The danger of the cyptocurrencies - page 7.

darewaller

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Quote from: Sled on February 28, 2017, 03:44:52 PM

The only thing that i see danger in cryptocurrencies is the government because if the government will not agree in using cryptocurrency then if they will ban it then our hard work will turn to nothing so i think it is better if we make using cryptocurrency legal first so we don't have to worry about because the coins are legal and the government already approve it.

I don’t think government will have any issue with it or it takes down any cryptocurrency.
I think the main problem that a government will have from it is that it is difficult to imposing tax from bitcoin but if bitcoin will make some changes for them in its rules it will be acceptable by them.

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Quote from: Amph on March 05, 2017, 02:38:26 AM

the onyl danger i see if crypto becoem a real thing in this world, is that mining actity is the core of it, and can be easily disrupted by someone malicious

it's hard to protect to big farm, and it's very easy to destroy it, what about all the terrorist? what if they start target those big farm? you can't build them in few days you know...

I suspect this is the last thing we should be concerned with

In fact, if someone blows up all the mining farms at once, individual miners with their asic miners will fill the void in a matter of minutes. As I see it, we don't even need to wait for difficulty to adjust since there should necessarily be a certain number of coins mined every 10 minutes or so on average. If such an event did really happen (provided no one gets hurt, of course), that would be beneficial for Bitcoin since mining would get more decentralized and distributed due to this kind of "attack". That's the real stuff which we should care about

Amph

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the onyl danger i see if crypto becoem a real thing in this world, is that mining actity is the core of it, and can be easily disrupted by someone malicious

it's hard to protect to big farm, and it's very easy to destroy it, what about all the terrorist? what if they start target those big farm? you can't build them in few days you know...

this si why it's important to have many small farm dislocated in many place, to prevnt this scenario

bitbob82

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Quote from: AicecreaME on March 04, 2017, 10:50:44 AM

Quote from: rekinthis on October 01, 2016, 08:42:42 AM

One danger i only know is that fresh crypto curencies might be dead soon, so you shouldn't even buy fresh cryptos as you might lose a lot of your money

We don't know what will happen in the future, that is why it is hard to say what will happen to bitcoin. For now, saying those negativities about bitcoin actually won't help, for bitcoin to be in the place where it should be, and we are all hoping that bitcoin would be a big success someday, that bitcoin would be one of the keys to develop this world that we are living on to something that we can never imagine.

By continuing using bitcoin, and persuading people on investing, mining, and buying it, can make bitcoin live for a lifetime, it won't die as long as those people are out there, and we all know that, so, instead of throwing or accusing nonsense thing about bitcoin, lets just support it, no matter what, because we are all getting benefited by it since we have started using it.

in fact no one know about the fact that what will happen to bitcoin in future but i think we can speculate the price of bitcoin from the increasing number of bitcoin users that the future of bitcoin is very much bright and in future bitcoin will be more and more stable as compare to other crypto currencies.

alisus

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Elimination of paper money or real money it's a mere illustration and is not likely to happen a lot of things to make a decision so that it can do that, the world many countries make the necessary regulations, so would give rise to controversial to decide on the idea that I guess we do not need a lot of response to the news about things related news

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Quote from: FasTroy on March 04, 2017, 06:45:12 PM

Quote from: OrangeII on March 04, 2017, 02:06:38 PM

probably one of the dangers of cryptocurrency is when people need it more than fiat. when it happens, it is likely the country's economic system will be disrupted, since most of the state revenues are also derived from taxes on fiat. when people prefer to use cryptocurrency, then fiat will not have a price.

You are right, I think, This is the worst situation to countries. When everything become digital, No real money. I think this is one of the most danger of cryptocurrency. Maybe we will achieve this moments, when bitcoin price increase more. More people will start using bitcoin, Maybe the 80% or more of the world populations. So real money will be ignored.

As time goes by i think there will be a technology to audit and regulate bitcoin.
So don't worry about it, just keep believing in bitcoin and help everything about bitcoin to grow around you .
The only problem i concern is when everything done online , it makes everyone vuln to anti-social disease.

FasTroy

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Quote from: OrangeII on March 04, 2017, 02:06:38 PM

probably one of the dangers of cryptocurrency is when people need it more than fiat. when it happens, it is likely the country's economic system will be disrupted, since most of the state revenues are also derived from taxes on fiat. when people prefer to use cryptocurrency, then fiat will not have a price.

You are right, I think, This is the worst situation to countries. When everything become digital, No real money. I think this is one of the most danger of cryptocurrency. Maybe we will achieve this moments, when bitcoin price increase more. More people will start using bitcoin, Maybe the 80% or more of the world populations. So real money will be ignored.

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Quote from: bncbnc on March 04, 2017, 06:11:16 PM

Quote from: OrangeII on March 04, 2017, 02:06:38 PM

probably one of the dangers of cryptocurrency is when people need it more than fiat. when it happens, it is likely the country's economic system will be disrupted, since most of the state revenues are also derived from taxes on fiat. when people prefer to use cryptocurrency, then fiat will not have a price.

but do no think that there will be any wrong effect on the economy of any county if people accept bitcoin.

At first, I think there will be some political and social instability, as some people will be influenced by governments to fight the expansion of Bitcoin, especially those who do not understand the currency. However, for people it is easier to get information these days, and it would only be a matter of time for such individuals to realize that Bitcoin is not the problem, but the solution.

bncbnc

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Quote from: OrangeII on March 04, 2017, 02:06:38 PM

probably one of the dangers of cryptocurrency is when people need it more than fiat. when it happens, it is likely the country's economic system will be disrupted, since most of the state revenues are also derived from taxes on fiat. when people prefer to use cryptocurrency, then fiat will not have a price.

but do no think that there will be any wrong effect on the economy of any county if people accept bitcoin. bit i think it will even improve the economic system of a country. because because bitcoin is providing opportunities to get job or make money from trading alt coin.

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probably one of the dangers of cryptocurrency is when people need it more than fiat. when it happens, it is likely the country's economic system will be disrupted, since most of the state revenues are also derived from taxes on fiat. when people prefer to use cryptocurrency, then fiat will not have a price.

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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.

In some other ways yo have a point on your statement, since bitcoin is a payment system virtual currency which is the original designed of it, I don't think that in the near future it will fear to anyone. actually its for the convenience of everyone, though it is possible that paper money and gold will be like just a garbage. But you don't need worry to about it

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Quote from: AicecreaME on March 04, 2017, 10:50:44 AM

Quote from: rekinthis on October 01, 2016, 08:42:42 AM

One danger i only know is that fresh crypto curencies might be dead soon, so you shouldn't even buy fresh cryptos as you might lose a lot of your money

We don't know what will happen in the future, that is why it is hard to say what will happen to bitcoin. For now, saying those negativities about bitcoin actually won't help, for bitcoin to be in the place where it should be, and we are all hoping that bitcoin would be a big success someday, that bitcoin would be one of the keys to develop this world that we are living on to something that we can never imagine.

By continuing using bitcoin, and persuading people on investing, mining, and buying it, can make bitcoin live for a lifetime, it won't die as long as those people are out there, and we all know that, so, instead of throwing or accusing nonsense thing about bitcoin, lets just support it, no matter what, because we are all getting benefited by it since we have started using it.

Actually he did not say anything bad about Bitcoin and I think that is the only cryptocurrency he trust. What he is talking about is pump and dump altcoins that launch in crypto exchange in which fail in early on after their launch. He is just warning us about the dangers of investing your money into such new altcoins.

AicecreaME

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Quote from: rekinthis on October 01, 2016, 08:42:42 AM

One danger i only know is that fresh crypto curencies might be dead soon, so you shouldn't even buy fresh cryptos as you might lose a lot of your money

We don't know what will happen in the future, that is why it is hard to say what will happen to bitcoin. For now, saying those negativities about bitcoin actually won't help, for bitcoin to be in the place where it should be, and we are all hoping that bitcoin would be a big success someday, that bitcoin would be one of the keys to develop this world that we are living on to something that we can never imagine.

By continuing using bitcoin, and persuading people on investing, mining, and buying it, can make bitcoin live for a lifetime, it won't die as long as those people are out there, and we all know that, so, instead of throwing or accusing nonsense thing about bitcoin, lets just support it, no matter what, because we are all getting benefited by it since we have started using it.

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Quote from: Idrisu on March 04, 2017, 09:42:29 AM

From time immemorial wickedness has been existing. Bitcoin can't create any new danger as bitcoin is the other side of money. CIA have been controlled people even now that we are still using fiat. Bitcoin may have it own side effects but the benefits of cashless system cannot be over emphasized. Technology is ruling the world currently, fiat is one of the limitations of technology.

Fiat is not the limitation, it is the one that serves as a base for the present technology development. Everywhere technology is much developed in most other fields. Now it's the time for financial technology development. Everytime when some innovation strikes the ground people won't accept it and indicate it as a danger. The same happened during the starting days which has changed a lot.

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Quote from: Idrisu on March 04, 2017, 09:42:29 AM

From time immemorial wickedness has been existing. Bitcoin can't create any new danger as bitcoin is the other side of money. CIA have been controlled people even now that we are still using fiat. Bitcoin may have it own side effects but the benefits of cashless system cannot be over emphasized. Technology is ruling the world currently, fiat is one of the limitations of technology.

But still the fiat currency is the one controlling the people. We cant change that easily.
We have been used to the traditional spending of that paper. People cannot be changed that easily even if you put a lot of advertisement about a coin that is controlling the internet.
That is the limit of bitcoin. It needs to be implemented by the government for people to believe.

Yutikas_11920

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Quote from: rekinthis on October 01, 2016, 08:42:42 AM

One danger i only know is that fresh crypto curencies might be dead soon, so you shouldn't even buy fresh cryptos as you might lose a lot of your money

You don't have to think or worry about crypto that just came in or the lauching. because the something there are some crypto indeed consistent to build a block of their best and can help everyone in the world is in any case required. But keep in mind, if you do want to get an advantage in the crypto then you must first on total number of coin which is in crypto and after that compare with other crypto

Idrisu

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From time immemorial wickedness has been existing. Bitcoin can't create any new danger as bitcoin is the other side of money. CIA have been controlled people even now that we are still using fiat. Bitcoin may have it own side effects but the benefits of cashless system cannot be over emphasized. Technology is ruling the world currently, fiat is one of the limitations of technology.

WarThunder

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Quote from: NoiseBoy on March 03, 2017, 02:51:51 PM

Two words: "Open Source."

If you don't trust the exports, if 'Argument to Authority' is your personal fallacy windmill of choice to tilt at, then just read the code yourself and decide. And if you don't know how to read the code, join a coding monastery, spend five years in coding bootcamp, become the world's most badass coder, and fucking read it yourself. Otherwise, trust that the thousands--if not millions--of people who have looked at the publicly available code have decided that distributed = distributed, ledger = ledger, and technology = technology.

Then you do not have to argue why. Perhaps you're right, but only at the expense of the number of people a little too much. Because I think that hundreds of thousands, but not millions.

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Two words: "Open Source."

If you don't trust the exports, if 'Argument to Authority' is your personal fallacy windmill of choice to tilt at, then just read the code yourself and decide. And if you don't know how to read the code, join a coding monastery, spend five years in coding bootcamp, become the world's most badass coder, and fucking read it yourself. Otherwise, trust that the thousands--if not millions--of people who have looked at the publicly available code have decided that distributed = distributed, ledger = ledger, and technology = technology.

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Quote from: Mr.grin on March 03, 2017, 09:02:22 AM

Quote from: danherbias07 on March 03, 2017, 08:54:40 AM

It is not that anonymous nowadays. Website wallets have been requiring information or ID's when it comes to a higher amount of bitcoin that will be withdrew or deposited. So they can trace now to whoever it is that is transacting. Well, it is kind of good and also bad. Good that they will see we are not hiding anything. Bad for those who are transacting in deep web with illegal items. Grin

Well, it was very good indeed, and may reduce the risk of cryptocurrency. but, it also will make it one of the advantages of cryptocurrency disappeared. I guess you're right. it can have a good effect, and is also bad.

That's why KYC and verification is important for some exchanges. They cannot operate freely if their exchange will be prone for money fraud activity that's why to comply with the legal terms of a certain country they must run legitimately.

If a person doesn't want that idea then find other ways to deal with buying and selling bitcoin without the use of any exchanges although it will be a hassle one.

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