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Originally posted by Shane View PostBlockchain technology is legit, from what I've been reading - especially for lots of other applications besides crypocurrency. But the access points (exchanges) are still vulnerable to hacking, crashes, etc... From what I've read, Coinbase and the like are the highest risk places to keep your cryptocurrency. Web-based sites and apps are very vulnerable to hacking. The blockchain can have a record of your holdings, but as soon as somebody steals your keys and moves your stuff to another account, the blockchain locks that in too. You have zero recourse. The only way to get it back is if the person who took it decided to give it back to you.
Keeping your records on a thumb drive that's not connected to the internet or even making a paper copy and keeping that somewhere safe seems to be the only way to truly protect yourself from theft or some other form of cyber-loss.
Tons of risk in this stuff. All kinds of different risks.
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Originally posted by Shane View PostBlockchain technology is legit, from what I've been reading - especially for lots of other applications besides crypocurrency. But the access points (exchanges) are still vulnerable to hacking, crashes, etc... From what I've read, Coinbase and the like are the highest risk places to keep your cryptocurrency. Web-based sites and apps are very vulnerable to hacking. The blockchain can have a record of your holdings, but as soon as somebody steals your keys and moves your stuff to another account, the blockchain locks that in too. You have zero recourse. The only way to get it back is if the person who took it decided to give it back to you.
Keeping your records on a thumb drive that's not connected to the internet or even making a paper copy and keeping that somewhere safe seems to be the only way to truly protect yourself from theft or some other form of cyber-loss.
Tons of risk in this stuff. All kinds of different risks.
You can't call the FRAUD DIVISION of BITCOIN and report a FRAUD CASE because - there isn't any guarantee.
Every man for them self......and if you get whacked - you are SOL!
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Originally posted by AtTheWall View PostAnd considering the average Joe, can't keep track of half of the password and access points now to connection points on the Cyberweb, add another layer of complexity.
You can't call the FRAUD DIVISION of BITCOIN and report a FRAUD CASE because - there isn't any guarantee.
Every man for them self......and if you get whacked - you are SOL!
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Blockchain technology will be used with State and Government backed Treasuries and this technology will become GEO-Financially viable.
As I mentioned....Bitcoin roots have been nested deeply within CyberCriminal networks. It fuels those who make a living at Exploiting those on the Interweb - with no checks and or balances for criminal transactions.
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Originally posted by wes122984 View PostThe same applies to bank accounts, stock brokers etc. The exact same hacking techniques are typically used to steal funds. (phishing, social engineering etc). Like I've said, your security is up to you. Paper wallets, hardware wallets etc are all good security measures. As well as 2FA, ip whitelisting etc for exchanges.
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Originally posted by wes122984 View Postsame applies to physical gold. yet, its considered a "good/safe" investment
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Originally posted by Shane View PostTrue, but there are many more safeguards with all the other stuff. I'm not slamming bitcoin. But it is definitely a "wild west" every man for himself deal, and the adds more risk.
True indeed. When it gets to the point it’s super easy to use , super safe, widely accepted etc... that’s when it will be too late . Even being 9 years in its still in its infant stages. It’s the internet of the 90’s.
Sent from my iPhone using Tapatalk
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Originally posted by wes122984 View PostTrue indeed. When it gets to the point it’s super easy to use , super safe, widely accepted etc... that’s when it will be too late . Even being 9 years in its still in its infant stages. It’s the internet of the 90’s.
Sent from my iPhone using Tapatalk
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Or a STOCK - which is DIGITAL on NASDAQ as an example.
No paper - market driven, supply and demand. Online access point only to buy or sell.
In a past life, I managed a .com infrastructure in Austin Texas for a company called CyberCorp.com. Charles Schwab acquired the firm...named it CyberTrader.com.
NASDAQ - day trading firm - 14.95 per trade execution, averaged 80,000 trades per day - BITCOIN in a sense, the precursor of what is tying this entire concept together in a sense.
I don't know squat about CyberSecuritiesLast edited by AtTheWall; 11-30-2017, 12:47 PM.
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Originally posted by Chew View PostCan someone explain the flashdrive/paper wallet concept? How can your bitcoin grow or even be in play if it's not in a cyber "wallet"?
As far as being "in play," its not like stock where your money is being used to fund something. Think of it more like a putt putt token you are buying. You bought that token today for .50 but in a week the value of that coin can go up or down.
Like I said Im not sure I am right, but this is how I understand it.
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Originally posted by Hank Hill View PostThe same way a brick of gold in a vault can increase or decrease in value
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