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Author Topic: Will cryptocurrencies like Bitcoin ever gain mass adoption?  (Read 36094 times)


Online reinerh

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #376 on: September 11, 2019, 03:03:57 PM »
https://medium.com/datadriveninvestor/the-biggest-misconception-about-bitcoin-7c3a71514752

very good article, what is money, one has to wrap his mind around this.

since fiat or all moneys can fail and have in history.

Offline Eliza Abrams

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #377 on: September 17, 2019, 03:01:11 PM »
The French cyber police has intercepted and neutralized a Monero minimum virus that has infected over 850 000 Windows operating PCs in some 100 countries, but more predominantly in Central and South America.

The French authorities had acted on a signal that a server based in Paris is distributing a virus called Retadup, BBC reports.

The botnet, which was run from France, is estimated to have made millions of euro since 2016. The people behind it however are still at large.


Offline drunkfx

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #378 on: Yesterday at 08:29:37 PM »
https://medium.com/datadriveninvestor/the-biggest-misconception-about-bitcoin-7c3a71514752

very good article, what is money, one has to wrap his mind around this.

since fiat or all moneys can fail and have in history.

The arguments are valid but who cares. After all it depends on governments approval and they are not likely to change state money paradigm to something else.

Online Humble Trader's Fx

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #379 on: Yesterday at 09:06:28 PM »
https://medium.com/datadriveninvestor/the-biggest-misconception-about-bitcoin-7c3a71514752

very good article, what is money, one has to wrap his mind around this.

since fiat or all moneys can fail and have in history.

The arguments are valid but who cares. After all it depends on governments approval and they are not likely to change state money paradigm to something else.

One very important point which is not covered in this article is the importance of “central authority “.
From the earliest times, there has always existed a guarantor. Someone who can be the “ insurance” that the currency is ensured of its legitimacy. There are many “stores of value”, which we use throughout time, let alone fiat currencies. Gold, precious diamonds, famous artwork, and many types of collectibles, in each case, participants agree on the authority of some agency, whether it be an art specialist, gemologist, etc. In each case, such specialist always defines value by a number (X$) based on the highest “authority” of the land. When nations agreed to move away from gold into dollars, it was because the most powerful central authority at the time, the US  could guarantee ( insure  ) the note. With so many crypto’s being developed by anyone with a computer, who guarantees anything? The author claims that BTC is secure and about its distributive properties and all that jazz, but he fails to explain what the exact security is. We know that dozens of hackers have had many successes hacking millions of BTC and others. The act that it is an electronic dependent transaction, only suggest it is as good at the next programmer comes up with a way to fool the system, or a faster computer system, which will drain massive amounts of cryptos before anyone in the distributive ledger system notices the scam. Already there is talk about the blockchain system not being as what it is cracked up to be and that with the right type of technology, it can be defeated.

Today, even if there was an agreement to move away from gold to fiat currency, with insurance by a central authority, countries still store physical gold as a means of self-insurance. Given all this “In God we trust, in dollars we trade, but in gold we preserve!”, who will ensure any crypto to the extent where no central authority exists anywhere to guarantee its legitimacy? Oh, yes, they are getting around to it sooner, later or until the next alternative currency fad. I heard grains of Martian soil will soon be on its way, any investors, no BTCs, please! :)

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HumbleTrader
« Last Edit: Today at 02:23:56 AM by Humble Trader's Fx »
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Online oportunis

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #380 on: Today at 07:42:26 AM »
The article explains why there is no need for central authority and why this is the best. You cannot hack the blockchain itself and steal BTC, you can hack someones wallet only and send them to yours. Hackers work is same as modern robbers steal from your credit card. They insert a chip in ATM copy it and than monitor how you enter your PIN code and than they can steal fiat from you. So saying BTC can be hacked is not true. Wallets can, but so can your debit/credit card. If they target you they can steal all your money from bank if you use online banking...

 

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