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re: Why bitcoin is worse than a Madoff-style Ponzi scheme

Posted on 12/23/21 at 6:55 pm to
Posted by TigerTatorTots
The Safeshore
Member since Jul 2009
80838 posts
Posted on 12/23/21 at 6:55 pm to
quote:

Does the crypto community envision a day where Bitcoin replaces the dollar?

Unlikely. I foresee Bitcoin replacing gold and also becoming the final settlement layer for institutional transactions.

quote:

To the above question, is it possible for both currencies to legally coexist for generations? Or is it only one or the other?

Definitely possible for both to exist.

quote:

Does the crypto community expect to trade Bitcoin for goods and services rendered tax-free? Or is there an expectation of paying taxes on transactions?

As of now, every transaction is taxed so I have zero intention of ever spending my bitcoin unless that changes. I'd take out a loan against my bitcoin if I wanted to utilize it for some purchase.

quote:

Is anyone on here currently paying for all of their food, shelter, and basic living expenses solely thru crypto?

Doubtful

quote:

Can Bitcoin be hacked?

No



Posted by EA6B
TX
Member since Dec 2012
14754 posts
Posted on 12/24/21 at 12:55 am to
[quote]Can Bitcoin be hacked? No [/quote


LINK
“Once hailed as unhackable, blockchains are now getting hacked
More and more security holes are appearing in cryptocurrency and smart contract platforms, and some are fundamental to the way they were built.

by Mike Orcutt February 19, 2019”

“In total, hackers have stolen nearly $2 billion worth of cryptocurrency since the beginning of 2017, mostly from exchanges, and that’s just what has been revealed publicly. These are not just opportunistic lone attackers, either. Sophisticated cybercrime organizations are now doing it too: analytics firm Chainalysis recently said that just two groups, both of which are apparently still active, may have stolen a combined $1 billion from exchanges.”

“We shouldn’t be surprised. Blockchains are particularly attractive to thieves because fraudulent transactions can’t be reversed as they often can be in the traditional financial system. Besides that, we’ve long known that just as blockchains have unique security features, they have unique vulnerabilities. Marketing slogans and headlines that called the technology “unhackable” were dead wrong.

That’s been understood, at least in theory, since Bitcoin emerged a decade ago. But in the past year, amidst a Cambrian explosion of new cryptocurrency projects, we’ve started to see what this means in practice—and what these inherent weaknesses could mean for the future of blockchains and digital assets.”
This post was edited on 12/24/21 at 1:05 am
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