The danger of the cyptocurrencies

[Soros Shorts]

Honestly, I don't think that the banks would ever need to adopt the Bitcoin technology (i.e. the blockchain technology). I have yet to see anyone clearly and precisely explaining it to me how it can be really useful to the banks as compared with what they already have and using.

Here is one example. A lot of international interbank transfers occur on the SWIFT network. Banks need a BIC code to participate and connect to the network. It costs money for any bank to maintain a BIC, plus there is a per-message charge to send a transmission on the network. In this example a cross-border wire transfer requires an MT103 message: https://www2.swift.com/uhbonline/books/public/en_uk/al_2_1_autoc_inst_user_guide_20110520/b83.htm

The MT103 message is basically a formatted text file that is sent from the sending bank's computer to the recipient bank's computer. The cost for sending each MT103 is easily 100-1000x the cost of a typical Bitcoin transaction fee. The justification for such high fees is supposedly to guarantee message integrity and network security. Although SWIFT is backed by a consortium of banks, individual banks actually hate the monopoly that SWIFT currently has and would welcome an alternative option that they can use to send transaction messages amongst themselves (safely and securely) without paying SWIFT. This is why there is blockhain research happening on the sly.

This is just one example.

[Skarner21]

In the upcoming days i think bitcoin will end the bank usage..

Do you mean that btc will kill the banking system? Well, it can be done in two ways: internal and external destruction. External if everything stays the way it is now but more and more people start using bitcoin. Internal if the banks take their risks and start accepting bitcoins. However, I think that neither will happen, actually. There will always remain many people who need some guarantees btc can not provide.

I think he is not talking about killing the system of the bank maybe he mean that we do not need bank anymore to withdraw or to deposit to use bitcoin someday.. this is i think he mean what he is trying to say..
If bitcoin will release a btc bank maybe we will not need those banks to deposit or withdraw our bitcoin..

[cjmoles]

Honestly, I don't think that the banks would ever need to adopt the Bitcoin technology (i.e. the blockchain technology). I have yet to see anyone clearly and precisely explaining it to me how it can be really useful to the banks as compared with what they already have and using.

Here is one example. A lot of international interbank transfers occur on the SWIFT network. Banks need a BIC code to participate and connect to the network. It costs money for any bank to maintain a BIC, plus there is a per-message charge to send a transmission on the network. In this example a cross-border wire transfer requires an MT103 message: https://www2.swift.com/uhbonline/books/public/en_uk/al_2_1_autoc_inst_user_guide_20110520/b83.htm

The MT103 message is basically a formatted text file that is sent from the sending bank's computer to the recipient bank's computer. The cost for sending each MT103 is easily 100-1000x the cost of a typical Bitcoin transaction fee. The justification for such high fees is supposedly to guarantee message integrity and network security. Although SWIFT is backed by a consortium of banks, individual banks actually hate the monopoly that SWIFT currently has and would welcome an alternative option that they can use to send transaction messages amongst themselves (safely and securely) without paying SWIFT. This is why there is blockhain research happening on the sly.

This is just one example.

Nice, a legend dropped by to provide some input!

I don't know how slyly they're working on their blockchain research ( http://www.r3cev.com/about/ )....It may not be an open-source project, but they are pretty openly working on it....they even recruited a notorious bitcoin defector didn't they? Mike Hearn? ( http://www.coindesk.com/mike-hearn-bitcoin-post-banker-conspiracy/ ) There's some pretty big names funding the research ( http://banknxt.com/56286/42-banks-r3cev/ )....that's what I do know....We'll see soon though, I'm guessing.

[agamasrori]

Bitcoin has two different faces, on one is used for good buy providing a total security for users and the ability to move money on the internet freely , and on the other is being used for bad things , because of the nature of bitcoin it provides the option for hackers and drug dealers to provide their illegal services without being tracked down , and that makes people be unsure whether it is safe to use it or not and if the bitcoin keeps being used by the wrong hands it won’t have any future.

The most of those dangerous/illegal transaction is in deep web. I think no danger cryptocurrency for good pepple. Its depend on whos use it. Bitcoin is secure enough, I really sure.

[angaper]

I am also a bit scared about the possibility of becoming excessively dependent on our computers to manage our money and whole assets.

If these days when the bitcoin is worth $900, we are permanently facing continuous menaces of hackers and scammers to take our coins, I don't know what we could expect in the hypothetic scenario when the price of bitcoin arrives to $100,000 or one million dollars.

[raaajlucky]

I am also a bit scared about the possibility of becoming excessively dependent on our computers to manage our money and whole assets.

If these days when the bitcoin is worth $900, we are permanently facing continuous menaces of hackers and scammers to take our coins, I don't know what we could expect in the hypothetic scenario when the price of bitcoin arrives to $100,000 or one million dollars.

How the Bitcoin price increases like that, the problems also increase and hackers and scammers also increase. So the users must take for their coins. If the price is increased to 1 million, the dollar then I think our government will ban this cryptocurrency permanently because they will not get any income from this cryptocurrency. 

[densuj]

I am also a bit scared about the possibility of becoming excessively dependent on our computers to manage our money and whole assets.

If these days when the bitcoin is worth $900, we are permanently facing continuous menaces of hackers and scammers to take our coins, I don't know what we could expect in the hypothetic scenario when the price of bitcoin arrives to $100,000 or one million dollars.

Well i think we won't becoming excessively dependent on computers to manage money and whole assets, because many people or developers whom make bitcoins becoming more easy on smartphone.
But I am more a bit scared we will be depend on the smartphone. While use bitcoin or related with cryptocurrency activity.

[Kolder]

I am also a bit scared about the possibility of becoming excessively dependent on our computers to manage our money and whole assets.

If these days when the bitcoin is worth $900, we are permanently facing continuous menaces of hackers and scammers to take our coins, I don't know what we could expect in the hypothetic scenario when the price of bitcoin arrives to $100,000 or one million dollars.

How the Bitcoin price increases like that, the problems also increase and hackers and scammers also increase. So the users must take for their coins. If the price is increased to 1 million, the dollar then I think our government will ban this cryptocurrency permanently because they will not get any income from this cryptocurrency. 

I don't think that there is danger in bitcoin, what we should really fear is the users or the scammers so we need to do more research before joining any investing or trading transactions.

[Dudeperfect]

I am also a bit scared about the possibility of becoming excessively dependent on our computers to manage our money and whole assets.

If these days when the bitcoin is worth $900, we are permanently facing continuous menaces of hackers and scammers to take our coins, I don't know what we could expect in the hypothetic scenario when the price of bitcoin arrives to $100,000 or one million dollars.

How the Bitcoin price increases like that, the problems also increase and hackers and scammers also increase. So the users must take for their coins. If the price is increased to 1 million, the dollar then I think our government will ban this cryptocurrency permanently because they will not get any income from this cryptocurrency. 

The technology is secure enough to deal with hackers, but it is our responsibility to deal with scammers. Blockchain is almost near to impossible, so to hack bitcoins, hackers will have to hack our system or devices, so we must stay alerted and take safety precautions.

How about using fiat to avoid hackers?
It’s not about fiat or crypto. It’s about digital and non-digital so in the era where we are entering is wholly influenced by digital technology, and hence there is no option to avoid this change. There is an equal threat in fiat or crypto but since fiat is a controlled currency, the possibilities of loss are more.

[merchantofzeny]

The way I see this is if the goverment try to control this, that could cause the users to dump their bitcoins, making it useless. I'm just new to bitcoin so I may not know the specifics but I doubt some government is behind this. Of course everyone's free to believe conspiracy theories.

[delliaerd]

I don't think that there is danger in bitcoin, what we should really fear is the users or the scammers so we need to do more research before joining any investing or trading transactions.

Scammers user usually bring our money leaving only promise good profit which we will get in future. For example scamming through exchanger have this some characteristics such as offering the lower exchange rate, promise anonymity or offering easier withdrawal but actually they not really that easy feature. All of that only fakes. So we must keep be careful with bitcoin, on the wrong hand bitcoin can become dangerous.

[Harlot]

I don't think that there is danger in bitcoin, what we should really fear is the users or the scammers so we need to do more research before joining any investing or trading transactions.

Scammers user usually bring our money leaving only promise good profit which we will get in future. For example scamming through exchanger have this some characteristics such as offering the lower exchange rate, promise anonymity or offering easier withdrawal but actually they not really that easy feature. All of that only fakes. So we must keep be careful with bitcoin, on the wrong hand bitcoin can become dangerous.

There is a simple solution for that just by simply avoiding all of it can save you a lot of trouble and headache. We all know that they are fake companies with fake investment schemes. And also we all know that as of the moment no companies really have an investment program for any cryptocurrencies out there. Just by simply holding your money this problem can be avoided by people.

[martino36]

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 do not know what the danger of cryptocurrency is. it's created to change the world and everybody is living in the digital world  so we must accept it and it is a digital revolution in human life.

[deisik]

Honestly, I don't think that the banks would ever need to adopt the Bitcoin technology (i.e. the blockchain technology). I have yet to see anyone clearly and precisely explaining it to me how it can be really useful to the banks as compared with what they already have and using.

Here is one example. A lot of international interbank transfers occur on the SWIFT network. Banks need a BIC code to participate and connect to the network. It costs money for any bank to maintain a BIC, plus there is a per-message charge to send a transmission on the network. In this example a cross-border wire transfer requires an MT103 message: https://www2.swift.com/uhbonline/books/public/en_uk/al_2_1_autoc_inst_user_guide_20110520/b83.htm

The MT103 message is basically a formatted text file that is sent from the sending bank's computer to the recipient bank's computer. The cost for sending each MT103 is easily 100-1000x the cost of a typical Bitcoin transaction fee. The justification for such high fees is supposedly to guarantee message integrity and network security. Although SWIFT is backed by a consortium of banks, individual banks actually hate the monopoly that SWIFT currently has and would welcome an alternative option that they can use to send transaction messages amongst themselves (safely and securely) without paying SWIFT. This is why there is blockhain research happening on the sly

Do you really believe in this explanation?

Namely, that the high fees you refer to are really based on the effort put into guaranteeing message integrity and security? I think this is bullshit. They just chose to charge that high fees, but this has nothing to do with the message integrity and security itself. Do they use some quantum mechanical effects to make sure that the message is authentic? I guess no. Most likely, this is just a message signed by the signature of the issuing bank, which was given to this bank by the SWIFT corporation. It is basically the same digital signature that banks provide their clients with, usually free of charge

[Kodok Bencot]

Yes I think it is very dangerous, if cyptocurrency use by the countries and when the country already can not control the full currency then the economy is easily controlled by a person or group.

[lOvE mE forEvEr]

I think cryptocurrency is not danger because no country accept as legal payment. Now, many country assumpt Bitcoin same like others commodities like gold, stocks and others.

[BingoDog]

There is no danger in cryptocurrency, just some people or better to say governments are spreading irrational fear of it because they are afraid for their financial or maybe even political system. Cryptocurrencies offer progress and there is no harm in it. If everyone accepts their advantages it could be better for us all.

[rickadone]

There is no danger in cryptocurrency, just some people or better to say governments are spreading irrational fear of it because they are afraid for their financial or maybe even political system. Cryptocurrencies offer progress and there is no harm in it. If everyone accepts their advantages it could be better for us all.

We can’t deny that crypto-currencies are used for some bad things, and are used by the wrong hands which gives them a bad reputation, some of the worthy currencies like bitcoin are being used by hackers and drug dealers for illegal actions , because bitcoin gives you total anonymity since it does not ask you for your id so a 10 year old kid could use it. And that what makes it dangerous.

[avatar_kiyoshi]

There is no danger in cryptocurrency, just some people or better to say governments are spreading irrational fear of it because they are afraid for their financial or maybe even political system. Cryptocurrencies offer progress and there is no harm in it. If everyone accepts their advantages it could be better for us all.

We can’t deny that crypto-currencies are used for some bad things, and are used by the wrong hands which gives them a bad reputation, some of the worthy currencies like bitcoin are being used by hackers and drug dealers for illegal actions , because bitcoin gives you total anonymity since it does not ask you for your id so a 10 year old kid could use it. And that what makes it dangerous.

Fiat also has been used for buy illegal thing for over 20-50 years ago.
Bitcoin actually not totally anonymous, more precisely pseudonym, indeed it can be used for every age, but it's all about personal habit.
The main reason is the govs afraid of bitcoin network system which they can't control.

There's no dangerous thing about cryptocurrency, otherwise it's an awesome innovation which bring the economic system will be better.

[farl2web]

There is no danger in cryptocurrency, just some people or better to say governments are spreading irrational fear of it because they are afraid for their financial or maybe even political system. Cryptocurrencies offer progress and there is no harm in it. If everyone accepts their advantages it could be better for us all.

We can’t deny that crypto-currencies are used for some bad things, and are used by the wrong hands which gives them a bad reputation, some of the worthy currencies like bitcoin are being used by hackers and drug dealers for illegal actions , because bitcoin gives you total anonymity since it does not ask you for your id so a 10 year old kid could use it. And that what makes it dangerous.

Fiat also has been used for buy illegal thing for over 20-50 years ago.
Bitcoin actually not totally anonymous, more precisely pseudonym, indeed it can be used for every age, but it's all about personal habit.
The main reason is the govs afraid of bitcoin network system which they can't control.

There's no dangerous thing about cryptocurrency, otherwise it's an awesome innovation which bring the economic system will be better.

I do not think that Fiat will be able to hold on as long. Analysts predict that the people very soon, for detyati years will abandon the real money in favor of digital.