The danger of the cyptocurrencies

[Hazir]

but we are already own by the government where we live. we have to follow the rules and regulation of a country where we are, and the government will never let your free, out of their control and therefore they will be thinking about to create their own crypto currency and fulfill the need of the modern time. in this way they will not let their people out of their control. but still no such crypto currency can be compare to bitcoin.

You are not own by government. But you will be when they will take control over your money. Imagine that you are journalist who discovered government conspiracy.
They know about you and they can blacklist your funds and founds of your family and friends, they will render useless everyone who will try to oppose the system.
Something like this is impossible with physical fiat.

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[canhchuacaro1]

It takes too much time to build a protected and secured your funds from your wallet.. in bitcoin i only trust on the wallet like coinbase and blockchain
If one were to store all of their wealth into a cryptocurrency, instead of exchanging it for an equally valued good or service, and the market dropped out because it was stolen or exploited, then it would have no value to anybody.  In that case, another medium of exchange would present itself.  The goods (bricks, steel, gas, solar panels....etc) and the services (doctors, lawyers, engineers....etc) are where true wealth abides, not the means of exchanging such wealth. Another danger is the price of coins, it can go down at some point and it loses value. So you have a loss... Because of it, it's important to know in which coins invest, to don't lose your money price on medium or long term.

[Gembul]

Crypto currencies are a new tool and as any tool they will bring new solutions and new problems, however I think, the net benefits of crypto currencies outweigh any kind of cost we incur for using them.

Right, in other hand cryptocurrency also have deficiencies or create new problems. But it is caused by human not the money, right. And the most frequent causes are cryptocurrency often used for illegal things online. Such as selling drugs and so on. And in my opinion it can not be solved unless the government took part. Thank you

[Windpower]

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 am not scared because Bitcoin is decentralized. I keep my Bitcoins with me and there is no way for people to take them away for me. Even if I don't know who Satoshi Nakamoto is, I am still confident in Bitcoin and I definitely will keep using it for as long as I can. Maybe the government is behind Bitcoin, but what can they do now? There is no way for them to control Bitcoin in any way, so if they were hoping to do something, they really screwed up.

[Tanic]

The biggest danger is that cryptocurrency is inherently volatile at this stage, and their future behavior is uncertain. DO NOT INVEST IN CRYPTOCURRENCY MORE THAN YOU ARE WILLING IN AGGREGATE TO LOSE.

[gandame]

For me one thing that I always remember of is the crypto currency ponzi schemes in mining investments, most of them promises good profit but turns out as ghosts profit in the future. To avoid this kind of failed investments you must prevent any situation that will make you getting involved with them specially investing to them in a rush ways.

[deisik]

I once saw a specialist in blockchain technologies comment that if governments wanted, they could create a public wallet for every person living in their countries. In this way, governments would be able to collect taxes more easily, because in that case they would know who the owners of the wallets were, and the information could be consulted more transparently through the blockchain

You can lead a horse to water but you can't make it drink

If governments can't even force folks to use plastic cards instead of cash, how can they possibly make them use "public wallets" (whatever you might mean by that)? If people learn more about Bitcoin and that they can create their own wallets and be their own piggy bank, they will soon abandon and forget about these government wallets bestowed on every person or use them only to pay taxes and other obligatory payments (though the latter is not a bad idea on its own)

[EdenHazard]

there is a sci-fi movie narrate about how a government create their own cryptocurrency version , everybody and you may know mr. robot tv series right? US government have created E coins with Phillip Price (E Corps) as a rulers.

a centralized cryptocurrency will be the worst idea ever.

That future might be closer than we think. There was news about Sweden, they want to become first cashless society.
In next 5 years they might remove standard banknotes. Even Swedish churches expect internet payments.

https://www.theguardian.com/business/2016/jun/04/sweden-cashless-society-cards-phone-apps-leading-europe

ouchh soundslike a very bold step they take isn't it? but yes as we all know that sweden always be the one who leading in innovation after japan of course , we are really left behind far away if they really make it happen.

technology always helpful as long as we use it properly. it is only dangerous when you abuse it.

[mikehersh2]

Personally, I would never put too much money in crypto-currencies. To me, I think the price values are too volatile at the moment.

When they become a little more main stream, then I would possibly put a majority of my money into it

[btvGainer]

The greatest danger of cryptocurruncy is that it can be created by anyone with required knowledge and once that cryptocurruncy become popular or adopted by mass,the creator can manipulate it either by price or with some technical eggs or bugs that he might have injected during development.

[romero121]

Crypto currencies are a new tool and as any tool they will bring new solutions and new problems, however I think, the net benefits of crypto currencies outweigh any kind of cost we incur for using them.

Right, in other hand cryptocurrency also have deficiencies or create new problems. But it is caused by human not the money, right. And the most frequent causes are cryptocurrency often used for illegal things online. Such as selling drugs and so on. And in my opinion it can not be solved unless the government took part. Thank you

With bitcoin none of the government can do anything. Only thing they can do is ban the use within the country. This will not last long, because everywhere Blockchain is getting effect and running efficiently. With bitcoin illegal trades were found high, but its given priority by only a small user group who make their living through it.

[dihari]

I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

[bitllionaire]

I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

i think we should accept the reality, if we speak on the basis of reality we have to admit that it is a fact that people trend is not changing from fiat to online currencies. they are giving more preference for online shopping,as there are so many online shops which are providing opportunities to the people for online, some online shops are also providing the facilities of shipping.

[Bitcoin0916]

I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

I also agree, all assumptions that have not been tested, the world's economic problems are very complex and I think with bitcoin is still much to be resolved. Bitcoin is indeed nice, but did not close the possibility that there is a better for new coins.

While a lot of the weakness of the bitcoin found, for example, confirm transactions reached 50.000. What's the point of confirmation up to 50.000? And the most important is there is no countries that legalized bitcoin as means of legitimate transactions.

[Vaskiy]

No big threat is found for bitcoin as countries have been taking measures for legalizing and digitizing the financial system. Bitcoin will sure reach more and more people as it is found to have features that traditional currencies doesn't have.

[machinek20]

I don't see bitcoin is the future money, or new money. I take it like another commodity like silver, gold, oil, etc.
Calling "bitcoin is the future money", or "bitcoin will replace fiat" is the ego of many groups that loving crypto currency too much.
Blockchain technology with the transparency and anonymous transactions, will never be acceptable to any country. Don't think too much with this crypto currency, just trade it, and make some money.

I think this is true no matter what happened, bitcoin will never replace any fiat or make the bank close, it just a currency that being created to make our transaction easier, and it can be used for global payment, so its a currency that can make our life easier and better

[The_Dark_Knight]

The greatest danger of cryptocurruncy is that it can be created by anyone with required knowledge and once that cryptocurruncy become popular or adopted by mass,the creator can manipulate it either by price or with some technical eggs or bugs that he might have injected during development.

That could only work if the source code was kept secret or if you were able to know beforehand of vulnerabilities that no one will be able to find, which seems unlikely if enough people review the source code.

[Hotel_Prodeo]

I think the biggest threat, cryptocurrency is able to remove legitimate money system i.e. fiat money. We all know that with the existence of the bitcoin then all terms of the deals we can do on its own so that financial services such as banks will be replaced.

[Doms]

The greatest danger of cryptocurruncy is that it can be created by anyone with required knowledge and once that cryptocurruncy become popular or adopted by mass,the creator can manipulate it either by price or with some technical eggs or bugs that he might have injected during development.

That could only work if the source code was kept secret or if you were able to know beforehand of vulnerabilities that no one will be able to find, which seems unlikely if enough people review the source code.

Making something, in this case, a  new currency, is the easy part. Making people believe that they need it is the hard part. It depends on you on how you sell or market your product in such a way that you would find a niche market. It is hard to create a whole a new form of currency that can make people turn their backs on fiat and adopt this new system being introduced.

[deisik]

The greatest danger of cryptocurruncy is that it can be created by anyone with required knowledge and once that cryptocurruncy become popular or adopted by mass,the creator can manipulate it either by price or with some technical eggs or bugs that he might have injected during development.

That could only work if the source code was kept secret or if you were able to know beforehand of vulnerabilities that no one will be able to find, which seems unlikely if enough people review the source code.

Making something, in this case, a  new currency, is the easy part. Making people believe that they need it is the hard part. It depends on you on how you sell or market your product in such a way that you would find a niche market. It is hard to create a whole a new form of currency that can make people turn their backs on fiat and adopt this new system being introduced

They don't necessarily need to turn their back on fiat completely

Bitcoin has surely found its niche. In fact, it is sort of created this niche since nothing had been taking it before its emergence. Prior to Bitcoin, you couldn't make instant payments that wouldn't depend on third parties (such as banks, Visa and their likes). And this is where it has the absolute advantage before fiat since fiat can't possibly be used that way at all (apart from hand to hand payments as in the case of cash)