The danger of the cyptocurrencies

[MMA]

Yes one of our more profitable trades this year was in the cryptocurrency Bitcoin but the impractical side of the disruption mentality is a problem. But why should the cryptocurrencies are in danger? Is their any reason to be in danger? Then if that so? Is there solutions or ways to prevent such things?

i think if we talk about bitcoin, bitcoin is not in danger as bitcoin is becoming more and more stronger that its previous position, because people are entering joining bitcoin and making it more stronger. therefore there is nothing wrong to bitcoin.

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[salemon]

Representatives of the Central Bank of Kenya, published in a local newspaper ad that warned people in the country about the dangers of using Bitcoin. The declaration noted that "Bitcoin and similar products are not legal tender in the territory of Kenya, and are not regulated." And will be prosecuted by law.

[deisik]

Representatives of the Central Bank of Kenya, published in a local newspaper ad that warned people in the country about the dangers of using Bitcoin. The declaration noted that "Bitcoin and similar products are not legal tender in the territory of Kenya, and are not regulated." And will be prosecuted by law.

By which law exactly?

And what does this law say provided it actually exists in the first place, of course? Such threats look very much like what the Russian government had been doing for years in respect to Bitcoin. In fact, they had been doing basically nothing, only threatening local Bitcoin users with severe penalties including imprisonment. Things got even more hilarious when the former minister of economics and trade of Russia started complaining that he bought a few bitcoins himself and then they dropped in price

[Holly-Dolly]

Representatives of the Central Bank of Kenya, published in a local newspaper ad that warned people in the country about the dangers of using Bitcoin. The declaration noted that "Bitcoin and similar products are not legal tender in the territory of Kenya, and are not regulated." And will be prosecuted by law.

By which law exactly?

And what does this law say provided it actually exists in the first place, of course? Such threats look very much like what the Russian government had been doing for years in respect to Bitcoin. In fact, they had been doing basically nothing, only threatening local Bitcoin users with severe penalties including imprisonment. Things got even more hilarious when the former minister of economics and trade of Russia started complaining that he bought a few bitcoins himself and then they dropped in price

And if they want to take taxes from users? Perhaps you can also find out how many people are in the country not too deep into the personality. It will also be a problem.

[Orion25]

Bitcoin user really has no protection from thieves and swindlers. This is the only and very important feature of Bitcoin.

[charmingfreddie]

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.

For somebody with 500+ post I cant believe you are asking such a basic question. You sound paranoid.

[Rinder]

Bitcoin user really has no protection from thieves and swindlers. This is the only and very important feature of Bitcoin.

And you think banks and the current system fiat does has a protection? If you think a bit banks wont provide you a refund if you have more then some limit they have agree with government, fiat currencie does allow bad people to print their own similiar money and put it into circulation, something you cant do at bitcoin.
I do believe bitcoin its a close system with high security, that makes any other currenice being jealousy about those.

[fiscorcle]

Bitcoin user really has no protection from thieves and swindlers. This is the only and very important feature of Bitcoin.

Many would agree with you there.
Many experienced bitcoiners have lost some amount of bitcoin at one time. So this statement is a very valid one.
No one has complete protection from swindlers or these scam attempts as you can see just on this forum alone.

[jak3]

i think people are just blind and do not want to understand ehat is bitcoin thats why they are noy realising its efficeancy. it doesnot have to reach 1million dollar price its still the most valuable crypto currency in the world even it is more valuable than gold its just peoples are not noticing it

[umhhppp]

Now with ransomware becoming a hot topic it is easier for the ones that believe that cryptocurreny is dangerous to have some substance.
I know that fiat money can be used in the same way but crypto is the one that is in question here and not the long lived fiat currencies of the world.

[SidaroffVany]

Now with ransomware becoming a hot topic it is easier for the ones that believe that cryptocurreny is dangerous to have some substance.
I know that fiat money can be used in the same way but crypto is the one that is in question here and not the long lived fiat currencies of the world.

I do not even know what to expect. To want or not to Bitcoin was recognized as the legal currency of my country. If this happens, the authorities really want to be in control. After all, this is the first that will mean making power.

[sportis]

      I would change the subject of the OP to dangers of bank notes. If I was in India and I had banknotes of 500 and 1000 rupees in my house and I had no time to go to the bank and lose it? If the next day state will say that because of country's bad economy situation he decided to cut the savings (haircut) of their citizens up to 37.5% (Cyprus)? So, being dependent so much from banks really scares me

[altcoinnxt]

the main danger is its decentralized money and at any time government could put a ban on it. and currently i had just entered cryptocurrency world and if government put ban on it then I might have to forget about buying gadgets with bitcoin which i had planned since 2 years

[Xenophoto]

the main danger is its decentralized money and at any time government could put a ban on it. and currently i had just entered cryptocurrency world and if government put ban on it then I might have to forget about buying gadgets with bitcoin which i had planned since 2 years

You just entered the cryptocurrency world but you've been planning to buy gadgets with bitcoins for 2 years? Wow. The timeline on your post is messed up.

the main danger is its decentralized money and at any time government could put a ban on it.

But how can they put a ban on it when it's decentralized? They can't collect all the bitcoins possible because they would be spending a lot of funds. Governments simply say that bitcoin is an unregulated money to put an end to bitcoin discussions. Appreciate the fact that bitcoin is decentralized. No one's controlling it. You can't be anyone's puppet. You can finally break free from the ridiculous amount of tax your corrupt government is taking from you.

[xIIImaL]

i think people are just blind and do not want to understand ehat is bitcoin thats why they are noy realising its efficeancy. it doesnot have to reach 1million dollar price its still the most valuable crypto currency in the world even it is more valuable than gold its just peoples are not noticing it

Lol, You are right. Actually crypto programming most critical one to hack with any kind of networking system. So bitcoin and bitcoin address are much safest one when compare any kind of mediums. This is currency most costliest money around the world as now. Better avoid these kind critics will not make impact to bitcoins.

[Taki]

Bitcoin is surely the first step to this utopia. This days when you come in some place with your card with expecting to pay by it and they say you "only cash is taken here" in the future everything may be opposite - payment with cash can move in the history and everyone will pay through such things as Apple pay or Samsung pay.

[Harlot]

Bitcoin is surely the first step to this utopia. This days when you come in some place with your card with expecting to pay by it and they say you "only cash is taken here" in the future everything may be opposite - payment with cash can move in the history and everyone will pay through such things as Apple pay or Samsung pay.

I can't see our world be adopting virtual money in the near future. Every countries in the government has many concerns about the online world, they don't want to add another problem into the system. Of course our world going virtual will make a lot of crimes easier as they don't need to go out physically they just need computers now to steal money/bitcoin.

[Xenophoto]

Bitcoin is surely the first step to this utopia. This days when you come in some place with your card with expecting to pay by it and they say you "only cash is taken here" in the future everything may be opposite - payment with cash can move in the history and everyone will pay through such things as Apple pay or Samsung pay.

I totally though that you will say Bitcoin and got disappointed when you said Apple pay/Samsung pay. Honestly, I've never seen someone use Apple Pay or Samsung Pay. I know a group of people that use bitcoins mainly for payment because we do transactions online. Some still use Paypal despite of the issues that it has. But Apple pay or Samsung Pay? Never heard of them outside this forum.

[abel1337]

Bitcoin is surely the first step to this utopia. This days when you come in some place with your card with expecting to pay by it and they say you "only cash is taken here" in the future everything may be opposite - payment with cash can move in the history and everyone will pay through such things as Apple pay or Samsung pay.

I totally though that you will say Bitcoin and got disappointed when you said Apple pay/Samsung pay. Honestly, I've never seen someone use Apple Pay or Samsung Pay. I know a group of people that use bitcoins mainly for payment because we do transactions online. Some still use Paypal despite of the issues that it has. But Apple pay or Samsung Pay? Never heard of them outside this forum.

Before i use bitcoin I used samsung pay but I used it not more than a week because it is very hard for me to use it.
I loved how bitcoin works thats why im using it for morethan a year now.

[Seville]

 

Bitcoin user really has no protection from thieves and swindlers. This is the only and very important feature of Bitcoin.

 lol yeah too many cloud mining sites swindle users from their coins

people just have to learn the hard way