We Need To Shut Bitcoin And All Other Cryptocurrencies Down. Here's Why.

[wave06]

Hi everyone! I found this quite overly dramatic article on forbes and was wondering what you think. https://www.forbes.com/sites/jasonbloomberg/2018/03/10/we-need-to-shut-bitcoin-and-all-other-cryptocurrencies-down-heres-why/#4662eb0c1bca

Anyone seen it? What's your thoughts? Fair point or total bullocks?

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[Xester]

Whatever kind of news being thrown to bitcoin I will not falter but support bitcoin. There are many kinds of news being thrown to bitcoin and cryptocurrency but most of them are FUD and manipulated with the purpose of creating panic to the public so that people will leave behind cryptocurrency. With the rise of cryptocurrency many banking systems are being affected since many people have used their wallet address as their bank instead of the banks. Cryptocurrency has saved my life from drowning in debt and thus I will be loyal to cryptocurrency and never believe such hoax news.

They say that bitcoin is being used for illegal activity but all currencies are like that even fiat currency. Anything that has value can be used in anyway a person like. So there is nothing wrong with cryptocurrency at all.

[Rath_]

We can't stop only because there are people who are going to use Bitcoin and other cryptocurrencies for illegal activities. The same thing is with guns. The ban of guns won't be a problem for a criminals because they can always buy one on a black market. Average citizens wouldn't be able to defend themselves. This article looks like a clear advertisement of Ripple, especially this quote:

However, as long as permissionless-based coins have value, illicit miners will favor those over Ripple and its brethren anyway.

I'm not surprised that they are also trying to convince people to buy Ripple, but it is slowly getting more and more ridiculous. I hope that we won't have any threads in Bitcoin discussion like: "WILL RIPPLE SURPASS BITCOIN" etc. We had enough fun with Bitcoin Cash.

[dothebeats]

I've read the article, and the only thing I can make out of it is that the writer is promoting a society where everything is under surveillanve and under control. The idea conveyed in the article, especially the 'know your miner' is nothing short of dumb and pointless. The purpose of such a blockchain is to be decentralized and for the users to be somehow anonymous, and not be subject to manhunts and mugging in case someone wants to get their riches out of them. Websites not exerting the extra effort to check for mining malware isn't a problem created by crptocurrencies; such attacks are also present in fiat and cyberbanking by means of credit card fraud and phishing but these 'experts' don't want to ban fiat even if it causes many problems for people and the society as well. As for morality talks, how could you expect money to be surrounded by morality if everyone and their mothers want to get a piece of it?

[HasHe]

Its like saying that we need to shut down the internet completely since there are viruses and malwares found in the internet instead of using antivirus or anti malware softwares.

We could keep our web filtering tool up to date.We could update our browser extentions since some atackers use malicious browser extentions for illicit crypto mining.

An anti crypto mining or ad blocking extention could be installed in web browsers to avoid cryptojacking scripts being delivered through web ads.

Exentions like MinerBlock or No Coin could be used to block crypto mining scripts.

More details could be found on the links below.

http://www.thewindowsclub.com/block-websites-using-cpu-mine-cryptocurrency

https://www.csoonline.com/article/3253572/internet/what-is-cryptojacking-how-to-prevent-detect-and-recover-from-it.html

[CHENIEN]

This is something a form of criticism, many people now criticize about cryptocurrency business, and they don't think on what good contributions and benifits from bitcoin, they are people destructs on what others property. Hopefully bitcoin would have a strong defense against those people plan to destructs the total operations of bitcoin. And we all know that sometimes people makes any negative fake news about cryptocurrency especially bitcoin, and those negative fake news against bitcoin would affects the price value of bitcoin.

[jseverson]

Oh, I've read this before. It's an extremely pointless article. The author basically argues that illicit cryptomining will take over the world, so cryptocurrencies should be made illegal before things get that bad. Well, illicit cryptomining is really just another form of cyber attack, so why focus solely on it? While we're at it, why don't we take things a step further and make the internet illegal so no one gets their data and/or processing power stolen?

But yeah, that's just about how stupid his logic is. You don't burn your house down just to get rid of a few vermin. I don't even think the author is stupid. He probably just really needed to write something controversial about crypto and this is the most original thing he came up with.

I would also like to note that the author forgot a dead simple way to stop most illicit crypto mining attacks: the NoScript browser extension (or ScriptSafe for Chrome), which everyone who wants to be safe on the internet should be using anyway.

[cynical]

didnt even read the full article, its not "bullocks", what is stated is happening
and by shutting bitcoin and crypto down (if that was possible and its not) wont stop hackers and scammers from hacking and scamming.

this article is just designed to scare the general public and was conjured up by the author to fill space for him to get paid.

[J Gambler]

Hi everyone! I found this quite overly dramatic article on forbes and was wondering what you think. https://www.forbes.com/sites/jasonbloomberg/2018/03/10/we-need-to-shut-bitcoin-and-all-other-cryptocurrencies-down-heres-why/#4662eb0c1bca

Anyone seen it? What's your thoughts? Fair point or total bullocks?

Shutting down cryptocurrency would actually being more harm then good. As first there is a sudden drop in the market for everything then there would come a time that those who integrated itself to bitcoin forstly would have this backfire at them. I think that the best way would be to have it regulated and this would actually make bitcoin more palatable to everyone

[richminded]

Why do we need to shut down bitcoin if its offer a great technology for everyone and a good opportunity to make money. A lot of criticism but I still believe in bitcoin and I will never sold my bitcoin base on this kind of speculation.

[Snarks]

Look in his post history. What does he even get out of it? Why is he so obsessed with Bitcoin?

Those kind of articles are what motivated me to open this thread:

Matthew 7:12 - Whatever they do to you, you shall also do to them
https://bitcointalk.org/index.php?topic=3149611.0

[krauzzer02]

Hi everyone! I found this quite overly dramatic article on forbes and was wondering what you think. https://www.forbes.com/sites/jasonbloomberg/2018/03/10/we-need-to-shut-bitcoin-and-all-other-cryptocurrencies-down-heres-why/#4662eb0c1bca

Anyone seen it? What's your thoughts? Fair point or total bullocks?

The article spins all around Permissioned blockchain and crypto mining (mining without permission of the owner), yeah discussing the problems and negative traits of the Permissionlessness blockchain without explaining the downfall of the other one bias on the other side, yeah you want to shut down all cryptocurrency but not the websites, emails and programs which contains spyware and malware? all of them comes from the internet right? you can also detect some illicit mining activity on your devices by simply monitoring the CPU and GPU usages there are tons of apps and extensions to block them anyway.

[AVAMONEY]

There a lot of people out there are still skeptical with Blockchain technologies while other party such as Bank are ready to seek opportunities adopt it.

The Utility Settlement Coin

Six of the world’s largest banks, Barclays, CIBC, Credit Suisse, HSBC, MUFG, and State Street, have announced backing of the UBS and Clearmatics-spearheaded Utility Settlement Coin, joining other industry heavyweights who have already pledged their support for the project, including BNY Mellon, Deutsche Bank, and Santander.

sources: https://techcrunch.com/2018/01/28/bank-based-blockchain-projects-are-going-to-transform-the-financial-services-industry

Do we make decision to invest Bitcoin based on their opinion, I don't think so. Many parties are worried by Bitcoin popularity, it has become commonplace that the party will make FUD news to create negative opinion in market.

[Golftech]

Funny thing is they are also promoting ripple, I don't know if how far fud can go to avoid bitcoin to be more adopted in the whole world, many
negative news has been created just to attack bitcoin growth, I know that it will bring to attentions of many investors specially those new comers
and those who are just planning to start investing we should be more keen to understand all around the chain and see the potential.

[seoincorporation]

The whole article is completely pointless. Under the authors perspective, all fiat should be shut down. His arguments walk around the control of the crypto in order to stop money laundery and other illegal activities. His concern is basically that the blockchain is supported by the people instead of corporations, and he presumes that behind the blockchain system there are many bad people. To me, this is but a child's speech, based on the authors fear towards the new technology.
What he basically proposes is that the money, every type of it, needs to be controlled by corporations in order to have a "good use", for his arguments doesn't pay attention to the money laundery or illegal activities in general, but those made with crypto. Well, then, what happens with money laundery on fiat or paper money? He seems to forget about it.
Pointless, completely pointless and misinformed article. Even his proposal is brainless: to stop everything new, everything whose control does not reside on corporations, for the humanity, as some stupid child, needs to be taken care. His presumption is based on this whole idea: most of the humanity is bad, but corporations. Corporations are good and clean from his point of view, no matter, though, tax evasion, money laundery, even slave traffic, no, that doesn't matter, this is not even mentioned, for the most important problem is for corporations to have control over the people. Besides, he seems to forget how many big corporations are already into crypto. Are they wrong too? His beloved corporations?...
Nasty.

[MoonJeina]

Is this something new and extravagant ? No .
Such allegations , assumptions and all those over the top words have been put up against bitcoin and crypto currencies in the pas too  . Don't you think that all these opinions comes out from some people who have a good influence of government and the government which is always opposing bitcoin ? Well you have my answer now .

[stompix]

Well, to be honest a few lines in the article got me thinking.
Not about shutting down bitcoin (lol), or that miners might use txs for drugs crime terrorism...that's the usual crap.

But miners nowadays are acting selfishly and instead of a a company like Visa that imposes taxes on the payments we have ended up with miners who are rejecting txs under a certain value and are preferring to mine empty blocks even while the mempool was full.
I was so pissed at some of the pools in December I wished that there would be a way to have your tx included in a block mined by a certain pool, or prevent your tx to be included in a block mined by pool x so I wouldn't contribute to their mining operation.

We need  a system which allows us to send free tx, unlimited transactions and high security with no chances of a 51% attack on the network.... a bit too much to ask unfortunately right now.
And of course ripple which is a bit too much pumped in this article isn't even close to being a solution.

[BrewMaster]

Hi everyone! I found this quite overly dramatic article on forbes and was wondering what you think. https://www.forbes.com/sites/jasonbloomberg/2018/03/10/we-need-to-shut-bitcoin-and-all-other-cryptocurrencies-down-heres-why/#4662eb0c1bca

Anyone seen it? What's your thoughts? Fair point or total bullocks?

this is already 12 days old. and it was created at that time to spread FUD and create panic so that price falls more. now it is over.

and i have only 1 thought about this and it is an interesting one:
bitcoin is a decentralized currency, which as you may know it is called as censorship resistance. what i am trying to point out is that bitcoin is not something that anybody can shut down. so saying "we need to shut it down" only shows that the person saying it has no understanding of what bitcoin is.

[crimsongoth]

If they had the power to do such a thing, they'd already done it. Since Bitcoin first appeared, we've seen bans, blocks and regulates. The result is obvious.

[tomahawk9]

Are we supposed to take seriously an article that promotes: 1) absolute control over cryptocurrencies, 2)the centralized bankers coin known as Ripple? the article mentions the issue with illicit cryptomining thanks to undetected softwares, and I agree it's a problem but, they forgot (did they?) to say that there are several ways to stop these softwares from running on your computer.

To me this is nothing more than another article trying to scare people away from Bitcoin and other cryptocurrencies...and I thought these kind of scare tactics from the media was over.