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The Big Flaws, Loophole, The End Of The Current Digital Cryptocurrency System 1.0 Is Here


The Big Flaws, Loophole, The End Of The Current Digital Cryptocurrency System 1.0 Is Here12-11-2021 11:03
SaviorFromCyber
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(28)
The Big Flaws, Loophole, The End Of The Current Digital Cryptocurrency System 1.0 Is Here
Original Source:
https://saviorscyber.wordpress.com
https://saviorscyber.livejournal.com

The current digital cryptocurrency coin system is far from perfect, far from good enough to be used and accepted by national government. In fact some big nations with high population have banned it from daily trading and even just only buy/sell/trade.

The end of the current cryptocurrency coin system 1.0 is near, there is no doubt about that.
In this article, I will show and tell you what are the big flaws, big loopholes of the cryptocurrency system 1.0.

List of the big mistakes are too many from both ideology to technical, here are some major errors:
– The creation, ICO:
From the beginning, most of the cryptocurrency coin was created by only small group of people, then all what they are doing next is "marketing, manipulate" the public people to get accepted and used it.
Often more than 50% shares of every coin/cryptocurrency was hold by tiny group of people(investors, creator developer team) from the start, and they are the one who really "control" the market price.
All the cryptocurrency coin can be easily to created, replaced with just some open source code (just some small twist editing, branding), since they are lack of respect with the public people.

– The use, connection with daily life:
The lack of connection with real daily life, society is the major issue of all the current cryptocurrency coin, because it was created from small low level people group with purpose of "control" others, instead of sharing and fair with other people.
All what they are trying to do is telling the public that decentralize is better than centralize system, but they forget that technology is just a small unnecessary industry in real the whole society.
Without blockchain, technology, the life still move on since people need real food exist since ancient time, they do not really need machine.

– Security:
All I can say about all the crytocurrency system 1.0 is that they are too stupid.
If I tell you there is some entities/group who have access to the whole cryptocurrency system 1.0 and know every single "secret key" of all the crypto wallet, do you believe that?
Why?
Because all the crypto wallet was created by machine from the start to finish.
Ask yourself: where the crypto wallet ID and secret key come from?
Do you create it by your own mind or it was generated automatic via machine/software?

And all it take to completely control any crypto wallet is just the crypto wallet ID and secret key, am I right or wrong?
Sorry folks, but that is the truth, the big flaws big loopholes from the current crypto system 1.0.
It is just matter of time before some cryptocurrency coin "be hacked" by some illusion insider hackers.

– Mining:
That's is just the security, while with the mining/obtaining cryptocurrency/coin, there is another issue.
The current "mining" cryptocurrency system is like the old stone age time of digging natural resources gold, silver, bronze, etc. All you need to "mining" is big machine big electric, you dot not need to spend anytime to think anymore.
It make all the cryptocurrency no better than any type of in-game currency.

We are living in the modern world with the use of mindset via fiat paper money, not the old time of silver, gold anymore.
So the current mining cryptocurrency system 1.0 is totally outdated, not match with the current society system and not the way to go in the future.

Overall and in conclusion: the end of the cryptocurrency system 1.0 is near because they have too much flaws and loopholes.
The new cryptocurrency system 2.0 is which I will introduce next is the future, is the way to go.
It not only about technology but also about society life, moral, education people.

Best Regard,
The Savior From Cyber

Original Source:
https://saviorscyber.wordpress.com
https://saviorscyber.livejournal.com
Edited on 12-11-2021 11:03
13-11-2021 01:30
HarveyH55Profile picture★★★★★
(3804)
It's still the same scam, just a different brand. Crypto, isn't backed up by anything, insured, or guaranteed. You buy the tokens, but that is all you really own. Everyone else determine what the exchange rate will be for your tokens. Nobody wants your SafeMoon coins, so you need to convert them to something that you can use, to purchase goods and services. The transaction fees for each use, is pretty high, and pure profit. Crypto is basically a credit card, except you are paying, to borrow your own money (investment). Your 'buy-in', is your credit limit, how much you are allow to borrow, of your own investment. Somebody else determines how much your investment is worth, and how much you are going to spend, for the privilege of spending your own money. Crypto is outside of any government, so nothing preventing the coin owner/operators fro just taking your money, and walking away.
13-11-2021 07:58
Into the NightProfile picture★★★★★
(16460)
HarveyH55 wrote:
It's still the same scam, just a different brand. Crypto, isn't backed up by anything, insured, or guaranteed. You buy the tokens, but that is all you really own. Everyone else determine what the exchange rate will be for your tokens. Nobody wants your SafeMoon coins, so you need to convert them to something that you can use, to purchase goods and services. The transaction fees for each use, is pretty high, and pure profit. Crypto is basically a credit card, except you are paying, to borrow your own money (investment). Your 'buy-in', is your credit limit, how much you are allow to borrow, of your own investment. Somebody else determines how much your investment is worth, and how much you are going to spend, for the privilege of spending your own money. Crypto is outside of any government, so nothing preventing the coin owner/operators fro just taking your money, and walking away.


Not how block chains work. There is no one in control of the block chain.
The people that created the Bitcoin block chain, for example, do not control that block chain at all. It is modified only by the transaction log, which is shared among all users of Bitcoin.

Various exchanges for Bitcoin generally set a spread between buy and sell, like gold dealers do.

Of course, there are nefarious exchangers that just steal money and never deliver the Bitcoin, or take Bitcoin and never deliver your money. Gold dealers can be the same way, even going so far as to deliver fake gold. There are crooks for any currency exchange.

That said, crypto like Bitcoin is susceptible to hacking. The current Bitcoin in use today is actually Bitcoin 2. Bitcoin 1 was hacked and lost all value. The hack involved breaking the encryption algorithm used to update the transaction log. Nothing really prevents Bitcoin 2 from having the same thing happen to it.

Gold and silver are traditional currencies for a reason. Gold is very easy to test for purity. It doesn't corrode. Nothing about using gold and silver prevents modern credit practices and accounting. Gold, of course, is worth too much for day to day use. This is why silver is used.

In the United States, a dollar was a unit of weight. One dollar was 1/20th of an ounce of fine gold.

Since the creation of the Federal Reserve Note (FRN), a dollar was set by fiat. Gold at the time traded at the same rate for the new FRN. Since that time, the FRN dollar has fallen a long ways in value. Instead of one ounce of gold being worth $20, it is now worth around $1800 dollars. What that ounce of gold buys hasn't changed much, but what the FRN dollar buys is far less.

One problem with gold traders is the presence of so-called 'paper' gold. Instead of shipping gold to you, you receive a paper promise of gold that is 'stored' in their secure vault. In other words, they sell the gold they DO have over and over. If everyone demanded the gold their paper promise represents, that exchange is out of business and the gold disappears. There is no insurance.

That sort of situation has happened before. Banks did the same kind of thing in the days when gold and silver were cash. These failures occurred again and again, and interbank loans make their effects wider and wider, prompting the acceptance of the FRN promise (which of course was broken as well).

It seems banks have never learned the error of their ways.

And they are now doing it again.


The Parrot Killer

Debunked in my sig. - tmiddles

Google keeps track of paranoid talk and i'm not on their list. I've been evaluated and certified. - keepit

nuclear powered ships do not require nuclear fuel. - Swan




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