Latest posts of: DapanasFruit

Yes, this can be true that criminals may have chosen Bitcoin or any cryptocurrency for the same purpose of hiding their tracks...in the past. Not anymore today because the criminals realized that there are now ways that can track them more if they use Bitcoin. Better be using the real cash, as no one is recording the transaction. This same argument against Bitcoin has been used so many times to discredit its use but already found to be unhinged. Let's clear this assumption once and for all.

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This is another bad news for cryptocurrency...most especially those who are holding RUNE. Though it is good that just like Binance, the team behind RUNE has some kind of an "insurance" system to cover up an incident like this but we know this can be a big setback to them and the price of the coin is going to make some dive for the mean time. Indeed, this is a big lesson to all platforms to intensify and make security one of the biggest concerns because we will be talking on nothing if the defenses are not fortified as it should be.

The biggest reason why you can still remember this comment can be because it has some big truths on it. Well, to some degree, I would be agreeing to this idea and yes I think this is what we really wanted in the first place - to have a separate castle of our own away from the influence of the people on the ground. However, as one saying goes: no man is an island. We can not separate cryptocurrency and ourselves from the present realities around us. hence, when there will be laws and regulations that can affect cryptocurrency we have no choice but to follow or know the risk and go underground like a rebel.

There are reasons why Satoshi Nakamoto whether he is a single entity or a group - did not make it clear his or their real identity and why he/they left the scene just as Bitcoin was about to start making into the consciousness of many people. Of course, Satoshi must have foreseen the possible problems that he can go through if he will proclaim to the world who he really is. And this is something that we should respect and thank for, in the first place. Still, people who are obsessed on finding out the whereabout of this man will never stop until they can find something that they can broadcast to the whole cryptocurrency community...well we should not stop them as that can be keeping their lives exciting.

Quote from: 20kevin20 on July 16, 2021, 09:02:00 PM

Quote from: OgNasty on July 16, 2021, 06:55:43 PM

Proof of stake is literally the saying ‘he who has the gold makes the rules’ implemented in crypto coin form. It’s basically the most centralizing force in crypto that in my opinion goes against the principles that crypto was founded on. It ensures those with the most gold always make the rules though, so if you think that’s a good thing, you might be a PoSer.

It's sadly the path the crypto world seems to be following though. Bitcoin might become one of the few, if not the only, blockchains that don't follow this trend. Centralization of blockchains like ETH is going to happen and people won't care about how centralized it is but will instead care much more about how fast/cheap it is to transact with it and how much price could increase because of this..

This is going to be a see-saw concern. While we are rooting for rationally low transaction fees and that's why we hated much what happened to Ethereum lately and up to now, in the long-term we are also concerned on maintaining the decentralization aspect of the coin because this is at the heart or core of the cryptocurrency movement...take that away and the platform can be at the control of the few which is the very thing we are avoiding at the birth of Bitcoin. I am not sure any platform can be providing us the best formula of compromise on this matter - if there is one in the first place. Or maybe are we not just overreacting to the change happening in the Ethereum network?

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Quote from: avikz on July 11, 2021, 04:02:30 PM

Quote from: btc-room101 on July 11, 2021, 12:23:45 PM

Better than "GOLD" for criminals, BTC is easier to steal; Easier to scam; PPL lock their gold up, keep their mouth shut, gold lasts forever;

Well, I do agree with your comment. Without going into the technical nitty-gritties, I can say that bitcoin has made the life of a scammer much easier. Now they don't have to worry about going through the banking channel to launder money or to receive the criminal proceedings. This statement is not only true for bitcoin but for other cryptocurrencies which has enough liquidity available. So there is no surprise that the cyber criminals are trying to use cryptos only. Much easier to receive the dirty money and much easier to hide from the eyes of enforcement agencies.

But, that doesn't make bitcoin look bad. Right now bitcoin is a hot topic so people are using it and promoting it. It one fine morning, if we find something hotter, we will move to it. That's the normal flow of life.

Bitcoin can be considered as a two-edged sword...it is bringing many new possibilities but also some disadvantages and weaknesses that criminals or evil people can use to exploit. Hackers are evolving with the time and when they are seeing a good opportunity they rush into it like a blood-sucking worm. On the other hand, there are also disadvantages for criminals to be always using cryptocurrency because the record of all transactions are permanent and if there can be a way to track the owners of those wallets then they can be facing a big problem. The bottom-line is that there is no such a thing as a perfect system or a perfect investment for that matter...and why we might ask? Because of human nature. Nobody is proclaiming that Bitcoin is perfect...no it is not but neither is gold.

Or it could mean that banks are employing better security measures compared to hacked exchanges. Security is a big concern and should be of wider focus in the cryptocurrency market. After the Binance hack, people realized that all exchanges can be at risk. There are many factors at play on this area. One is that many banks are not yet fully digital so they are still conducting their business offline or over the counter while exchanges is purely digital however it does not mean that banks can never be hacked because they can be and there were successful attempts where banks lost a lot of money.