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Crypto News
Game Over for FTX " Updated "
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<blockquote data-quote="ForgottenSeer 97327" data-source="post: 1063975"><p>First the positives of crypto currency</p><ol> <li data-xf-list-type="ol">Due to the interlaced blocks (referring to each other) and the decentralized cloud administration it could be an error proof banking system</li> <li data-xf-list-type="ol">Bitcoins are stored in secured (encrypted) wallets and brokers and exchanges platforms connect those wallets to accounts</li> <li data-xf-list-type="ol">Crypto currencies are anomalously and you only need private crypto keys to unlock/prove they are yours</li> </ol><p></p><p>Negatives</p><ol> <li data-xf-list-type="ol">Crypto currencies are not backed (like bank deposits) and exchange platforms are not backed either (like commercial banks are backed by your central banks)</li> <li data-xf-list-type="ol">There is no central governance and it is all digital, meaning that while the system itself is unbreakable, the weak points are the access points to this system, like brokers and exchange platforms (FTX created a software backdoor to sluice away money of the account holders).</li> <li data-xf-list-type="ol">Depending on the exchange platform the identity of the account holder is yes/no verified</li> </ol><p></p><p>Bottom line</p><ol> <li data-xf-list-type="ol">Because of the lack of central governance and the anomalously, it is the payment method for illegal and covert activities (as Oldie1950 mentioned)</li> <li data-xf-list-type="ol">Because illegal activities are estimated to sum up to 5 to 20 percent of a country's economy (hence its National Income), the positive long term outlook for (some) crypto currency makes them attractive target for investors (criminals continuously need a place to store the money they make, so over the long range crypto currencies will increase in value due to criminal demand)</li> <li data-xf-list-type="ol">Because of the lack of central control, investors forming (digital) groups can influence the value of crypto currencies by selling or buying them in masses, making it a risky investment for the average person (because the value can be manipulated) which explain the stories of people earning hyper profits and people losing all they had invested.</li> </ol></blockquote><p></p>
[QUOTE="ForgottenSeer 97327, post: 1063975"] First the positives of crypto currency [LIST=1] [*]Due to the interlaced blocks (referring to each other) and the decentralized cloud administration it could be an error proof banking system [*]Bitcoins are stored in secured (encrypted) wallets and brokers and exchanges platforms connect those wallets to accounts [*]Crypto currencies are anomalously and you only need private crypto keys to unlock/prove they are yours [/LIST] Negatives [LIST=1] [*]Crypto currencies are not backed (like bank deposits) and exchange platforms are not backed either (like commercial banks are backed by your central banks) [*]There is no central governance and it is all digital, meaning that while the system itself is unbreakable, the weak points are the access points to this system, like brokers and exchange platforms (FTX created a software backdoor to sluice away money of the account holders). [*]Depending on the exchange platform the identity of the account holder is yes/no verified [/LIST] Bottom line [LIST=1] [*]Because of the lack of central governance and the anomalously, it is the payment method for illegal and covert activities (as Oldie1950 mentioned) [*]Because illegal activities are estimated to sum up to 5 to 20 percent of a country's economy (hence its National Income), the positive long term outlook for (some) crypto currency makes them attractive target for investors (criminals continuously need a place to store the money they make, so over the long range crypto currencies will increase in value due to criminal demand) [*]Because of the lack of central control, investors forming (digital) groups can influence the value of crypto currencies by selling or buying them in masses, making it a risky investment for the average person (because the value can be manipulated) which explain the stories of people earning hyper profits and people losing all they had invested. [/LIST] [/QUOTE]
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