Topic: What are your biggest concerns regarding Cryptocurrencies? (Read 1204 times)

of course governmen taking over!!!! if government get involve with the crypto world there will be completely mess !!!

Governments taking over!  I have been having this fear because of the way things are going. If we look at the mode of regulations that governments are bring on the table we would find out that majority want to take over bitcoin and others cryptocurrency. The beauty of the cryptocurrency is becouse it is decentralized therefore if this is taking out of the place it means governments has taken over.

My biggest concern is projects with no real usage. I think that more than half of all coins, or even ~80% are doomed to die when they won't be able to find investors for further development or/and real partners to implement their technologies to mass market.

Looking at the news again, the bitfinex and tether incident has again caused a dip of BTC below 10k. If one of the bigger exchanges will be closed due to political regulations, we might see a huge dip of the whole cryptomarket again. Hopefully this will not happen in the near future.

i will also talk about unrealistic and overpromising projects. The fact that anyone can generate an idea doesn't mean all should be channelled to crypto. So in the end very few people get interest in that and then it becomes a waste coin.

Scamming is widely happen on the ICO investments buddy. So if we are good at checking the perfect ICO you will not be get scammed by anyone. Hacking is the worst thing happening in the bitcoin and other cryptos. Recently some trading site, nice hash server and indidual hack on the online wallets increased more.
Due to this people whoever wanna invest on the crpto currency will be fear about that. Hopefully encryption level may increase and it would avoid hackers to target the online wallets and trading sites.

My biggest concern regarding Cryptocurrencies would have to be these scammers and hackers because you really can't tell when they'll hit you as their target. And with the internet that's so open, even if you have the safest wallet there are still times they could hack your account information and get your money out of nowhere. Some are even taking advantage of the untraceable blockchain technology we have and steal from people which are one of its disadvantages.

My personal safety. I can deal with scammers and hackers most of the times as nothing is 100% sure.
But the possibility for someone to rob me by pointing a gun to my head is what concerning me the most.

One of my concerns in the world of cryptocurrency is about the wallet used in saving our earnings here in cryptocurrency. I thought of a more secure key on how to protect our wallet, now that innovations to technology has increased and one of their moves is through hacking system and have access to manipulate our records and maybe our finances.

The future of cryptocurrency is very bright in the future. Because many peoples are accepting this worldwide. These coins are nothing but like a public share of a company. But as the Private companies are involved with this only so there are no Govt. nod or regulations are here. But they are working great with their own created norms. So, don't fear about the cryptocurrency.

Good day! There's a lot of fake airdrops going around lately. Others even using legit ICOs and others just don't know it that they are sending donations to scammers. A keen eye would know the difference.

MY biggest concern is hackers and scammers.  It's too easy for new people in crypto to lose everything they have.  This is what is turning new users off in the world of crypto.  They are scared of losing everything in the blink of an eye.  We need to teach security to new users and help to report scam projects and ICOS.

Yeah, crypto is issue dependent,, for every country that bring negative issue about crypto, the market will fall..
I don't want that thing to happen in my life.. I don't want all my investment turn into dust because of government banning cryptocurrency

my biggest concern is that governments try to take over and that it is hard to foresee rate waves sometimes 

I think given a free run, we will solve most to all of the serious issues and have a great system in the end, tons better than anything else.
We have to watch the commy governments and the big banks, a democratic country should let this go, but we all know who pulls the strings in a democracy.

My gut tells me we're fine for awhile, why? top finance people think well a head, right now they either think this is an easy market full of noobs and won't amount to anything, in this case they will treat it like any other market and be happy of it's existence, the other option is they know it will succeed and in this case they probably want it to.
If you look at some of the massive companies who are adopting crypto, for example microsoft and talks of amazon, go check out their biggest investors and you'll see they are finance guys.. you'll also see how large their stakes are, they could seriously impact said companies.

Now if I owned a multi billion dollar company and my main share holders threatened to pull out of crypto, I probably would hold back on adopting it, yet all we see if when a company brings on blockchain it's shares go through the roof.

remember while crypto is decentralised, any entity can buy and control majority of it, crypto offers many benefits to current money from a banking stand point like complete history of every transaction and the where abouts of said currency, from a control point, if you hold majority it's a system which gives you more power than the current money system, if the whole world uses 1 reserve and you own majority of that, it's far more powerful than spreading your money in to multiple currencies.

I can see certain countries like China wanting to put a stop to this, but the big old USA would be all for it.

If it wasn't meant to be, it would probably be banned already, they have enough fuel between the drug dealings, shady exchanges and 0 regulation along with money laundering and the likes.

For me it is clearly the government. They control everything. If they start to put their hands in crypto, their won't be any "moons" anymore and a lot will be regulated. So far only a few countries have spoken out regulations and people could easily move into other countries to for example start their ICO (China to Singapore). I really hope that we stay where we are now.

My worries are the same , that the government will ban all cryptocurrency trades and that's the biggest problem the market value is definitely tough and will drop drastically until it's worthless, ,but my worries are definitely not coming because the people are everything to a country

My biggest concern is there are many countries that are banning cryptocurrency. What if cryptocurrency will be ban also here in our country. And what if this cryptos will lose their value.

My biggest concern for crypto is this market become a bubble and there are so many scam ico. We need to regulate the ico also there are so many ponzi scheme ico especially in my country. Ponzi makes crypto bad and the last concern is if exchanger manipulated the price like almost all korean exchanger. If we want to gain trust from whole world then we need to concern about it.

My biggest concerns about the cryptocurrency are everything should be comforted in order to be more secure platform because this can happen when governments come forward. Like South Korea government should come forward and support their development through this blockchain tech in the real-life environment.

My biggest concern would be the security of my coins stored in my wallet. Since it's online there is a possibility that hacker could anytime make protocols that could attack my portfolio. So I thought of changing my password once every month, thinking that it could increase the security.

Exactly, security is the number one we need that makes an assurance like by gaining trust on both sides. Scammers, spammers and hackers are those bad people here in cyber world that they will do their very best as much as they can in order to have easy money which make sense that security is the number one to have enough foundation to avoid this bad people. Nowadays, as time goes by the crypto currencies are getting many which means the value of money is increasing so this bad people do their bad tactics to have easy money, hopefully each and everyone of us here in crypto currency community should aware all the time.

My biggest concern  regarding cryptocurrency is to be secured our accounts to those scammer ,being secured and avoid those hackers who want to steal our money.Because lately my husband was a victim of hackers and it was so sad that his wallet was never been found now.The money in his wallet that he worked hard for was gone immediately,I want a law to those bad person to be punish.

The biggest concern regarding cryptocurrencies around the world is that it needs to be more secure, because often hacks from exchanges have been taking place. Other than this I would prefer, let the governments regulate the use of cryptocurrency. But, at any instance should not ban or make people stop using it.

It would be the total ban or  only a small portion of this world runs crypto. I don't want to see that we can only see people using, buying or selling crypto in certain parts of this world. Our world is getting smaller and smaller so I hope it will  still turn out better in the end.

This would mean we need some kind of supervision and regulation. Plain and simple. People aren't just fair to each other, especially when it comes to money.

Large scale hacks... it remids me on etherdelta DNS hack before.. I was really scared that my coins are taken away from me...
SO yeah, my concern is the security of crypto wallet and trading platform..

I also concerned of what will happened to my wallet if I died before I share the address and priv.key with someone on the family..

Those you have mentioned are the Major concerns for the majority. What concerned me most nowadays are the people behind who's trying to take crypocurrencies down. Government, Hackers, Banks, and Big Time Businessmen they are all against the success of Bitcoin in the market. Also these pump and dump situations, because I think only those who are already rich becomes richer while the others (including me) are working very hard to become rich, I mean they can easily manipulate the prices in the market by putting huge amount of money into a specific coin and suddenly pull it all out when it turns to be very profitable. Isnt very unfair for us, this is clearly taking advantage, our loss is their gain.

Will i guest that this is not the first time that cryptocurrencies are responding in such a manner especially after some resistive measures by governments.
This time around the popular narratives is that this market behavior is a result of the most recent regulatory pressure from China and south Korea.
Interestingly, the cryptocurrency market seems to rise and fall of prices on the exchanges.
A little fuzzy but there are several factors to play,because most exchanges use bitcoin as a universal trading currency.

Interesting. Do you have an example where you saw this happening?

My biggest concern is when the team behind the coin is very enthusiastic at the start and then a year has passed, they have abandoned it. It's always hype and proving their worth until the very end has a very slight chance.

That it is impossible to know what will happen once regulations kick in. The government can fuck it up instantly. Also all the problems regarding exchanges and people not being able to get any kind of support from them , it gives a bad name to crypto.

That is a real concern as bitcoin becomes more valuable you can be sure that more and more hackers will do everything to find vulnerabilities in online services like online wallets and exchanges in fact not too long ago the hacking of exchanges happened quite frequently, but even if that has diminished that does not mean that hackers are not going to target specific users that have a good amount of bitcoin.

To avoid losing the most important thing is to keep your coin carefully, always keep your private key in the safest place possible. For keeping the coin on the trading floor, you should open the 2FA security mode to protect your account best. In business the first thing you need to do is keep your capital stable.

My biggest concern is loosing my coins. Because there are so many people in cryptoworld that lose their coin. And i don't want to experience that so i always take good care of my coins.

I think the below article will give you better understanding about the concerns


https://www.businessinsider.in/Bitcoin-retains-its-crown-as-crypto-king-but-issues-still-hang-over-the-cryptocurrency/articleshow/61631871.cms

Governments are going to get involved with crypto, that is inevitable but at the same time they cannot take over bitcoin directly, what they are going to try is to deceive people into thinking their own versions of cryptocurrencies are even better than bitcoin, many people are going to fall for that, but there are many which will choose bitcoin and when the financial system collapse we are going to benefit tremendously while those that invested in government backed coins are going to lose everything.

Large scale hacks or exchanges that turns out to dont have money coverage,like bitfinex and tether and all of the crypto market turns out to be a large ponzie scheme.Dont really think that goverment can put the end to it as there is already a lot of money in it and most goverments are fine with it as long as they are taking their cut

* Not nearly enough competent "dev teams" to support +1450 ( and growing ) coin networks
* Projects that have no self funding mechanism nor development "road map"  
* Poor security features on exchanges and especially in "wallets"

WasTriffin

I am interested in the appearance of new coins as well as the coins that have disappeared recently in the crypto market. Because this will help me to grasp the rules of coin development, it is very beneficial for me to evaluate the pennies later. The past few days have marked the great volatility of the entire crypto market.

a very good plan man. I really support you to make an article about it because it will be very helpful for investors and also the bounty hunter. spirit and I wait for your article.

My biggest concern right now is Bitfinex, you are probably why ? because Bitfinex is behind the Tether coin, and they keep printing it like it's nothing. As you know Bitfinex got hacked a long time ago, so I will not trust them on tether, I dont think they have 1.2 Billion of real USD dollars to back them up

- 1st is lack of accountability by some (not all) ICO promoters. They just play with the investors money in ways that would get them to jail in any other situation.
- 2nd is cybersecurity. Everyday we wake up to know that an exchange or a service has been hacked.
- 3rd one is market manipulation. Pump and dumps and organised manipulation.

Decentralization and just like you im concerned if the government takes over or get involved in the crypto market.

Days like today are my biggest concerns, I work blockfolio like a crazy man until it spits out a number I feel hope in 

kolo my greatest concern is what if we are tired of collecting coins with difficulty, but when we want to exchange our coins with the rupiah coin that we collect can not be rupiahkan that's the thing I'm most concerned, aka zonk

With the big benefits comes the big concerns. The money flow in the crypto is too great and that takes attention of governments because they are too greedy and they don't want the idea of money flow without their control. Another thing is the trust issue. Most of the transactions are being made anonymously and that's a big concern for me sometimes but this is in the nature of this business so i learned to live with it.

Yeah, not to worry. For years the government here also tries to force local exchangers to shut down, but then now we all find that they have moved to Yahoo IM, or now Whatsapp and Telegram, just putting up advertisements on P2P boards to get contact.

We are far behind Japan and US, but by the time we get to that stage, Bitcoin and crypto will be seen as mainstream and really, people in governments will not have a choice but to go with the flow. Governments will never give themselves a bad name with citizens so do not worry about losing your funds to them.

This is also what worries me. In the last month or two bitcoin and as a result altcoins have got a lot of attention. But if the correction end up being going from 20k to under 10k a lot of new guys with weak hands will get burnt and media will turn again setting this into a long bear cycle.

We need definitely need a way to pair to other major currencies. Should not need to buy bitcoin to buy alts.

I think the problems within the Crypto space boil down to pure greed. Greed, especially on the part of poorly skilled developers, that do little more than repackage someone else's code and pass it off as innovation. Or the ICO built around little more than a furtive idea pumped by a celebrity.

Do  not worry, even if your local government did that we are getting to a point in which bitcoin is going to be accepted in more places,  depending on where you live this is a process that is already underway or that may need more time, but I think that it may take 10 years before we are going to get to the point where all the countries of the world become like Japan.

I started a thread on this very subject and got a very interesting response from a book written 80 years ago

"I'd like to present the works on major bull trends by H.M Gartley who wrote Profits in the Stock Market (1935).

How to recognise a bull market ending.

1. The daily volume has risen to an all time high.
2. Wide daily fluctuations are a regular occurrence.
3. Nearly everyone you meet appears to be in some way interested in the market.
4. Most financial news writers and financial commentators can see no reasons for any important decline.

"The thought of a bear market being around the corner is not seriously considered".

"A bear who presents what appear to be sound and logical reasons why a collapse is imminent, is considered to be either an out-and-out dyspeptic, or at least a very unpatriotic citizen."

"He can count on being very unpopular".

"Each bull market breeds a crop of traders who fail to recognise the unmistakable signs of a storm."


It seems very familiar, just replace "unpatriotic" with "FUD spreading", I hope btc cools off and goes back to steadily climbing.

theres nothing wrong with these pump and dump scheme because cryptocurrencies meant that way. people will always do trade them because they want more profit and you cant really do about it. you should better stick to it because that is part of the game. anyways the biggest concern for me regarding in crypto is that the fee is too much high and expensive in bitcoin. it cost me much everytime i send a bitcoin to someone else and i think these is the real problem that everyone should worry about though i know that there were some better alternatives to bitcoin which doesnt cost much fee when sending like dogecoin and litecoin but im not really interested too them since start. im only a bitcoin enthusiast ever since the day i discovered bitcoin.

Fraud and scammers are a very general concern in any industry, any tech, especially over the Internet. Relevant to crypto yes, but not unique to crypto. Governments taking over also is relevant but not a real concern, to me. It is impossible for governments to take over Crypto, even if they tried very hard.

So of all the concerns listed, scalability and governance are always going to be concerns, but rightfully and naturally so. If you do not have scaling problems, then your coin is not successful. Nice problem to have is it no?

Agree 200%

THe BTC progression is what worries me the most. When even your grandma is buying BTC, that's when you have to start to worry.

Until 2017, the grow was perfect and organic, enough to make good profit. Now the bubble is in danger to explode.

Pumps are a big annoyance. But BTC pumping too fast is the only one that actually makes me worry. A big BTC pump and dump could set us back months, no, years while everything is tied to BTC.

The market really needs to stop doing so much trading in BTC, need to spread the risk more. We need more pairs on exchanges, and more entry points.

I don't think so that Governments can stop the cryptocurrency my biggest concern is the liquidity of the market of cryptocurrency and think so that this is a bullish market where whales can make significant profits and they can control the market easily

Biggest concern in the world is probably legality. Crypto is legal in some countries but its not legal in some others. When you are travelling you will find it very weird as you can be arrested for no reason.

Couple of the major problems which I feel at present is : -

- Legal standing in our country is still unclear. It can either get regulated or banned in coming time. But not sure how much time it will be taking.
- Another thing is that the price has reaching near 12k. Fear is that if something negative news spread than the fall would be immense and time to recover just in such cases may be very long.

I think the below article will give you better understanding about the concerns

https://news.bitcoin.com/fca-issues-warning-regarding-cryptocurrency-cfds/

Great answers all of you.

Like everything new, we're filled with hopes and fears.

lol, same here. it also happened to me one time when im still just a noob on using a bitcoin wallet. i actually copy the php address instead of btc address because our local wallet (coins.ph) supports two currencies inside a single bitcoin wallet. that was the first time also i joined and get paid on a signature campaign but i was unfortunate and really unlucky for my bitcoins to get burned out of nowhere.  that is why my biggest concern regarding crypto is it is not refundable or cant be chargeback just like on the paypal. though having this feature can also bring a bad effect to crypto due to some people will find it a good idea to scam inoscent people when doing transactions online.

Bitcoin forks, market manipulation.

My biggest concern is that someday the government might shutdown our local exchangers here just like what china did to it.
Shutting it down would mean that we will have a hard time to withdraw our bitcoin locally and we might use another 3rd party which might cost more.

Me too, I am always worried everytime these has to be done. It is very risky to scammers and fraud. Many are taking this chances to create something bad to make some amount for their own good.

This bothers me as well, many projects lack any substance or innovation, they are just copies of something else, that is why it can be difficult to see the real projects that offer something new, you must literally go thorough tons of useless information to find something that could become a success and that is why investment in icos is going down since people are tired of wasting their time.

there will always be fraud and scams and it happens in life in general.
from what i understand governments cannot take over as they are mostly decentralized currencies.
my biggest concerns are that most good blockchain technologies wont get the traction they deserve because people dont back them fully.

That is not the case with all the coins. Some returns your money back into your wallet if transaction failed or if troubles arises that cause transaction to not succeed. You should definitely report that to the developer. Also, try asking here for help, maybe someone can help you. By the way what coins is that? It is the first time I have heard someone encountering that problem without having fault at the users side. For me though my biggest concern regarding cryptocurrency is too much speculation. IMO most has gone astray to it's original purpose.

I think it is impossible to happen with a major flow and also everything will collapse. Mostly of the coin that colapses is the developer scam all of the coins  thats why it collapses and also the major flaw will not likely to happen , still there is a flaw but i think it is not major enough that could lead to market collapses. Just trust the coin and invest what you can afford to lose

So many great answers.

Thank you!

My biggest concern with cryptocurrencies? Burning coins for no reason. For example you are trying to create transaction, you just write something wrong? Your money is gone. This is very painful for me.

I'm not that worried about governments, actually they can't do anything about it. They should have taken BTC down when they had the chance to do so, and it was uknown by most of us. BTC until now has gained so much traction that it will be a bigger disaster to try to stop it than just let it be. The regulators want a stable economy, if they try to mess up BTC, the investors will be hurt, and it might even impact the overal markets, so it probably won't happen. Scammers is a real threat indeed, I'm thiking about the noobs and non-tech savvy people who will join one day, and they will be easy pray for anyone interested to rip them off. Scalability is definitely a problem too, BTC has said it's a problem, ETH said it's a problem, but as technology advances that will eventually be solved as well.

The possibility of cryptos getting destroyed by the governments out of nowhere is one of the main concerns in people's minds, even though  the possibility is not likely at all to happen, but it does make people worry sometimes. Scamming can be avoided in most of the cases if the person is smart, but avoiding the control of governments can be very hard for the normal folks.

my biggest concern is "people forgetting what cryptocurrencies are supposed to be"!

and sadly that is what i see happening these days. they are no longer created to be a "currency" or a "payment system", instead they are created to be a speculation tool for traders to make money. people are even calling altcoin market as "penny stocks"!

in fact i say this issue is more serious than the 3 you mentioned. specially the scaling one. since none of these altcoins are being used for anything other than people sending coins to and from exchanges, scaling is meaningless for them. their blocks are too small, the top ones handle less than 1/10 of bitcoin daily transactions! and the rest are not even used.

First of all i afraid of thiefs. The Scammers or pirates. I never keep my passes in my computer. It's in my notebook writen by my hands. Than i feel bad about taxes. We don't pay tax an goverments know this. If one day they take control that would be very very bad for all of us. It's scary too..

Beside I worrying about more fraud/scammers, for me and in my place in particular.. honestly I'm still worrying the government in my country will completely bans on cryptocurrencies including to selling crypto to local currency, because the government really can't accepting it and regulating it yet so far, and until would be punish the people are connected with cryptocurrencies.

That someone will find a major flaw in the system. It could cause everything to collapse

Outside from claiming cryptocurrencies, the vast majority money related transactions need aid reversible. This doesn't intend that you could basically try for An shopping spree and if you try refund the money, Likewise there may be generally a administering figure that oversees the transform. To example, We should say that you buy something web and the merchant never sends you an item.

Not being able to sell in USD in most of the exchanges is one of my concerns. I am also concerned about online theft.

Of all of them the biggest problem are governments and banks, scammers are a bother but for the most part you can ignore them if you take the right precautions, and scalability while and issue as well it seems it is finally going to be fixed, but the problem with governments is that they have all the money in the world and they have an even greater power the power to make the laws and change them.

Bitcoin.

I don't like the fact that you have to buy BTC in order to buy some coins.

This must change.

There are no bigger concerns about crypto's, it is all upto us to believe in all those projects that we are facing day by day, there are tons of them who are promising very huge returns in a short period of time.

I dont use to trust in them, because there is no way to pay such returns, maybe when we lost a huge opportunity to make a good amount of money by investing in a coin/ico, is our biggest concern.

The only thing that is worrying me about cryptos are just the high fees that you need to pay in order to send bitcoins. And if you have a multisig wallet or if your wallet provider is using the Outbound fees, you are going to need to pay fees for receiving those bitcoins too..

Interesting topic very good way to explain, thank you for a very insightful topic.

In addition with fraud and scammers involved mostly with so many shitcoins and ICO projects, there is the high volatility of prices which make the earning much harder especially for the short term investors and holders.
I am here talking about altcoins, because Bitcoin is already going to the moon and will be valuable and used for long time most likely.

Over-promising or unrealistic projects.  I see some coins and tokens that I don't believe are outright scams but will not live up to expectations in the medium to long term.  Some have contradictions that mean they cant both be an investment (coin goes up) and a viable platform (because costs would become high). Others are offering a cryptocoin/token for a scenario that doesn't need it.

At the near scammy end are projects that may have genuine intentions but the coin ICO is essentially just an unregulated way to raise funds for their tech projects.  I note some ICO are keeping a lot of the issue for themselves and the spending allocation is heavy on marketing.  Just like a certain frenzy near 20 years ago...  enjoy the ride we know where a lot of them will end, hopefully you pick an Amazon and not a Boo.com

I want to write an article about this and I've been asking around.

So far, I've found:

* Fraud and scammers
* Government taking over
* Scalability and governance

How about you guys?