Yeah you're just ignorant and thus giving weak arguments. Bitcoin is a peer to peer virtual cash code, according to its whitepaper. Now you're like every other noob that just assumes that exchanges control Bitcoins and that can't be farther from truth. The coin HAS NEVER BEEN HACKED, what has happened with some exchanges and the coins already in circulation is a completely different issue, but Bitcoin code has never been cracked because technologically is impossible right now.
Also, regarding that, Bitcoins has been lost because like that England famous guy, there are far too many wallets with more than 100 BTC which have been completely untouched for years because they lost either the cold wallet or the access code.
Lol most people here don't have any f**king clue of how mining or crypto works. Not all cryptocurrency is mined with the same Bitcoin protocol (Proof of Work), there are a lot of Proof of Stake alternatives to Ethereum and Bitcoin which are very cheap to mine, affordable and have a great market cap. If you people think fiat money has some value beyond what a bank says you're a joke, and given value as a human construct, money definitely ain't worth shit more than we agree to. Which comes as the same reason that Bitcoin is at 43k while you think it's a racket.
Bitcoin is actually expensive to mine, because the protocol forces through the system the recognition of the mined blockchains, in order to compare and validate each node, which takes a lot of time and energy. And if anyone here comes with the argument that without power it holds no value, well joke's on you pal because if there's a massive energy out and everything goes to shit, banking systems won't even have access to anyone accounts, which in the end will mean your money means shit, also, Bitcoin system has NEVER been hacked, because right now is very impossible to do.
Not in all cases of compromised accounts will they answer for your money, nor it's true it minimizes damage fully, else credit card fraud wouldn't be a thing now. Your wallet has all the safeguards for you to avoid it getting compromised, and again as I said, unless you get full amnesia and can't manage to remember your password, or you purposely giving it away to someone else, there's no way as february of 2022 to make your tokens be compromised. I agree all code is subject to error, but this is not technology that is just getting experimented with, and as I say again, it's just not possible to brute force random accounts given how those addresses work, because it's not like bank account #532135464, it's a code, and although every wallet comes with a public key necessary to verify transactions through etherscan or w/e, there's no way for anyone in the world beyond yourself to have access to the real API key.
Inflation eats the value of crypto not because it's priced in dollars, this is just a fallacy because EUR is a currency accepted pretty much anywhere in the world as well, and it's the same comparison. Everyone prices in dollars because it's the easiest way to make transactions worldwide, but at the same time; this gives perspective of how close the dollar is to stop being it the world reserve currency, because US, or EUR, or YEN or whatever is just a paper, and leaving behind what we humans think of the value of a dollar, you get to understand that it holds no intrinsecal value for itself. And Bitcoin for example, has seen more than 400 obituaries and for two years saw a price of 2.000$-3.000$ before skyrocketting to 30k, 40k and etc, so even if it's not at it's highest it still is a win for any personwho bought 1 token for 1k dollars or less.
You think because historically economy has been behaving a certain way USD will continue to hold it's #1 place, but you're just blinding yourself to reality. Every nation right now is behind schemes getting into crypto if they haven't already, hell even JP Morgan who talks shit and shit about crypto spent 100 million dollars on MANA and said the metaverse will have a market return of 1 bil or more. Warren Buffet firm got into crypto too, El Salvador is doing quite well despite all the criticism and the point goes just right there. Technology brought society to a point that regardless of how well the country has done before, the means have gotten so developed everywhere that if everyone gets a resource to be at the same starting point, the countries that hold monopolies won't be able to do so anymore, losing a huge asset of control of society.
And finally, you are equally wrong at believing that cryptocurrency is just a market 'asset'. The technology behind it is so powerful that on such a short amount of time has gained a market cap of more than 1 billion dollars, and it has an intrinsic value, since it's a ecosystem which can hold smart contracts (facilitating safe transactions), DAO (which are the future way of doing enterprise), DeFi and so much more potential that this technology could end up immersed in every aspect of the life of people, because whether you choose to believe it or not, all societies are migrating and globalizating into technocracies. And this puts a huge strain over concepts like freedom or privacy (which if you ask me, I no longer believe it exists). The difference is that, between allowing Facebook to keep doing money with my data, or me getting earnings of my own data I'd rather the last. Just making Facebook as an example should make you understand how delicate are ethics in this new society that it's developing, and given how much censorship and repression has been shown by countries in the past and the very same present, I think it's a moment to allow people to empower themselves over their real role in society.
Not in all cases of compromised accounts will they answer for your money, nor it's true it minimizes damage fully, else credit card fraud wouldn't be a thing now. Your wallet has all the safeguards for you to avoid it getting compromised, and again as I said, unless you get full amnesia and can't manage to remember your password, or you purposely giving it away to someone else, there's no way as february of 2022 to make your tokens be compromised. I agree all code is subject to error, but this is not technology that is just getting experimented with, and as I say again, it's just not possible to brute force random accounts given how those addresses work, because it's not like bank account #532135464, it's a code, and although every wallet comes with a public key necessary to verify transactions through etherscan or w/e, there's no way for anyone in the world beyond yourself to have access to the real API key.
Inflation eats the value of crypto not because it's priced in dollars, this is just a fallacy because EUR is a currency accepted pretty much anywhere in the world as well, and it's the same comparison. Everyone prices in dollars because it's the easiest way to make transactions worldwide, but at the same time; this gives perspective of how close the dollar is to stop being it the world reserve currency, because US, or EUR, or YEN or whatever is just a paper, and leaving behind what we humans think of the value of a dollar, you get to understand that it holds no intrinsecal value for itself. And Bitcoin for example, has seen more than 400 obituaries and for two years saw a price of 2.000$-3.000$ before skyrocketting to 30k, 40k and etc, so even if it's not at it's highest it still is a win for any personwho bought 1 token for 1k dollars or less.
You think because historically economy has been behaving a certain way USD will continue to hold it's #1 place, but you're just blinding yourself to reality. Every nation right now is behind schemes getting into crypto if they haven't already, hell even JP Morgan who talks shit and shit about crypto spent 100 million dollars on MANA and said the metaverse will have a market return of 1 bil or more. Warren Buffet firm got into crypto too, El Salvador is doing quite well despite all the criticism and the point goes just right there. Technology brought society to a point that regardless of how well the country has done before, the means have gotten so developed everywhere that if everyone gets a resource to be at the same starting point, the countries that hold monopolies won't be able to do so anymore, losing a huge asset of control of society.
And finally, you are equally wrong at believing that cryptocurrency is just a market 'asset'. The technology behind it is so powerful that on such a short amount of time has gained a market cap of more than 1 billion dollars, and it has an intrinsic value, since it's a ecosystem which can hold smart contracts (facilitating safe transactions), DAO (which are the future way of doing enterprise), DeFi and so much more potential that this technology could end up immersed in every aspect of the life of people, because whether you choose to believe it or not, all societies are migrating and globalizating into technocracies. And this puts a huge strain over concepts like freedom or privacy (which if you ask me, I no longer believe it exists). The difference is that, between allowing Facebook to keep doing money with my data, or me getting earnings of my own data I'd rather the last. Just making Facebook as an example should make you understand how delicate are ethics in this new society that it's developing, and given how much censorship and repression has been shown by countries in the past and the very same present, I think it's a moment to allow people to empower themselves over their real role in society.
Eh this is not a valid argument again, because "banking regulatory protection" is not as real as you think it is, inflation is eating fiat regardless of regulations, and you're as I said before, losing purchasing power everyday if you think leaving money on your bank untouched will save it, given most banks charge some negative interest to your money. Pretty much your argument is that you're too lazy to concern yourself with the security and safekeeping of your finances, because descentralization means giving up banks because most of the security protocols for flawless transactions are already hardcoded on the blockchain ecosystem. At the most, frauds today steal from you either at the buying process of crypto before the tokens get into your wallet, or baiting you with shitcoins etc. Because again, as I said, the only way to get to someone's wallet would be to get their private master key phrase and that's way more difficult than you can imagine, because if you have healthy cyber security habits there should not be many issues. I have been using crypto for years and have never got rip off or hacked because I keep my stuff safe.
You speak as if fiat has any kind of backup beyond a contract established by powerful institution that most of the time don't have the better interests into their minds when they take decisions.
And you're very wrong if you think it's not already a mainstream currency, because I know a really huge ammount of people that were able to afford housing thanks to getting early into Ethereum, or other stablecoins.
The main point of cryptocurrency is to eliminate such third parties as banks, because well, sure exchanges have been hacked, but eh, I assure you much more money has been stolen from fiat bank accounts or laundered, or done to commit crimes or whatever. Like, you can just get drugged and taken to an ATM to empty your card if unlucky enough so I don't see how security is a win for banks. Beyond that, not the average hacker with a Ryzen 3 will be able to hack a blockchain, doing so is requires a hell of understanding or computational power of a nation scale, like this paper that confirms that most of those hacks have been done by North Korean goverment agents, so in the end is a much more big loss to punish crypto finances. It's even worse because the alternatives that are surging around are a kind of coin where the state has full control of it so you could lose your money at any time for whatever reason, and also that would mean you pretty much gave up your rights to have personal finances.
Also, wallets warn you before even finish the creating process to safeguard the hash phrase for the master key, and for cold wallets well, it is very much clear that the USB itself has the software and there is no other way to access to it, so if you're already investing at that point and you lose it, it's your fault because you should know what you're doing.
Given how big of an industry it is, I highly doubt it will getting hacked as you assume though. You're definitely not looking at the big picure, but you do you bro, eventually everyone will see this as the big chance it was, and then you'll be either happy or regretful of getting in or not in time to it.
That's a different issue, but that just assuming that hackers will be the only ones dipping in that technology. I mean, if I have a quantum processor that works on qubits, it would be possible to create a random algorythm that just encrypts information through many or all techniques at the same time, which eventually will end in the very same race of what whom decrypts first, and if you got more servers to process through all that madness you'll be speeding by much.
Because also, honestly I just laugh at that article, if they could decrypt bitcoin in seconds I can only imagine what they would do to the banks of all the world, which delves into the same argument again. Fiat cash is no longer what it used to be, I mean we're actively and passively losing purchasing power over the years, while getting eated by inflation. And that's a reality that pretty much applies to high percentage of countries right now.
Yeah you're just ignorant and thus giving weak arguments. Bitcoin is a peer to peer virtual cash code, according to its whitepaper. Now you're like every other noob that just assumes that exchanges control Bitcoins and that can't be farther from truth. The coin HAS NEVER BEEN HACKED, what has happened with some exchanges and the coins already in circulation is a completely different issue, but Bitcoin code has never been cracked because technologically is impossible right now.
Also, regarding that, Bitcoins has been lost because like that England famous guy, there are far too many wallets with more than 100 BTC which have been completely untouched for years because they lost either the cold wallet or the access code.
Lol most people here don't have any f**king clue of how mining or crypto works. Not all cryptocurrency is mined with the same Bitcoin protocol (Proof of Work), there are a lot of Proof of Stake alternatives to Ethereum and Bitcoin which are very cheap to mine, affordable and have a great market cap. If you people think fiat money has some value beyond what a bank says you're a joke, and given value as a human construct, money definitely ain't worth shit more than we agree to. Which comes as the same reason that Bitcoin is at 43k while you think it's a racket.
Bitcoin is actually expensive to mine, because the protocol forces through the system the recognition of the mined blockchains, in order to compare and validate each node, which takes a lot of time and energy. And if anyone here comes with the argument that without power it holds no value, well joke's on you pal because if there's a massive energy out and everything goes to shit, banking systems won't even have access to anyone accounts, which in the end will mean your money means shit, also, Bitcoin system has NEVER been hacked, because right now is very impossible to do.