The danger of the cyptocurrencies - page 42.

rickadone

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Quote from: requester on October 04, 2016, 01:47:09 AM

The fear is they are decentralized and at any time they could get banned by government. And the number of scammer and fraud trader are in majority in cryptocurrency and for trading we should first find a legit and honest trader with whom we can deal with cryptocurrency. I have already bought 0.1 and if those get banned then I will get banned from my business.

But, a government's ban will not stop people using a crypto currency. Being decentralized is very important for ensuring basic human rights. So, misinterpreting decentralization in wrong way is not acceptable.

But I agree, running business based on bitcoin payments will not possible after government regulations. But as long as you are accepting bitcoin payments and saving them then you will not get any disturbances. Also, you need to spend back your bitcoin for your life's need instead of going for converting it back to fiats.

requester

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The fear is they are decentralized and at any time they could get banned by government. And the number of scammer and fraud trader are in majority in cryptocurrency and for trading we should first find a legit and honest trader with whom we can deal with cryptocurrency. I have already bought 0.1 and if those get banned then I will get banned from my business.

justspare

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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 .

Yeah that is pretty much the only appealing part about cryptocurrencies(other than their price). If the value of cryptocurrencies didn't go up, I don't think many of us would be owning them, if anyone.

mindrust

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Quote from: Wind_FURY on October 03, 2016, 09:26:16 PM

Quote from: mindrust on October 03, 2016, 09:36:52 AM

The point is, when bitcoin becomes the only choice for storing your wealth, you won't have anything physical to hide from someone (like the govs). They will be able to tax your money from the source whenever they like.

First of all do you think that hiding something that is physical like gold will make you get away from your government? It would be a bigger crime to do so. Also remember that you will have to deal with banks to use your physical stash and those banks work with the government to enforce the rules.

Quote

It may look unimportant to you and you can say "i have nothing to hide" but not every government out there are saints. Some of them are pretty evil. I am aware of that gold won't die so easily but it can lose so much value that it won't make sense to hold them anymore.

It won't make sense to hold them as a store of value. Where would you keep them? In your house? There was a good reason why the financial system evolved and started using paper money. Using gold was not really efficient.

Quote

Look at silver, would you keep hundreds of silver blocks to protect yourself from the shady govs if you had to? Silver's worth is almost shit. It carries so little value compared to gold. Same can happen to gold... I wouldn't want that to happen tbh.

A little piece of gold can store thousands of dollars in value right now, it is that valuable. Buy gold and bury them into the ground and you are safe for all eternity. (until bitcoin destroys it at least

)

No you will not be safe for eternity because as I said, you will have to deal with the banks or government institutions with your gold. Or you can go to the black market which will be a much bigger crime.

First of all, Governments are not as smart as you think they are. Yes if you plan your way well enough, you can hide anything from them.

There are many examples from the history. Not just history, people do it everyday.

Where do i hide them? Burying seems like a good idea

Snorek

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Quote from: prabowo96 on October 03, 2016, 09:32:28 PM

But yeah, digital money can disapear, we can se a lot of altcoins going away with ICO money, can you imagine if someone do that with a ready coin?

ICOs are different, they are like crowdfunding projects of a cryptoworld. It is far easier to waste/steal/embezzle croudfounding money.
And unfortunately failed ICOs happened before. But wow exactly someone can steal existing, decentralized, open source coin? (I am not talking about likely Ponzi coins like Steem etc.)

prabowo96

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it's showtime

There's a lot of dangers in digital money, well, I don't think Satoshi is from CIA or whatever and I think they don't have interest in "few billions dollars"... The big players can buy all bitcoin and still have money to make a party.

But yeah, digital money can disapear, we can se a lot of altcoins going away with ICO money, can you imagine if someone do that with a ready coin?

Well, there's a lot of risks, so that's why you should not invest all your money in cryptos Wink

be smart and trust none.

Wind_FURY

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Quote from: mindrust on October 03, 2016, 09:36:52 AM

The point is, when bitcoin becomes the only choice for storing your wealth, you won't have anything physical to hide from someone (like the govs). They will be able to tax your money from the source whenever they like.

First of all do you think that hiding something that is physical like gold will make you get away from your government? It would be a bigger crime to do so. Also remember that you will have to deal with banks to use your physical stash and those banks work with the government to enforce the rules.

Quote

It may look unimportant to you and you can say "i have nothing to hide" but not every government out there are saints. Some of them are pretty evil. I am aware of that gold won't die so easily but it can lose so much value that it won't make sense to hold them anymore.

It won't make sense to hold them as a store of value. Where would you keep them? In your house? There was a good reason why the financial system evolved and started using paper money. Using gold was not really efficient.

Quote

Look at silver, would you keep hundreds of silver blocks to protect yourself from the shady govs if you had to? Silver's worth is almost shit. It carries so little value compared to gold. Same can happen to gold... I wouldn't want that to happen tbh.

A little piece of gold can store thousands of dollars in value right now, it is that valuable. Buy gold and bury them into the ground and you are safe for all eternity. (until bitcoin destroys it at least

)

No you will not be safe for eternity because as I said, you will have to deal with the banks or government institutions with your gold. Or you can go to the black market which will be a much bigger crime.

fachant

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Quote from: goinmerry on October 03, 2016, 07:55:42 PM

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.

If they erased USD then what will be its basis of value. How could it be a million dollar worth coin if there is no more basis. That is one problem so this news are all lies it is just to create chaos and for Americans to go back and use their money instead of just saving. Economy of US will break down again once people are saving more than spend.

Thats true, now almost everything is on credit. Two - three months ago i watch interesting interview with economist from Wall Street about that USA wants to withdraw from circulation hundred-dollar banknotes. One of the three reasons for this was that for people will be more difficult to withdraw money from banks in the event of major crisis. This shows that the banks can not cover what is on the market..

Anyway USD never will be worthless even if Bitcoin price will be $10M it will not change much USD maket. First Oil will have to be worthless and than USD can be in big trouble..

goinmerry

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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.

If they erased USD then what will be its basis of value. How could it be a million dollar worth coin if there is no more basis. That is one problem so this news are all lies it is just to create chaos and for Americans to go back and use their money instead of just saving. Economy of US will break down again once people are saving more than spend.

shinratensei_

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

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.

A lot of the article and source in the google is already explaining about that.

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

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.

Gonna be a realistic person,dude. bitcoin just algorithm the distribution can be made for the unlimited. otherwise, the gold is having a limit in the world dude... everyone just having a computer can make more than million coin different with gold.... and so falling in your dream,dude.

xuan87

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i think you worry too much, the main idea of bitcoin is decentralized, bitcoin was created to become independent currency, and i think keeping things in internet is not as scary as it sound, the security for bitcoin wallet is very strong

ekoice

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Quote from: darklus123 on October 01, 2016, 05:28:16 AM

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 their 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.

For me there is really nothing to worry about because as today this one is really not yet possible and if ever that you are true that in the future only crypto currencies will be used all over the world by that time i guess are not in this world anymore

I dont think it would happen anytime.Its only your imagination which you have said.Bitcoin functioning is based on cryptography and it is secure.It is decentralised money and government cannot have control over it

yayayo

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I agree that there are potential dangers of almost exclusively using cryptocurrencies and abandoning physical forms of cash. But in my opinion the thread starter mostly concentrates on unrealistic scenarios doesn't get to the core of the problem. Another question is if a total reliance on non-physical forms of cash is likely to happen.

One of the main risks of using electronic forms of cash is loosing privacy and fungibility. In contrast to solutions proposed by governments and central banks, Bitcoin is a pseudonymous currency and is designed for fungibility independent of central control. However blockchain analysis and blacklisting could turn Bitcoin into a quasi-centralized currency by identifying users and criminalizing certain Bitcoin transactions. To avoid such a scenario, Bitcoin needs improvements in the privacy field - possibly confidential transactions.

ya.ya.yo!

panju1

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Quote from: malikusama on October 03, 2016, 10:08:59 AM

We should fear if this is going to happen. All our wealth will be in our computers and there is a high risk of theft and loss.
Because if every other thing i.e gold etc would become worthless than we have only one way left to store our wealth in bitcoins. This will deeply effect the local market as well as international.

Gold becoming worthless? I don't see that happening.
Even if there is no paper money, I would rather prefer my wealth being stored in Bitcoin rather than in e-fiat.

croutonhexagon

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The biggest danger is that bitcoin or any cryptocurrency could get banned any time because it's decentralized and no middle party organization have hands on it so this could affect the county's economy so government could ban the use of bitcoin. Another danger is cryptocurrency network have more scammer then paper currency so beware of scammer

malikusama

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We should fear if this is going to happen. All our wealth will be in our computers and there is a high risk of theft and loss.
Because if every other thing i.e gold etc would become worthless than we have only one way left to store our wealth in bitcoins. This will deeply effect the local market as well as international.

mindrust

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Quote from: Wind_FURY on October 02, 2016, 11:50:08 PM

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

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.

You are wrong on this one. Cryptocurrencies will make it harder for anyone to steal and get anybody's Bitcoins if they know how to secure them correctly. Why don't you try stealing the Bitcoins at Satoshi's wallet or ask your government to do so.

Quote

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.

What is your point here? We already are dependent on computers even if Bitcoin was not invented. Bitcoin is not even widely used yet for that to matter if you think deeply about the situation.

It is also impossible for gold or fiat to become worthless just because Bitcoin will rise to your impossible figure of $1m. They could possibly become worthless but not because of Bitcoin.

The point is, when bitcoin becomes the only choice for storing your wealth, you won't have anything physical to hide from someone (like the govs). They will be able to tax your money from the source whenever they like.

It may look unimportant to you and you can say "i have nothing to hide" but not every government out there are saints. Some of them are pretty evil. I am aware of that gold won't die so easily but it can lose so much value that it won't make sense to hold them anymore.

Look at silver, would you keep hundreds of silver blocks to protect yourself from the shady govs if you had to? Silver's worth is almost shit. It carries so little value compared to gold. Same can happen to gold... I wouldn't want that to happen tbh.

A little piece of gold can store thousands of dollars in value right now, it is that valuable. Buy gold and bury them into the ground and you are safe for all eternity. (until bitcoin destroys it at least

)

Wind_FURY

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

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.

You are wrong on this one. Cryptocurrencies will make it harder for anyone to steal and get anybody's Bitcoins if they know how to secure them correctly. Why don't you try stealing the Bitcoins at Satoshi's wallet or ask your government to do so.

Quote

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.

What is your point here? We already are dependent on computers even if Bitcoin was not invented. Bitcoin is not even widely used yet for that to matter if you think deeply about the situation.

It is also impossible for gold or fiat to become worthless just because Bitcoin will rise to your impossible figure of $1m. They could possibly become worthless but not because of Bitcoin.

Antoshka

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The great danger for cryptocurrency and in particular for bitcoin is always considered the currency of denomination. This anonymous transactions. If these transfers of money take advantage of criminal organizations, for the digital currency will take seriously.

vero

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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.

i had great respect for your thought, however, gold and fiat would never ended, so far the journet of cryptocurrency quite safe although there is a little problem but over time cryptocurrency users increases.

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