Topic: The danger of the cyptocurrencies - page 8. (Read 45199 times)

i do not think that there will be any bad impact on the users of bitcoin if the government will accept bitcoin without any condition, i am hopeful that people will become more and more stable when the users of bitcoin will put more confident on bitcoin. i am hopeful that government will accept bitcoin without any condition.

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.

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. 

Good opinion, I agreed the dangerous of bitcoin is anonymous, all the people would hide their money to avoid taxes. Don't be surprised if tax revenues will decline if bitcoin increasingly popular.

I think you are too optimistic. There are number of reasons why they don't approve such ETF.
1) Security concerns - ETF can be hacked and all funds stolen.
2) Market manipulation - Bitcoin price can be easily manipulated and SEC doesn't have any means to restrict this as Bitcoin is totally out of control. If someone manipulates the price on a stock market, SEC can conduct investigation and prosecute the manipulators (remember "Wall Street" movie). How can they do it with Bitcoins when manipulation can come from anywhere in the world and can be catastrophic to the Bitcoin market? They can ban this ETF, but it would mean that all investors will lose money, because BTC will immediately drop in price to the very bottom.
3) Precedent - if they approve ETF for Bitcoin, they will have a lot of requests to approve ETF for altcoins and not only altcoins (from Ether, Monero and Dash down to totally ponzi schemes). And here see item 2.

Finally, if they wanted to approve this ETF, they would have already done it. There was no change in key people in SEC since ETF was first filed for approval. Trump administration is even less favorable for BTC than Obama administration was. Donald Trump is much more conservative and no surprise that he would see Bitcoin as safe heaven for terrorists, hackers, tax evaders, drug dealers at some point.

No, they won't approve it. The only question is what happens to BTC once the rejection is official and final.

Definitely the price is our basis to trade and to earn from its volatility but I think that is not the after of majority of adopters in bitcoin. It's just an investment for certain number of people while mostly if not all of the adopters had enjoyed using bitcoin regardless of our purposes.
The danger is when we are just sleeping and we are not monitoring the market, we will certainly without with nothing if something bad happens.

I would beg to differ

Though not with the point that bitcoins in such an ETF cannot be stolen since they surely can be. That's what I'm telling myself in respect to Bitcoin banks and assumptions that the bitcoins there will be somehow insured from thefts or hacks (they obviously won't). I assert that these risks are the same, for example, in web wallets or exchanges, but this didn't prevent them from springing up. So I don't think that these ETF's if they are going to be disapproved (which seems to be the most likely outcome) will be disapproved just because of that reason exactly

I think the main danger is that if someone steals your coins (or you lose keys to your wallet), there are no ways to recover your funds. At all. This is not really important if we speak about individual people as cryptocurrencies act like cash in this case, but it is critical for large organizations and enterprises. Imagine that SEC approves Bitcoin ETF. This ETF can get billions of dollars from public and buy bitcoins with these dollars. What happens if this ETF gets hacked, like Mt.Gox or Bitfinex? All investors in this ETF will lose their funds at once. There are numerous warnings - do not trust your Bitcoins to anyone, keep them safely and securely in your wallet. But if people buy ETF shares, it would be like they buy Bitcoins and store them in the ETF wallet. And these funds will be too vulnerable. If people invest in a gold ETF, all funds are backed by gold and the gold is stored in a secure vault and it is hard to breach into this vault and steal this gold. And even if this gold is stolen, it is hard to hide it and it can be found and recovered by police. And it would be even more hard to sell this gold. However, if someone steals bitcoins, police are useless.

That's why SEC cannot approve this ETF.

We need to have a mentality to accept losses too. Important factor with bitcoin is the price varying in respect to time. I personally like the fluctuations, none other than bitcoin has got such feature. If the price is stable we cannot make better profit. Things are dangerous based upon the way we take it.

the main danger is the unstability of the currency. sometime the price touches high and sometime price drops down to even 90% or less so investor get heavy loss for that.

The thought of having the CIA involved in Bitcoin is kind of funny actually -yet it does make me wonder why and how Gavin Andresen talked to the CIA so fast (If he really didn't talk to the CIA then that's funny as well). An electronic Currency Prototype that could be accessed to people all around the world within a certain timeframe is a weapon that the CIA could use because nobody really knows who really built the code for Bitcoin.

An electronic Currency is usually what people talk about when they think about the 666 -the mark of the Beast. The CIA or someone that's above that group wanted Bitcoin to be built for a single reason and I strongly think that everyone will find the answer soon enough.

Danger can be in fiat as well. But for bitcoin is something completely different. Some fact are that is easy to use and carry, true, but maybe big one is this that its Untraceable. Maybe cuz of this we see danger cuz in this option we have everything in our head (example it can be used for buying drugs gun hiring hitman....), this is true. Some say that that cuz its new he represent danger. This is divided opinion, Bitcoin is only a few years old, ok this is true. And also they is possibility that a competing crypto currency becomes more successful than Bitcoin or that somebody somehow finds a major flaw in the system.

We can speculate on many thing but in reality only what we see we take as granted.

If the government would be willing to accept bitcoin, it is a very bad impact on the users. The fact that the state has always had control over income citizens and businesses. Therefore it is necessary to draw conclusions about whether to demand the legalization of the government or not.

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 recently read that bitcoin might be a government project to make you use digital currency instead of cash.

I already pointed that danger out in my original post i guess, but couldn't expressed it like this clear.

I mean What if they want to make you want, to use bitcoins? Ever thought about this?

If they banned cash, everybody would go crazy! But instead, they come up with bitcoin, invention of the century! Digital Gold!

So you deposit your cash to buy pixels! With your own will. They don't force you to do it, but you do exactly what they want.

What if this digital gold is a way to make you poor?

danger of bitcoin is its anonymity which welcomes the government and other intelligence agencies to takes down the currency from currency list. and danger of other cryptocurrencies is feasiability.

Crypto currencies like bitcoin , blackcoin, dogecoin etc have gained good pace in past few years.
Among these growth of Bitcoin has been the most.
The greatest danger of the cryptocurrencies( mainly Bitcoin )is also its greatest advantages.
That is it Bieng decentralised.
For those who don't know what decentralised is it means the there is no third party involved between their transaction like Bank or government in case of fiat.
It may be good to say that the commission which Bank takes or govt takes is avoided here.
But it has also resulted into many crimes gaining momentum like drugsale where the third party like banks etc dont exist.
Also if someone's blocchain account is hacked (which is very rare) then his entire money is gone and he can't claim it anywhere because no third party knows about it.
Many have their blackchai

Governments and the media will grab whatever it takes to talk down on Bitcoin in order to scare people off. If it's not the black/deep web markets, then it will be something else.

It's impossible to solve something that can't be solved. There is simply no way to prevent people from buying and selling all kinds of illegal goods through the numerous deep web markets.

I think it's important for people to realize that the blame should be put on people, and not on Bitcoin or other crypto currencies. Never blame the tool! Blame the abusers!

Not all crypto currencies are doing really well in the market.There are a plenty of clone coins in exchanges like yobit who are there only to snatch money from people. People should be very careful about the morality of the exchange as well as the coins listed in those kind of exchanges. Those kind of coins are the real danger of crypto currency .

I do not see any danger from it, perhaps, the danger that you said is using. however, if you use incorrect, it will cause great danger. Therefore, before using it, you need to fully understand its information, everything related will also have a huge impact. Once you do that, there will not be anything dangerous happens, I'm sure. Bitcoin is a good example, it is not only not dangerous but also provide a source of huge profits for those who use it