[2018-06-22] Harm and benefit from the Bitcoin crisis

[bomj]

During the crisis, we are trying to save our money.
This crisis has shown that most crypto-currencies and tokens do not have no value.
Most ICO projects using the word 'Blockchain' in their title reality have nothing to do with it.
A number of ICO participants and bounty programs lost their money and time, spending them on mythical projects.
Most of the holders of crypto currency are frightened by the coming crypto-apocalypse, in awe sell their crypto stocks and lose their money.
The trading volumes on the exchanges are falling.

But we think that this will not happen,....

Read:
https://www.0xbt.net/news/view/28292/

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[richardsNY]

I think it's good to see the overall market take a step back. It was an insane ride especially in the altcoin market. I'm quite sure that a fairly large part of the selling pressure on Bitcoin comes from altcoin holders looking to take positions in fiat. Altcoin markets are too thin so they have to victimize Bitcoin just to clear their exposure.

All these top tier coins are extremely overvalued.

Ethereum.
Ripple.
BCash.
EOS.

All shitcoins that created value out of nothing.

[stomachgrowls]

I think it's good to see the overall market take a step back. It was an insane ride especially in the altcoin market. I'm quite sure that a fairly large part of the selling pressure on Bitcoin comes from altcoin holders looking to take positions in fiat. Altcoin markets are too thin so they have to victimize Bitcoin just to clear their exposure.

All these top tier coins are extremely overvalued.

Ethereum.
Ripple.
BCash.
EOS.

All shitcoins that created value out of nothing.

All coins besides bitcoin itself doesnt really have any value on general sense but somehow i do consider ETH out on the list due to its specification and feature which do know its really a useful stuff but for coins created using the same platform is considered to be shit ones. Bitcoin would always be the victim anytime if they would decide to make such exposure.When we do talk about correction then it wouldnt be a surprising thing and on the current state we are heading to that path.

[buwaytress]

Every "crisis" that Bitcoin has gone through, it has come out of, not only beyond normal expectations, but always to new levels of use, adoption, value... Price, while also having kept up with this, has never really been a true measure of value. Which is why I've never put much thought or money to anything that isn't Bitcoin.

Notice also that all those fearing this crisis aren't Bitcoin proponents themselves. They know how weak the values of their alts are. They know full well they're selling vapourware. And the market now is flashing those truths in their faces.

I see no crisis. Not for Bitcoin. For ICOs and their tokens, sure. It's been coming. But don't worry. Come next ATH, Bitcoin will revive the market. Then we'll all forget this phase.

[Kronos21]

Any crisis ends sooner or later. This gives impetus to the growth of the economy and increase in incomes of citizens. I hope that the cryptocurrency market will not be an exception. I'm willing to wait as long as I want but I won't sell my bitcoins for nothing. I believe in the future of bitcoin and do not see a reason for panic.

[TraderTimm]

There's one important distinction that should be made here.

Bitcoin has been around the block.

The other shitcoins/altforks have not. They have no fucking idea how its going to be IF they get any kind of real user traffic, or the same attacks that Bitcoin has weathered.

Its easy to say you can sail across the ocean in a dinghy, its another to actually go DO it.

[Aikidoka]

Any crisis ends sooner or later. This gives impetus to the growth of the economy and increase in incomes of citizens. I hope that the cryptocurrency market will not be an exception. I'm willing to wait as long as I want but I won't sell my bitcoins for nothing. I believe in the future of bitcoin and do not see a reason for panic.

I really would like to see more of you. Most Bitcoin holders are impatient. If they just ignore the fact that the price has fallen and focus on something else, they will be astonished by the profit they will have in the future, assuming that the price will grow which I am sure of. It is just a matter of time until it recovers because I, myself, am not happy with the current price. However, I am patient and I believe in bitcoin and in its potential.

[gentlemand]

There's a lot of unhappiness and uncertainty but is there an actual crisis? This is an ongoing part of a cycle that's now happened multiple times before. I no longer see why anyone should be surprised by what's happening. They should be surprised if it had gone sideways for a year at 15 grand.

By the time it's done and dusted I expect most of the shite that popped up to be dust, especially ICO stuff. If it isn't the emptiness of their undelivered promises, it'll be all of them having their arses fined off by the SEC.

[Diabolov]

Benefits

Everyone benefits from the use of crypto currency, with the exception of large financial and state institutions, in which they take profit and the ability to influence financial flows. Bitcoin is useful as a financial instrument and as an asset that inevitably becomes more expensive. Using Bitcoin as a payment tool, agents receive additional profit due to the absence of intermediaries. Crypto currency can pay for goods and services, but to date, not many enterprises accept Bitcoin and other digital currencies. The Bitcoin Course If you use Bitcoin as an asset, you can at least avoid the impact of inflation on savings. However, the approach to the purchase of Bitcoin is responsible: crypto currency is very volatile. You should analyze the situation before buying a coin. The main recommendation: not to buy Bitcoin during the period of short-term growth and on psychological marks. Another plus is already indicated independence of Bitcoin. Therefore, the crypto-currency savings will not be blocked and withdrawn from your account, as it can be when using the services of classical banks.

The Harm of Bitcoin

This crypto currency uses blocking technology and multi-level encryption. Technological features allow the owner of a coin to make purchases on the Internet anonymously.

The virtue of Bitcoin is sometimes used by scammers and users of the dark side of the network - darknet. With the advent of the first crypto currency, security services began to sound an alarm - it became impossible to track the acts of buying weapons and drugs on the Internet. And for some time the trade in banned goods did go on with impunity.

However, over time, the intelligence services learned to analyze the blocking transactions, find the addresses of sending and transfer Bitcoins. Deanonimization algorithm is extremely difficult and complicated, however, if necessary, federal services are able to find the ends of transactions.

In 2015, to two life sentences was sentenced to the creator of the online store "Silk Road", engaged in the sale of drugs. The network was accepted only by the Bitcoins. The goods were sold for $ 200 million.

Ross Ulbricht, the owner of the Silk Road, is not the only one who was exposed in dark machinations with crypto currency. Every year the number of businessmen of Darknet increases. There are new ways to preserve anonymity when buying goods and paying for services in Darknet. At the moment, the Monero coin is popular. Transactions with this crypto currency are more difficult to decipher, which is the reason for the widespread use of the token in Darknet.
Bitcoin was used to launder money and pay for goods, the distribution and acquisition of which is prosecuted by law. Now the services have the ability to decrypt transactions and identify unscrupulous businessmen.

The only drawback of Bitcoin was that he could revive the world drug traffic. However, thanks to special services, Bitcoin lost this minus. Merchants with weapons and drugs have become dangerous to use Bitcoin, because there is a serious risk of being exposed.

New currency - new types of fraud!

With the advent of a new digital currency, new types of fraud also appeared. With the use of crypto currency, scammers are able to take large sums from the naive user's wallet. Consider the popular types of fraud:

Exchange of Bitcoins.
The service provides services for the exchange of rubles and dollars in the crypto currency. Often, the owners of such sites entice users with a favorable exchange rate, which is what miserly investors come across. The very fraud is that no exchange occurs. The user in anticipation of the benefits of exchanging a good rate, transfers money to the specified account. This is the end of his investor activity, because he does not receive his Bitcoins in response.
Purse of the Bitcoins.
Owners of services entice visitors, assuring that they represent "the most reliable storehouse of the crypto currency". And many inexperienced bitcoin holders use little-known services. When a certain number of users are typed, the service owners reset their purses and disappear in an unknown direction.
Cloud mining.
To produce a crypto currency, you need powerful equipment. Those who do not have farms from video cards or ASICs, the owners of mining equipment offer cloudy production of crypto-currency. You pay money for the capacity of the authors of such projects, and in return receive the extracted coin. However, not always the owners of farms really possess equipment suitable for mining. Having paid the money to the "owner of the farm", a greedy crypto-enthusiast receives a jackpot exceeding his costs. Then he pays an even larger amount, but does not receive anything in return, because the "farm owners" do not go more to the link.
Phishing.
Bitcoin owners receive a message with a reference to a crypto-cash check or notification of a win in the draw. To receive a prize, you need to go to the link and specify the wallet data, to which the prize will come. As you can guess, no prize on the specified wallet will not come.