Robbing someone on the blockchain is like leaving footsteps in the snow. EACH and EVERY TIME!
There is this misnomer that cryptocurrency is easily hacked. IT IS NOT. SOME GREAT NEWS!
ASK YOURSELF THIS QUESTION:
When a theft occurs on the blockchain, why does everyone hear about it so quickly?
...because everyone is staring at the blockchain. Everyone can see transactions. There is no hiding what happens.
ASK YOURSELF THIS NEXT QUESTION:
How many times is a business broken into, products or money stolen, and no one hears about it, except the police and the insurance company?
If you are not sure of the answer.. I'll tell you, it is "sometimes"
No business likes to admit it had a theft publicly, unless it leaks out. It's not good for consumer confidence. It isn't good for investor confidence either.
...that's a major difference with blockchains vs the traditional monetary system. If a large amount of blockchain value moves... especially after a theft, we all hear about it.
EVERY HEARD OF BLOOD MONEY OR DIRTY MONEY?
....well ever since the invention of paper money... thefts have occurred. People have died either as a victim as it was stolen... or as a thief caught in the act.
Paper money that has blood drooling over it... is an obvious sign that when someone tries to pay for something with blood soaked cash.... Someone may have died or seriously hurt from where it came from.
Cryptocurrency and blockchains also have thieves and victims too...
The blockchain funds might not have human blood on it, but it might have a dirty history.
It is like leaving footprints in the snow.
So what have we learned?
Stolen blockchain funds are easily tracked - much like footsteps in the snow
Read coindesk.com - almost every time funds are stolen on the blockchain, they find out and report it. Bitcoin tanks for a bit.. everyone finds out why... and then it recovers again.
The real economy (paper money) doesn't experience that, because often thefts don't make it into the public eye. They are wisked under the table and kept secret most of the time. But that is exactly why your paper money spending power diminishes with each theft.
Blockchain / crypto-stealing is easily found, reported, and heard about more frequently than standard money heists
You can't hide that easily on the blockchain - in real life you can
The reason I brought this point up, is that the news media loves to talk about how untrustworthy cryptocurrency is.. and they always seem to report how many times it is hacked or stolen... Yet this same media has been under-reporting conventional cash / paper money thefts this entire time....
... because there is no way to track those conventional cash / paper money thefts as easily it is to report blockchain thefts.
I GUARANTEE YOU - THERE HAS BEEN MORE PAPER MONEY THEFTS THAN BLOCKCHAIN THEFTS BY MASSIVE NUMBERS.
The benefits of the blockchain are yet to be appreciated.
It is coming..
You just have to wait and see..
Vote for @intelliwitness for steem witness -- it helps me to continue writing these things :)
You are absolutely right. I wonder when the news agencies will understand this because until now they have been pretending that cryptocurrency is only very dangerous!
Absolutely...media doesn't want u to know the accessibilities to conventional money becoz the GOVT run media ... They report what govt makes them to.. They are the biggest counterfeiters... They never show how easily thefts are traced within cryptocurrencies.. Thanks for the enlightenment...
Agreed! Every 'negative' that is touted is already present and just not as thought about or talked about. My favorite is how people are like "they (its always they) are using BTC for drugs and money laundering". Like come on. First of all, they are using Monero, lol jk secondly people are doing all the drugs and laundering all the money now also. It's just a scare tactic for certain institutions to drag out and try and maintain control.
My favorite is that cryptocurrency can be used to fund terrorists. What they should realize is that 9/11 happened before Bitcoin was even invented
Agree, one nature of blockchain is everyone shares the same info. So if you perform any illegal act, more likely the whole network will know.
Good read.
the Bitcoin has specific security features for writing data due to the burden of proof-of-work consensus. That is, in order to add blocks of transactions to the blockchain, you have to validate all the transactions within the block (easy) and then perform repeated calculations (called hashing) to find a magic number that makes your block valid and acceptable to the other participants according to the rules of the network (easy, but computationally expensive, therefore energy intensive, therefore expensive). This proof-of-work burden combined with the longest chain rule makes it expensive to mine your own subversive chain.
lol. fail. this has nothing to do with this post.
this is all about safety
No, you lose again. I recommend you avoid replying. It isn't about safety. You're cut and pasting answers, or having a bot do it for you. It is obvious.
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