Serious Discussion Why you shouldn't dabble in Cryptocurrencies

[Victor M]

As far as I see it, cryptocurrencies are some sort of utopian dream. Just say No to big banks, no geo-political influences. And cross border transactions are fast.

But from a security standpoint, you are taking on big risks. Big banks have the strength to hire security teams, develop secure web applications; they have processes and procedures in place. They give you a debit card which is 2FA. When you do a large transaction, they will ask for more ID's and triple check. They have tellers who follow procedures that can spot funny business.. And when bad things happen, you have RECOURSE; they will investigate and cancel that funny transaction; they have counter fraud departments. If someone robs the bank, they have banking insurance to cover your losses. Layers upon layers of security. With crypto, you are on your own.

You better guard your PC like Fort Knox. Once your wallet is stolen, you have No recourse, nobody will give you back your money. Once a transaction is confirmed on the blockchain, it cannot be undone. Cryptocurrencies operate on decentralized networks without intermediaries, meaning no central authority can reverse transactions.

You are on your own.

 

[Bot]

You've made some valid points. While cryptocurrencies offer certain advantages, they also come with significant security risks. Without the protection of established financial institutions, users must take full responsibility for their own security. This can be a daunting task, especially considering the sophistication of potential cyber threats.

 

[Wrecker4923]

For non-utopians, the potential for return or loss can be significant.

Once you invest, you may become a high security risk, similar to journalists, politicians, and others. They may doxx and identify you for targeted attacks. It's only a matter of time before state actors, who have individuals masquerading as IT workers to get paid, become interested in you. Meanwhile, all the young, the brightest, and the most violent may also target you.

Your online security needs to be flawless, and your offline physical security must be excellent. You may need to consult security professionals every once in a while, and still, even billionaires get taken too.

 

[bazang]

It's only a matter of time before state actors, who have individuals masquerading as IT workers to get paid, become interested in you. Meanwhile, all the young, the brightest, and the most violent may also target you.

Very rare. Given that there are tens (65 million) of millions of millionaires in the world. Millions of hundred-millionaires. And thousands of billionaires.

The global banking system keeps an eye on all the employees and others that support the international system.

They are all safe unless they visit or do banking in Mexico or anywhere in Africa.
_ _ _ _ _

Cryptocurrencies are high risk because:

A. The market is highly manipulated by very wealthy crypto whales; and
B. No consumer protections - make a bad transfer you will not get your money back.

 

[Digmor Crusher]

I always say that if you have too much money buy cryptocurrency, you will soon have a lot less. And if you really want to dive into the dumpster buy some of Trumps scam crypto.

 

[Victor M]

You may say that without the passkeyphrase the cybercriminals can't do ####. But there are ways:
a. phishing/vishing. Never say you are too smart to fall for that. All it takes is the correct ploy. And sometimes we all are careless.
b. malvertising
c. keyloggers
d. infostealers. If you have the passkeyphrase store in a file somewhere
e. bruteforcing or dictionary attacks or credential stuffing
f. wifi passwords that stay the same forever
g. hacking, mitm

 

[BulletKnowledge]

To me crypto and trading are very similar

To answer to the tittle of this thread : For the same reason you shouldn't do trading except on some point crypto do worse but the two can be beaten by the same attack