3 fatal flaws with digital crypto currencies in their present form....

You fucking tards and your hack nonsense.

Hacks will be impossible on the right platforms. Distributed exchanges can't be hacked. Centralization is a flaw by design. It's running out of track. Game set and match for Alphabet agencies and Banksters.

If you are not in crypto you will lose your wealth.

I am genuinely disturbed by this - not Electroneum or Bitcoin per se -- but the whole idea. Crypto itself.

It's a way to destroy capitalism by capitalism.

Take people's real wealth and convert it into a virtual holder of wealth... ready for this? What happens if all the exchanges died one day by way of an EMP or power surge at their servers?

The way to convert that virtual wealth goes away instantly, making it useless.

If I was a hard core communist who wanted to destroy capitalism, I couldn't design a better way to corrupt and ultimately destroy the system.

What happens when ALL the currency is crypto?
What happens if someone destroys the ways to convert to real world value?
It takes away the system itself.

The freakin' Soviets couldn't design something more surreptitous.

Which makes me wonder if they did.

What better way to institute globalism and a one world currency by ending the old poly-fiat system by reset?
What better way to do that by getting all the major players to buy into the crypto system and then when they're over-leveraged -- as they most certainly will become because it's a pure capitalist venture without controls on virtual value growth -- you pull the plug,

Heads up, folks: Unless you're a communist and you like your money, run away from this and all other crypto no matter who says what.

It's freaking evil....

Here's an example how:

Ok... So the US, China, EU, UK, Russia and everyone else has fiat currency.. they ALSO have Strategic Reserves.

Let's say I'm a communist baddie who wants to destroy capitalism. It would be nice if I could push a button and make all the Gold in the world disappear, because if it does then there's nothing backing sovereign nations abilities to pay debt or print money or whatnot.

I can't push a button to make all the Gold disappear, so I try by using the instruments in the system to try and break the financial system. I try by over-leveraging the stock market but a) the US figures this out so puts in controls and b) not enough people have skin in the game to actually destroy the whole system by crash ie. 1929... the Dot-com bubble.

WHAT IF someone CREATES something that acts like it could be a Strategic Reserve Currency but, unlike Gold, could be taken away instantly?

WHAT IF in making it, let's call it BITCOIN, but it could be whatever... more and more people, and companies & corporations and finally govenments begin to ascribe it value. It takes decades but nations start to take out large strategic postions in the BITCOIN... ie. The US has x and x much of Gold, and Silver and say 5% BITCOIN -- not locally of course, it's virtual on a computer somewhere. Then all the countries start to also add Bitcoin to their Strategic reserves... REMEMBERING that all it is is a HOLDER OF WEALTH... Real dollars that were converted into virtual wealth...Now...

One day, someone attacks and erases the numerous physical servers where the EXCHANGES, not the Bitcoin, but the EXCHANGES are served from. THE PLACES THAT CONVERT THEM INTO REAL WORLD VALUE... So actually pinpointing who the companies who run the exchanges are; where they physically keep their servers which carry the code which run their exchanges, and attack them.

What happens? Much of the world's strategic reserves goes bye bye in AN INSTEANT... and along with it, the whole system?

But why the whole system? Because of over-leveraging. If 5% of the US's total worth suddenly DISAPPEARED there would be defaults EVERYWHERE, because the US couldn't pay its debts. They keep Gold becuse you cant make gold suddenly evaporate, but crypto? You can.

But it's not just the US, but EVERY OTHER COUNTRY who carried BITCOIN as a Strategic Reserve. Instant defaulting of all debt everywhere. It would be utter chaos and end the economy in a matter of minutes... LITERALY MINUTES. Prompting a need for total reset.

That's why it's terrifying.

I think this is what it's designed to do. It's a method to take one system and replace it with another through the inherent weakness of the system.

In all honesty, the whole Crypto system is a trojan horse to the current financial system. It's a militant commie's/globalist's dream come to life.

Block chain is going to change the way we do a lot of things including money.

Bitcoin is not a long term answer. It simply isn't going to be able to support cheap fast transactions as an everyday currency. It might stick around as more of a savings account though.

Litecoin is better, but still is quiet perfect. You can expect to see litecoin go for around 5k-10k within the next year though.

There be a much better option pop up here in the near future. It won't get adopted right away, but when it does you'll see all the other blockchain/cryptos fade slowly. There will be a bit of snowball effect that will take all the value from the inferior coins until they're basically worth nothing.

All arguments against any of this cryptos are essentially the same arguments against our current fiat currency.

If we lose society, paper money wouldn't matter either. We would go back to trading goods/services. So that argument is null.

Your theory simply won't work. They would have to shut off the entire internet world wide to stop crypto.
Just try and take the internet away and see what happens. There'd be so much blood in the streets you could swim in it.

As soon as the internet is back up everyone's money would be there waiting.

Definitely a good scheme but an idiot like me would lose bad. Lol

I wish I wasn't, but I am.

The thing is the current system is falling for this trap. They're falling right into the hands of whoever designed this thing by taking advantage of the greed inherent in the capitalist system.

Someone needs to take a long look at WHO designed this and WHY and really make sure that it is illegal to use crypto as a strategic reserve ever. If it ever does then you can guarentee what happened with Mt. Gox and all those other Exchanges that disappeared will happen on a global scale on some nondescript day, just like 9/11 did.

Only this time it will actually work in destroying the financial system and most western democracies with it.

Someone needs to call the FBI (the good part of it) over this. It's a clear and present danger to the United States, and every other nation on earth as presently constituted.

Its pretty funny seeing people post their opinion when they literally have no idea how blockchain works.

You didn't read what I said. You don't need to take out the internet. It's not the BITCOIN you attack.. you attack the EXCHANGES. The actual servers which run the Exchanges.

There are a finite number of Exchanges that convert the coins into real world fiat. Right now its Coinbase and Crytowhater and other ones.

If crypto is ever made into strategic reserve currency instruments, it'll be these and other Exchanges who have real actual servers which run their Exchanges.

You literally only need to attack these specific servers and break them. This is literally possible TODAY.

You don't need to destroy the internet to make my example work, just the Excahnges.

It's a Trojan Horse.

I bet you can't explain it to us

Maybe you should research the subject a bit more.

I'll say it simply one more time to make it clear why this is dangerous:

You allow the planet to put even 5% of it's total economic value into something like this, and then are able to erase it in a moment, you have the power to break the financial system because it's built on debt, and you pay debt with the backing of your strategic reserves.

Your money has value.

You put your money in Bitcoin.

Bitcoin holds value.

Exchanges allow you to take the value and convert it back into real world money.

There are a finite number of exchanges.

You make the exchanges disappear and you remove the ability to turn your Coin into real money... this includes governements who are overleveraged.

This takes your real wealth and makes it completely worthless.

In an instant.

I would, but obviously you don't want to understand, otherwise you'd take the time to research it yourself.

Again, for those who don't get this, I'll use this example.

Right now, if Coinbase and every other Exchange, in 15 minutes, had their servers blow up, what happens to your Coin's VALUE?

Not the coin itself...but it's VALUE?

Now, extrapolate this idea to if whole governments had large strategic positions of crypto... and then one day it all disappears because of a strategic attack on physical servers which cary the Exchanges.

What happens to their Coin's VALUE?

Easy: It becomes instantly worthless.

Checkmate.

Ergo: Crypto is a freaking trap set for the entire capitalist system. Run away.

It's amazing the amount of posters that spout off claiming to be "experts" in all things finance. "Nothing new under the sun", they say. Bitcoin is a new paradigm. Something the world has never seen.

If they just did a tiny bit of research, they would know that the FBI and US government legitimized bitcoin when they sold seized coins back to the public.

[link to fortune.com]

op is a fucking retard to use arguments such as that if one exchange is hacked, then so are all of them.

op is a retard to compare it to a ponzi scheme.

oh wait this site is full of tards.

op is a fucking retard to use arguments such as that if one exchange is hacked, then so are all of them.

op is a retard to compare it to a ponzi scheme.

oh wait this site is full of tards.

thats what this weeks episode of Mr Robot is about! taking down Ecoin in the show in the real world its Bitcoin!

Thread: MR Robot S3 EP09 SPOILERS

All that has to happen is a crisis so bad that Martial Law is declared. If you don't have supplies, you're outta luck and everything will be shut down. Anything you have to barter is only worth what someone will trade you for it. So you could trade a 20 dollar bill for a can of beans one week but the next week that person doesn't want your cash, they want your flour. The followiing week that same can of beans might get a gold wedding ring. The week after that? THINGS are going to become scarce in a hurry. Cash isn't backed by anything anymore. Yep, that ship has sailed. It will be accepted for barter but not for long. Bitcoin? Yes, it will be a joke ....along with the dollar. People seem to think that Bitcoin is out of the government's grasp. It isn't. How naive. They want everything connected within THEIR system. Sure, bitcoin could become the world's currency. But it will be replaced with a chip that holds all your data and money credits. Because that's how they roll. God wins in the end.

Heavens sake some of you people really do need to learn a lot more, not ust about cryptocurrency but outside of that too.

Cryptocurrency is not big enough to bring the financial system down. There was a story published in the last few days saying its not bitcoin thats the ticking time bomb its the EURO.

The biggest threat to the financial system is itself.

You can "explain" this to me until you are blue in the face.

You can insult me.

I am non-tech.

I will not do this.

This is the truth:

if the non-tech do not take the bait, poof go the "value" of your "coins."

Either you're not following what I'm saying or deliberately being obtuse because you a) don't like the fact that it is a house of cards since you're in the house or b) have always realized this is a trap for capitalism in general and you're in on it.

The EURO has value.

The Bitcoin has value.

I can't take away the value of the EURO by blowing up 50 computers or so, but I can take away your Bitcoin's value by targeting the 50 computers of the EXCHANGES which CONVERT BITCOIN INTO REAL WORLD MONEY.

NO EXCHANGES = NO WAY TO MAKE YOUR COIN INTO SOMETHING ELSE.

Which, if this happens, means your Coin and everyone else's Coin is WORTHLESS.

No need to blow up the internet.
No need to take down large systems.
All it takes is blowing up a finite number of servers which carry the Exchanges.

Get it?

Werent you asking about mining?

Keep watching that purchasing power shrink, buddy. Can't say we didn't try. God speed!

Blah blah silver and gold and bartering in such a situation is a dream. There will be no order and no cops to protect you. If you have food and water never mind gold or silver it will be taken from you by force.

No, you're clueless and clearly don't get it yourself.

So I guess it's b) for you, huh?

Thanks for letting us know where you stand.

Use your haed.. Power out,lol,
stupid people don't secure their holdings and you think it was hacked?? 100,000 dolars in bitcoin in a 500 hundred dollar computer..Idiot.
hardware wallets... Bank in your pocket.. YOU know NOthing..

False on all three counts.

1. They are currently THE most tangible form wealth/currency since they cannot be counterfeited, duplicated, are infallibly secure, nearly infinitely divisible, and can actually be utilized in a modern economy unlike gold or silver which is impossible to utilize electronically or even he accurate change for in a face to fac daily transaction.

2. In another 7-10 years ALL “precious” metals will be rendered nearly worthless save for their industrial applications once asteroid mining begins in earnest and there is a limitless supply of easily obtained and cheap gold, silver, platinum, etc.

3. What could POSSIBLY be more portable or concealable than having the ability to store BILLIONS of “dollars” worth of wealth on a micro as chip half the size of your little fingernail? No banks, exchanges, markets, vaults, safes, or even abriefcase necessary. You can’t do that with cash, gemstones, metals, or securities of any kind.

4. Buy a cheap $29 stainless steel mesh wallet designed to protect against NFC fields and now you hav them in a faraday cage making them secure even from an EMP attack. Name ONE thing on earth that could possibly be more transportable or concealable?? Have fun lugging your gold dabloons around and paying $1200 for every single thing you buy because nobody has equivalent silver or even a scale to make change for you.

On the bright side, soon you won’t need change since solid gold will be cheaper than plastic is once someone drags Eros 433 back to low earth orbit.

I stand with the fact that when the time comes, people won't have to turn their bitcoin into that imaginary kenyesian fiat you call "REAL WORLD MONEY" that you worship so dearly.

It is distributed across a lot more than "50 computers". Try millions. You really need to stop posting and do a tiny bit of research.