The danger of the cyptocurrencies

[Ucy]

We know its CIA once they dont allow physical currencies or make the unattractive

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[doomistake]

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.

We are on the Information Age right now OP, so being dependent on the technologies here on our surroundings is just normal, but I am not saying that we should rely on them always. And thinking negative thoughts like this about cryptocurrencies will not help to make the world of cryptocurrencies more better, so, instead of thinking like this, why don't we just support it until we can, until it comes to its end. Let's just contribute something in this world that we are living, for the better.

And who cares if USD and gold will become just worthless? what matter is there is/are still currencies that do exist in our everyday living, for us to use in our daily transaction, that is more important, and bitcoin as the main currencies that we all going to use all around the world sounds awesome, because there will be no more tax and the government can not steal our money anymore because we have our own wallet, and they can't just barge in like they know the private key of it.

[The_Dark_Knight]

If everything is calm and stable, there is nothing at all to worry about, and think bad about bitcoin. As the saying goes, we are more longer afford impose bad thoughts, and even then jam danger everywhere. Today, bitcoin stable and the price for it gradually rises.

I don't really get what you are saying though trusting cryptocurrency is really a must. The price may be? Or the user? The danger I see in bitcoin is the assurance of its price and the transactions that it makes everyday. Many people will be using bitcoin in the future so many business men will be using it as a investment and if that price will not be stable, it may ruin there investment, in terms of transactions, it may be fast yes, but they can be really anonymous.

I have always said and now of the opinion that the Bitcoin is the currency of a certain number of users and large businesses. bitcoin is not convenient or inaccessible to ordinary people. Therefore, bitcoin has its place in the financial sector.

But if bitcoin is not convenient or accessible to people as you say then it has no future, so I disagree bitcoin has a place for the ordinary person but the problem is there are not enough commerces accepting bitcoin at the moment so you cannot spend it as freely as we may want.

Right now bitcoin is accessible by a certain group of people who are at least have some knowledge in technology. This has to change that even a common men needs to use it easily even if he is not good in technology. This way can reach the entire population. So we too can experience increasing acceptance in e-commerce.

While this is true, it is not like bitcoin is super hard or anything, if someone knows how to install some software and send some messages, like whatsapp, then you have the necessary skill set to use bitcoin effectively.

[shinratensei_]

My biggest concern is the hundreds of Alts that have an ICO and then disappear. And scams like Paycoin that take take take and then poof they are gone. I've been happy since switching only to trading BTC. It's the risk that makes it exciting though.

It's cryptocurrency, Too many the ponzi, MLM scheme and what the PBOC has done with the chinese exchange to prevented the growth of the pyramid scheme. Bitcoin is the safe place right now.

[stadus]

My biggest concern is the hundreds of Alts that have an ICO and then disappear. And scams like Paycoin that take take take and then poof they are gone. I've been happy since switching only to trading BTC. It's the risk that makes it exciting though.

It's cryptocurrency, Too many the ponzi, MLM scheme and what the PBOC has done with the chinese exchange to prevented the growth of the pyramid scheme. Bitcoin is the safe place right now.

The possible actions of the government can already be foreseen, they see the impressive growth of bitcoin and they are alarm about the fact. Hence, they make necessary actions not to prevent bitcoin from growing but to make sure that bitcoin will not be use for illegal activities. In fact, they just want to enforce the exchanges to comply with the AMLA.

[Jewell]

My biggest concern is the hundreds of Alts that have an ICO and then disappear. And scams like Paycoin that take take take and then poof they are gone. I've been happy since switching only to trading BTC. It's the risk that makes it exciting though.

It's cryptocurrency, Too many the ponzi, MLM scheme and what the PBOC has done with the chinese exchange to prevented the growth of the pyramid scheme. Bitcoin is the safe place right now.

The possible actions of the government can already be foreseen, they see the impressive growth of bitcoin and they are alarm about the fact. Hence, they make necessary actions not to prevent bitcoin from growing but to make sure that bitcoin will not be use for illegal activities. In fact, they just want to enforce the exchanges to comply with the AMLA.

yes that is a good idea. i also thing that the most important think is to stop people from using bitcoin illegally and it will be more easy for government if they first consider bitcoin as legal currency.

[FlightyPouch]

We know its CIA once they dont allow physical currencies or make the unattractive

CIA?? whoa, i think it is absurd. Bitcoin is free and people are using it without a small complaint. I think you are saying that bitcoin is a tool of CIA and used for tracking people.
But if they do thats illegal! They have no rights to stalk any people's account of activity unless it is needed ordered by the court. I think Cia will never do that.

[RealPhotoshoper]

beauty of crypto currencies is only of their privacy . if it would by the government then their is no option to use crypto currency . while we will use direct other online currency instead of these . because due to control under government of country there will be restrictions of saving and transfer .

I would agree into this thought.Cryptocurrency is not advance at fiat currency but just improved some features and added some that is what makes it special from fiat

Cryptocurrency come with its breaktrough feature as real money/physical money alternative.
We can not expect bitcoin can be the next USD or EURO as primary currency at least for now.
People should not have to worry about what bitcoin can do in the future, it is even have positive impact so far.

[EdenHazard]

Let us not hope already that majority of the population in this world will adopt with bitcoin, only few people are willing to take the risk of this new technology. As the world moves to the new technology, there will be people that will be left behind due to lack of capacity and education to adopt.
That is the reality but it's not the danger of crypto currency as we can still be progressive even without the adoption of the majority.

the danger what op talking about are a worries on how government can seize your money over the internet/computer much more easy than when have to do it in real life on paper money like USD and i think it is just excessive anxiety.

too much speculation here without a good proof on what can bitcoin do to threaten financial system.

[grandy]

beauty of crypto currencies is only of their privacy . if it would by the government then their is no option to use crypto currency . while we will use direct other online currency instead of these . because due to control under government of country there will be restrictions of saving and transfer .

I would agree into this thought.Cryptocurrency is not advance at fiat currency but just improved some features and added some that is what makes it special from fiat

yes and in future the importance of fiat is continously increasing and in future it is expected the crypto currencies will dominant fiat because people are now dong most of their shopping through online.

[deisik]

Let us not hope already that majority of the population in this world will adopt with bitcoin, only few people are willing to take the risk of this new technology. As the world moves to the new technology, there will be people that will be left behind due to lack of capacity and education to adopt.
That is the reality but it's not the danger of crypto currency as we can still be progressive even without the adoption of the majority.

the danger what op talking about are a worries on how government can seize your money over the internet/computer much more easy than when have to do it in real life on paper money like USD and i think it is just excessive anxiety.

too much speculation here without a good proof on what can bitcoin do to threaten financial system

Well, if we are talking about what Bitcoin could potentially do to a financial system based on fiat, that seems to be pretty straightforward. Basically, it could just wreak havoc in the finances of a country. In fact, an incompetent or downright rogue government might do essentially the same even without Bitcoin, for example, by heavily devaluing their currency, but Bitcoin can do exactly that entirely on its own, i.e. crowd out state money. Indeed, this is highly unlikely to happen for such conditionally hard currencies like the US dollar or Euro, but it is quite feasible with weak currencies like the Venezuelan bolivar

Many currencies across the world have less total value (market cap) than Bitcoin (in dollar terms)

[splitups]

Different topics in the OP, so will discuss them one by one:

-The BTC is made by the CIA... I wonder why everything is just from the CIA? why not the KGP or Masonians, Nazi's or the like?

This is just a form of conspiracy theory IMO, No one could predict BTC would make it like this, if the CIA made it then they would have been wasting government money, No one could see it becoming like this -except some hard-headed enthusiasts maybe (millionaires now)-

- The government can rip us off instantly now if they ever wanted to, with Credit Cards, Bank accounts and even fiat/cash/dollars, if the government want to take it away it would even be easier. They would just need to contact the bank and it would be done, now it's in your PC... I doubt the NSA would be hacking computers and stealing BTC's anytime soon.

- Fiat becoming worthless I don't think so, The current financial system wouldn't be completely changed IMO, banks would still exist and normal cash would, BTC would just be another payment system with more advantages and a growing population using it -like what it used to be with CC and DB starting, even though BTC is different but the idea is the same IMO-

[The_Dark_Knight]

The fact that cryptocurrency is made in a computer and used in the internet gives it a big a danger to itself. It is very prone to hackers. And no one can say how long can it last over the internet. Because cryptos are also money some people are still having doubt to invest and use it because it will be easy for someone to steal it. And the transaction made by crytos are anonymous.

The same can be said about paypal, credit cards, gift cards and any medium we could use to pay online, the only problem is you cannot get your money back with bitcoin since you cannot chargeback transactions like with paypal, that is a characteristic of bitcoin I love, but that helps hackers and scammers to get away with their crimes.

[deisik]

Different topics in the OP, so will discuss them one by one:

-The BTC is made by the CIA... I wonder why everything is just from the CIA? why not the KGP or Masonians, Nazi's or the like?

If Bitcoin has really been invented by a secret or security service, it will be the NSA, not CIA

Or, at least, some of their former employees. And there are a few factors which disallow to throw this suspicion away as a conspiracy theory. First, it is the NSA which is behind the security protocols used by Bitcoin, so this agency is deeply involved in the things which Bitcoin is built on, whether it has any irrelevance or not. Second, someone has posted a link to a white paper published in the late 90's basically outlining what got made into existence 10 years later as Bitcoin. As you guess, it was the NSA behind this research

[azguard]

Different topics in the OP, so will discuss them one by one:

-The BTC is made by the CIA... I wonder why everything is just from the CIA? why not the KGP or Masonians, Nazi's or the like?

If Bitcoin has really been invented by a secret or security service, it will be the NSA, not CIA

Or, at least, some of their former employees. And there are a few factors which disallow to throw this suspicion away as a conspiracy theory. First, it is the NSA which is behind the security protocols used by Bitcoin, so this agency is deeply involved in the things which Bitcoin is built on, whether it has any irrelevance or not. Second, someone has posted a link to a white paper published in the late 90's basically outlining what got made into existence 10 years later as Bitcoin. As you guess, it was the NSA behind this research

Or they can be all we dont know that. To many is not just bitcoin but all crypto currency are in this let say shady business, with every illegal information there are talks that some crypto is involved or  government agency or even both.

But from everything that we know or we heard think that CIA is prime on the list.

[gandame]

When fiat currency applied the same ways and copy the digital currency platform, i guess that would be a great danger of cryptocurrencies. If that will happend people would rather choose the ways of fiat currency which been copied from bitcoin and that will be the main reason that btc will have a massive pull down of its economy. But, its imposible to happen because btc is a unique currency with many alternatives which fiat doesn't have.

[Barbut]

When fiat currency applied the same ways and copy the digital currency platform, i guess that would be a great danger of cryptocurrencies. If that will happend people would rather choose the ways of fiat currency which been copied from bitcoin and that will be the main reason that btc will have a massive pull down of its economy. But, its imposible to happen because btc is a unique currency with many alternatives which fiat doesn't have.

I'm not some expert, but copying digital currency platform is copying blockchain technology, and that is not possible. If they don't come up with new solution they will build their coin based on blockchain.
Bitcoin is unique, but they can push their coin a lot, and governments have ways to force companies and ordinary people to use their coin. I like bitcoin cause independence, and cause of that bitcoin will be number one always.

[SvenBomvolen]

The fact that cryptocurrency is made in a computer and used in the internet gives it a big a danger to itself. It is very prone to hackers. And no one can say how long can it last over the internet. Because cryptos are also money some people are still having doubt to invest and use it because it will be easy for someone to steal it. And the transaction made by crytos are anonymous.

The same can be said about paypal, credit cards, gift cards and any medium we could use to pay online, the only problem is you cannot get your money back with bitcoin since you cannot chargeback transactions like with paypal, that is a characteristic of bitcoin I love, but that helps hackers and scammers to get away with their crimes.

In our would it stays less and less chances for privacy. Crypto currency have that kind of danger when it may be stolen and you will not find any step of the thief. But professional hackers can take away all the info about you and your wallets easy.

[Daniel91]

The fact that cryptocurrency is made in a computer and used in the internet gives it a big a danger to itself. It is very prone to hackers. And no one can say how long can it last over the internet. Because cryptos are also money some people are still having doubt to invest and use it because it will be easy for someone to steal it. And the transaction made by crytos are anonymous.

The same can be said about paypal, credit cards, gift cards and any medium we could use to pay online, the only problem is you cannot get your money back with bitcoin since you cannot chargeback transactions like with paypal, that is a characteristic of bitcoin I love, but that helps hackers and scammers to get away with their crimes.

In our would it stays less and less chances for privacy. Crypto currency have that kind of danger when it may be stolen and you will not find any step of the thief. But professional hackers can take away all the info about you and your wallets easy.

I would say that this is the blessing and curse for bitcoin.
Many people like bitcoin because of anonymity.
We don't like idea to pay a lot of taxes to our government, for every income we have, online or offline.
Until now, our governments could see or find everything, all our financial transactions, but with bitcoin we are finally free, and can earn without need to report and pay taxes.
But, in other hand, if anybody steal our bitcoin funds, we can't report this person or start any legal action.
It seems that we can't have everything.

[deisik]

When fiat currency applied the same ways and copy the digital currency platform, i guess that would be a great danger of cryptocurrencies. If that will happend people would rather choose the ways of fiat currency which been copied from bitcoin and that will be the main reason that btc will have a massive pull down of its economy. But, its imposible to happen because btc is a unique currency with many alternatives which fiat doesn't have.

I'm not some expert, but copying digital currency platform is copying blockchain technology, and that is not possible. If they don't come up with new solution they will build their coin based on blockchain.
Bitcoin is unique, but they can push their coin a lot, and governments have ways to force companies and ordinary people to use their coin. I like bitcoin cause independence, and cause of that bitcoin will be number one always.

Ask yourself why they would ever need that?

They already have everything they need, i.e. fiat. There is no reason to create another, government issued cryptocurrency. They can indeed force its use but instead of which currency exactly? They can only force its use instead of their own money. People who are using Bitcoin right now will continue to use it, anyway, but people which will use this government cryptocurrency may switch to Bitcoin eventually. Even if we somehow assume that they start issuing their coin, it will be counterproductive for them. Basically, they will be shooting themselves in the foot