When will the government look at this area? - page 2.

pawanjain

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Nothing lasts forever

Quote from: rodskee on December 29, 2024, 02:03:12 PM

even if the elderly wanted to keep updated some of them are really just incapable of learning especially those with mental limitations already they might not be able to understand the new technology anymore and some of them can’t really hold information that well either so it’s not like we can completely blame those who are really old already it is their kids that should protect them from such frauds and keep them safe

In that case they are not only prone to crypto related scams but also for fiat.
I doubt, we have have a huge amount of people with mental limitations who are using bitcoin.
But even in that case, as you say, there should be someone whose help they can take to avoid such scams.
Besides that, they should have known what they are getting into while buying bitcoin and should have taken the necessary steps to inform their closed ones for their bitcoin custody.

asriloni

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I don't think that kind of news could impact the adoption of bitcoin.

I'm sure government is totally aware about the hacked case often happened in Crypto. However they're not often taking action to handle the small case. They only caring to the big case i.e MTgox or FTX. Don't put a lot of hope for them to fully take care of any hacked case happened in the crypto.

I think you're also aware about how US and many countries seized crypto from various hacked case even they did it to the silkroad as well. It proves they're aware of it.

betswift

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Quote from: Scarlett_23 on December 30, 2024, 06:17:56 AM

Most governments place a high value on their revenue. One of the ways to get revenue is through their central banks and currencies. Which are under their control. If the government cannot control it, it is natural that the government will not encourage the people to do so. On the other hand, the governments of some countries consider crypto to be too complex and risky and are not interested in it. Since the government does not pay attention to these issues, the government will not provide security to the cryptocurrency users in their country. Therefore, crypto holders need to be aware of themselves and take responsibility for their security. And for this security, they need to keep their own keys in their custody.

I agree with this take.
The things that are not controlled by the government don't concern them that much - only when they bite them on their toes.

Fivestar4everMVP

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Quote from: Sanitough on December 27, 2024, 06:45:08 AM

https://www.reuters.com/technology/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19/

Quote

Dec 19 (Reuters) - Funds stolen by hacking cryptocurrency platforms surged 21% from a year ago to $2.2 billion in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday.
The hacking amount exceeded $1 billion for the fourth straight year and the number of incidents rose to 303 from 282 in 2023, it said. Hackers had stolen $1.8 billion in 2023.
The rise in crypto heists comes as bitcoin BTC= jumped 140% this year to surpass $100,000 mark, drawing institutional participation and backing from U.S. President-elect Donald Trump.

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

I don't know about you but personally, I don't expect the government to start teaching people on the importance of practicing good and proper security guidelines that will help them secure their crypto funds from being stolen by hackers, atleast, to be fair on the government, it's too early.

Too early in the sense that aside from El Salvador and one other African country I can no longer remember the name, no other country have adopted bitcoin to the level of making it a legal tender for the citizens of the same country. Maybe when governments have fully adopted bitcoin and have made it a part of the daily life of the people, then will there be need for the government (through various sources) teach people on how well to secure their bitcoins to not allow it be stolen from them by scammers and hackers.

AVE5

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All of the above bitcoin events are being driven by the market sentiments which is routed in the validation of Investors.
The approaches of investors are the techniques that performs the volatility rates of bitcoin that's why the highily institution Investors and the governments such as the US, El Salvador and some other countries that're investing on bitcoin contributes to the performances of bitcoin market values.

Scarlett_23

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Most governments place a high value on their revenue. One of the ways to get revenue is through their central banks and currencies. Which are under their control. If the government cannot control it, it is natural that the government will not encourage the people to do so. On the other hand, the governments of some countries consider crypto to be too complex and risky and are not interested in it. Since the government does not pay attention to these issues, the government will not provide security to the cryptocurrency users in their country. Therefore, crypto holders need to be aware of themselves and take responsibility for their security. And for this security, they need to keep their own keys in their custody.

fikrett

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Quote from: uneng on December 29, 2024, 07:36:07 PM

What governments can do is to invest in cyber security. However, many governments have no clue about informatic matters, besides not having enough budget to do so. As consequence, it ends being really responsability of each crypto enthusiasts to take care the security of their funds when deposited in online platforms. They have to follow security measures, but that isn't all: they also have to keep their funds safely stored in hardware wallets.

People are used to say governments should do this and that, but in fact they aren't going to do anything, so if you wait for the government to act in order to see any improvements in services, you are going to wait a lifetime without seeing results.

I do think, in any case, with gov involvement or not - crypto enthusiasts are their own bastions of security, first and foremost.
Because they have all the keys and possibilities not to share the info in the wrong hands. As well as to prevent others from being scammed from something fishy.

knowngunman

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Quote from: Sanitough on December 27, 2024, 07:01:44 AM

Quote from: fikrett on December 27, 2024, 06:47:50 AM

Do you think governments would try to teach the people about what could be done to avoid such cases?

At the very least, they should focus on educating people. It doesn’t have to be manual teaching, they can create programs or campaigns to help these common groups of victims avoid falling for scams. The growing number of scams resulting in billions of dollars lost, it’s clear something needs to be done. Even simple awareness programs can make a big difference, because ignoring this issue only allows it to get worse.

Most of the incidents that amount to this large figures have less to do with individuals, it mostly involves CEX platforms or companies. Although, some of the hack claims maybe genuine but in some cases, it is a cook up stories perpetrated by their own devs or in collaboration with the hackers. The storyline behind some hacks is too fishy.

Which government are we talking about here? The one that's looking for a legitimate reason to discredit crypto? In fact, this incident seems perfect to them to continue with their corrupt practices. Security is everyone's responsibility and each individual is responsible to protect their own assets with utmost security measures. Government can not even protect their own banks from robbery and expecting their protection from crypto hacks is like waiting for a lost sheep.

davis196

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Quote

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

Government regulations towards crypto are more focused on fighting money laundering and tax evasion. I think that the crypto regulations have nothing to do with the level of security of centralized crypto platforms.
The news about more crypto platforms being hacked is yet another reason why you shouldn't use centralized crypto services. Just keep your crypto in your cold wallet and take care of your own online security. Never trust a centralized entity with your own crypto.
The government should raise awareness about those issues, but no government can protect all the naive and gullible people, who got scammed. No government can protect the people, who are too lazy to maintain decent online security.

GigaBit

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There are many scammers on the cryptocurrency platform, they are constantly trying to trap users by adopting new strategies. There are such attempts and there will be more in the future. There is no alternative to increasing public awareness in reducing hacking-related crimes. Planning to increase proper knowledge about cryptocurrency is the best way to avoid such situations.

Crypto-related crimes are now a very common occurrence that can no longer affect investors in any way. In the meantime, investors have been able to understand the potential of Bitcoin well. Especially, major countries of the world are supporting Bitcoin and there are plans to make it a reserve currency. In the future, there may be a situation where the reserve currency will be created with Bitcoin rather than gold. That is why it is not possible to return investors by spreading such negative news in the market.

MusaMohamed

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Quote from: uneng on December 29, 2024, 07:36:07 PM

What governments can do is to invest in cyber security. However, many governments have no clue about informatic matters, besides not having enough budget to do so. As consequence, it ends being really responsability of each crypto enthusiasts to take care the security of their funds when deposited in online platforms. They have to follow security measures, but that isn't all: they also have to keep their funds safely stored in hardware wallets.

People are used to say governments should do this and that, but in fact they aren't going to do anything, so if you wait for the government to act in order to see any improvements in services, you are going to wait a lifetime without seeing results.

Governments are not too stupid to don't know what to do. They don't make innovations that usually come from public sectors but governments can react well to new technologies and trends in societies and their nations. They have abundant resources to develop and deploy new controlling tools and they can pass many new laws, regulations easily.

It's not big problem with governments to invest budget in improvements of cyber security for their systems, and cyber attacks are not reasons they did many more regulations on citizens. They only use that reason to control their citizens better.

uneng

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What governments can do is to invest in cyber security. However, many governments have no clue about informatic matters, besides not having enough budget to do so. As consequence, it ends being really responsability of each crypto enthusiasts to take care the security of their funds when deposited in online platforms. They have to follow security measures, but that isn't all: they also have to keep their funds safely stored in hardware wallets.

People are used to say governments should do this and that, but in fact they aren't going to do anything, so if you wait for the government to act in order to see any improvements in services, you are going to wait a lifetime without seeing results.

BitJannik

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I think educating users is one of the most effective ways to reduce crypto-related crimes. A lot of hacks happen because of simple mistakes, like weak passwords, clicking on phishing links, or not using secure storage for private keys. Teaching people about best practices, like enabling two factor authentication, using hardware wallets and being cautious with links, could make a big difference.

At the same time, platforms should step up their security with tools like multi signature wallets and real time fraud detection.

A combination of education, stronger platform security and adaptive regulations could do a lot of protect the crypto space.

Mia Chloe

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No matter how much regulation is put in place or how much restrictions are created by the government, there will still be hacks , scams money laundering and fraud it's just a default of the practical system the best that could happen if for them to get reduced. In my opinion I think the government seems more inclined on trying to Centralise bitcoin than trying to fix vulnerabilities and that can be probably proven by their sudden interest in hodling more bitcoins.

Quote from: Publictalk792 on December 29, 2024, 02:35:09 PM

Yes that is right governments are more interested in controlling cryptocurrencies other than teaching people about it.

Not just crypto currencies in general rather bitcoin. We have a couple of altcoins that are Centralised like Ethereum which is still the biggest altcoin. The fact is even decentralisation has its flaws and just like in a topic a raised some time ago, it can be taken advantage of in some ways

Sanitough

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Quote from: rodskee on December 29, 2024, 02:03:12 PM

Quote from: Sanitough on December 29, 2024, 08:10:53 AM

That’s true - it’s our responsibility. But you can’t ignore the fact that they are the top targets for scammers. This shows they don’t easily understand why they’re being targeted, so in that sense, they definitely need some help.

look at the amount scammed.
Bitcoin ATM fraudsters scam seniors out of $110M: report

even if the elderly wanted to keep updated some of them are really just incapable of learning especially those with mental limitations already they might not be able to understand the new technology anymore and some of them can’t really hold information that well either so it’s not like we can completely blame those who are really old already it is their kids that should protect them from such frauds and keep them safe

That’s a great suggestion. If the government can’t directly educate the older generation about crypto, then their guardians - the younger ones who are more tech-savvy could step in to guide them. Scammers prey on their lack of knowledge with enticing tricks, and sometimes even resort to threats to manipulate them.

Without proper guidance, they can easily fall into these traps. The worst part is when their life savings are stolen, leading to devastating consequences. Some even spiral into despair, blaming themselves to the point of considering extreme actions like suicide.

|MINER|

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Since crypto currency is going to fully entering in our financial ecosystem in the future, I think even then there will be need governments should have a separate budget for raising awareness about crypto currency rather than investing on it. I am currently seeing governments of different countries buying Bitcoin but I think the more important thing is to make their people aware of its use and its security. Otherwise, such incidents will continue to increase day by day.

And remains is what kind of effect the negative news will have on our crypto industry. Before that, I want to say that this type of crime is not new in the world which is only happening with the cryptospace. But if we explore a little, we will see that hackers have stolen billions of dollars from the reserve banks of different countries before, which many countries have not yet been able to recover. So I think there is no point in news media giving negative publicity about crypto.

Samlucky O

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Quote from: Sanitough on December 27, 2024, 06:45:08 AM

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

i don't think if this kind of news will impact or increase bitcoin adoption rather reduces it. because negative news usually affect bitcoin growth thereby reducing the number of investors who could have invested in bitcoin. secondly i don't see any connection between government and exchange or cryptocurrency. if government decides to tighten their regulation it could only be in the fiat system but not applicable to blockchain technology or bitcoin.

Quote from: Sanitough on December 27, 2024, 06:45:08 AM

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

the fact remains that government has limitation to security management. for example government works with there own security management but not to all. individual need to learn how to secure there asset not government doing it for them.

Quote from: Sanitough on December 27, 2024, 06:45:08 AM

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

i think there is security training that government does like seminars. but apart from that i think there is need for individual to learn by themselfs than hoping on government

Franctoshi

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Quote from: Sanitough on December 27, 2024, 06:45:08 AM

https://www.reuters.com/technology/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19/

Quote

Dec 19 (Reuters) - Funds stolen by hacking cryptocurrency platforms surged 21% from a year ago to $2.2 billion in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday.
The hacking amount exceeded $1 billion for the fourth straight year and the number of incidents rose to 303 from 282 in 2023, it said. Hackers had stolen $1.8 billion in 2023.
The rise in crypto heists comes as bitcoin BTC= jumped 140% this year to surpass $100,000 mark, drawing institutional participation and backing from U.S. President-elect Donald Trump.

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

You cannot totally stop such hacks to occur but it can get reduced through putting some tight security measures in place ,even as of today there are several in fiat centralized system that has identify of their customers, yest hacks still occur, where in most cases they couldn't trace it

Huppercase

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Quote from: Sanitough on December 27, 2024, 06:45:08 AM

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

Do you know amount that are stolen by hackers within 2024 from one commercial banks to another, they wouldn't coverage this because they hide their dirty business, it's because crypto is open ledger where everyone can open and check transaction but you can't do the same in banks because they know that if you know the truth, you will all come to your respective banks to withdraw your money, for the fear to remain calm bank activities remain private to central banks.

Whether they put regulations in place or not, crypto hack will continue to exit. It's not regulations that we need right now, it's education. Crypto is complex for many people, they want to buy and be involved in everything but don't want to read and understand. This is the reason why we do have huge amount of Bitcoin stone from wallets to wallets and from users custodial wallets, the regulations that we have by now is enough to identify frauds in crypto.

Justbillywitt

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Quote from: Sanitough on December 27, 2024, 06:45:08 AM

https://www.reuters.com/technology/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19/

Quote

Dec 19 (Reuters) - Funds stolen by hacking cryptocurrency platforms surged 21% from a year ago to $2.2 billion in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday.
The hacking amount exceeded $1 billion for the fourth straight year and the number of incidents rose to 303 from 282 in 2023, it said. Hackers had stolen $1.8 billion in 2023.
The rise in crypto heists comes as bitcoin BTC= jumped 140% this year to surpass $100,000 mark, drawing institutional participation and backing from U.S. President-elect Donald Trump.

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

The government believe that if crypto remain banned, then there won't be any need to educate the people about the security measures of how to keep their crypto safe. Although the government can do more to sensitise it's citizens about crypto related scams and how to avoid them if they have legalized crypto currencies in their country. You don't go about spending money to educate people on something you haven't acknowledged it's existence. Waiting for the government to educate people about crypto scams won't really be possible in a country where crypto remains illegal. But I think in countries where crypto are legalized, their government are already doing so.

The government of countries where bitcoin are not legalized, will even be happy to see that their citizens are getting scammed in crypto. Because they believe that if the scam rate gets higher, their citizens will be forced to stay away from crypto on their own. They will even use the scam reports as evidence to encourage their citizens to stay away from crypto related activities.

Topic: When will the government look at this area? - page 2. (Read 864 times)