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Could it be that there is some pumping going on from Soros, Rothschild and Rockefeller? Or could it be an emotional reaction to their announcements that they will invest in crypto?
We are back to where we were later last year. Could this be the next leg up of a bull run? Hardforks are essentially scams that devalue the original coin and cause confusion. Granted this happened well before this scam hardfork so the hardfork is surely what caused the latest drop.
Charlie also correctly warns not to give your private keys to these scammers. Whether Bitcoin Cash, Bitcoin Gold, Litcoin Cash and the many scam coins they require you to give your private keys to their wallets if they even create one. The risk there is that the developers or wallet creator will steal your original coins and this has happened already with the Bitcoin Gold Scam.
The underlying issue is simply that why are hardforks possible at all? Counterfeiting is so easy with these opensource, public and permssionless blockchains. Going forward, community maintained coins that cannot be forked, that are secure, private and are real time will be the long-term ones to invest in and the long-term winners. Hopefully the rules will be fair. I feel it should only be taxable like any stock, so when there is a capital gain through resale.
One other interesting thing is how the IRS has got their hands on Coinbase data for some users. Cryptocurrency today as of the time of this writing is in a bit of a flux and identity crisis. Part of this is due to a well directed campaign in the news via government and banking entities.
However, I will always give credit where it is due and many of the flaws that have been pointed out by these entities are completely true. In fact, from a business, security and IT standpoint I find that most cryptocurrencies are almost impossible to use.
There are just so many issues with a lot of the top coins that could kill them, let me name a few in no particular order. Security — Most coins are by default completely insecure.
Any coin that has a public ledger is insecure and has 0 privacy. This allows for replay attacks and all kinds of nasty things. It also means your activities are easily tracked and traced. Imagine if your competitors can see exactly who is paying and who you are paying including the full amounts? It would put your business at a huge disadvantage.
Hardforks — Most coins are easily counterfeited, hard or softforked where basically anyone can copy an entire coin and just rename it and call it their own, while confusing and devaluing the original coin holders. This should never be able to happen just for the reason of sanity, continuity and integrity. There have already been scams like the BTG Scam and replay attacks.
Not only is it wasteful in terms of energy resources, it is unsustainable in both environmental, monetary and functional terms. Returns are so slow with most major coins that it is almost not worth it unless your power is cheap or free. This means that pools and large farms could work together to defraud people by sending false transactions and confirming it among themselves. By the time the scam is realized the parties who initiated the scam would already have escaped with the money.
Mining also leads to centralization, the very thing that cryptocurrency was meant to avoid. This inevitable because as difficulty increases, only large corporate or government players with deep pockets can continue. The current coins are not easily integrated in a secure way.
To top it off you can send to a wrong or non-existent address and lose your money forever with virtually all currencies. On top of that there is no feedback, send by e-mail or notifications by e-mail you always need to keep your wallet open to notice. It would be much easier if these different functions are kept separate. I am actually not a fan of a decentralized exchange as it really means no one is responsible for your losses and in fact more scams have happened on the more famous ones like Etherdelta.
One look at most other decentralized exchanges just screams insecure and scam to me. So this is where Binance comes in as a trusted central exchange. If they apply this to their new blockchain for decentralized exchange trading it could be a huge winner.
I am still hesitant on decentralized exchanges because of rampant losses and scams, but if anyone can do it right I bet it will be Binance. Time will tell but this is exciting to me. The blockchain is the problem, as currencies like Bitcoin and Ethereum keep getting slower due to their limited transactions per second, and the blockchain gets large this has started the end game.
This is because all transactions are stored in the blockchain ledger, and the more transactions the larger it gets. Eventually the blockchains will grow to several terabytes and require more memory. This will mean that only big corporate, government and banking players will have the resources to control these so-called decentralized currencies. It is really inevitable unless a mechanism is adopted for off-loading this storage to trusted third parties.
I may not be a huge Microsoft fan but I think Ankur Patel has stated what many in the cryptocurrency already understand to be correct. This is something that Stellar Lumens and Ripple essentially do. They are a centralized blockchain that are generally faster than the competitors but are centralized and literally supported by big corporate players and banks. These have pros and cons. As an investment they are an excellent hedge against threatened regulations that people fear for the decentralized currencies and they also provide real value and work very well.
Is this all bad? On top of that you are still giving up trust to unknown people and the value and stability of these currencies are at risk for other reasons such as hardfork cash grabs like Bitcoin Cash and the Bitcoin Gold Group. The future is bright for crypto but these uncertainties need to be accounted for and sorted out. It may be that the future is going to involve a combination of foundations and semi-decentralized currencies.
I found Mercatox because they were one of the few that had some coins I wanted to buy but have since given up out of both frustration and lack of trust. Unfortunately in traditional form these smaller exchanges are usually broken or worse, some are often unreliable or outright scams.
Those days are gone with a Christmas Present of Dogecoin crossing the 1 cent mark! In fact it is been surging lately despite naysayers predicting its demise for various reasons. One huge thing Dogecoin has always had is a loyal and large community who uses the currency. In fact I believe it is undervalued and in the past 7 days Doge has nearly doubled to reach the 1 cent mark and market cap of 1. In terms of technology though Dogecoin is more like a derivative or little cousin of Litecoin in the sense they both use Scrypt technology.
I think amazing things are going to go down for Dogecoin holders, likely not as big as long-time Bitcoin holders but I think in the coming years, Dogecoin users will be handsomely rewarded as the value skyrockets. Another reason Dogecoin is rising is because of research, awareness and it is also a plain good buy compared to a lot of other much more expensive altcoins I firmly believe Dogecoin is largely undervalued.
Dogecoin is a long-time crypto whose stability has been tested and proven for years. If you look at the charts for the top cryptocurrencies you will see an almost simultaneous drop in all of them. Now if this just happened in the top 10 or a handful I would believe it is people taking profits randomly nothing organized or not VERY large sellers.
To many acute investors they would have viewed this like a company about to bankrupt and the executives dump all of their stocks.
Look at the chart of the top 10 or even top and they look eerily similar. The only good news or winner here is that Ripple XRP hardly lost anything and recovered faster than the others. So am I worried about crypto or that there is a bubble? Yes and no, I think it has a number of years to run before the risk of a formed bubble bursting happens and it will be massive bleeding when it does….
But what triggered this current drop of all currencies simultaneously? My theory is that billions of dollars of hedgefund money has come in, and in the last few weeks the currencies had significant appreciation and like some stock traders, these managers took massive profits which will look very great to the portfolio and their clients. Now this is where it gets scary because if a small amount of people precipitated this event then it becomes easy for a small group of people to control, manipulate and play the market.
I will believe more in the FUD as Bitcoin gets higher though because those who have bought in at such high levels have a lot more to risk and worry about. This may sound strange coming from a CEO who owns and uses Bitcoin and other cryptocurrency through multiple businesses that accept Bitcoin each day. Do not get me wrong, I am long on crypto still but what that means in the coming years and decades is probably going to be vastly different than the current model of today. But even before that people who have sent and received cryptocurrency know it is actually quite slow.
It can easily take a number of minutes and even after that point it is recommended you wait for a certain amount of confirmations.
It is all fairly instant although sometimes it can take several seconds for debit or credit but once the payment is approved and the merchant is notified instantly, they knew they have their money. Imagine waiting for even a single confirmation for cryptocurrency while in line at a supermarket?
My biggest fear is that in the future a powerful organization or entity may eventually be able to reverse engineer or find another way to attack the blockchain and algorithm of some cryptocurrencies. This would essentially spell disaster, chaos and the end of that currency. Everyone knows the safest way to hold crypto is with your own wallet because exchanges are routinely hacked and coins are stolen, it is more risky to keep your coins with a third party wallet essentially the equivalent of an online crypto bank.
The problem lays with the issue at this moment that those deposits are not insured although I believe Coinbase and a few others may have some insurance. This may change in the future and exchanges and currencies that are insured will definitely rise above the rest. There must be some sort of physical organization between the nodes on the blockchain. I expect there will be more infighting and similar splits as the Bitcoin Cash that emerged from the Segwit update as the industry matures and expands.
I hold positions in multiple cryptocurrencies including Bitcoin and Ripple and have given my true opinion of both in this article. Ethereum, Ripple, Litecoin to me are key indicators of something big possibly heading our way. As we can see after Litecoin Cash, the real and original Litecoin went down in value.
I think exchanges should outright refuse to deal with these scam coins. The same applies with running full nodes, large organizations will be the one running them. Binance has a real shot here of being the top player in cryptoexchanges.