Binance CEO: Legacy Financial System Is Broken, but ...

30+ Reasons Why Cryptocurrencies Are Worthless

1)It is possible to change the code through a miner vote or a fork and change the total supply or anything. DASH did it : they reduced the total supply from 84M to 18.9M a few years ago. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week.

2)You can also fork bitcoin anytime , start over from 0 and claim it's the real bitcoin. (BCH , BSV , BTG , LTC , BCD etc)

3)Why would you pay $10,000 for a digital collectible unit called BTC when you can use BCH or TRX or LTC .. you name it. They work just as fine and cost less. There is no rarity like in gold.

4)Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You’d rather hold a wal mart gift card or even simply cash.

5)Private keys may be bruteforced as we speak. Quintillions entries a second. When they’ll have enough bitcoins under control , they could move them all at once instantly.(At least 45,000 ETH have been stolen this way for now through ethereum bandit)SHA 256 is too old , bitcoin is 10 years old , it is not secure enough , quantum computing could potentially break it.

6)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc..

proofs :

“Bitcoin , Coindesk : “The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new Bitcoin — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.”

Stellar : “Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed”

Monero : “A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post”

Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released.

EOS : “Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX “

Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc..

7)Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels.

8)Then miners may be losing millions so they will stop mining , blocks may be so slow , almost no transaction will come though , and bitcoin may not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved may crash hard.

9)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity wallet”.

10)It is NOT trustless. you have to trust the wallet you’re using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc..

11)Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly every 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap.

12)Bitcoin price may artificially be inflated by Tether.

13)It’s an energy waste , an environmental catastrophy.

14)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation.

15)Governments will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies. Trump could kill bitcoin with one tweet , force fiat exchanges to cease activity.

16)Most cryptos are scams , the rest are just crazy speculative casino investments.

17)It is pyramidal : early adopters intend to profit massively while last comers get crushed. That's not how money works. The overwhelming majority of crypto holders are buying it because they think they will be able to sell it to a higher price later. Money is supposed to be rather stable. That's why the best cryptocurrencies are USDT USDC etc..

18)The very few stores accepting bitcoin always have the real price in the local currency , not in bitcoin. And prices like 0.00456329 BTC are ridiculous !

19)About famous brokers listing bitcoin : they have to meet the demand in order to make money , it doesn't mean they approve it , some even short it (see interactive broker's CEO opinion on bitcoin)

20)People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it , it's accepted everywhere , you can buy more things with it.

21)Everybody in crypto thinks that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it might not happen. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun. The markets are unpredictable.

22)Also BTC went from about $0.003 to the price it is today , so don’t think it’s cheap now.

23)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks. But it might be possible to do a rollback (blockchain reorganization) to reverse some transactions. BSV did it.

24)In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governments might ban it to prevent fiat inflation to worsen.

25) Having to write down the private key somewhere or memorize it is a security flaw ! It’s insane to think a system like this will gain mass adoption.

26) The argument saying governments can not ban it because it is decentralized (like they banned drugs) doesn’t work for cryptos. First , drugs are much harder to find and much more expensive and unsafe because of the ban , and people are willing to take the risk because they like it. But if crypto is banned , value will drop too much , and if you can’t sell it for fiat without risking jail , goodluck to find a buyer. Fiat exchanges could close. Banks could terminate every crypto related bank account. And maybe then the mining death spiral would happen and kill all cryptos.

27) Crypto doesn’t exist. It’s like buying air. It’s just virtual collectibles generated by a code. Faguzzi, fugazzi, it’s a whazzie, it’s a whoozie.. it’s a.. fairy dust. It doesn’t exist. It’s never landed. It’s no matter, it’s not on the elemental chart. It… it’s not fucking real!

28) Most brilliant guys have come out and said Bitcoin was a scam or worthless. Including Bill Gates , Warren Buffet , The Wolf Of Wall Street…

29) Inflation is necessary for POW , BTC code will have to be changed to bypass the 21M cap or mining will die ! If BTC code is not changed to allow for miners to be paid reasonably , they will cease mining when the bitcoin block reward gets too low.Even monero understood it ,the code will have to be changed to allow for an infinite bitcoin supply (devaluating all current bitcoins) or the hash will decrease and the security of bitcoin will decrease dramatically and be 51% attacked

30) Don’t mix up blockchain and cryptos. Even blockchain is overrated. But when you hear this or that company is going blockchain , it doesn’t mean they support cryptocurrencies.

31) Craig Wright had a bitcoin mining company with Dave Kleinman (he died) and on january 1 2020 he claims he will be able to access the 1.1M BTC/BCH/BTG from the mining trust. He may or may not dump them on the market , he also said BTC had a fatal flaw and that by 2019 there will be no more BTC.

32) Hacks in cryptos are very common and usually massive. Billions of dollars in crypto have been stolen in the last 6 years. In may 2019 Binance was hacked and lost 7,000 BTC (and it’s far from being the biggest crypto hack).

33) Bitcoin was first. It's an ancient technology. Newer blockchains have privacy, smart contracts, distributed apps and more.Bitcoin is our future? Was the Model T the future of the automobile? (John Mc Afee)

34) IOTA investiguating stolen funds on mainnet. IOTA shuts down the whole network to deal with trinity wallet attack.

35) Compared to bitcoin other cryptos work just as fine and don't waste so much energy.

36 ) Everytime miners disagree on the updates it will create another version of bitcoin : problem of governance and legitimacy.

37) Cryptos are only legitimate if they act as a credit for a redeemable asset like USDT or gold backed coins.


While the native language of the writter is not english , I think you get the point and it doesn't make it any less relevant.
submitted by OverTheRedHills to u/OverTheRedHills [link] [comments]

r/Bitcoin recap - June 2019

Hi Bitcoiners!
I’m back with the 30th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in May 2019
Adoption
Development
Security
Mining
Business
Research
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

How and why on earth did cryptocurrency become what is is today and should we seriously do something aboout it?

My first thought is - rather fittingly - the genesis block of BTC. Specifically the message:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Today, over 10 years later, this kind of message might as well read:
Coindesk(dot)com xx/xx/2019 Crypto whales and miners on the brink of a second bailout for cryptocurrency exchanges

Bitfinex being perhaps the most iconic example. Losing 850 million USD just like that thanks to transnational government agencies, they faced a similar fate as banks in the housing crisis. Total wipe-out. Just like banks, these monolithic exchanges are too big to fail. Failure would mean a global financial crisis in crypto, much like mt.gox. Not that different from the banks that got bailed out by institutions, Bitfinex received the same treatment, except from whales, investment funds, rich corporate entities and such. They covered for the whole loss basically, allowing things to keep operational at least. There wasn't really any demand for another tether, so without it, it could have been an economic meltdown in crypto. Hearing about similar offers made by other rich entities operating in the crypto scene to Binance after their hack, I'm starting to think this has become an even bigger, more common thing with crypto exchanges than it has been with banks.
It's rich people in positions of power protecting their own interests, except that in the proper spirit of crypto, it's quite secretive, likely (pseudo)anonymous and way less transparent than what the central banks did. Due to the nature of this technology, it can be hard to grasp what the actions taken by Bitfinex mean. To my understanding, they minted a new coin, LEO (witty name for a token under these circumstances..) and basically just decided it's market cap is 1 billion, then in a private sale, managed to somehow pull off the biggest ever ICO in the history of crypto, 1 billion of funding in just 10 days for what appears to me as basically printing money in order to cover for accounting, as this exclusive club taking part in the sale of LEO committed into buying said tokens using the money Bitfinex previously printed in order to manipulate the markets and profit, USDT that is. Can't remember any ICO in the past where the minimum barrier for an individual to participate was 1 million dollars and for companies, groups, or funds 100+ million.

We traded the tyranny of the banking system for a system that eventually reached centralization of power to a much greater degree, accompanied with lack of regulation and oversight which we all welcomed. I have observed and participated in the scene for at least 9 years, so almost from the very beginning, seeing the rise of first altcoins for example and all the crazy phenomena which emerged and how the community dealt with them, evolving in the process. There has been a distinct pattern that can be traced back to these early days, where some group of people would figure out how to use this new technology in all kinds of creative ways which under normal circumstances would have been considered fraud, collusion... all kind of things we did NOT want. So when the majority aka victims became aware, we always protested accordingly. Pre-mined cloned coins that were hyped over social media only so the creators would profit? We decided they were worthless.
So these people, having a very lucrative way of essentially scamming people dreaming of moons came up with a solution: there will be no pre-mine, but coins were launched under the radar and only people with power (many BTC) were informed. In case you aren't familiar, when a new minable coin is released and there's only a handful of miners, a significant portion of the tokens in circulation are mined in an insanely fast manner, first 10% of total supply generated in a matter of hours perhaps, giving everyone who managed to mine on the day of launch a major advantage. We decided the secrecy was equally bad and they openly announced these coins, directing masses to use mining pools, only for them to be be under DDOS during the launch.

That pattern eventually evolved to ICO's and everything else we see today. Ripping people off in sophisticated enough ways that we put up with it. After all, we could always get lucky from the 'generous' pump & dump groups they were organizing and offering to us. The system may have changed, but the philosophy is the same: people with the most money either as individuals or a group exploiting 'lesser' people and groups, concentrating power (BTC) in the process much akin to 'rich get richer while poor get poorer'. 10 years onwards, thanks to the financial side (trading), the whole crypto economy is still not only using but dependent on market manipulation and all kinds of deceiving schemes.

This has been a major obstacle to wide-scale adoption, despite powerful people trying to convince us that manipulating prices to the level of a bubble will lead to people thinking this technology is great and start using it. In reality, many among the general population either had or started having doubts about these bitcoins. Imagine if they tried to sell internet and all of it's possibilities solely through nigerian prince scam spam.

Then there's the miners, one of if not the most powerful entity in cryptoscene as a whole. Naturally their power and influence only grew, significant investments were made. I remember conversations with some chinese guy mining LTC back in 2014, he was always like "Yay, the newest shipment of 300 AMD GPU's came straight out the factory". Must have had thousands. Asics had begun dominating BTC mining and they weren't cheap either. Not to mention all that electricity too. Where I'm leading you with this, is the current situation where we have established mining companies with ASICs dedicated solely to BTC mining for efficiency, probably pretty much useless for anything else. Valuations of 100's of millions if not billions at their peak. Then we realized how stupid it is to waste electricity like that when we could do it in a better way, Proof-of-Stake. Instant conflict of interest hindering further innovation due to competition instead of the opposite. The mining giants refuse to go out quietly and many have been mining BTC at a loss (electricity) for a long time now, effectively needing a pump to dump those mined BTC just to cover their operating costs in the past as they naturally didn't want to sell them at a loss.
Side-note: I think the current pump is due to a lot of BTC miners quitting and cashing out of BTC in a way that doesn't bankrupt them. To make matters force, they can effectively coerce both whales and crypto exchanges to co-operate in order to pump the prices because if the miners go out of business, everyone utilizing BTC for profit is in big trouble. So if they say they need a pump to dump, they get one. Bail-outs for miners too for christ sake.

Luckily, we have alternatives being heavily developed, but I fear for a financial meltdown for crypto before they reach a mature stage. Not a very popular subject to my knowledge, because in the near future, somebody has to pay the bill and this time it ain't covered by taxes collected. This awesome technology has been primarily abused and exploited, with people innovating in the are of 'get-rich-quick' schemes more than the technology itself. Ethereum was supposed to be a paradigm shift, but it became another instrument of the same scheme, even though it helped push tech forward some.

Remember that this is a time of decentralization. It's up to us, the collective, to do something about this if we want (or even can for that matter). Ironically, we stuck with the old mindset of 'just wait it out and The Man will fix it for us eventually' which was supposedly a thing of the past.

So I ask you: What are your opinions about the current state of affairs in crypto, especially the financial side? Do you feel it's all good and if so, why? Any and all input is welcome. Let's make the scene a better place and show good example to the pagans who doubt us due to our dubious practices in the past and even today, furthering acceptance and adoption instead of laser-point focus on profit to the point the system collapses.
submitted by RanCestor to CryptoCurrency [link] [comments]

My story with BTCP

Hello! I first heard about BTCP in mid February, a fork between btc & zcl. After seeing the price of ZCL @ $200 I got a "good" entry point @ 900K sats (≈ $90) with half of my portfolio, 5 ZCL. Next morning I was on my way to work and I spotted it at 700K sats and I went all in, had a total 11.8 ZCL I thought in just trade the fork's news and sell it before the snapshot, but when the price went up 50% I decided to hold ZCL post fork and get some BTCP thinking it would be a great privacy coin with Bitcoin branding.
The news around fork time were awesome, everyone was predicting the price between $200-$500 and I thought it was a good coin to double up my portfolio in a week or two.
BTCP got listed in Nanex and Tradesatoshi, the price was awful to sell so I bought every dip I could during a month @ 475k, 340k, 320k, 300k and 200K sats. I reduced my entry point to 410K sats and I had 85 BTCP!!
HitBTC was around the corner and the price finally started going up to 530K sats. I sold 27 BTCP to pay some bills (yes, I fucked it pretty bad and I put money I should have NOT invested)
Luckily I was in profit when I sold those 27 but to be honest I was sure that if gets listed in Hitbtc soon it would go back to the 1M sats area so as soon as I got my pay-check from work, I bought some more at 500K and 410K sats.
At that moment (1st of May) I had a total of 80 BTCP, Net cost around $2700 (Lots for me)
Next day after i bought @ 410k sats I saw Hitbtc had BTCP deposits open. I was quick enough to make a little deposit of 10 BTCP, they closed deposits in like 20 minutes but I had my BTCP deposit address so I transferred all my BTCP.
Next day Hitbtc open BTCP trading and luckily I was in front of my computer, I placed an order of 10 BTCP at 0.029999999 and it got filled in like 2 minutes!! Yeehaaa I was so happy. I kept placing more orders of 10BTCP at 0.029 0.028 0.027 etc.. none got filled and I stopped @ 0.007 as I thought that would be the real price few hours later.
Later on the price keeps going down to 450K - 500K sats so with the profits I've just made I bought 70 more @ 500K and 400k sats thinking it would "moon" from there. Imagine my face one hour later when the price dumps to 1600 sats and I don’t have a single sat to trade :(
Three weeks later (end of May) I sold 40 BTCP @ 320k sats to make another trade which end it up a day later in 80% profit :) And BTCP was 10% down, so I bought 44 back. I kept trading with the profits between CPT and DBET making around 20-30% profit in 2 weeks.
Mid June BTCP price drops to 200K sats and I bought 50 more with part of the profits from the previous trades.
10 Days later price drops again to 150K sats for few minutes and I managed to buy 55 BTCP @ 150k and 160K sats. Price went straight up to 200K sats and didn't sell any as I thought it would recover from there.
Last week price went down slowly to 160K sats and I put more fiat in and bought 40 BTCP. Having a total of 290 BTCP
290 BTCP!! Unbelievable!!! I would never thought of having that many.
So now I am holding a bag of 290 BTCP with a loss of 0.15 BTC but even in $$ and I’m not even mad. Thinking if I didn’t trade my initial 80 BTCP I would still have those worth now $800
For the last month I’ve been researching about economics quite a lot and I finally opened my eyes. I see BTC replacing fiat in few/several years and all of those thinking $1M per BTC, are completely right, 1 BTC = $1.000.000 is equal to 1 sat = 1 cent.
We live in a world where money is controlled by 2 or 3 families and they can print/fake as many as they want. We live in a huge debt, where money does not longer exist. Imagine every single person cashing out their money form banks. The system would collapse and eventually it will.
Going back to BTCP I think is the sleeping giant, once they finish the rebase and merchants start accepting it we’ll see a change in the price. (Binance listing would help too)
Yesterday I downloaded the full node wallet and after testing some features I can tell this coin has a huge potential. Fast, Scalable, Decentralised and 100% Private. Hopefully they add all those new options in the electrum wallet soon!
After all this explained I want to tell you guys I’m very bullish in this project, even if the price has gone down a lot and I’m 90% down from my very first investment (ZCL) I don’t really care because I see this coin surpassing it’s own limits.
Just be Patient guys, just be Safe, just be PRIVATE!!
Have a good Monday everyone!! :)
submitted by Pirrit0 to BTC_Private [link] [comments]

BITCOIN BREAKOUT TODAY!!!  Binance Leverage Trading, Will Compete With Bybit & BitMEX BITCOIN bear trap ?, Binance BULL & BEAR TOKEN DELIST what do now? - CRYPTOVEL Deposting Bitcoin to Your Binance Wallet Address CZ Binance interview – What to expect from crypto in 2020 3D Printed Bitcoin QR Code Unemployment Skyrockets, Printing $4 Trillion, Bitcoin Price Drop, Reddit Coin & New Gemini Coins Comment Trader Des Cryptomonnaies Avec Binance ? Anleitung für #Binance! Handeln auf der größten Plattform! Bitcoin Rallies Higher, Binance Bullish, XRP Resistance, Bold BTC Forecast & Ironic News Of The Day

It turns out the Fed's money-printing is not even backed by paper bills. Instead, it's just numbers on a computer. ... were worth $100, that’s $24.8 million dollars of notes printed per day. That means it would take years for the Fed to print the trillions in ‘stimulus’ it is providing to financial markets. That’s simply not possible, as co-founder of Stake Capital, Leopold Joy ... Binance chief executive Changpeng “CZ” Zhao says that the current financial system is broken and Bitcoin will be the solution – eventually. In a new blog post , CZ analyzes a corporate culture where CEOs are trained to push for short-term results. Cryptocurrency News: Nevada signed several blockchain bills into laws, Binance restricts U.S. users and bitcoin has surpassed 1 million daily active addresses. Jim Rogers, who cofounded the Quantum Fund with billionaire investor George Soros, has shared his view on bitcoin, its use as money, and governments' response to the growing use of cryptocurrency. Bitcoin’s divisibility also makes it easier for small investors to buy fractions of BTC. Store of Value, Medium of Exchange and Unit of Account. The sentiment is divided on Bitcoin’s current role. Many believe that Bitcoin is simply a currency – a tool to move funds from point A to point B. We’ll get into this in the next section, but ... The 116th U.S. Congress convened on January 3, 2019 and will conclude on January 3, 2021 - and while 2020 will represent for millions one of the most unprecedented years in history, Congress has ... According to the most recent blockchain data, the whale moved the Bitcoin to a wallet owned by crypto exchange Binance, where it could be sold or traded on the open market. Whale Alert works to identify wallets owned by Binance and other crypto institutions and at time of publishing, the address is not known to be associated with Binance or any known organizations in the crypto space. The telecommunication giant AT&T started accepting Bitcoin payments for bills earlier this year. According to an official press release, ... is currently accepting payments in Bitcoin, XRP, Binance Coin (BNB), TrueUSD (TUSD) and other digital assets. This firm is similar to CheapAir and Garbarino Viajes. There is a large number of users that are travelling and that is interested in purchasing ... Bitcoin Daily: Binance Rolls Out Decentralized Exchange; Wyoming Legislators Pass Multiple Crypto Bills By PYMNTS 60 60 PYMNTS.com PYMNTS Posted on February 20, 2019 February 21, 2019 6:03 am Bitcoin solved this with the advent of the blockchain and created a decentralized public ledger that operates on consensus of the entire bitcoin network in order to validate transactions. Issue #5 – Bitcoin is a leaderless headless system. The bitcoin network has no leader. It has no face. It has no official representative. It has no nation ...

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BITCOIN BREAKOUT TODAY!!! Binance Leverage Trading, Will Compete With Bybit & BitMEX

Bitcoin & Altcoin Borsaları Binance : http://bit.ly/BitcoinBorsasi Bitmex : http://bit.ly/bitmexuyelik FTX: http://bit.ly/FtxKayıt Crypto: Huobi: http://b... Dans cette vidéo, je t'explique comment trader des cryptomonnaies avec binance. L'investissement dans les cryptomonnaies peut être une opportunité pour toi pour diversifier tes sources de revenus! BITCOIN bear trap ?, Binance BULL & BEAR TOKEN DELIST what do now? - CRYPTOVEL Crypto Vel. Loading... Unsubscribe from Crypto Vel? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe ... In this video: Deposting Bitcoin to Your Binance Wallet Address. We go step by step and deposit Bitcoin to Binance Wallet Address. How to fund binance account. Amazon Affiliate Link - (If You Buy Something On Amazon, I Get A Small Commission As A Way To Support The Channel) - (There is NO extra cost for you) https://amzn.to/39MXp4q ----- My Second ... Amazon Affiliate Link - (If You Buy Something On Amazon, I Get A Small Commission As A Way To Support The Channel) - (There is NO extra cost for you) https://amzn.to/39MXp4q ----- My Second ... Binance CEO Changpeng Zhao (CZ) gives us his thoughts on where cryptocurrency markets, Bitcoin and Binance are headed in 2020. Plus he openly addresses Binance's role in the recent Steem voting ... Bitcoin Technical Analysis & Bitcoin News Today: Binance will launch Bitcoin leverage trading. This mean that Binance will compete with BitMEX and Bybit. Also, I'll use technical analysis on the ... Hallo zusammen, in diesem Video zeige ich euch, wie ihr auf Binance einfach hunderte Kryptowährungen handeln könnt und mit dem BNB Coin Gebühren spart! Auch sprechen wir kurz über das ...

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