For How Secure Crypto Should Be It Makes Me Question Things
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For me the last month in crypto land has been very disappointing and honestly ended up turning me off and selling a large portion of my holdings in the last three months. (Oh yeah going to be fun reporting all that come tax day lol)
To me the entire crypto industry is growing at a slow pace. No scaling solutions, no real development and not a single app that has really gone viral in order to bring new people into the crypto industry.
In fact I see the opposite. Sites like Steemit are getting lower then ever amounts of traffic and users.
Which brings me to the real nail in the coffin I feel
This is the recurring theft that happens on crypto exchanges and people in general. Literally every week millions of dollars worth of crypto seem to get hacked such as the newest upbit where $49 MILLION dollars worth of Ether was just taken. Guess what almost every time that money is never returned and instead the company is left trying to recover the costs some how. If anything that Ether will be found in a raid by the government and then seized and later sold on the market. In fact just a few months ago the US Government dumped millions of seized bitcoin and other crypto assets on the markets.
It really makes you wonder and to me paints a clear picture that everything we had hoped crypto would do for us is all but destroyed now.
This such as
- Governments or a few wealthy people holding huge stakes of crypto
- Continued hacks and thefts your assets are not safe and there is no backup
- Day to day transactions has not happened nor does it look like it will ever happen
A big part of this is how governments have said Cryptos act. Instead of a currency they are labeled at property. This means EVERY time you use that coinbase card to buy a coffee or buy something online it is a taxable and has to be reported with the buy price and the price you just sold it at when you bought that coffee. You pretty much should consider it a stock. You just gave startbucks a share of stock called crypto when you bought that coffee. It boggles the mind when you go into thinking about how many transactions you could have logged and the HUGE amount of paper tracking you need to now figure out.
These are all MASSIVE things that will keep crypto from ever being adopted and I honest feel like it wont happen now. Not unless it is done by a company, but the days of bitcoin, ethereum etc I believe are over based on the above.
What are you thoughts?
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I thinks it's far to early to tell how it will all end up hut I do think that a crypto like steem or something similar will be the one to bring people in. Bitcoin is a good investment coin or backing token for the market but it's not realistic as a currency due to its cost. Same with ethereum for apps. They will hold a certain amount of value but we need a coin that is free to use and can be moved instantly for people to use it. Everything crypto is still far to complicated for the average person to bother with so I think it will be the first crypto that allows instant and simple use which has the most chance of success.
I still like steem as that coin to bring in the average person and actually have a use.
All the crypto rise that we had previously was based on speculations. Cryptocurrencies are safe, the way people use it is not safe (especially on exchanges). I believe there are still good chances that crypto will rise, but we need to consider its applications, not the value it has, and since that point, it will be long until it will gain real value.
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You can't seem to make up your mind. You wrote that only 11 days ago. Exchanges get hacked all the time, since the beginning of cryptos, nothing new there. "Don't store your money on an exchange." is a mantra repeated over and over.
Things change so what I say 2 weeks ago can have a drastic change in that time frame that spells something else. Those who fail are ones that don't understand markets and that things change and things happen.
Yes don't store your money in an exchange we say it all the time. Has that stopped anyone? Clearly not and more crypto then ever before is now on exchanges.