The danger of the cyptocurrencies

[LiberOptions]

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.

I perfectly understand your concerns. I already thought about that as well some years ago and today still, it is a thought that puzzles me. What if Bitcoin was all a plot to make us slowly accept a world without paper currency and mega controled by governments. It sure scares me a lot

[1714976839]

1714976839

[1714976839]

1714976839

[1714976839]

1714976839

[1714976839]

1714976839

[lionheart78]

Danger of cryptocurrency is their decentralized nature that makes the coin against government's policy. And due to its anonymity it makes them more useable in illegal activities. Also government could ban anytime and the biggest fear is the price keeps fluctuating and if price drops downs and never rise up then it's a huge loss.

Perhaps the time will come when some governments recognize bitcoin and users will not be limited in scope, and it will no longer think about the dangers of using cryptocurrency.

I am hoping the same thing too. That the government will recognize bitcoin as an alternative currency at least because in my opinion it is impossible for bitcoin to be a main currency of one country.  I believe that the moment when the government decided to adopt bitcoin as one of its alternative currency, bitcoin will be freely use and it will be greatly enhanced because of all the resources the government can put in as a support to bitcoin networks.

[n691309]

Danger of cryptocurrency is their decentralized nature that makes the coin against government's policy. And due to its anonymity it makes them more useable in illegal activities. Also government could ban anytime and the biggest fear is the price keeps fluctuating and if price drops downs and never rise up then it's a huge loss.

Bitcoin is not fully anonymous and if government want they can track users where are they getting the bitcoin and where are they spending (not 100%) but still there are some rooms through bitcoin mixers to lost the trace for them. But if bitcoin is danger then other altcoins are more dangerous because it is harder to track there.

[The Sceptical Chymist]

Yup, this is definitely a valid concern.  But who's responsible for all those shitcoins that keep getting pumped out?  The seed has been planted, and it's growing into something that I think is beyond the CIA's control.  And that's just the U.S.;  Bitcoin could have been any country's idea.

I would always recommend holding onto some cash.  And firearms.  And real estate.

[Capradina]

Yup, this is definitely a valid concern.  But who's responsible for all those shitcoins that keep getting pumped out?  The seed has been planted, and it's growing into something that I think is beyond the CIA's control.  And that's just the U.S.;  Bitcoin could have been any country's idea.

I would always recommend holding onto some cash.  And firearms.  And real estate.

Everyone indeed will prefer cash currency. Because cash has existed whereas bitcoin is a virtual currency which we can only use the bitcoin moment is in electronics. But if you want to find a great advantage then you better use the bitcoin therefore is a good place so you will feel the benefits. Bitcoin is not so bad currency so use bitcoin for profit

[South Park]

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.

I perfectly understand your concerns. I already thought about that as well some years ago and today still, it is a thought that puzzles me. What if Bitcoin was all a plot to make us slowly accept a world without paper currency and mega controled by governments. It sure scares me a lot

While having some concerns is understandable, one question that arises is why will any government create such a crypto currency, since they don’t have direct control over it, most miners as far as I know are in china, why would the American government transfer the power to a different government?

[Pitchblackroom]

That danger would not occur if a currency were to devalue everything else entirely. It would be more gradual and not that heavy.
Also with Bitcoin's current Market Cap, 1 million dollars per coin is way too far away to begin with.

[Harlot]

That danger would not occur if a currency were to devalue everything else entirely. It would be more gradual and not that heavy.
Also with Bitcoin's current Market Cap, 1 million dollars per coin is way too far away to begin with.

The Government wouldn't allow the world to live in a cashless system, in which some countries already started banning the use of Bitcoin already. And it impossible for the CIA or FBI to be involved or plan this scheme as it also being use by some criminals right now. Also Bitcoin's quantity is limited now like any FIAT currency in which can print new paper money to add to the supply. We can't live in a kind of limited Currency.

[genos]

Everyone indeed will prefer cash currency. Because cash has existed whereas bitcoin is a virtual currency which we can only use the bitcoin moment is in electronics. But if you want to find a great advantage then you better use the bitcoin therefore is a good place so you will feel the benefits. Bitcoin is not so bad currency so use bitcoin for profit

. Bitcoin is not dangerous i think, it is can give us profit indeed but if bitcoin there on bad hand, bitcoin will be a dangerous currency, it is maybe only some little part of bitcoin users.
The users should use bitcoin wisely.

[South Park]

That danger would not occur if a currency were to devalue everything else entirely. It would be more gradual and not that heavy.
Also with Bitcoin's current Market Cap, 1 million dollars per coin is way too far away to begin with.

The Government wouldn't allow the world to live in a cashless system, in which some countries already started banning the use of Bitcoin already. And it impossible for the CIA or FBI to be involved or plan this scheme as it also being use by some criminals right now. Also Bitcoin's quantity is limited now like any FIAT currency in which can print new paper money to add to the supply. We can't live in a kind of limited Currency.

According to some estimates the last bitcoin will be mined until 2140, so there is enough time to change the limit of bitcoins or for a new crypto currency to emerge in the meantime.

[bestluck]

Yup, this is definitely a valid concern.  But who's responsible for all those shitcoins that keep getting pumped out?  The seed has been planted, and it's growing into something that I think is beyond the CIA's control.  And that's just the U.S.;  Bitcoin could have been any country's idea.

I would always recommend holding onto some cash.  And firearms.  And real estate.

Everyone indeed will prefer cash currency. Because cash has existed whereas bitcoin is a virtual currency which we can only use the bitcoin moment is in electronics. But if you want to find a great advantage then you better use the bitcoin therefore is a good place so you will feel the benefits. Bitcoin is not so bad currency so use bitcoin for profit

Now everyone like the digital system in all of their life affairs and they do not want the real system for their businesses and for their financial system and affairs so they will definitely prefer bitcoin as their finance and will adopt it for their businesses.

[Doamader]

The world may keep using and supporting fiat, but big corporations and companies are recognizing the bitcoin value and the blockchain technology, and those are working into something to save the money they currently waste with their transactions.

[KingdomHearts]

to be honest when i was reading your comment the image that i have from you is someone living in a desert in an RV while wearing a tinfoil hat and cursing the government for their experiments on the aliens on aria 51

LOL. it was very funny. I should probably agree with you. crypto currency future looks very good at this time.

i agree with you that crypto currency have very good future , when i look the bitcoin price is increasing too much faster i feel that people fully believe in crypto currency and i am sure that crypto currency will be get more popularity in the future .

[mindrust]

That danger would not occur if a currency were to devalue everything else entirely. It would be more gradual and not that heavy.
Also with Bitcoin's current Market Cap, 1 million dollars per coin is way too far away to begin with.

The Government wouldn't allow the world to live in a cashless system, in which some countries already started banning the use of Bitcoin already. And it impossible for the CIA or FBI to be involved or plan this scheme as it also being use by some criminals right now. Also Bitcoin's quantity is limited now like any FIAT currency in which can print new paper money to add to the supply. We can't live in a kind of limited Currency.

According to some estimates the last bitcoin will be mined until 2140, so there is enough time to change the limit of bitcoins or for a new crypto currency to emerge in the meantime.

We will have faster and faster miners in years. Who knows how fast miners we will have in 10 years? Nobody. They say quantum computers will make a huge difference. I believe i will see the last coin mined before i die. And changing the supply limit is probably not going to happen. It's discussed many times before. It is not going to change. It will ruin bitcoin's reputation. Most of us here because we believe Satoshi thought everything and every possible problems and their solutions. If bitcoin takes a hit like that, that God image of Satoshi's will be ruined. Limiting the supply is one of the things which makes bitcoin great. Changing it will definitely harm bitcoin.

And about my concerns, i still have them. I use and hold bitcoins because i want to keep some of my wealth outside of the banking system and gold is very good for that objective. The thing is, i also need mobility and bitcoin has it.

[deisik]

That danger would not occur if a currency were to devalue everything else entirely. It would be more gradual and not that heavy.
Also with Bitcoin's current Market Cap, 1 million dollars per coin is way too far away to begin with.

The Government wouldn't allow the world to live in a cashless system, in which some countries already started banning the use of Bitcoin already. And it impossible for the CIA or FBI to be involved or plan this scheme as it also being use by some criminals right now. Also Bitcoin's quantity is limited now like any FIAT currency in which can print new paper money to add to the supply. We can't live in a kind of limited Currency.

According to some estimates the last bitcoin will be mined until 2140, so there is enough time to change the limit of bitcoins or for a new crypto currency to emerge in the meantime.

We will have faster and faster miners in years. Who knows how fast miners we will have in 10 years? Nobody. They say quantum computers will make a huge difference. I believe i will see the last coin mined before i die

I don't think quantum computers will help mine bitcoins faster. It is hard coded in the algo that a new block is found every 10 minutes on average, and this doesn't depend on the speed of the devices mining bitcoins. Increasing speed will only lead to greater difficulty keeping the rate the same. Quantum computers may render the hashing algorithm itself vulnerable, but I think when such computers are common, there will be a lot of algos that are quantum computers safe, so to speak...

Thus you might have a hard time living up to the last bitcoin mined

[prabowo96]

Danger of cryptocurrency is their decentralized nature that makes the coin against government's policy. And due to its anonymity it makes them more useable in illegal activities. Also government could ban anytime and the biggest fear is the price keeps fluctuating and if price drops downs and never rise up then it's a huge loss.

Perhaps the time will come when some governments recognize bitcoin and users will not be limited in scope, and it will no longer think about the dangers of using cryptocurrency.

That's a fine line because governments can change the laws in one seconds and ban again after making it legal. And we have a lot of cryptocurrencies, if it's hard to bitcoin, can you imagine the issue with any other altcoin?

[Doamader]

Danger of cryptocurrency is their decentralized nature that makes the coin against government's policy. And due to its anonymity it makes them more useable in illegal activities. Also government could ban anytime and the biggest fear is the price keeps fluctuating and if price drops downs and never rise up then it's a huge loss.

Perhaps the time will come when some governments recognize bitcoin and users will not be limited in scope, and it will no longer think about the dangers of using cryptocurrency.

That's a fine line because governments can change the laws in one seconds and ban again after making it legal. And we have a lot of cryptocurrencies, if it's hard to bitcoin, can you imagine the issue with any other altcoin?

Since the begining several media and news tryed to kill bitcoin, before it becames the sucess it had turned into, nowadays anything against bitcoin will result into some massive attack online against those countrie, i do mean complains not a real attack, crypto world has its space trying to kill it or hiden wont work anymore.

[deisik]

Danger of cryptocurrency is their decentralized nature that makes the coin against government's policy. And due to its anonymity it makes them more useable in illegal activities. Also government could ban anytime and the biggest fear is the price keeps fluctuating and if price drops downs and never rise up then it's a huge loss.

Perhaps the time will come when some governments recognize bitcoin and users will not be limited in scope, and it will no longer think about the dangers of using cryptocurrency.

That's a fine line because governments can change the laws in one seconds and ban again after making it legal. And we have a lot of cryptocurrencies, if it's hard to bitcoin, can you imagine the issue with any other altcoin?

I'm curious why so many people still think that Bitcoin is not recognized by the world powers? As I have said in one of my previous posts, Bitcoin is legal in almost any corner of the world where it matters (the US, the EU, China, even in Soviet Russia, to a degree). If some stupid government decides to outright ban it (like what the Venezuelan authorities seem to be up to), it would be like banning a foreign currency, say, the US dollar or Euro...

Perhaps, I should start a thread debunking common myths, delusions and misconceptions about Bitcoin

[Daffadile]

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.

You bring up some very interesting points. Remember though that fiat cash only has like 5% in circulation, the rest already is digital. You bank account is digital. Bitcoin is digital. Both allow you to convert to cash in hand. We have relied on technology for quite some time already. So much that we do is online now. Almost everything uses electricity. We would have a massive problem if we had a power outtage for weeks on end. We would have to start trading things like back in the day

[PancherBitCoin]

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.

This question is not even asked myself ever. But really keep all the savings in bitcoin will be very scary. Because the risk of losing everything remains very large. The fact is that we really have very little information about it and who did.