Cryptocurrency
- Thread starter Playboi Carti
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LincolnWay187
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You would be surprised the places popping up taking crypto currency, gas stations etc. I even saw an article with a stripper having the id tagged on her arm to take crypto. So while its not guaranteed to succeed, one day you might have that holy S#% moment that its popping up around you. At least thats what some of us are betting on.
How hacker proof is cryptocurrency vs traditional currency? Everything seems to be able to be hacked in this day and age. Something solely computer-based doesn't seem like a smart idea for something so important.
Surprisingly safe if you're using a legitimate miner/currency. There are some Ponzi-scheme-ish ones out there. The interesting part of what crypto does is the act of hashing/mining keeps a constant and permanent record of all transactions that have occurred (can't really deviate from the ledger if everyone has the same ledger). The currencies are held in secured wallets that don't really do anything outside of the crypto world. Basically the only way to get crypto stolen from you is getting either your account(s) penetrated like any other online password system (use two-factor authentication and such to prevent this), or a hacker penetrates your computer directly to send your money out back to them (which then is traceable). Both of those event are extremely unlikely, unless you're really bad with computers.
Not doubting anything you wrote, but if it's so secure what happened to Mt Gox?
Hell if I know. They have a big Wikipedia page detailing all of their (mostly security) follies; basically all of it was blamed on "hacking", but it's not explicit how. The only explicit explanation for one of their issues I found was a "hacker" entering their system using working credentials he somehow acquired and transferring coins to himself. There was also another "lost coins" scenario where 2,000-some coins were sent to an invalid address and apparently their system couldn't* detect and avoid that... Which is entirely a design problem.
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Buddy I know tried to sell his like .01 of Bitcoin for $100 or whatever and sent it to the wrong account and now can't get it back. Since there is no centralized authority he's screwed.
Let's step back for one moment... Bitcoin is a solution looking for a problem.
We complain our economy is getting away from those without higher education and/or tech skills and then we say "let's put our financial livelihood into a system most people can never ever understand." The government should be doing more to help regulate shady banking, not encourage it.
And as much as some people think the government is going to collapse and we'll all be stuck with worthless dollars, is trusting your money to an unaccountable system the answer? There is a reason stocks are regulated. There is a reason bank deposits are insured. And people smart enough v to create something so complex as bitcoin just expect people to trust them it can't be hacked?
You're telling me you absolutely trust random programmers somewhere in the black hole if the internet with no protection more than the United States government?
Let's step back for one moment... Bitcoin is a solution looking for a problem.
We complain our economy is getting away from those without higher education and/or tech skills and then we say "let's put our financial livelihood into a system most people can never ever understand." The government should be doing more to help regulate shady banking, not encourage it.
And as much as some people think the government is going to collapse and we'll all be stuck with worthless dollars, is trusting your money to an unaccountable system the answer? There is a reason stocks are regulated. There is a reason bank deposits are insured. And people smart enough v to create something so complex as bitcoin just expect people to trust them it can't be hacked?
You're telling me you absolutely trust random programmers somewhere in the black hole if the internet with no protection more than the United States government?
Your buddy isn't very smart. You should always double check if you have the right address.
And who is putting their financial livelihood into these coins? You should never investing if you can't afford to lose the money.
If your keep your coins in a offline wallet there is no way it could be hacked.
First, not understanding a complex system doesn't make someone "not very smart". If the system is that complex maybe it's proof it's not a good sydtem for the masses.
If I write a 50k check for a house downpayment and send it to the wrong account I can get it back. With Bitcoin I cannot. Why would any normal person want that system? One small mistake or oversight and they're screwed? Is that what you want? Do you think that's a better system than we have now?
Second, you didn't address my concerns. Is bitcoin a currency or an investment? If it's currency then clearly it's a bubble. It has hyper-deflation that would send any country to the brink of financial chaos. If it's an investment I don't trust it without regulations that protect average people. Why should be invest in something with no intrensic value?
It's absolutely 100% an investment at this point, and probably a short-term one at that. Crypto no longer shares any realistic characteristics with currencies for reasons you've already mentioned.
Think of bitcoin more as cash than as a check. If you sent $50k in cash to the wrong address you'd not get it back either.
Why would I ever deal in $50k cash with no protections?
And even so, I'd know where I sent it, not some random number on a screen.
That's what bitcoin and other cryptocurrencies are. As stated earlier, they circumvent the banking system and you lose all the protections that you are used to that come from the banking system.
As for the second part, if you ever wire money, you are sending money to some random number on a screen.
The best reason is to launder money into a cleaner income stream (of course I'm not entirely convinced that some of these "currencies" are anything more than a socially engineered money laundering scheme).
All you do is copy and paste the address, Idk how you mess that up.
I'm in for investing and trying creating more than 1 income source.. However I'm not invest for the long term because of the government regulations that could be coming someday. I don't believe most of these coins will be around in 2020.
I do believe the concept of cryptocurrncy is here to stay and will be more widely adapted in the future.
I had someone type in the wrong CC address on a screen one time, and it sent about 100 transactions to a limo company in NYC. He never got that back.
