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    Thread: Bitcoin: Gift or Curse?

    1. #1
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      Question Bitcoin: Gift or Curse?

      I started using Bitcoin on 2015 because a huge local exchange office was founded and they affiliated with different banks, money exchanger/remittance, fast food chains and even big companies like insurance, electric and telecommunication. It was a big step compared to trusted online exchanger that rely only to positive feedbacks. After that, I abandoned Perfect Money and shift to Bitcoin due to great convenience. The first time I heard about it is around 2012 when there is an online article that some group of hackers are soliciting Bitcoin for donation and when the the FBI shutdown the Silk Road that uses Bitcoin as currency.

      But Bitcoin does not only bring good things because this is a decentralized currency so the government cannot really monitor its activity. The issue of money laundering is always present due to anonimity and its current market cap which is $68,804,808,121 (as of September 11, 2017) keeps on rising. At the moment, it has limited laundering power but what will happen if this Bitcoin market cap reach trillions? Another issue of Bitcoin, is its value only rely to people's demand and has no government insurance. Coin wallet can also be hacked and other IT related issues that can compromise your account.

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      It is true that bitcoin can be used for money laundering because of its anonymity, but in real life cash, which is "legal" money, is the most used in large illicit businesses such as smuggling or trafficking. Therefore the problem is not the money, but the inability of the authorities to stop these illicit activities.

      And remember: accounts hacking and identity theft to plunder your money through computer resources is already commonplace in ordinary bank accounts.

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      balut While there are concerns about money laundering by the governments and it would be harder for the government to track and monitor the illegal activities. What is bad is the people are like drug lords and weapon dealers. It is not just hard to catch them, but even if caught, it is harder to prove as the traits are decentralized.

      However, we have seen Bitcoin coming into the mainstream, it is profit is what investors are concerned about, they are not concerned about who is pushing the price up. At the moment, hacking is not the major issue, however, there are lots of scams. That is a major concern for most investors.

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    8. #4
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      Quote Originally Posted by balut View Post
      I started using Bitcoin on 2015 because a huge local exchange office was founded and they affiliated with different banks, money exchanger/remittance, fast food chains and even big companies like insurance, electric and telecommunication. It was a big step compared to trusted online exchanger that rely only to positive feedbacks. After that, I abandoned Perfect Money and shift to Bitcoin due to great convenience. The first time I heard about it is around 2012 when there is an online article that some group of hackers are soliciting Bitcoin for donation and when the the FBI shutdown the Silk Road that uses Bitcoin as currency.

      But Bitcoin does not only bring good things because this is a decentralized currency so the government cannot really monitor its activity. The issue of money laundering is always present due to anonimity and its current market cap which is $68,804,808,121 (as of September 11, 2017) keeps on rising. At the moment, it has limited laundering power but what will happen if this Bitcoin market cap reach trillions? Another issue of Bitcoin, is its value only rely to people's demand and has no government insurance. Coin wallet can also be hacked and other IT related issues that can compromise your account.
      Conclusions from your last paragraph, I think it is in stalemate condition. Can not identify it as gift or cursecurse mate. I am staying away of it currently. That's all.

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      Quote Originally Posted by Star_amin View Post
      Conclusions from your last paragraph, I think it is in stalemate condition. Can not identify it as gift or cursecurse mate. I am staying away of it currently. That's all.
      It is true you cannot come to conclusion as yet, while the value of Bitcoin has raised to more than gold, would it be wise to dismiss it totally? I think it is okay to be wary of the possible bubble bust. But I guess it is okay to keep a small amount for yourself, just in case it does go up to $10000 per coin. I think it is very cool to actually earn some.

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      Quote Originally Posted by Dixie View Post
      It is true you cannot come to conclusion as yet, while the value of Bitcoin has raised to more than gold, would it be wise to dismiss it totally? I think it is okay to be wary of the possible bubble bust. But I guess it is okay to keep a small amount for yourself, just in case it does go up to $10000 per coin. I think it is very cool to actually earn some.
      Dixie, I am observing bitcoin, studying it, evaluating it but not against it. I am seeing it negatively to become positive about it by all sorts of aspects.

      By all means bro, if you are good with it, then you can do whatever you wish, it is totally your decision bro.

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      Bit coins are online currency created for transactions. If you have bitcoins then you don't have to worry about using dollars or euros worldwide for different times and spheres of life. So it remains s a gift to me.

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    16. #8
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      Quote Originally Posted by balut View Post
      I started using Bitcoin on 2015 because a huge local exchange office was founded and they affiliated with different banks, money exchanger/remittance, fast food chains and even big companies like insurance, electric and telecommunication. It was a big step compared to trusted online exchanger that rely only to positive feedbacks. After that, I abandoned Perfect Money and shift to Bitcoin due to great convenience. The first time I heard about it is around 2012 when there is an online article that some group of hackers are soliciting Bitcoin for donation and when the the FBI shutdown the Silk Road that uses Bitcoin as currency.

      But Bitcoin does not only bring good things because this is a decentralized currency so the government cannot really monitor its activity. The issue of money laundering is always present due to anonimity and its current market cap which is $68,804,808,121 (as of September 11, 2017) keeps on rising. At the moment, it has limited laundering power but what will happen if this Bitcoin market cap reach trillions? Another issue of Bitcoin, is its value only rely to people's demand and has no government insurance. Coin wallet can also be hacked and other IT related issues that can compromise your account.
      the good side of bitcoin far surpasses any shortcomings. and talking about money laundering, i see there is no means of exchange that could not be used. in most west african countries people move raw cash like ordinary goods. you will hear of a truck-load of currency.
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      Vaisaak you are right, it is created to move digital money securely, however, it has to be mentioned that it is also to avoid the detection of the government, it makes it easier for the people to launder money.

      forexguy9 Let's put it these way, many things create to help can also be as destructive as well. Like Fire and water for example. But because there is no form of a governess, I am afraid it is the little guys that usually gets hurt.

      People by all mean invest in Bitcoin but be warned that things can go wrong. Lesson be learned from the subprime crisis.

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      in my opinion, it will be disastrous for bitcoin users, because bitcoin can not guarantee its security and can not intervene if suddenly bitcoin prices plummet and when people suffer big losses then who can replace your money? the risks in bitcoin are very high as well as the company's stock. if the company goes bankrupt and you do not immediately sell the shares owned then who is replacing?

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