Anyone who follows my blog will know that I wrote an in-depth post on Bitconnect some time ago.
My main point in this post was nothing to do with usual accusations of whether or not it was a pyramid/ponzi scheme, but to do with the fact that it was the first crypto-currency to properly invest in professional and stylish promotional videos. What particularly bothered me about these promotional music videos was that they were aimed at young people who were of college age. Between 18 to 24. In my view this was a turning point in the crypto-space and a rather dangerous one.
Those who have been involved in crypto-currency, for any certain amount of time, will have accepted the fact that the crypto-space is pretty much the wild west. Prices can fall and rise like a roller coaster and therefore it is not a game for the faint of heart and it is wise to gamble money you cannot afford to lose. Fair enough, but when you deliberately go out and represent yourself as a new type of future crypto-style bank that can, and will, change your life, then, in my eyes, this was crossing a moral boundary. And as such, if Bitconnect crashed, I believed it could have a huge detrimental affect on the confidence/belief on the crypto-market space. Many disagreed with me on this saying that "the share value of Bitconnect was only small compared to the market as a whole", and that "there had already been many such scams that had crashed" and they not had any affect on the market at all. Although this was true, it seems that my meaning was misunderstood. I felt that this time things would be different due to the moral issue.
You see, truth will always be more powerful than cleverness because truth penetrates all our defenses and thus has a strong reaction on our emotions.
When a share price falls we are disappointed. When we are swindled we become angry. But if our children are hurt, then we become outraged and want action to be taken against those who hurt them.
Hundreds of thousands of college students had invested in Bitconnect and now most of them have lost all their savings. How many of these students invested without their parents knowing is not known but I can imagine the enormous impact this must have had on families. Many, who appeared not to have not a sympathetic bone in their body, commented; "it was their own fault because they agreed to the risk when they invested in Bitconnect". I did notice that most of those saying this did not have children themselves so perhaps it was difficult to empathise. My point here is that, by making these videos specifically aimed at the young and impressionable, Bitconnect crossed a moral line. They were making false promises and painting a bright picture that just could not be fulfilled. If they knew this then it reveals a distinct lack of any human decency.
Do we want this?
Should we accept this?
And what of the numerous Crypto-Vlogers out there giving their "educated opinion" - "but by the way, this is not financial advice and do you own research". Come on, you cant promote yourself with your "educated opinion" and then say: "do your own research". IS that not why we are watching you, because you did the research for us? Why then should I listen to you at all? Why not show some guts and stand by what you preach? And then when Bitconnect crashed many smugly enjoyed saying: "I told you so" - but at the same time: "this is not financial advice"
It is one thing to say that the crypto-space is the "wild west", but does that mean that we should accept that dishonesty is then normal?
Even in the towns of the old wild west there was a sheriff, a jail and a church.
On one hand, when a new alt coin is being launched (an ICO) they make all sorts of promises in order to entice you to invest in them. And then at the same time they say: "Oh and by the way, you can lose of all your money and there will be nothing you can do about it".
How hypocritical can you be?
Such hypocrisy can only be tolerated for so long and that length is determined by how long the fury of greed can be sustained. Only, truth and integrity stand the test of time.
Truth be known, such styled promotional advertising campaigns, as what Bitconnect made, are no different than what high street banks make all the time - promising a secure economic future to the new generations. These also cross a moral boundary. Anyone who calls Bitconnect a ponzi scheme must also understand that all economies are basically a ponzi scheme. The only difference with fiat currencies is that they are backed by Governments and Governments can (if they wish) bail out any financial crises if and when things go wrong.
Governments bail out the banks by simply borrowing or printing more money and hand it over to the banks as a low interest loan. It is the tax payer that ends up paying back this loan over many generations. All this slowly devalues the currency in a process known as inflation. When Lehman Brothers crashed in 2008 it ended up bringing down the whole fiat Ponzi scheme and it only happened because the US Government refused to bail Lehman Brothers out. Letting it "fail" lead to a chain reaction that almost brought down entire worlds economy. In the end the Government bailed out the big banks by borrowing from the Federal Bank (which is a private bank) of which tax payers will all be paying back for decades to come. However, in crypto-land, there is no Government to bail out any currency if it "fails". But make no mistake, the fall of Bitconnect and the fall of Lehman Brothers are both equal in their lack of any moral backbone or integrity. And don't expect to find any moral code from any bank either.
The fall of Lehman brothers and the financial crash was so huge that it was bound to cause hysterical and historical consequences. Some of which would be unforeseeable. But when the radioactive dust from the financial atomic bomb had settled the overwhelming conclusion was that we should never allow such a thing to ever happen again. But we all know it will.
One of the unforeseeable consequences was the creation of Bitcoin
Bitcoin grew fast for one reason only, because people no longer trusted the banks. Early adopters of Bitcoin were not in it to become rich but as a way of protesting against the corrupt financial system.
Money and corruption go hand in hand. As stories of people becoming rich from Bitcoin began to be reported in the media, it began to attracted a new type of investor. What I call "the anarchy investor." As with any wagon that carries a band that plays a new tune it will always attract followers. And so began the creation of the first alternative crypto-currencies such as Litecoin and Ethereum. Today we have come to the point where we new alt coins coming out almost on a daily bases. From my perspective, the motivation for crypto-currency is no longer about protesting against a corrupt financial system but about getting rich quick.
We have all forgotten why we are all here and become blinded by the primal motivation of greed.
Greed and fear has always been the driving force of money markets, that is not new, but it seems that we conveniently forget that greed is also the primary cause of crashes too. And so now we have come to the point where the crypto-market is falling as fast as the Twin Towers. It is not only because of Bitconnect of course.
Greed always kills the goose that laid the golden egg.
We all know that the official main-stream view of Bitcoin and alt-coins is that it is mainly for criminal use. Money laundering, swindling, scams and gangster activity is the base of Bitcoin. Although in recent years this view has become somewhat watered down, it cannot be denied that there is indeed a criminal aspect involved in the crypto-underworld. Just a note here: Anyone who ever tells me that banks do not do such things I usually answer that with one word: "HSBC", and that usually silences them. The monumental disgusting crime of money laundering for the Mexican drug Cartels was punished with a fine that cost the HSBC bank only one month of profits. Not a single bank executive went to jail. In the mean time 180,000 people a year are sent to prison for dealing or found in possession of drugs. Can anyone deny that this has sent a signal to the banks that they are now above the law?
Crypto-currency will NOT be protected like this because it is not protected by the Governments. Criminals, and bank executives, appear to have no morals whatsoever with greed being their primary motivation. Thus, as the price of crypto-currencies has risen, so has the number of scammers and black-hat hackers. Therefore the number one threat to crypto-currency has now become about online security.
It is now open season for scammers and black-hat hackers who are mercilessly stealing, blackmailing or hjacking every valuable crypto-coin they can get their hands on. At one time it was the big corporations who only needed to worry, then the crypto-exchanges became in the line of fire, but now it is ordinary people who are being targeted. And as we know, "ordinary decent folk" generally have a poor idea of online security.
This is a potential game changer in the crypto-space.
For if this escalates it will eventually bring the entire crypto-space for good. Ever since I got hacked myself I have not invested a single cent in crypto-currencies. I learned the hard way just how vulnerable I was to the power of the hacker. I spent many days with a nephew of mine who is a "hobby hacker" and he informed me that if a hacker targets you then there is pretty much nothing you can do. He advised me to hold off on investing until security has improved.
And so it has come to the stage where we are all living in a ticking time bomb waiting to explode.
As more people get their crypto stolen, and then tell others, what do you think with happen? -
No new money will come in and the market will become stagnant leading to the price to gradually fall. And so one of the most valuable resources the criminal world has ever seen and used gets destroyed by the very activity of the criminals themselves. The classic story of greed killing the goose that laid the golden egg.
I recently saw on Twitter that President Trump was set to have a meeting with all of the top banks of the world. Guess what was the number one issue on the agenda was? Hacking. We have come to the point where none of us are safe online and I believe this is going to serious detrimental consequences in the near future if it is not sorted out. We are all being held to ransom by those who are clever with code but who seem to have no moral code.
So is the Crypto-space heading for financial collapse?
I don't believe so, however I wonder if we are heading for a stagnant period. As I said, I refuse to invest any of my money into crypto until security is improved. The fall of Bitconnect and the recent enormous hack of NEM has taught us some hard lessons and it will take some time for it all to sink in. But out of the ashes of every fire rises a phoenix. And the phoenix bird has wings that can sour above the bullshit because now we have all learned what bullshit is and what it looks like. And after the ash has settled and the air is again clear, we will pick ourselves up and start again with wiser heads and more careful hands.
But we will need stronger locks and better keys if we are to place our trust and hard earned money into a vehicle that can be easily stolen.
Once cars were very easy to steal and so it was a lucrative business for crime. Car theft has fallen dramatically in recent years due to GPS and other technology making it very difficult and impractical for the car thief. It has become easier just to steal the money and buy the car legitimately instead. This is what needs to happen in the crypto space. But I do see such things happening on the horizon. Recently IOTA announced they will be soon releasing a new wallet that is not only more user friendly but that they have worked relentlessly on improving security and would not release it until after extensive testing.
I have also noticed that all knew trading platforms are insisting on 2 factor authentication. This is an improvement but it is still not yet good enough. The infamous net security legend John McAfee recently had his phone hacked. People laughed but it was not funny because it was not his actual phone that got hacked but the phone company that hosted his phone. Hackers got in to the phone company, found his phone number, and format here diverted all his calls to another phone that they owned. What could McAffe have done about that?
If a security expert is not safe then who is?
So what is the answer?
It seems to me that in order for Crypto-currencies to survive there needs to be some protective regulation. I cannot believe I am saying this because I know full well that Government themselves are rife with corruption. But what is the alternative, mob rule under the hands of hackers and scammers?
With regulation can come insurance. If a hacker steals your money from your bank account then the bank claims insurance. This is because a bank has official status. If crypto-currency had officially status then you could also insure your crypto. This is why I recently wrote why I believe that this could drive crypto-currencies into the arms of the banks - who could offer "crypto-vault" services offering full "hacker-insurance" cover. A view point I was also laughed at about.
Online security has always been an issue because the web was never designed for be secure from the beginning and thus it is a constant battle against those who want to steal from you or to spy on you. All of us live in this fake safety bubble hoping that the hacker/scammer or Government agency will not target us. But a bubble is about as secure as vault made of paper.
As for investing in crypto-currencies…this is my two cents worth...
After checking how good the security is,I would only invest in those that have a practical use or fulfil a genuine need.
To explain what I mean, I will just inform those who do not already know, that Putin is exploring in the idea of creating his own official Russian crypto-currency - a kind of "Crypto-Ruble." Norway is also looking into making an "e-coin".
When Governments begin making their own crypto-currencies main stream populations will not hesitate to use them because they know they will be "official" and thus insurable We also know that when one country does something then other countries tend to follow. And if this happens, where will this leave all the hundreds of crypto-currencies? If Bitcoin i not careful. it will gradually lose its status because it is being divided so many times. At some point it will no longer be clear which was/is the true Bitcoin. This will inevitable push people to look in more detail at Alt-coins. Some say DASH is a good alternative because it plans to rival PayPal. Dash does have good technology behind it, however I am skeptical. What is to stop PayPaL creating its own crypto-token. Just recently Kodak has just launched its own crypto-currency.
And so I ask myself a serious question: What would/could survive if Governments created their own "official" crypto-currencies?
Well let´s look at Steem. You may or may not know that the Steem blockchain is actually one of the most advanced block-chains out there. Therfore it will stand the test of time technically. It also has a practical use in that members can reward bloggers for posts. It has already created its own ecosystem and this ecosystem will only become stronger as more members join and value the steem token is accepted.
The steem token itself can also be used in other platforms, for example - DTUBE. As time goes by, I believe the steem token will be viewed as, and function as, a kind of share certificate - (like a stock-market share) Imagine if members had bought shares in FaceBook when it first came out - well they would all be fabulously rich now. The value of Steemit as a platform that cannot be altered or censored will also grow thus adding to its importance. Thus, logic dictates that Steemit will not only survive but thrive. Steemit´s position in the list of crypto-currencies has gradually fallen as newer crypto-currencies have taken the lime light, but don't be surprised if you see Steem begin to creep up slowly but surely. Steem is a strong and steady tortoise. It may not win the race but it will certainly be in the top ten. Only Steemit could destroy Steemit.
IOTA is making friends, and very important ones, all over the place, with them recently being in talks with TESLA.
IOTA is not just another crypto-token but it actually fills a need that will be vital in the very near future. As robots begin to dominate, there will be a need for a form of Ai currency. IOTA also helps with improving security of IoT ; the "Internet of things." making it more difficult for hackers to infiltrate the system. In fact, the "Tangle" (rather than the block-chain) solves one vital problem pertaining to all web based technology vulnerable to hackers. DDOS attacks. The Tangle works in such a way that the more people are on there the more faster and more secure the network becomes. Thus eliminating DDOS attacks.
As well as this, IOTA is now in talks with the Norwegian Government (something I predicted would happen over a year ago. IOTA was created by a Norwegian citizen) If the Norwegian Government decide to partner with IOTA , and I see no reason why they should not, then it would give IOTA "official status". With official status comes added security and higher value.
In psychiatry circles, the Roman emperor Markus Aurelias is known as "the godfather of psychology". In his book "Meditations" He writes: For each particular thing look for governing principles. Ask; what is it in itself? What is its nature? What needs does it serve? This is what I do with every old and new crypto-token that it out there in the crypto-space. And if I cannot find a satisfying answer then I will not invest in it.
Hope this blog was helpful.
The crypto-market certainly looks shaky at the moment but as wit all new innovations there are periods of uncertainty and of problem solving. Security is certainly a problem that needs solving.
Welcome back my friend @arthuradamson with a blockbuster blog indeed. I wanted to talk about BCC in detail with you but I think you're busy with some some other assignments in your life, so you're not giving time at steemit for a while. Anyways I pray for you, for your family and if there is an issue regarding your life too. I wish a very happy and healthy life for you.
In September, 2017 when I regularly started work on steemit at that time I had zero knowledge about cryptos. Even I had nothing in my wallet of steem. Slowly, I started learning the science of steem / cryptos and now I'm aware of maximum things and credit goes to you my friend @arthuradamson, I have learnt various things from your blogs and also got unconditional support all the time. You always welcome your followers irrespective of their position. And for that I SALUTE you.
Regarding BCC I was not confirm about the facts but when I read your blogs regarding BCC, my concepts were cleared. Your 100% predictions after getting research of weeks are true now:
While reading your current blog I'm so happy that something is developing for stoppage of cyber crime (Of course it would not be 100%) like hacking etc. In this regard you shared :
"Internet of things." making it more difficult for hackers to infiltrate the system. In fact, the "Tangle" (rather than the block-chain) solves one vital problem pertaining to all web based technology vulnerable to hackers. DDOS attacks. The Tangle works in such a way that the more people are on there the more faster and more secure the network becomes. Thus eliminating DDOS attacks. I'm not much aware of these terms but i assume this is a great thing for all of us and now HACKERS should be come with some more advanced technology to get their objectives.
I love the technology behind IOTA too. Can't wait to see this one in real life.
You're indeed an asset of steemit. Your soul is so beautiful that everyone can get some beauty from there. You're one of the few persons who are generous over here. You only understand the language of positivity and peace. So your personality is so sensitive. Lots of love and prayers from my side. All the best and STAY Blessed!
Always a joy for me to read your kind words my good friend.
Yes crypto is changing and evolving all the time and as things happen then coders and programmers respond. It is a kind of evolution of sorts. I became interested in Crytpo-currency because of the corrupt financial system of which I have been fighting for over 25 years.
I saw a way of how Block-chain technology could seriously help stop corruption and poverty. And it really can. What I did NOT see, what I failed to see, was how scammers and hackers would become much more involved than I realised. But OK this is where we are and we have to deal with it.
Whatever is happening today in our world, it is OUR world.
It is our time.
And that means we are all in it together.
I could have been born 200 years ago, you could have been born 300 years ago. But we were not. We are both alive now. Thos who are alive, living on this earth right now, regardless of age, colour, race or religion means that we are sharing our life- time together. In my eyes that makes us all brothers and sisters. This is why I treat everyone the same no matter who they are. No one is below me and no is above me. We are all equals. This the essence of who I am.
I have been a little down recently and needed some time to think. I have been taking some walks in the nature, the forest to help clear my thoughts. But I will always return to Steemit as I always get such good support from all the good and genuine people on here. Such as yourself-
Thank you for your continuing support my good friend.
Stay blessed as always @jawad09
Why are you down, is your health okay? I am worry about it. I know artists are too sensitive and you have a very big reason to think like that. You faced hackers recently and they broke your believe on several things like FB. But this is life and we have to face it.
My friend I am always with you and will. Although my SP is too low but I give you 100% upvote. Please spend time at steemit some real people love you and want your presence here.
GWS @arthuradamson and keep smiling!
Thank you my dear friend. Yes I have been down recently but I am slowly on my way back up now. Recently relatives of mine announced they were getting divorced. I was close to them and it affected me much more than I thought it would. I visited them over the Christmas season and the atmosphere was difficult. I thought they would stay together for life but it seems it is so hard for people to stay in relationships these days.
I thank you dearly for your concern and prayers my good fellow - it helps to know people care.
I am sorry for your problems. Specially for separation of your relatives. They should be stay, life is full of problems but if your personal issues (family) are resolved then your life will proceed smoothly
Welcome Back the Beautiful Soul @arthuradamson after almost two weeks :)
Life is changing day by day so is the case with digital world but one thing is quite sure that future belongs to Steem without any doubt so fully agreed :)
Such a worth reading researched base article you wrote My Great Friend, i loved it's every single word :) :)
Thanks for the information you provided. I am really looking forward to hear from you :)
Thank yo so much for your positive feedback.
To be honest I think I needed to hear such positivity and your words have somewhat lifted me. Yes I have been away and truth be known I have been rather down due to the whole mess the crypto space is in right now. I had to take time to assess the situation and try to figure out where it is all heading but I am coming back to my old self again now.
Thanks again an cheers @salmanbukhari54 much appreciated
There is no doubt past a few days were really painful for the new investors in crypto currencies, nothing went at peak instead went down down and down, i did not feel good after looking at this mess. Authors like you who are always at giving end I really missed in all these days, i visited your wall to check whether i missed your post or what .. but you were away. I am really thankful that you felt the pain of the people who invested and gained nothing but a scam :(
People like you are genuine and selfless who always think about others' welfare, I am so honored that my words uplifted you My Great Friend Arthur <3
Once again my friend you offer too much to ponder in one article...would take multiple sittings to truly answer...however...my job demands over next few months allow me no such luxury...so allow me some unprocessed thoughts...
I invested initially on a lark...thought the concept sounded cool...I saw it as potentially the future based on the way I see the "younger" generation glued to their digital gadgets...and over time its become more fascinating as markets expanded along with many more coins...technologies....and best of all...its worth was exploding!
Personally...once one crosses into the techno world....they are vulnerable...our credit cards...bank accounts...identities...are regularly stolen...the big data base in the cloud probably knows more about me than my best friends....so unless one goes off the grid...I feel I need to do the best I can to be diligent...but....
In terms of the crypto world...no doubt...its anything goes...but those of us who have been around a while...through the multiple boom and bust times...been hustled by a telephone stock broker...a real estate investment or even charitable scam....realizes this risk...is it fair? just? of course not...and perhaps its because I work for myself I have learned risk is part of the equation...and if lucky...the risk of success outweighs the risk of failure...
In terms of crypto investment....some of what has allowed prices to boom is its unbridled unregulated nature...will regulation happen...of course...will it be good??? Yes and no...who knows...can one truly regulate the blockchain?? China is supposedly doing it...probably under the threat of death...is that totally stopping every Chinese citizen from trading crypto?? Probably not...Will government coins suplant the current "private" coins?? Who knows...those of us who invest since we don't believe fiat in the long term will maintain its value...certainly wouldn't jump into government based crypto...and I think a lot of crypto will have real world use and have a value outside of government interference...
So there's no way of knowing where all this leads in my simple mind...its so out of the box...no one can predict...which is what makes it kinda cool to be involved near the beginning...and as far as what I invest in...yes...I try these days to purchase crypto that seems to have possible long term real world use...no one knows for sure...no doubt...the junk will get shaken out over time...and when all is said and done...I don't want all my investments...which will decide how much of a future I have...all tied up in banks....or stock market funds...that in some ways I see as more risky over time...am I nuts?? Perhaps...but...if not...wow...
I guess it was a rather emotional post and when I am emotional I tend to write longer posts but they are at least honest.
Make no mistake, online security will be the biggest issue this coming decade. It is built on a house of cards. In certain areas in cities crime is so high insurance is not available, if insurance companies begin to refuse banks or online shopping then it will lead to some form of financial apocalypse.
Crypto has the potential to change the world but without security it could also destroy it. Nothing lasts if it is built on FUD.
Control over the block chain is virtually impossible I agree, but then if it is deemed as illegal with a prison sentence attached I doubt if many ordinary folks would take the risk to themselves for their families. And as technology advances so will the methods of tracking and detecting. The web is infallible and always will be until the quantum web is invented. In the mean time all we can do is be as diligent as possible and try to balance the risks. What makes me so angry it that I did not fully foresee the threat from hackers and scammers would have on the crytpo-currency. Think about it, if we were all completely safe owning the altcoins then banks would have already been destroyed by now. The only thing that can make crypto grow is main-stream adoption and for the main stream population to get involved they need two things. Security and ease of use. Government crypto-tokens will offer that. Some altcoins will survive but many will vanish or go underground and once again be viewed as criminal.
Thanks for the feedback, always good to hear your thoughts my good fellow.
Always good advice. I see so much crap with inflated market caps in the top 100 even.
One that caught my eye the other day was Denticoin, supposedly a token for the dental industry. Why? Why couldn't any other coin or token be used for the dental industry? The same can be said about potcoin and any of the other specific use coins.
Some might say the same about Steem but it is different. The Steem blockchain already has multiple platforms built on top of it. Dtube, Dsound, Steemit, Utopian, Dmania and there will undoubtedly be more. Even if Steemit was neglected at this point it wouldn't be the end of Steem.
As for the criminals and scammers they have been in the crypto space for a long time. I have had my fair share of run ins with them too. I just don't see them hurting the industry long term although they will probably slow down it's implementation.
In 2 or 3 years I bet the top ten coins will be a lot different then they are today just because there is so much garbage out there. 3 or 4 of the top ten will probably be the same, the rest might not even be stuff that exists yet.
I think Steem has a solid future, it is pretty unique and its infrastructure is outstanding. I recently read that Steemit was the fastest growing website in the US and the more that join the more valuable it becomes.
Dentcoin - that would be somewhat hysterical if it was not so pathetic. I totally agree, many of these altcoins will vanish after all the mad rush to get rich quick settles down.
I hoe you are right about criminals and scammers not hurting the industry, I really do for they are my biggest concern as they are John McAfee and other online security experts. However, I have a feeling that security it about to get better as I think the crypto space understand the problem all too well. White hat coders surely know that crypto is a good thing over all and they need to do something now to fight back if they want it continue.
2 or 3 years in the crypto-space is pretty much count amount to 30 years in the real world - I cant imagine how it will be at that time. - I guess we are all part of a big experiment here and there are bound to be ups and downs. We either hold o tight or get off the ride.
Always good to hear from you my good fellow -as always
Thanks, I am always looking forward to your well thought out posts. I think you are right that the market will come up with solutions to the security problem it will just take some time.
Extremely sensible contention in spite of the fact that I don't know whether I'd thoroughly be out of the amusement due to being hacked. I think I'd buy a hard wallet right? I didn't know Mcaffe's telephone had been hacked that way, fascinating yet risks must be taken. Life is a hazard. I lean more towards no bank or goobermint contribution as they've demonstrated time and time that they themselves are just a crowd administer it could be said over the people groups. Where the appropriate response lies I don't know however I'm willing to have a seat at the table
Government and Bank involvement is not my first choice either - I hate the banks with every breath in my body - and I trust the Government about as much as I trust the hackers, but when the law is on your side then you at least have some weapons at your disposal instead of nothing. Remember, the law can be used against those who create the law. In a world of mob rule only psychopathic gangsters win. Dont expect sympathy or any moral code. They are wolves and we are just sheep- have you ever heard of a sheep killing a wolf? I hope you never get hacked and lose half your life, but if one day you got targeted I suspect your view would change dramatically. Only when you have experienced such a thing yourself can you appreciate the severity of the situation. Taking a risk is one thing but losing your life is another. Hard wallets are also being targeted now. You think these guys wont find a way of getting around that. Did you not hear of the recent case of a guy who had has life savings stolen from a hard wallet. Did you also know that when hackers target you they dont just take your crypto, they take over every account you own. Your email, your Facebook your identity, everything. It takes months to get your life back in order and then every time to go online your hands shake from the fear that they might target you again. It is said that every boxer is confident until they get their jaw broken.
As I said, I will not invest until I feel security has improved.
Thanks for the honest feedback.
Great points of view across the board. We see so much of this the same way.
The whole issue of scammers and hackers are a major roadblock to this industry. Better security is needed for sure, but I think that better education of people entering the market might be even more important. How this happens exactly I'm not sure, but people need reliable information on how to get started.
Sadly the digital world allows for crimes to happen across boarders and makes tracking down these criminals very hard and almost impossible to prosecute.
Exactly! - it this "across borders" that is the problem. For example, I recently read that there is a huge movement of the younger generation to learn hacking skills. Literally millions of teenagers are taking courses and trying out their "hacking skills". I saw one of them on a youtube video were he showed how he hacked into someones Facebook account in the US. He went on to delete the images and posts from this account and changed the password. What shocked me was that this "18" year old kid did not even stop to ask himself if what he was doing was morally right or wrong. in the mean time the poor guy who lost his account was devastated and this hacker kid thought it was funny.
How are we going to deal with countries who seem to have different moral standards to us or believe that it is "OK" to harm someone just because they live in another land. This is why I have come to the conclusion that security is paramount. We can not reply on people to "do the right thing" it seems.
Always good to get your feedback my good friend : )
The hacking is getting out of control with younger kids. They see it as a "no harm" type of activity. It starts out with simple playful stuff that typically is just mean or for fun, but it can quickly turn into something much more serious.
What they don't understand is even the little playful hack is a crime and can ruin their legal options for work down the road if they are caught.
I agree. I have always had reservations about making hacking into a serious crime but after I was hacked I guess I have become somewhat more in favour. It is a difficult issue. O one hand hackers can uncover corruption of governments and banks etc and then on the other hand they can ruin a decent persons life for the sake of it. In some ways I guess the world was more simpler before the web, but the genie is out of the bottle now and we have to deal with it somehow..
BTW, never been hacked but know it sucks. A group of friends of mine all work for a fire department. The records department for their city got hacked and all of the identities of the entire workforce for the city was stolen. They have been trying to clean this up with professional help now for over a year and still aren't done. Each of them has wasted countless hours trying to fix their credit and reclaim their identity.
That is just a terrible story and is sadly a great example of what I am trying to say. Firemen are the good guys, they risk their lives and save lives for the benefit of all of us and then some hacker with no moral value at all does something like that for what? - and yet if that hacker was stuck in a burning building they would surely be grateful for a firemen to save them.
This was a big one as they got 5 years worth of records in one shot covering hundreds of employees. They got in and the city had no clue until it was way to late.
Really starting to think that anyone who has personal information of customers or employees should be required to keep information that isn't required for day to day activities in an air gaped storage. Then this data should only be able to be called up with a human to verify that they are giving it to someone that is allowed to have it.
Yes the costs would increase, but the long term security benefits to your customers would be a big benefit. That benefit would draw certain customers who are willing to pay a premium for their privacy being protected.
BTW, if you have a minute take a look at the snow sculptures at a competition we went to on Saturday. Know you appreciate art and think these guys did an amazing job.
If you aren't cool with me dropping a link like this just let me know. Try not to do it unless the subject fits the person I'm sharing with.
Before everything moved digital life was simpler for sure. Yes some things are easier in the digital world, but much of what we gain by simplicity we give up at least that much in terms of privacy and security.
The next couple decades will be very interesting with advances in tech and improved security to see if they can advance beyond the skill set of a common hacker. It will be a constant back and forth of which one is ahead and hopefully at some point we figure out how to stay ahead of those with malicious intentions.
Hii My friend nice to see you again here @arthuradamson, Wellcome back.
I read your whole article written beautifully in detail about the current issues of cryptocurrency specially dead coins like most popular bitconnect. You have a courage to write reality. I am also fed off because i have also invested my all earnings in Verge, and disappointed. Now i never take a risk for investing such kind of scammy coins, you are right due to bitconnect mostly youth effected which is loss for cryptocurrency in future. Now I have just faith on Steemit and working here hardly. if security issues solved then i think this forum become top level. I hope Cryptos top level think about these issues and take your suggestions serious to resolve mostly issue for the future of cryptocurrency. Thanks for sharing valuable and useful lines with us. Take care and Best wishes.
Thank you for you kind and wise words my good friend @rabeel, you always have something positive to say and I place a high value on your feedback.
Steemit s one of the better Crypto platforms where security is involved because no one can take out the money over night. They have to "power down" and that takes some weeks. For hacker this is a risk as they want to take the money and run. Even so take care fo your password at all costs. I generally think the security can be improved on every crypto at this time but I do know there are good coders out there working hard on improving the situation. They know they have to or the whole ship will sink.
Thanks a lot for your worthy reply, well guided. I fully agreed with your thinking. appreciate your passion of thinking in right way. GOD Bless you. Thanks @arthuradamson for your positive behaviour and kind Support.
: ) cheers my good fellow
Great post. Personally I think from this point on cryptos will be totally manipulated by the same people who own the governments and banks - the rotchild zionists - and they will have two aims - profit and control, same as usual, And the worst crypto will be Bitcoin that they already have full control of while a bunch of "hodlers" still worship it like a god...
I'm making very good $ from cryptos, but two things I do now are to take out a portion of the profits as bullion and avoid Bitcoin - and very soon several other popular currencies that I'm riding for now but don't think have any long term future beyond about six months
If you wait until cryptios have "security" the opportunity to make these big profits will be long gone - I think we have about one year to make huge profits and a third of that is already gone - now or never!
You may well be right about Bitcoin at and many of the other alts but I strongly believe that Steem and IOTA will ride out the storm. As I said, Steemit has created its own eco system and IOTA is being accepted in major companies worldwide
I am sure there is manipulation in the markets as it would be naive to believe there was not especially since the market is still relatively small compared the stock market.
Good luck with your profits and I genuinely mean that but if the crypto movement dies I think it will be a sad day for the world as I see no alternative to defeating the corruption of the banks and the whole financial system. This is why I am so angry and disappointed at the scammers and hackers who are now the biggest threat to a dream of so many who genuinely wanted the world to be better place. As long as the banks control the world mankind will be permanently enslaved. Perhaps the young already know this and is why they are no longer wanting to bring children into the world. Like I said, the greedy always always kill the goose that lays the golden egg.
Thanks for your input albeit a sad one.
I do think cryptos are the future - ones like Steem, EOS, and Monero, could change the world - while ones like Bitcoin and Ripple could become the zionist attempt at a one world currency.
Iota is incomprehensible, theoretical, and I suspect may never really take off. Hard to predict.
All the people who work at IOTA are contracted to invest in it so that they have a stake in its future and therefore they have a strong incentive to make it work. The team itself have been gather from around the world and are literally the best of the best. The guy who is behind the actual math is said to be one of only 3 people in the world who can do the complicated algorithm math behind the tangle technology. He is known as "the mathamagician" On top of that, there are major league companies around the world queueing up to work with IOTA and as I said, the Norwegian Government are also in talks with them. Just to say that the Norwegian Govt have some of the best business minds in the world which is why they own 4% of our planets assets and are the richest country per capita in the world. Those statistics do not happen by chance. If they are interested in IOTA then it means something.
Even the discussion on this post is veryyyyy beneficial, it cleared 80% of my concepts about crypto, all I knew before were just then names of coins :D
I am gonna give it a thorough reading again followed by discussion with my husband!
crime is a thing that can not be stoped entirely rather it can be reduced.most people that is into crypto them self are criminals with fasle information .
the only thing to do is to do crypto with one eye.that is invest the money you can forget and if it works for you then you take.
thanks @arthuradamson for this great information.
First ever "long" article that I read comolete in my life!
Beautifully written and very comprehensive, I am gonna share it with my friends who are into Bitcoin and still hoping for best.
Thank you, appreciate the sentiment : )
Very sensible argument although I don't know if I'd totally be out of the game due to being hacked. I think I'd purchase a hard wallet right? I didn't know Mcaffe's phone had been hacked like that, interesting but still chances have to be taken. Life is a risk. I lean more towards no bank or gooberment involvement as they've proven time and time that they themselves are nothing more than a mob rule in a sense over the peoples. Where the answer lies I don't know but I'm willing to pull up a chair at the table, be dealt a hand and play...........
sportslover (30) · 28 minutes ago
your post too long but valuable... i interested in your post... because your sharing a post about cryptocurrency.... carry on....
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[-]babaraliniazi (34) · 21 minutes ago
Your post too long but valuable.i interested in your post .because your shareing a post in crypto currency...carry on.
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My husband needed some solid details about steemit, I found all of them here. Thanks for such a helpful post. You made me read it till the end :D
Thanks for the feedback
Your post too long but valuable.i interested in your post .because your shareing a post in crypto currency...carry on.
your post too long but valuable... i interested in your post... because your sharing a post about cryptocurrency.... carry on....
If I feel I have something to say then I must say it thoroughly. If someone thinks it is too long that is their problem not mine. I am not concerned with other peoples time but with my own integrity.