top of page

"Crypto: Real Problems"

I believe many people are against crypto for all the wrong reasons.  Some are calling it a Ponzi scheme and statingit has no intrinsic value and others say the government will stop it.  All these arguments are wrong and can be easily refuted using a small amount of brain power. 

For example, you can learn why bitcoin is not a Ponzi scam here

Learn why bitcoin has intrinsic value here

Governments will stop it? 

Venezuela has made it illegal to own bitcoin and cryptocurrencies, yet it has failed to stop people from buying, selling, trading, and mining crypto.

With that said anyone can run a Ponzi schemeusing Bitcoin, anyone can create a cryptocurrency that has no value and sell it to others, and finally, anyone can create a cryptocurrency that the government CAN shut down. These are only a few of the real problems that exist in the crypto world today, and I could explain how we deal with those problems, but  Andreas M. Antonopoulos explains it best in this video

Another issue with cryptocurrencies, in general, is humans create them. Unlike gold that cannot change over time to something else cryptocurrency is changing and may become something different in the future.  The problem with theseconstant changes is that humans are not perfect they do not create perfect systems, and the more complex a system is, the higher the chance an unforeseen bug could get into the code. An example of this has occurred twice in bitcoin's history. Thus a critical bug that cannot be fixed could exist or be coded into bitcoin and have its value collapse to zero.  

Using cryptocurrencies is not easy for most people if a person is not careful they could lose all their money. Many people have lost their password to their keys, and they are unable to recover the funds. I have lost bitcoins because I lost the keys to an address or thrown out the device that had the keys.  

One issue about crypto that has me personally concerned is that it is well-known to those who studied history outside a classroom that the bankers are behind all wars.  If you don’t know this already, bankers can create money out of nothing and thus with that power they have loan money to both sides of the conflict. They don't care who wins; bankers profit from the interest. I am concerned that once bankers see they are losing power, they will attempt to take us into the next world war.

Here is a small example of bankers misdeeds in history:

After surviving assassination attempt Andrew Jackson confronted the bankers and said, "Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.”

Today bankers have the power to ruin all of us financially; meanwhile, they continue to profit and socialize the loses.

Another issue is most people lack an understanding of what cryptocurrencies are. They only know if they buy some they might become rich one day. Buyers tend to leave the cryptocurrencies on an exchange exposing them to risk that the exchange or some hack will rob the exchange.  Cryptocurrencies exchanges are a huge honey pot of money with a complex system it's easy to create a flaw. Thus, it’s only a matter of time before any particular exchange gets hacked.

This is a problem that Pandora's wallet solves it allows you to trade your crypto and at the same time reduce your risk exposure to exchanges.

Hope you enjoyed it, feel free to comment.

By: Davinci Jeremie

Edit: Carolina Pérez

112 views4 comments

Recent Posts

See All
bottom of page