The problem with cryptocurrency in a nutshell

[StickyBun]

Its susceptibility to being hacked. This isn't the first time its happened. 

es, Editor at LinkedIn NewsUpdated 1 hour ago

Hackers have stolen some $615 million in cryptocurrency from the Ronin blockchain network that powers the hit online game “Axie Infinity,” in one of the largest crypto raids on record. “Axie Infinity” is a Pokémon-style game in which players create and battle cuddly critters, earning non-fungible tokens that can be exchanged for cryptocurrencies. Hackers exploited a breach in the Ronin bridge — a tool that lets users move crypto tokens from one blockchain to another — and made off with $590 million in Ethereum and $25 million in the stablecoin USDC.

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Just in 2021 alone over $1B in hacks:

https://www.yahoo.com/video/five-biggest...16976.html

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Now discuss banking hacks. Like the 2015 SWIFT hack. Billions stolen from over 100 banks worldwide. Or the 2019 EvilCorp hack that stole at least $100 million from American banks. Or the 2020 monile emulator hacks that stole millions from U.S. and European banks.

Or, take 20 minutes to scroll through all these hacks over the past 15 years.

https://carnegieendowment.org/specialprojects/protectingfinancialstability/timeline

It is not a problem unique to cryptocurrency, but is a common fear-uncertainty-doubt theme repeated by those who have the most to lose from de-fi movements (banks).

The biggest ongoing theft is the U.S. treasury running their printing press.

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@claykenny said:
Now discuss banking hacks. Like the 2015 SWIFT hack. Billions stolen from over 100 banks worldwide. Or the 2019 EvilCorp hack that stole at least $100 million from American banks. Or the 2020 monile emulator hacks that stole millions from U.S. and European banks.

Or, take 20 minutes to scroll through all these hacks over the past 15 years.

https://carnegieendowment.org/specialprojects/protectingfinancialstability/timeline

It is not a problem unique to cryptocurrency, but is a common fear-uncertainty-doubt theme repeated by those who have the most to lose from de-fi movements (banks).

The biggest ongoing theft is the U.S. treasury running their printing press.

while I agree with you last statement,  how many trillions in real money is held in the worlds banking institutions vs crypto currency?

how does 1 billion in 1 year for crypto compare in scale to the money stolen from banks in a given year?

its not unique to anything of monetary value to be stolen,  but how much less secure is cryto vs traditional currencies?

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@JimmyinSD said:

@claykenny said:
Now discuss banking hacks. Like the 2015 SWIFT hack. Billions stolen from over 100 banks worldwide. Or the 2019 EvilCorp hack that stole at least $100 million from American banks. Or the 2020 monile emulator hacks that stole millions from U.S. and European banks.

Or, take 20 minutes to scroll through all these hacks over the past 15 years.

https://carnegieendowment.org/specialprojects/protectingfinancialstability/timeline

It is not a problem unique to cryptocurrency, but is a common fear-uncertainty-doubt theme repeated by those who have the most to lose from de-fi movements (banks).

The biggest ongoing theft is the U.S. treasury running their printing press.

while I agree with you last statement,  how many trillions in real money is held in the worlds banking institutions vs crypto currency?

how does 1 billion in 1 year for crypto compare in scale to the money stolen from banks in a given year?

its not unique to anything of monetary value to be stolen,  but how much less secure is cryto vs traditional currencies?

How secure is the cash in your pocket? Your bank account? Your investment account?

Many of the stories about cryptocurrency being stolen come from altcoin projects of dubious quality or from people leaving coins on an exchange, especially without that pesky two factor authentication.

Invest in legitimate projects. Keep your coins off exchanges and protect your keys with a hard wallet. Recovery phrase encrpted and etched on metal and stored in two different safes. Two factor authentication with a YubiKey. Unique 16+ character complex passwords. The same kind of stuff people should be doing with their bank and investment accounts but don’t.

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Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

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@JimmyinSD said:
Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

Good question.

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@JimmyinSD said:
Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

Its because most crypto people are as smug about their BS currencies as vegans are about their food choices.  They're all convinced that the entire world is going to collapse and they've all found this crazy life hack that will save their bacon. Crypto is the future of currency but it will only be that when the .gov runs the currency and the banks figure out how to profit from it.  Bitcoin is the myspace of crypto.  Ahead of its time. 

I've got a buddy who is a "millionaire" in crypto.  He can't ever cash any of it in but he's a super duper millionaire!!!  He's gone the route of trading crypto for vehicles, then selling the vehicles to raise cash since a lot of crypto is illiquid.  His scam lately, it to buy a bunch 1/10 of a penny per share new coins then him and his crypto influencers then go online/social media and pimp it out to everyone.  When it reaches a penny or ten cents they figure out a way to bail and leave the new people holding the bag.