Cryptocurrency question recently

someone asked about cryptocurrency recently and most people responded with speculative no underlying asset etc. Which I completely agree with. Here are additional reasons why I do not own cryptocurrency (I have worked in IT/Cybersecurity going on 20 years).

First for cryptocurrency to work you have to have what is called a hot wallet. A hot wallet is stored on your computer, phone, tablet (something online) and/or on the currency exchange you are trading through. All of those things are hackable if the software is written poorly and that can be the exchange server software, the wallet, etc. your money can be stolen with no way of getting it back. Additionally some cryptocurrencies are run by a single person or small group of people, they have been known to steal all the online hot wallets worth millions and "disappear".

If you want to protect your money you can put it in what's called a cold wallet an offline storage of the wallet on an external drive, usb, etc. that is not accessible from the internet BUT you then cannot exchange money or make transactions.

Who are the users of cryptocurrency, usually dark web people trading drugs, etc. it's a way for them to mask their identity.

See link for how North Korea has stolen 2 Billion dollars in cryptocurrency to fund their weapons programs.

HokieForever

Link: Cryptocurrency North Korea Weapons Program Funding

Posted: 08/07/2019 at 08:34AM

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Current Thread:

Cryptocurrency question recently -- HokieForever 08/07/2019 08:34AM

I started the original thread to judge adoption -- MrBayAreaHokie 08/07/2019 11:29AM

What's the worst thing that could happen- live and learn i say ** -- bigbadbird 08/07/2019 10:56AM

You guys realize that bitcoin is not anonymous right? -- vtbones 08/07/2019 09:20AM

Only the wallet id is traceable not who owns it -- HokieForever 08/07/2019 09:34AM

You're confusing wallet ids and wallet addresses. ** -- vtbones 08/07/2019 11:12AM

Okay then explain how I can trace where money went to a person ** -- HokieForever 08/07/2019 11:14AM

It just seems like Enron Part deux.... -- `lag 08/07/2019 08:46AM

People like the flexibility -- HokieForever 08/07/2019 08:52AM

What "flexibility" is that? other than anonymity needed for illicit -- 81_Hokie 08/07/2019 09:03AM

You can’t think of it like the banking that we do -- HokieAl 08/07/2019 09:15AM

Exactly my point. No legitimate need for that flexibility, which again is -- 81_Hokie 08/07/2019 10:07AM

And that's my paradox here, them "having to do it" provides assets... -- `lag 08/07/2019 09:25AM

Privacy. Anonymity isn't just hiding from the government, it's not having -- jmanatVT 08/07/2019 09:14AM

Yeah, imagine you lived in Cypress -- MrBayAreaHokie 08/07/2019 11:37AM

Cyprus? ** -- TomTurkey 08/07/2019 11:59AM

Yeah, typo my bad ** -- MrBayAreaHokie 08/07/2019 12:14PM

Those swamp trees will really get after ya 😎 ** -- TomTurkey 08/07/2019 12:18PM

Topical.....cyprus mentioned -- MrBayAreaHokie 08/07/2019 8:01PM

The dollar is pretty international and much more liquid than bitcoin ** -- 81_Hokie 08/07/2019 10:10AM

Legit international tranasctions -- HokieForever 08/07/2019 09:12AM

Cryptocurrency question recently

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