The Dark Side of Crypto Currencies

Bitcoin is a great invention, the idea behind it is very ideologic and it’s a shame not more people actually use it as a currency but is Satoshi to blame for that? I don’t think so, it’s more the big money that manipulates the price to such degrees that no one dares to touch it anymore.

Some go as far as saying governments are behind this, making it such a fearful asset that not a single sane person wants to use it as an asset to store wealth anymore. Today it’s worth $6000, tomorrow it could be worth $10k and a week later it could be as little as $3000. Now, these are gross exaggerations in terms of timelines but everyone remembers that bitcoin was trading at almost twenty thousand dollars at some point in December.

It’s not just bitcoin, there are thousands, perhaps ten thousands of altcoins by now and although everyone claims that blockchains are unhackable and permanent this is simply not true. Multiple blockchains have already suffered 51% attacks and this alters the blockchain in its entirely. So how hacker-proof are these blockchains really? Well, I already gave you a few examples and not really is the outcome.

Bitcoin might be a bit of an exception due to the size of it, it’s hard for one party to come up with 51% of the computing power as we’re talking about hundreds of thousands of miners here and a total market capitalization of $100 billion at the time of writing.

Besides blockchains getting hacked there is a lot more going on that you can read about right here, cryptocurrency exchanges are getting hacked left and right, or they pretend they got hacked, no one knows for certain. There is this fake stable coin called Tether that was printed out of thin air and only a year later they showed financial records, not even a full audit, and the army of shills blindly believe all the crap they are being fed.

It’s very comparable to those conspiracy sites that have bulk loads of nut jobs that believe aliens are already on the planet, and the very same thing applies to cryptocurrencies in general. Then we haven’t even spoken about all the ICO scams that are going on. In case you don’t know it’s a way to raise funds for non-existing companies or bogus shell companies that cease to exist as soon as the money is in.

Probably not a niche you want to get involved in, just warning you!