1)Private keys are being bruteforced as we speak. thousands of quadrillions entries a second. When they’ll have enough bitcoins under control , they can move them all at once instantly.(at least 45,000 ETH are known to have been stolen this way for now through bandit)SHA 256 is too old , is 10 years old , it is not secure enough.
2)It is possible to change the code anytime and change the total supply or anything. DASH did it : they reduced the total supply to 18.9M. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week.
3)You can also fork anytime and start over the pyramid scheme from 0. (BCH , BSV , BTG , LTC , BCD ETC etc)
4)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with , , , zcash , zcoin , , etc..
proofs :
“ , Coindesk : “The Latest Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.”
: “ Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed”
: “A bug in the (XMR) software that could enable fake deposits to exchanges has been recently brought to public attention through a 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.
: “Hackers Forge Billion Coins to Steal Real Crypto From DEX “
Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc..
5)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 to drop very low levels.
6)Then miners will be losing millions everyday so they will stop , blocks will be so slow , almost no transaction will come though , and will probably 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 involved will crash hard.
7)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity ”
8)It is NOT trustless. you have to trust the you’re using is not just generating an address controlled by the developper , you have to trust the node the 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..
9) 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.
10) price is artificially inflated by Tether
Other major non-technical problems :
11)It’s an energy waste , an environmental catastrophy
12)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation.
13)Governements 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. could kill with one tweet , force fiat exchanges to cease activity.
14)Most cryptos are scams , the rest are just crazy speculative casino investments
15)Think of any amount you hold in as a gift card to use smart contracts on the ETH . Ridiculous. You’d rather hold a wal mart gift card or even better simply cash.
16)It is pyramidal : early adopters intend to profit massively while last comers get crushed.
17)The very few stores accepting always have the real price in $ , not in .
18)About famous brokers listing : they only want to give people an opportunity to short it , and make money on it as brokers do.
19)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. The governement the the taxes etc. Cryptos are so much worse it’s printed out of thin air we could change the algorythm of to instantly mint an infinite amount of , it is technically possible..
20)Everybody in crypto think they’re smart traders and that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it won’t. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun.
21)Also went from about $0.003 to the price it is today , so don’t think it’s cheap now.
22)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks
23)In case of a financial crisis , the speculative assets would crash the most and is far from being a non speculative safe heaven ; and governements might ban it to prevent fiat inflation to worsen. If prices would rise , whales stuck with cryptos would dump and cause an immediate huge drop.
Published at Fri, 03 May 2019 14:19:51 +0000
