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Old 06-03-2020, 11:21 AM
rriley rriley is offline
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Originally Posted by evilwhitey View Post
If I just want to keep wealth and not worry about it being stolen from me, crypto is a great hedge long term, and I can bring millions with me anywhere I go without anyone knowing.

On Tuesday, the blockchain analytics firm CipherTrace said fraudsters, malicious hackers and thieves have amassed $1.36 billion in ill-gotten crypto through the first five months of 2020. CipherTrace published the findings in its June 2020 crypto anti-money laundering and crime report.

That hefty haul puts 2020 on track to become the second-costliest year in the history of crypto, behind 2019ís record $4.5 billion, but likely ahead of 2018ís $1.7 billion, the firm estimates.
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Old 06-03-2020, 01:30 PM
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Originally Posted by rriley View Post
On Tuesday, the blockchain analytics firm CipherTrace said fraudsters, malicious hackers and thieves have amassed $1.36 billion in ill-gotten crypto through the first five months of 2020. CipherTrace published the findings in its June 2020 crypto anti-money laundering and crime report.

That hefty haul puts 2020 on track to become the second-costliest year in the history of crypto, behind 2019’s record $4.5 billion, but likely ahead of 2018’s $1.7 billion, the firm estimates.
BTC has never been hacked.

Have banks ever been robbed? Have people ever been negligent with their bank credentials and then been hacked through phishing efforts?

Does that mean that you shouldn't trust the dollar?
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Old 06-03-2020, 02:03 PM
rriley rriley is offline
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Originally Posted by evilwhitey View Post
BTC has never been hacked.

Have banks ever been robbed? Have people ever been negligent with their bank credentials and then been hacked through phishing efforts?

Does that mean that you shouldn't trust the dollar?

Take it up with CyberTrace; they published the information. Just tell them you know more than anyone else and I am sure that the will be glad to amend their publication.
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Old 06-03-2020, 03:44 PM
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Take it up with CyberTrace; they published the information. Just tell them you know more than anyone else and I am sure that the will be glad to amend their publication.
Exchanges being hacked are no different than a bank being robbed, or a user's bank credentials/access being compromised. BTC, as a currency, has never been hacked.
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Old 06-03-2020, 11:06 PM
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Originally Posted by 9mmMike View Post
Just remember bitcoin, etherium, and all other digital currencies are only backed by algorithms, no country or legal banking institute backs them. In a collapse of society, they will be absolutely useless and worth zero. Ask folks in Venezuela how useful they are.
folks in Venezuela are using bitcoin and other cryptocurrencies for a lot of things actually
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Old 06-03-2020, 11:10 PM
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I read the entire article and I am not seeing what you are trying to reach for here?

"A daily inflation rate of 3 percent and the constant devaluation of the bolivar has made the exchange of bitcoin very useful for those living in Venezuela. "

That quote was taken from the article you linked.
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Old 06-04-2020, 03:05 AM
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You keep using that word "collapse"...

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Old 06-04-2020, 08:19 PM
txprep txprep is offline
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Quote:
Originally Posted by 9mmMike View Post
Just remember bitcoin, etherium, and all other digital currencies are only backed by algorithms, no country or legal banking institute backs them. In a collapse of society, they will be absolutely useless and worth zero. Ask folks in Venezuela how useful they are.
LOL

https://www.bbc.com/news/business-47553048

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Venezuela has seen its currency rendered practically valueless after suffering one of the worst periods of hyperinflation since World War Two.

A cup of coffee now costs 2,800 bolivars (21p; 28 cents), up from 0.75 bolivars 12 months ago - an increase of 373,233%, according to Bloomberg data. And that's after a 2018 devaluation that knocked five zeros off the currency.

More than three million Venezuelans have left the country, as essential goods such as toilet paper and medicine have become unaffordable and crime has soared.

As a result, many are turning to digital assets such as Bitcoin as an alternative to the Venezuelan bolivar.
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Old 06-06-2020, 03:21 PM
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Originally Posted by 9mmMike View Post
Just remember bitcoin, etherium, and all other digital currencies are only backed by algorithms, no country or legal banking institute backs them.
Yeah that's kind of the point and why is has the value it does. That you don't understand this or think it's a negative reveals exactly how much you understand modern money.
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Old 06-06-2020, 05:21 PM
txprep txprep is offline
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Originally Posted by Deadmeat99 View Post
Yeah that's kind of the point and why is has the value it does. That you don't understand this or think it's a negative reveals exactly how much you understand modern money.
Exactly. They are 100% predictable where countries are constantly change monetary policy.
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Old 06-10-2020, 08:41 AM
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That is not a collapse. Lol.

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