/biz/ - Business & Finance

>>8952592
> 3rd layer: cryptocurrency networks are vulnerable
Even the king can get 51%'ed, it's the only safe coin right now but it doesn't mean it always will, pretty much anything below only live at the mercy of mining farms. Remember how hashing power of monero dropped when they hardforked few days ago? Staking coins don't solve anything, token distribution on anything below btc is absolutely disgusting.
> 4th cryptography (more precisely, hashing algorithms used by it) is not proven secure, also quantum computers
Why do you think there is a SHA1 family and SHA2 family? What do you know about MD5?
> 5th cryptocurrencies work on top of Internet, it is a centralized service, a country can lock you or itself from the Internet out.
Not going to write an article on Internet here, but just so you know, it's not magic, there are services that manage connections in each country and they do answer to authorities.

>>8952592
stop saying rational and factual shit, we need to keep this ponzi alive!! i havent got my lambo yet.

>>8952642
Word. The second bubble is going to blow up. Its gonna moon to 40k

Normie here. I tried to get into crypto,but it's the most complicated, difficult process ever and one wrong move you get scammed or lose your entire investment. Information is confusing, how to cash out is not clear, it's all fucked.

This is coming from someone who has invested in stocks, and has a solid education.

Now I'm just here for the pinkies.

>>8952592
no one will adopt it until the price stabilizes. no one wants to be that guy who paid thousands of BTC for a pizza.

>>8952841
its fucking simple you moron
>sign up to coinbase
>use debit card to buy BTC/ETH on coinbase
>use BTC/ETH to trade on alts
>cash out gains back to coinbase
>use revolut app on iOS/android to get a SEPA address to cash out to
>enjoy lambo

it takes about 20 minutes of research to learn this

>>8952841
and investing is actually the easier part, actual usage makes it much more complicated

>>8952592
>This will never happen, a norman will never accept a currency that he can he can permanently lose with just 1 wrong move
Are you implying that normies don't use cash?

Your thread is retarded.

>>8952592
> 1st layer: losing access to your private keys
better don't lose them. do you also lose the keys to your car? or your wallet?

> 2nd layer: an attacker obtaining your private key
so pay more attention then moron, if you can't even keep your keys secure you're a doofus anyway and deserve to get robbed.

> 3rd layer: cryptocurrency networks are vulnerable
if you have the power for a 51% attack you would be better off mining because it would simply be more profitable

> 4th cryptography (more precisely, hashing algorithms used by it) is not proven secure, also quantum computers
Vitalik himself said its secure from this quantum gay shit

> 5th cryptocurrencies work on top of Internet, it is a centralized service, a country can lock you or itself from the Internet out.
look up ConnectX

>>8952984
Can't use coinbase

this is why normie exchanges like coinmetro with a card is a good idea. they hold your funds. and because of fiat pairing you can spend it with the coinmetro card. easy enough. no having to be some kind of fucking nsa agent to manage your internet funny money

Mobile wallets are already quite intuitive.
Also avoiding tax is as good incentive as it gets.

>>8953480
Hash attacks can't be made to kill competition though ?

>>8953660
what competition?

>>8953480
>better don't lose them. do you also lose the keys to your car? or your wallet?
losing car keys doesn't make you lose your key, losing wallet doesn't make you lose your lifesavings
> so pay more attention then moron, if you can't even keep your keys secure you're a doofus anyway and deserve to get robbed.
"paying more attention" is nowhere near enough to be safe, if you aren't proof reading with full understanding every piece of software you run - nodes and wallets, you're putting yourself at serious risk which will be exploited sooner or later
> if you have the power for a 51% attack you would be better off mining because it would simply be more profitable
that's for now, we're talking about a hypotethical situation that crypto becomes a global financial system, at that point there is an incentive to kill it at any cost

>>8953767
>losing car keys doesn't make you lose your key
lose your car*

>>8953767
>losing car keys doesn't make you lose your key, losing wallet doesn't make you lose your lifesavings
then don't be a retard and have several keys for several wallets
always remember: don't put all eggs in one basket

>"paying more attention" is nowhere near enough to be safe
yes it is, if you have a brain you can figure it out easily.

>if you aren't proof reading with full understanding every piece of software you run
learn how to run a secure PC brainlet.

>you're putting yourself at serious risk which will be exploited sooner or later
you're doing the same everytime you leave the house, life is risk. however you can manage your risk.

> at that point there is an incentive to kill it at any cost
no there is not, the incentive is always PROFIT.

>>8953863
>yes it is, if you have a brain you can figure it out easily.

Yeah, imagine normies auditing the code of every Chrome addon they decide to install because one of them might steal their private keys.

This sort of shit will never happen.

Nor will they buy a second laptop with TAILS usb boot and running 24/7 tor just for crypto use only.

>>8953727
Eos vs Eth
Ven vs Wtc
One of these attacking the other and getting them banckrupt

There could always be banks people go through for their crypto credit cards, since that's what pretty much everyone uses these days. People already trust banks with all their money, so trusting their crypto there wouldn't be a big difference.

>>8953863
>then don't be a retard and have several keys for several wallets
always remember: don't put all eggs in one basket
That's not very idiot-proof anon. That's how things need to work if you want legitimacy in the eyes of normies and mass adoption from them

>>8953907
>Yeah, imagine normies
you mean idiots and poor people?
who cares about them?

they will die out.

>>8953917
they are all solving different problems for different industries.
>One of these attacking the other
wouldn't happen.

>>8954074
>you mean idiots and poor people?
>who cares about them?
>they will die out.
Not a very convincing argument here

>>8952592
>a norman will never accept a currency that he can he can permanently lose with just 1 wrong move
you can literally permanently lose any currency with one wrong move...?? a hundred dollar bill can blow away in the fucking wind.

> 1st layer: losing access to your private keys
distributed key/split key systems are being developed, making it very hard to lose your keys.
> 2nd layer: an attacker obtaining your private key
see above, a split key system makes it also hard to steal your private key. they would have to steal your part of the key and your exchange/wallet/bank's key
> 3rd layer: cryptocurrency networks are vulnerable
whatever blockchain becomes the dominant one will have immense hashpower, attacking this will be infeasible. 51% attacks are economically impractical for a number of reasons. you make more money just being an honest miner
> 4th cryptography (more precisely, hashing algorithms used by it) is not proven secure, also quantum computers
lol, no
> 5th cryptocurrencies work on top of Internet, it is a centralized service, a country can lock you or itself from the Internet out.
there are ways around this, steganographic embedding of bitcoin txs in images for instance. most countries will not want to ban as the economic benefit is great

>>8953863
power and control is a way more powerful incentive, if governments ever think that crypto poses a danger to the system they can and they will stop it, they have more than enough resources to do it, use army to seize mining operations aaand crypto is dead, why would someone trust a system like that?
and we will see for how long paying attention will serve you, "everyone has a plan until they get punched in the face"

>>8952592
you can use bitcoin at local restaurants here

>>8954214
> 4th cryptography (more precisely, hashing algorithms used by it) is not proven secure, also quantum computers
>lol, no
the absolute state of average cryptofag, I bet you don't even know what hash is

>>8952592
>also quantum computers
If that would actually happen your bank account wouldn't be safe either.

>>8954239
the same way they introduced TOR to you they introduced blockchain and BTC. the price doesn't matter it's about the end result any money made along the way in consequential

“Having a traceable public ledger of every bitcoin transaction ever conducted allows law enforcement to ‘follow the money’ in a way that would never be possible with cash.”

>>8954239
but thats retarded because if you don't adopt crypto everyone else will and then you will be left behind, or you invest into it and make mad profit. what sounds better?

Isn't this the same argument boomers had against email/internet?
Don't be a boomer

>>8952592
These exact things are problems we already have with plastics and fiat

Shoo shoo fuddy duddy

>lose your life savings from robbery

you realize there will be crypto insurance right?

>>8952592
> People will never use a car
> People will never use a computer
> People will never use internet

>>8954419
>Crypto Insurance
This board gets even more deluded by the day.