a reply to: ttobban
We're going to have to draw lines as to where we're standing on each situation because we agree on all but one.
- Post Apocalypse: Food, Ammo, Meds, etc.
- Ancient Times: Gold and Gems
Today is where we differ. Here is why:
- Power outage - No access to your bitcoins. Can't move them from one place to another.
- HAM Radio? I sure hope you found a way to wallet all your "coins" before the power went out and also a way to transfer.
- Dollar Fails? What are you going to base the value of the Bitcoin on? It still requires a dollar value.
- Bitcoin Value? Sorry, still relies on the dollar or any other currency.
There are other issues. Bitcoin has been around 10 years and change already. Today, there are still major issues:
- There are roughly 17 million bitcoins out there. Only 4 million left to go which requires serious tech and time to do it.
- Out of that 17 million, 1 whole million coins have been stolen. (That we know of). NOT including other crypto coins. $20,000,000,000 in worth at
its highest point.
- In the FIRST HALF of 2018, OVER a BILLION $$$ in Crypto had been stolen.
- Countless exchanges have been hacked since the beginning.
- No oversight stopping the inflation (Illegal on the stock market but not crypto?). People have been artificially inflating and deflating BC since
- No laws for the protection of your BC. The only laws in place are based on laws NOT relating to BC. Hacking, Fraud, Drugs, Laundering, Tax evasion
- There is no authority or responsibility should your coins get stolen. It is not legal tender. Just because I can buy a Lambo with it does not make
it legal tender. I'm sure I can buy a lambo with a block of gold or 10,000 camels if someone would want either.
- If you lose your bitcoins in a hack or someone steals them, you can barely trace them if at all.
- Computers all over the world are getting locked out in exchange for bitcoins. No way to track them down. (If this were legal tender, you could
very well track them down) People are using an untraceable tool that has value to take from you and you can't do anything about it.
- Bitcoin was made successful off the back of drugs and money laundering.
Let's look at other issues, mentioned once before above:
Bitcoin Exchanges (You know, that place where you trade, buy, sell and store your Bitcoins and other crypto:
- June 2011: Bitcoin user loses $500,000 in bitcoin to hackers
- August 2011: Wallet service MyBitcoins disappears from the Web
- March 2012: Hacked Web host leads to stolen bitcoins
- August 2012: Bitcoin Ponzi scheme is shut down
- September 2012: More exchanges get hacked, shut down
- February 2014: Hackers bring down the world’s then-largest exchange - 750,000 Bitcoins stolen.
- January 2015: Bitstamp exchange is hacked
- August 2016: Another exchange loses 120,000 bitcoins to hackers
That's just some of the stuff you can read about
Cyber Hacks/Attacks for Crypto are fairly easy to do. If you have some moderate skill, you can find the tools to do the job for you or you can simply
do it yourself.
Your wallet can be hacked
- Hackers had created a way to snoop millions of computers through a weak spot found on most computers at the time to see if that computer had a
wallet on it. Guess what happened? People were getting ripped one after the other. If you have an internet connection, you're vulnerable. Intranet
Sure there are tools to help protect your loot but they're not full proof. It's like Raid... It only works until the roaches become immune and then
another formula is needed. Same with hacks. You're only as safe as your tools and your firewalls and many hackers can simply get through that if
they really wanted to.
Sure, YOU might have some knowledge about keeping yourself safe to some extent but you're not the only one out there with a stash.
Many countries have banned BC and BC mining. It's only a matter of time before it's banned here.
Exchanges, where you buy, sell, trade and for many, store your coins, often get hacked, as shown above. That list shows a VERY SMALL portion of the
sites that have been hacked. Crazy thing... Most of the BIG exchanges were hacked by their own people. Anyone can have an exchange. Billy in mom's
basement can have one too if he has some coding skill. Doesn't sound very safe.
All in all, my point is... Crypto is like keeping your money on a debit card. It's safe because no one can pull from it, until someone steals your
card and your pin. Wait... no... It's far easier than that... And, you really have no way of finding it if it is stolen. No one is going to care
about your 10 bitcoins. Not a soul.
Way too risky. I played with Crypto quite a bit since 2011. In the end, it's such a high risk, I don't know why anyone in their right mind would put
money into it, no matter weather it's spare cash or not. People got lucky... Now people are losing their savings on it like you would in a casino.
If you say this is a great thing, then surely you can say the same about a casino.
Imagine... 20 BILLION DOLLARS. All that from ONE exchange. You walk into a bank and take 20B. Can they track you? Bet your arse. 20B in
bitcoin? hahaha Good luck!
edit on 1-4-2019 by StallionDuck because: (no reason given)