The problem with cryptocurrency in a nutshell

Just in 2021 alone over $1B in hacks:

https://www.yahoo.com/video/five-biggest-cryptocurrency-hacks-110016976.html

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.

@"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.

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?

@"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?

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?

@"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?

@"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. 

I think it’s a bit of a challenge to talk about alternative currencies,
because people don’t understand the regular currency they already use.  Like if you were to ask people how much money
is stolen for each type of currency, that makes sense as a question, we
understand it, but if you were to talk about inflation, where the money in your
checking account from a year ago has lost 8% of it’s value in the last year,
less people understand that.  Is your money losing value that much different than someone stealing it?  If you were
to talk about how fractional reserve banking mathematically ensures that each
generation is going be more in debt than the previous generation and guarantees
that the American dream slips further and further out of reach for our children
and grandchildren, almost no one understands that, even though we all sort of
intuitively know that back in the 50’s one person’s job could support a family
and buy a house in 15 years, and then we needed both parents working and 30
years to buy a house, and now kids have to live with their parents for a long
time to save up enough money to buy a house and women have stopped working
because putting two kids into day care costs too much or are choosing to avoid
having kids because they cost too much.

Our current monetary system is a sinking ship.  It is fundamentally flawed and designed to make
bankers rich enough to buy our government, while the rest of us get further and
further into debt.  We need to get off
this system and onto something else.  We
will very shortly need to migrate to a new monetary system that serves all the
people and not the few.

Crypto has some flaws. 
I’m pretty smart and I don’t really understand it to the depth that I
would like to.  I think it’s a rough sell
to the public, because most people can’t even avoid using the same username and
password for all their accounts, but now you have to get cybersecurity right or
potentially lose your life savings?  I
think it’s a little bit like the wild west out there right now, but that said I
think it will become more civilized and more usable over time.

@"AGRforever" said:

@"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. 

@"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?

Are your equities insured and protected? Ask those people who invested a sizeable chunk of money in Enron how they feel.

@"claykenny" said:

@"AGRforever" said:

@"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. 

Your analogy is flawed. It's akin to saying that some people invest in penny stocks and pump and dump schemes, so obviously you shouldn't invest money in any other equities like an S&P 500 index fund. That isn't true. Investing capital into anything successfully requires an understand of the underlying asset, asset class, risk, and reward.

Many of the people "investing" in crypto are chasing the penny stock equivalents. They get burned. There's a reason why more and more traditionally successful investors have moved into the crypto space. 

@"claykenny" said:

@"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?

Why are non-crypto people so dismissive of something they obviously don't fully understand and so quick to run out any piece of negative news regarding crypto markets?

Are your equities insured and protected? Ask those people who invested a sizeable chunk of money in Enron how they feel.

@"AGRforever" said:

@"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. 

@"AGRforever" said:

@"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. 

@"StickyBun" said:

@"AGRforever" said:

@"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. 

Yep. Yet nothing trumps this NFT bullshit. Hilarious. 

SMH.

https://www.cnbc.com/2022/05/12/bitcoin-btc-price-falls-below-27000-as-crypto-sell-off-intensifies.html

@"StickyBun" said: SMH.

https://www.cnbc.com/2022/05/12/bitcoin-btc-price-falls-below-27000-as-crypto-sell-off-intensifies.html

https://www.cnn.com/2022/06/15/tech/bill-gates-crypto-nfts-comments/index.html

https://finance.yahoo.com/news/bitcoins-crashing-heres-why-warren-220000034.html