The danger of the cyptocurrencies - page 2.

choppork

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Quote from: Janation on April 06, 2017, 09:15:00 PM

I think removing the fiat and using crypto currencies are not a news, but more on speculation by some geek or socialist or economist that is looking forward to the future of bitcoin. Removing the fiat is really ridiculous, as you can see bitcoins are still converted to real money because bitcoin is not really known by many stores and they dont like its volatility. They are scared that bitcoin may end up making them really broke because of the unpredictable price. These is really far from happening because the government know what is these digital currency and what harm can it bring to its people.

Fiat getting removed is no more than an idea formed by us, the bitcoiners. We know that there's a different option other than fiat for monetary system and it's much better than fiat so we're thinking that it might replace fiat eventually. Removing fiat right now is ridiculous because not much is using bitcoin but that might not be case in the future. We can blow up in population and people are going to start depending on bitcoin more and fiat less. We're in a digital world and bitcoin has a much cheaper transaction fee than fiat-related websites (e.g. Paypal).

I think actual bitcoin users aren't scared of the price volatility anymore. They have been here long enough to know that the price won't just go from 1kUSD to 1USD real quick. It will require enough time for us to get rid of our bitcoins.

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Call them what you want: dump-and-pump schemes without relevancy, altcoins, appcoins, and yes, even "shitcoins". Altcoins have been controversial since the first copy of bitcoin was released. Alternative crypto-coins that appeared after bitcoin include Litecoin, Peercoin, and a few others. There are very few currencies that have not copied the bitcoin base code, but there are a couple such as Bytecoin or Monero that are unique. From the early days, the creation of altcoins has exploded, and there seems to be a digital currency made for literally everything under the sun, from marijuana to pornography. There are coins that claim to provide better anonymity, tokens that use Proof-of-Stake consensus mechanisms, and some that only create more altcoins.

lEgEndArIUs

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Quote from: Janation on April 06, 2017, 09:15:00 PM

I think removing the fiat and using crypto currencies are not a news, but more on speculation by some geek or socialist or economist that is looking forward to the future of bitcoin. Removing the fiat is really ridiculous, as you can see bitcoins are still converted to real money because bitcoin is not really known by many stores and they dont like its volatility. They are scared that bitcoin may end up making them really broke because of the unpredictable price. These is really far from happening because the government know what is these digital currency and what harm can it bring to its people.

Because cryptocurrency is the decentralized, and not can be controlled, of course using the cryptocurrency totally then surely it is dangerous, I can't imagine that the country's economy will be easily controlled if using cryptocurrency.

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Janation

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I think removing the fiat and using crypto currencies are not a news, but more on speculation by some geek or socialist or economist that is looking forward to the future of bitcoin. Removing the fiat is really ridiculous, as you can see bitcoins are still converted to real money because bitcoin is not really known by many stores and they dont like its volatility. They are scared that bitcoin may end up making them really broke because of the unpredictable price. These is really far from happening because the government know what is these digital currency and what harm can it bring to its people.

Yanisumin

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Quote from: savioroshan on March 21, 2017, 04:47:16 PM

I guess the biggest problem posed cryptocurrencies just had a major impact on the government, because it does not create a government benefit, only the illegal transactions that should be stopped. but, for a businessman, I think most of the most cyptocurrencies provides a great advantage.

True. When I've watched the documentary of silk road, Bitcoin play a major role there. It has been the mode of payment in the darknet which lead media to throw a bad image to Bitcoin and instill fear to people that maybe Bitcoin is illegal.
For businesses of course, cryptocurrencies or maybe even if this is just the starting age of cryptocurrencies, in the near future, everyone not just businessmans must have a knowledge about it.

Quote from: richardsNY on March 21, 2017, 02:41:15 PM

Crypto as it is right now, is too small to form somewhat of an impact on the governments. But that obviously will change in the coming years as this industry will grow larger and larger. I think that's exactly why they start putting up all kinds of regulations. It means that things are getting serious now. It's not 2011/2013 anymore where you could just buy Bitcoin, trade it, cash it out, etc, without any problems. Now even the smaller exchanges force people to verify themselves according to the various levels of verification they work with.

I don't know now if cryptocurrencies are to small to out an impact to government, but I think the global elites are aware about it. Slowly taking action and planning countermeasures on how they will adapt to this change.

Quote from: DarkIT on March 21, 2017, 12:59:48 PM

I agree with you. Now bitcoin transactions are no more anonymous because the exchanges get all informations about their users . Slowly governments will impose more and more regulations on bitcoin users.

I've heard in the news that some central banks are open in regulating bitcoins. Of course if they can't stop the ever growing Bitcoin they will adapt to it and hug this change and will slowly plant a root that may cause them to control cryptocurrencies too, or maybe can't control but regulate it as a way as fiat.

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Quote from: Vivace92 on March 24, 2017, 01:38:24 AM

I think the danger of cryptocurrency is able to replace the fiat money, I'm sure fiat money will be left a lot of people because they thought bitcoin more profitable and promising.

It depends on the Cryptocurrency. Fiat could get printed even more than it is right now -the Cryptocurrencies could assist the people that are printing the money just from laundering the money then shutting the Cryptocurrencies down after they get the amount that they wanted.

As for Bitcoin vs Altcoin, the whole point of an Altcoin is pretty much so that people could waste their money. If the Altcoins were worth it then they would just use the Altcoins and not have to transfer the coin to Bitcoins.

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Quote from: Viscore on March 24, 2017, 12:29:33 AM

Quote from: Silberman on March 23, 2017, 08:51:55 PM

Quote from: UCHCHILD on March 22, 2017, 09:36:10 PM

Danger of cryptocurrencies?
The limit of its users, they cannot handle who is the users of bitcoin, a young or adult, the danger there is they can access anything they want illegal.

This is a small price to pay besides it is not like you cannot access all kind of illegal service and product with fiat already, bitcoin just seems to make it a little bit easier to some people.

The danger is only for the investors because if bitcoin loses popular due to whatever reason, they will lose their money as they believe it has a potential to grow its value overtime. However, for us users there is nothing to worry as we only uses bitcoin as payment system to fast track transactions. When it comes to evaluating the system, I would say it's almost perferct with some minor flaws but if it's the government action to ban this, end of story.

Even if you are holding a small amount of bitcoin and your intent is to use it as fast as possible you are still invested in bitcoin since you have some of it, so all of us are invested in bitcoin, so bitcoin losing value is a risk we are all taking.

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Quote from: Viscore on March 24, 2017, 12:29:33 AM

Quote from: Silberman on March 23, 2017, 08:51:55 PM

Quote from: UCHCHILD on March 22, 2017, 09:36:10 PM

Danger of cryptocurrencies?
The limit of its users, they cannot handle who is the users of bitcoin, a young or adult, the danger there is they can access anything they want illegal.

This is a small price to pay besides it is not like you cannot access all kind of illegal service and product with fiat already, bitcoin just seems to make it a little bit easier to some people.

The danger is only for the investors because if bitcoin loses popular due to whatever reason, they will lose their money as they believe it has a potential to grow its value overtime. However, for us users there is nothing to worry as we only uses bitcoin as payment system to fast track transactions. When it comes to evaluating the system, I would say it's almost perferct with some minor flaws but if it's the government action to ban this, end of story.

You're still a bitcoin investor unless you have zero balance in your wallet and then you just buy more bitcoins whenever you're going to have a transaction with someone and then you sell all your bitcoins right away when you receive some. Personally, I have most of my money in bitcoin form. I didn't invest at all and by definition I'm just a bitcoin user. If the price of bitcoin goes down because of some reasons, then I will be just as devastated as those people that really invested in bitcoins.

I wouldn't worry that much about the government banning bitcoins because bitcoin has caused that much noise or fuss yet in the society. The government will not think of us as a threat although we can be potentially a threat to them because bitcoin removes the government from being the third party when we're doing transactions.

Vivace92

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I think the danger of cryptocurrency is able to replace the fiat money, I'm sure fiat money will be left a lot of people because they thought bitcoin more profitable and promising.

Labumi

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Quote from: taxmanmt5 on March 23, 2017, 01:16:53 PM

Quote from: Dux2K on March 22, 2017, 04:43:26 PM

Tehnicly we are in era of internet communications and this is why i think its not dangerous but more something else, i mean danger is present if they use bitcoin for buying guns drugs and other illegal activities then yes.

Yes the capability of human to avail illegal thing can possibly take by crypto. And so with young people because in crypto no age limit as long as you are able to read and understand the internet community you are able to access it so there is the danger, as there is no limit of accessing things using cryptos.

Yeah it is very true. Most people who use illegal crypto comes from, but it is not a problem. Because crypto they use for their own interests and we do not do this, they use the crypto for illegal things because it is the ease with which can be obtained in the crypto can they enjoy the presence of anpa sense alert caught by law enforcement authorities. Because most of the people who conduct transactions in the crypto untraceable and unknown who the owner so it's a very lucrative illegal users

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Quote from: taxmanmt5 on March 23, 2017, 01:16:53 PM

Quote from: Dux2K on March 22, 2017, 04:43:26 PM

Tehnicly we are in era of internet communications and this is why i think its not dangerous but more something else, i mean danger is present if they use bitcoin for buying guns drugs and other illegal activities then yes.

Yes the capability of human to avail illegal thing can possibly take by crypto. And so with young people because in crypto no age limit as long as you are able to read and understand the internet community you are able to access it so there is the danger, as there is no limit of accessing things using cryptos.

that was the biggest concern for most government around the world to adopt bitcoin.

since they can not control and rule bitcoin just like fiat / banks , they will keep ignoring and even against bitcoin. cryptocurrency vulnerable for them , too much bad sides affected when common people use bitcoin , and hard to find solution to prevent that danger.

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Quote from: Silberman on March 23, 2017, 08:51:55 PM

Quote from: UCHCHILD on March 22, 2017, 09:36:10 PM

Danger of cryptocurrencies?
The limit of its users, they cannot handle who is the users of bitcoin, a young or adult, the danger there is they can access anything they want illegal.

This is a small price to pay besides it is not like you cannot access all kind of illegal service and product with fiat already, bitcoin just seems to make it a little bit easier to some people.

The danger is only for the investors because if bitcoin loses popular due to whatever reason, they will lose their money as they believe it has a potential to grow its value overtime. However, for us users there is nothing to worry as we only uses bitcoin as payment system to fast track transactions. When it comes to evaluating the system, I would say it's almost perferct with some minor flaws but if it's the government action to ban this, end of story.

Silberman

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Quote from: UCHCHILD on March 22, 2017, 09:36:10 PM

Danger of cryptocurrencies?
The limit of its users, they cannot handle who is the users of bitcoin, a young or adult, the danger there is they can access anything they want illegal.

This is a small price to pay besides it is not like you cannot access all kind of illegal service and product with fiat already, bitcoin just seems to make it a little bit easier to some people.

NEWGOODOUBLE

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Quote from: taxmanmt5 on March 23, 2017, 01:16:53 PM

Quote from: Dux2K on March 22, 2017, 04:43:26 PM

Tehnicly we are in era of internet communications and this is why i think its not dangerous but more something else, i mean danger is present if they use bitcoin for buying guns drugs and other illegal activities then yes.

Yes the capability of human to avail illegal thing can possibly take by crypto. And so with young people because in crypto no age limit as long as you are able to read and understand the internet community you are able to access it so there is the danger, as there is no limit of accessing things using cryptos.

crypotcurrency everyone can use and there are no laws here. so you can do whatever you want even if it's illegal
it being fear of government

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Quote from: richardsNY on March 22, 2017, 06:52:55 PM

Quote from: deisik on March 22, 2017, 12:51:13 PM

While governments can control local exchanges they certainly can't foreign ones, and as long as there are as many governments out there as there are countries in the world we can sleep more or less calm. On the other hand, it is very hard to track down purely online businesses which exchanges very well fit into. Combining these two separately operating factors, we come to a conclusion that there is still plenty of room void of any possible regulations. Therefore, if there is a demand for anonymous exchanges there will always be some since there are neither governments nor borders in cyberspace (and thus no regulations)

That's why it's more important than ever to have proper decentralized exchanges. It will allow all people to bypass all kinds of governmental interferences. If you look at various decentralized exchanges, then they all have one thing in common, their fiat "integration" is forming a huge obstacle (in regards to staying fully decentralized). Coin to coin trades are fully decentralized, but there must also be a way to offer decentralized fiat/coin trading options. So far none of the 'decentralized' exchanges have managed to do so

I don't think this is the major issue

As to me, the major issue why they are not very popular overall is sooner linked to delays, i.e. time it takes to make a trade or just place an order. With centralized exchanges like Bitstamp or Poloniex, it takes a few moments to place an order and see it appear in the orderdbook. Obviously, this is not the case with any decentralized exchange out there since to make a trade irreversible an order should be written on the blockchain first. With instant payments (e.g. via payment channels established by Lightning Network nodes), that would be a non-issue. In reality, placing orders through these channels may happen even faster since centralized exchanges are artificially adding delays since they are most certainly waiting for easy money which they get by front-running the orders of their clients. Regarding gateways to fiat, this is not an issue either. If a decentralized exchange becomes part of the coin protocol itself, any centralized exchange listing this coin and trading fiat will have to accept the trades that happen inside this coin network (otherwise it won't be able to list this coin). Thus centralized exchanges will work as gateways to fiat just like they work today

richardsNY

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Quote from: 1Referee on March 23, 2017, 04:46:15 AM

Quote from: richardsNY on March 22, 2017, 06:52:55 PM

If you look at various decentralized exchanges, then they all have one thing in common, their fiat "integration" is forming a huge obstacle

I think that's exactly the reason as to why there isn't any real demand for such exchanges. It's great that you can trade crypto for another crypto, but people want fiat trading pairs in the exact same decentral manner. I was looking at Tether (USDT) to see whether or not it will be a great addition, but even here you depend on a central authority, plus you are subject to KYC policies, and thus it trashes the decentral aspect of such exchanges. I don't see how this problem will ever be solved.

I with my limited technical understanding of how to properly implement fiat into a decentralized exchange system, also can't think through a possible solution, or even a theoretical solution. Whatever you do, you'll always depend on payment services to deposit and withdraw fiat. That gives traditional exchanges still the lead, but people alternatively can head over to peer to peer trading in case they want to surpass exchanges with all their ridiculous policies.

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Quote from: Dux2K on March 22, 2017, 04:43:26 PM

Tehnicly we are in era of internet communications and this is why i think its not dangerous but more something else, i mean danger is present if they use bitcoin for buying guns drugs and other illegal activities then yes.

Yes the capability of human to avail illegal thing can possibly take by crypto. And so with young people because in crypto no age limit as long as you are able to read and understand the internet community you are able to access it so there is the danger, as there is no limit of accessing things using cryptos.

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Quote from: Fatanut on March 23, 2017, 04:26:57 AM

Quote from: UCHCHILD on March 22, 2017, 09:36:10 PM

Danger of cryptocurrencies?
The limit of its users, they cannot handle who is the users of bitcoin, a young or adult, the danger there is they can access anything they want illegal.

That's outside the topic of cryptocurrencies. I've never found someone who's been lurking around bitcointalk, reddit, or any other forum and then just end up being somewhere in the deep web. Since you have to install TOR browser first and all that, you can't simply end up going to the deep web and have access to illegal stuffs "accidentally". You had a choice as an individual. You can't blame that to bitcoins because it's simply a currency that was made for us to have transactions with other people around the world.

Dark market requires usage of TOR browser, and on top of that finding out the URL is notoriously difficult. Also, many of the dark markets close after 2-3 months of operations (often going AWOL with their users' funds). You will end up buying contraband from dark markets only if you are really tech savvy, and comfortable with spending some of your valuable time in finding out the URL and reviewing the feedback.

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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? Would you still keep your money as bitcoins? Would you trust them? Do we know who the hell is Satoshi Nakamoto? I suure don't.

There is one big danger ahead. If the paper money gets removed, you will have no choice but to accept to get paid in crypto currencies. And to the big point:

If you keep your money in a goddamn computer, the government can rip you off instantly if they wanted it. I am not saying they aren't doing that already as most of us are keeping *our wealth in the banks. But cryptos will make their jobs easier. Much easier.

What if bitcoin price rises to 1.000.000$ and gold and USD become literally worthless? That's when bitcoin will be the world currency, and people gonna realise that gold is just a stone, USD is just a toilet paper.

Your won't have another choice but to store your money only in crypto, because the other choices will be worthless!

I am not sure if that's a good thing. Being dependent so much on computers just scares me.

That is an interesting point of view, but I think there is nothing to be afraid of. First of all, even though bitcoin is quite famous, still the majority of world population have no idea about it, so it will take a plenty of time till everyone would be familiar with bitcoin. Talking about gold, just think for how long it has already existed and is has never been worthless. So why should it lose its value? Gold is just a way to make a good investment, there could be other precious gems, or real estate, etc. And about USD, maybe it will no longer work, because, pure and simple, BTC is much more handy.

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Quote from: richardsNY on March 22, 2017, 06:52:55 PM

If you look at various decentralized exchanges, then they all have one thing in common, their fiat "integration" is forming a huge obstacle

I think that's exactly the reason as to why there isn't any real demand for such exchanges. It's great that you can trade crypto for another crypto, but people want fiat trading pairs in the exact same decentral manner. I was looking at Tether (USDT) to see whether or not it will be a great addition, but even here you depend on a central authority, plus you are subject to KYC policies, and thus it trashes the decentral aspect of such exchanges. I don't see how this problem will ever be solved.

Topic: The danger of the cyptocurrencies - page 2. (Read 45218 times)