, 08:21:37 PM

I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

I think this is true no matter what happened, bitcoin will never replace any fiat or make the bank close, it just a currency that being created to make our transaction easier, and it can be used for global payment, so its a currency that can make our life easier and better

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No big threat is found for bitcoin as countries have been taking measures for legalizing and digitizing the financial system. Bitcoin will sure reach more and more people as it is found to have features that traditional currencies doesn't have.

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Quote from: dihari on January 26, 2017, 08:21:37 PM

I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

I also agree, all assumptions that have not been tested, the world's economic problems are very complex and I think with bitcoin is still much to be resolved. Bitcoin is indeed nice, but did not close the possibility that there is a better for new coins.

While a lot of the weakness of the bitcoin found, for example, confirm transactions reached 50.000. What's the point of confirmation up to 50.000? And the most important is there is no countries that legalized bitcoin as means of legitimate transactions.

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Quote from: dihari on January 26, 2017, 08:21:37 PM

I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

i think we should accept the reality, if we speak on the basis of reality we have to admit that it is a fact that people trend is not changing from fiat to online currencies. they are giving more preference for online shopping,as there are so many online shops which are providing opportunities to the people for online, some online shops are also providing the facilities of shipping.

dihari

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I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

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Quote from: Gembul on January 26, 2017, 04:51:36 AM

Quote from: The_Dark_Knight on January 25, 2017, 10:27:19 PM

Crypto currencies are a new tool and as any tool they will bring new solutions and new problems, however I think, the net benefits of crypto currencies outweigh any kind of cost we incur for using them.

Right, in other hand cryptocurrency also have deficiencies or create new problems. But it is caused by human not the money, right. And the most frequent causes are cryptocurrency often used for illegal things online. Such as selling drugs and so on. And in my opinion it can not be solved unless the government took part. Thank you

With bitcoin none of the government can do anything. Only thing they can do is ban the use within the country. This will not last long, because everywhere Blockchain is getting effect and running efficiently. With bitcoin illegal trades were found high, but its given priority by only a small user group who make their living through it.

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The greatest danger of cryptocurruncy is that it can be created by anyone with required knowledge and once that cryptocurruncy become popular or adopted by mass,the creator can manipulate it either by price or with some technical eggs or bugs that he might have injected during development.

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Personally, I would never put too much money in crypto-currencies. To me, I think the price values are too volatile at the moment.

When they become a little more main stream, then I would possibly put a majority of my money into it

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Quote from: Sundark on January 25, 2017, 10:37:53 PM

Quote from: EdenHazard on January 25, 2017, 09:26:00 PM

there is a sci-fi movie narrate about how a government create their own cryptocurrency version , everybody and you may know mr. robot tv series right? US government have created E coins with Phillip Price (E Corps) as a rulers.

a centralized cryptocurrency will be the worst idea ever.

That future might be closer than we think. There was news about Sweden, they want to become first cashless society.
In next 5 years they might remove standard banknotes. Even Swedish churches expect internet payments.

https://www.theguardian.com/business/2016/jun/04/sweden-cashless-society-cards-phone-apps-leading-europe

ouchh soundslike a very bold step they take isn't it? but yes as we all know that sweden always be the one who leading in innovation after japan of course , we are really left behind far away if they really make it happen.

technology always helpful as long as we use it properly. it is only dangerous when you abuse it.

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Quote from: soros017 on January 25, 2017, 04:55:24 PM

I once saw a specialist in blockchain technologies comment that if governments wanted, they could create a public wallet for every person living in their countries. In this way, governments would be able to collect taxes more easily, because in that case they would know who the owners of the wallets were, and the information could be consulted more transparently through the blockchain

You can lead a horse to water but you can't make it drink

If governments can't even force folks to use plastic cards instead of cash, how can they possibly make them use "public wallets" (whatever you might mean by that)? If people learn more about Bitcoin and that they can create their own wallets and be their own piggy bank, they will soon abandon and forget about these government wallets bestowed on every person or use them only to pay taxes and other obligatory payments (though the latter is not a bad idea on its own)

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For me one thing that I always remember of is the crypto currency ponzi schemes in mining investments, most of them promises good profit but turns out as ghosts profit in the future. To avoid this kind of failed investments you must prevent any situation that will make you getting involved with them specially investing to them in a rush ways.

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