REPOST : Filipinos warned vs bitcoins, cryptocurrencies

[akoyonip]

Filipinos hoping to cash in on the bitcoin craze were warned by the chair of the House banks and financial intermediaries committee on Wednesday about the risks of investing in cryptocurrency, as the price of bitcoin surged to $10,000.
Eastern Samar Rep. Ben Evardone urged Filipino investors not to part with their hard-earned money by buying bitcoins in the hope of making quick profits.
At the hearing of the committee on banks and financial intermediaries Tuesday, officials from the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission, and representatives from the banking sector, “were one in advising the public against investing in bitcoin or any other virtual currency,” he said.
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“They said it is very risky, speculative and [has] no safeguards,” Evardone said in a statement.
The price of bitcoin hit the $10,000 mark on Wednesday.
Evardone said Filipinos might get tempted into putting all their savings and retirement funds into bitcoin and other cryptocurrencies “without realizing that they could lose everything in one drastic plunge.”
“Cryptocurrencies like bitcoin are a promising low-cost remittance platform for Filipino workers sending their earnings home but they are extremely risky investments due to lack of regulatory protections for consumers,” he said.
Bitcoins and other electronic currencies are not backed by a bank, any existing currency unit in circulation, or any asset of tangible value that offer some degree of security for its buyers.
“Investors stand to lose everything overnight if exchange platforms for cryptocurrencies shut down or when the consumer’s virtual wallet containing confidential information is hacked or stolen,” Evardone said.
He cited the biggest cryptocurrency hacking incident in February 2014 when $460 million worth of bitcoins was lost in Japan in the infamous Mt. Gox case.
Another cryptocurrency, tether, was the subject of the most recent hack early this month resulting in a reported loss of $31 million, according to Evardone
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“Until enough safeguards are put in place, investors would be well-advised to heed the admonitions of the Bangko Sentral and the Securities and Exchange Commission to put their money in safer investments,” he said. /cbb

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[Dabs]

The problem is, there will never be safeguards put in place. With bitcoin, you are your own bank. You control your private keys.

If you don't control your private keys, you don't own the bitcoins.

[silentmax]

heres a weird fact

marami taga bsp researching about bitcoins...

[MisterYozo]

well wag na mag taka if one day bumaliktad ang batas at gawing legal ito dito sa bansa for the sake of adding tax on it. Just what happened to the Coinbase users based on U.S. wherein pinatrack ng government lahat ng transactions ng mga users ng coinbase in america, regardless of you have a bitcoin or you loss it bsta may transaction ka it will count to pay a tax. Pero wag naman sana mangyari sa atin yung ganung scenario.

[Bosx1ne]

The problem is, there will never be safeguards put in place. With bitcoin, you are your own bank. You control your private keys.

If you don't control your private keys, you don't own the bitcoins.

Yes . tama ka po. Dapat talaga na itago natin ang mga bitcoin natin sa mga wallet na mayroong private key. Ang mga private key kasi ay nagsisilbing password upang makita, ma withdraw at madeposit natin ang mga bitcoins natin.

[makolz26]

Of course they will say that, they are not in favor in bitcoin yet eh, although alam naman nila ang bitcoin dahil inaaral pa din nila to but syempre yong trust ay hindi  pa din nadedevelop dahil nga po ang bitcoin price ay hindi kontrolado ng ating gobyerno kaya po nila nasasabi yan, it is their job din to warned us kaya natural lang yan.

[ralle14]

Exchanges ang parating na hahack so avoid storing huge amounts of bitcoin online. Tama sya na risky talaga bitcoin dahil sa price pero dapat maging aware tayo dun bago mag invest at huwag naman ibuhos ang lahat ng pera sa bitcoin.

heres a weird fact

marami taga bsp researching about bitcoins...

Hindi researching, pagkakaalam ko they're regulating bitcoin here for almost a year cmiiw.

Pero wag naman sana mangyari sa atin yung ganung scenario.

Mahirap na kapag naging totoo ito ang dami ko pa namang transaction sa coins.

[ice18]

Minsan parang mas safe pa nga ang bitcoins kesa mga banks like yung mga nakikita ko sa fb na anonymous withdrawals sa kanilang mga bank account na hindi naman naibabalik yung ibang case kawawa den so for now mas panatag muna ako sa bitcoin.

[judahzhirsch]

They're just confused because there are so many scams.

But there are tons of other scams in the Philippines not focused on crypto, the Gold one, or the people that promised marcos loot. The medium doesn't matter.

[biboy]

Minsan parang mas safe pa nga ang bitcoins kesa mga banks like yung mga nakikita ko sa fb na anonymous withdrawals sa kanilang mga bank account na hindi naman naibabalik yung ibang case kawawa den so for now mas panatag muna ako sa bitcoin.

Marahil may mga bagay na parang mas gusto natin ang bitcoin syempre dahil po sa nataas value nito at regularly pwede natin tong icheck anytime though apps ganun din naman sa bank kaso nga lang po sa bank ay hindi sya ganun kalaki ang iyong returns parang nagiipon ka lang talaga ng pera sa wallet kung madagdagan man ay immaterial lang.

[DonFacundo]

hindi talaga safe na mag invest ang lahat ng pera mo sa mga cryptocurrency dapat lang na maliit lang ang iniinvest mo para kung sakali na mag down ang site or ma hack(karamihan ito ang alibi) so hindi ka mahihinayang. Tulad sa Mt.gox nakita ko sa youtube grabe pala hindi ko alam kung totoo ba na hack o scammers sila. Kaya lagi ko e withdraw agad ang makukuha kong bitcoin may iinivest ako pero maliit lang.

[Bitbratt]

well wag na mag taka if one day bumaliktad ang batas at gawing legal ito dito sa bansa for the sake of adding tax on it. Just what happened to the Coinbase users based on U.S. wherein pinatrack ng government lahat ng transactions ng mga users ng coinbase in america, regardless of you have a bitcoin or you loss it bsta may transaction ka it will count to pay a tax. Pero wag naman sana mangyari sa atin yung ganung scenario.

Naku pag nangyari yan kawawa ang mga nauna pang nagkabitcoin andami nilang babayarang tax. Marami na naman makukurakot ang mga buwaya sa gobyerno. Pero sa tingin ko posibleng mangyari yung sinabi mo. Maaring makita nila anga posibilidad na malaki ang makukuha nilang pera sa mga bitcoin users so baka gawan nila ng paraan na gawing legal ang bitcoin.

[shan05]

There is always risk in everything. Eh kahit naman siguro dun tayo sa bank mag invest meron pa ring risk. Mas panatag pa loob ko kung sa bitcoin ako mag invest. Kasi na kokontrol ko pera ko.

[EastSound]

Minsan parang mas safe pa nga ang bitcoins kesa mga banks like yung mga nakikita ko sa fb na anonymous withdrawals sa kanilang mga bank account na hindi naman naibabalik yung ibang case kawawa den so for now mas panatag muna ako sa bitcoin.

for me mas safe ang bitcoin dahil ang kapersky they are warning Philippines that the banks are vurnerable to hacks. Lagi ko nababasa sa newspaper lagi nila nagbibigay ng warning. Siguro nga sooner or later mangyari especially this year ang daming problema sa mga different banks

[Jombitt]

The problem is, there will never be safeguards put in place. With bitcoin, you are your own bank. You control your private keys.

If you don't control your private keys, you don't own the bitcoins.

Your right, napaka risky ng bitcoin kapag naiwala mo ang private key mo wala na din ang bitcoin mo. Pero para sakin ang bitcoin ang pinakasafe na investment basta ingatan mo lang palage yung wallet mo. Mas gugustuhin ko pang maglagay ng pera sa bitcoin kesa ilagay ko sa bangko

[makolz26]

Minsan parang mas safe pa nga ang bitcoins kesa mga banks like yung mga nakikita ko sa fb na anonymous withdrawals sa kanilang mga bank account na hindi naman naibabalik yung ibang case kawawa den so for now mas panatag muna ako sa bitcoin.

for me mas safe ang bitcoin dahil ang kapersky they are warning Philippines that the banks are vurnerable to hacks. Lagi ko nababasa sa newspaper lagi nila nagbibigay ng warning. Siguro nga sooner or later mangyari especially this year ang daming problema sa mga different banks

Let us be thankful nalang dahil kahit papaano po ay concern po  sila sa atin di ba, dahil sa dami ng mga scammers out there na mga nagkalat kaya natatabunan ang bitcoin ng mga negative feedbank ukol dito at dahil po decentralized to meaning hindi nila hawak that is why they are warning us dahil hindi nila to makokontrol if ever bumaba ng tuluyan.

[burner2014]

We cannot blame them dahil hindi naman po nila masyadong alam ang cryptocurrencies eh kaya po bakit nila to ippomote di ba? sa totoo lang po ay risky naman po talaga ang mga cryptocurrency dahil sa walang nakakakontrol na isang middle man kagaya ng gobyerno natin na tulad sa gold na kontrolado  nila tanging pinanghahawakan natin ay dahil sa dami ng users and investors dito kaya sure na tataas.

[budz0425]

We cannot blame them dahil hindi naman po nila masyadong alam ang cryptocurrencies eh kaya po bakit nila to ippomote di ba? sa totoo lang po ay risky naman po talaga ang mga cryptocurrency dahil sa walang nakakakontrol na isang middle man kagaya ng gobyerno natin na tulad sa gold na kontrolado  nila tanging pinanghahawakan natin ay dahil sa dami ng users and investors dito kaya sure na tataas.

Okay na din yong may pakialam sa ating ang ating gobyerno kaysa wala di ba, totoo naman po kasing wala pa silang magagawa in case matalo ang investment mo eh lalo na kapag hindi ka naginvest sa bitcoin sa mga altcoin ka naginvest kasi kapag sa altcoin po tayo naginvest walang kasiguraduhan dun may mga pangit kasing coins eh.

[darkangelosme]

Well may point naman si cong, maaari talaga tayong malugi nalang bigla kapag ininvest natin lahat ng pera natin sa bitcoin kapag bumili tayo kapag mataas ang halaga nito tapos bigla nalang babagsak ang presyo. Pero nasasa atin naman yun kung mag iinvest tayo walang magagawa si cong jan  . Tsaka tingin ko lang ha, kaya sinasabi ni cong yan kasi hindi nila mananakawan kaya yan nalang ginagagawa nya nag boblock propaganda para mag negosyo nalang tayo at mapatawan nila ng buwis para may makurakot na sila  . Don't me mga buwaya kayo.

[Mr.MonLL]

Its good kasi concern lang sila but if you think of it sa business tlaga may positive at negative. Investing is risky mapabitcoin man yan or any type of investment. Pag digital anjan ang scammers hackers etc. And the otherside scammers din at kurakots. So i think nasa tao nayan kung san nya iinvest ang pera niya. Just do research first. And accept the consiquence if u take your action.