Ask about Crypto Cryptocurrency?

[upnorth]

 

[dJim]

Also the bigger banks get hacked too

 

[polishpatriot]

That ain't nothing. All you have to do is mis-key a wallet address and you will lose whatever you sent. There is no way to reverse crypto transactions. There are no consumer protections whatsoever. But hey, this is supposed to be the revolution that takes over the world. Even the crypto experts say cryptos are great for:

• tax evasion
• money laundering
• nation-state circumvention of economic sanctions
• criminal activity
• financial warfare

 

[upnorth]

There are no consumer protections whatsoever.

With normal banks it does. In my country it even exist something called " Deposit insurance and investor protection ". Only setback is that anything above that amount you can forget about, but personal I rather take that in a heartbeat then with Crypto currencys, nothing.

How the deposit insurance works

The deposit insurance provides compensation up to SEK 950,000 per person per institution. Feel confident even in times of financial instability.

www.riksgalden.se

 

[polishpatriot]

With normal banks it does. In my country it even exist something called " Deposit insurance and investor protection ". Only setback is that anything above that amount you can forget about, but personal I rather take that in a heartbeat then with Crypto currencys, nothing.

How the deposit insurance works

The deposit insurance provides compensation up to SEK 950,000 per person per institution. Feel confident even in times of financial instability.

www.riksgalden.se

In US, there is FDIC = Federal Deposit Insurance Corp. However, if you read the fine print it can take up to 99 years to pay you back by law.

With debit card, credit card, PayPal, ApplePay, Western Union, Remitly, bank wire and so on you have consumer protections and in some cases can stop or reverse a transaction. With native, private cryptocurrencies you have no protections whatsoever. If you mis-key the destination wallet address then you lose whatever you sent. There is no way to reverse any crypto transaction. However, there are companies out there trying to solve this problem. And now you have the US and China saying they will make a full cryptocurrency that will work with the current banking system.

 

[dJim]

That ain't nothing. All you have to do is mis-key a wallet address and you will lose whatever you sent. There is no way to reverse crypto transactions. There are no consumer protections whatsoever. But hey, this is supposed to be the revolution that takes over the world. Even the crypto experts say cryptos are great for:

• tax evasion
• money laundering
• nation-state circumvention of economic sanctions
• criminal activity
• financial warfare

tax evasion? really? they ( the gov ) always take our tax with the money from our work, from things we buy and etc etc
with dollar, euro and all " real money " there alot more criminal activity than with crypto...

 

[polishpatriot]

tax evasion? really? they ( the gov ) always take our tax with the money from our work, from things we buy and etc etc
with dollar, euro and all " real money " there alot more criminal activity than with crypto...

profit made from investing in crypto
lots of people never report the profits
US IRS is looking to aggressively crack-down on crypto tax-evaders

cryptos are even more popular with criminals than cash
cryptos have all the same elements of cash-money, but transactions are a whole lot faster

in america, now instead of smuggling drug sale cash proceeds over the mexican border - the criminals just need to convert it to crypto and send anonymously to a wallet
they use vpn and other means to use crypto exchanges outside of the US where they don't have to register
exchange don't care
exchange makes its commission and could care less who you are
peer-to-peer anonymous transactions

 

[Lucifer656]

I don't use it so I can't say, but I'm curious.

 

[upnorth]

Netflix’s latest documentary will make you think twice about cryptocurrency

‘Not your keys, not your coins’

www.techradar.com

Trust No One: The Hunt for the Crypto King charts the rise and fall of Cotten’s cryptocurrency exchange, QuadrigaCX, which collapsed – along with $190 million of customer holdings – following its founder's unexplained death in 2018.

 

[MuzzMelbourne]

Interesting doco. Very clever guy, shame he used it for evil instead of good.

 

[Brahman]

Kind of an uncle Scrooge in personality, likes to smell and hold my money in my hand. Assets which are intangible never gives the same satisfaction as the tangible ones.