Bitcoin...Cryptocurrency

[systemnt]

Any validity to this?

n/m

SPAM alert

No
Yes
Maybe!

[wes122984]

Blockchain 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.

The 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.

[AtTheWall]

Blockchain 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.

And 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!

[wes122984]

And 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!

same applies to physical gold. yet, its considered a "good/safe" investment

[AtTheWall]

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.

[Shane]

The 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.

True, 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.

[AtTheWall]

same applies to physical gold. yet, its considered a "good/safe" investment

Yes and you can hold it for value, insured within a credited financial institution, WHICH has Guaranteed Insurance against loss of compromise backed by the holding institution.

[wes122984]

True, 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

[Shane]

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

Yep. Anything that can go up really fast can go away really fast too. As long as buyers understand that going in, it's cool. Typically with fast money bubbles like this, average Joe starts jumping in without fully understanding the risks. It'll happen with cryptos too. Never fails. Average Joe usually gets killed.

[Chew]

Can 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"?

[Hank Hill]

Can 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"?

The same way a brick of gold in a vault can increase or decrease in value

[AtTheWall]

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 CyberSecurities

[JANSLEY817]

Can 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"?

So Im not 100% sure on this, but I think Im right. A "cyber" wallet is just a place where your key code is stored. That key is your bit coin. You can store it online, or you can slide it to some other type of storage.
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.

[Chew]

The same way a brick of gold in a vault can increase or decrease in value

I meant the physical process of getting out of coinbase or some other wallet and holding on to it without it being "online". How do you actually possess proof of ownership.

[PondPopper]

"Easy come, easy go"..

"If it soilunds to good to be true it usually always is"..

These two saying have held true my entire life....
I hope I'm wrong because I have friends who have went all in.....
If this thing crashes the suicide rate will sky rocket..