Future security of cryptocurrencies

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Adriaan Admin

Administrator
Staff member
Jan 30, 2018
231
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www.bitcoinforbeginners.io
#2
Sure regulators are very eager to try to take control over the cryptocurrency space from all kinds of angles (securities regulations, anti-criminal activity regulations (AML/KYC)), which by far they don't understand at all yet, but still have all kinds of (mostly old fashioned) ideas about. Sure that criminals usually are ahead of the curve when it comes to adopting new technology, but you can't ban technology and tools being used just because criminals are using them, while even more people are using it with good intentions. And it is only one side of the "coin"; even so much people in countries with oppressive regimes can rely on exactly those privacy features of cryptocurrencies that will enable them to perform transactions that they otherwise aren't allowed to or could be prosecuted for. Besides that any person even with good intentions has the right of privacy when they choose to and it is no government's or bank's business in what peer2peer transaction 2 people are engaged in. If law enforcement wanna catch the few bad guys, they should use other means to achieve that, instead of taking away freedoms of so many well meaning others and also in the process excluding whole populations from engaging in the financial system bc they can't have bank accounts and/or have your bank account frozen at will of any bank or government institution. Cash money disappearing and the KYC/AML regulations gives way too much power to those institutions and cryptocurrency as the new digital (private) form of cash at the very least will keep the power in balance.

As for those companies that are building blockchain analysis tools: good luck, as the privacy features of even bitcoin are being further developed which will further frustrate those analysis and will hopefully result in a race they won't win in the long run. Having check points at centralized exchanges? Fine, even sooner the decentralized exchanges will be developed allowing for free trade once again!

Yes, fraud, scams and hacking is rampant in cryptocurrency space and one would think regulation is barely needed. Why? Why do we need to pamper the population and keeping them week instead of having them step up for themselves and take more own responsibility. The lack of regulation forces us that are in the space by learning from our own mistakes and those of others to better protect ourselves in many of those aspects of cyber security and scamming. This will grow us stronger and more independent as individuals!

So yes I vote for more and better privacy options (that you can voluntarily choose for) in cryptocurrency, I vote for keeping regulators out as much as possible, but wherever they do try to spoil the party, soon their relevance will be negligible and lastly I vote for more individual freedom and independence but with that comes personal responsibilities.

Of course nobody can predict the future exactly, however I do feel it is going to be very very different than the large institutions are expecting and how they think they can control it. The internet was also seen as that thing that only criminals used, but who of those had foreseen how it would dramatically change society and did large institutions and industries crumble already; blockchain and cryptocurrency can really speed up that process by 10 fault.

And here ends my rant haha! Just my personal opinion on the subject; as you can read I am not very pro crypto regulation lol. I do appreciate for sharing your opinion piece though! And I do wholeheartedly agree with your statement that the cryptocurrency community could do a whole lot more to self regulate better; however I do feel that will gradually develop more and more as the tech, eco systems and communities develop further. And yes totally agree that ultimately we are and should be responsible for our own safety and protection of our assets!
 
Likes: Sophie Solis

Roubert

New member
Jun 6, 2018
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#3
This is a nice read from investing.com (https://www.investing.com/analysis/...e-so-do-certain-criminal-activities-200302190).
"As Altcoin Popularity Grows So Does Crime; Is Regulation Keeping Up?"

I think as crypto users, we ought to take more steps of vigilance to self-regulate and protect our assets. At the end of the day, no matter what the regulation is, we are still responsible for our own safety.
I would agree to the self-regulation idea because we should all be responsible for our own monies. Regardless of existing laws or something, we should do our own researches on how we can protect our assets. Especially now that there are lots of scams that are being reported. I mean, these scams are so frustrating already! How can we get rid of those? Is there a way for these scams to be detected so we can live a scam-free environment and enjoy our investments? If not for these scams, there would be lesser issues on regulations anyway.
 
Likes: Adriaan Admin

Adriaan Admin

Administrator
Staff member
Jan 30, 2018
231
45
28
www.bitcoinforbeginners.io
#4
I would agree to the self-regulation idea because we should all be responsible for our own monies. Regardless of existing laws or something, we should do our own researches on how we can protect our assets. Especially now that there are lots of scams that are being reported. I mean, these scams are so frustrating already! How can we get rid of those? Is there a way for these scams to be detected so we can live a scam-free environment and enjoy our investments? If not for these scams, there would be lesser issues on regulations anyway.
I totally agree that all these scams are giving the industry a bad name and give regulators all the more fuel to "protect" the consumers! Indeed in the industry itself more could be done to make it harder for scams to get foot on the ground. I think also that we as communities should try very hard to bring the subject of scams under the attention of newbies so they can be more vigilant. Also anyone who has been caught by any form of scam, will be a lot more vigilant in the future. I think most people that are longer in the cryptospace are actually more educated BECAUSE they are exposed to so many scams that they are actually immune to them and recognize them miles away! In that sense it should naturally be harder and harder for scams to manifest in crypto because the communities are getting smarter and smarter. I hope it will go that way, because weeding out scams organically seems a lot better than by regulations with all the collateral damage that comes with it!
 
May 7, 2018
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#5
I totally agree that all these scams are giving the industry a bad name and give regulators all the more fuel to "protect" the consumers! Indeed in the industry itself more could be done to make it harder for scams to get foot on the ground. I think also that we as communities should try very hard to bring the subject of scams under the attention of newbies so they can be more vigilant. Also anyone who has been caught by any form of scam, will be a lot more vigilant in the future. I think most people that are longer in the cryptospace are actually more educated BECAUSE they are exposed to so many scams that they are actually immune to them and recognize them miles away! In that sense it should naturally be harder and harder for scams to manifest in crypto because the communities are getting smarter and smarter. I hope it will go that way, because weeding out scams organically seems a lot better than by regulations with all the collateral damage that comes with it!
Yes! and communities such as ours now are very helpful in creating the needed awareness for users to be more vigilant against scams and other types of fraud. Let us keep this up and do our part in helping out each other especially the noobs.
 
Likes: Adriaan Admin
Jun 7, 2018
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#6
Yes! and communities such as ours now are very helpful in creating the needed awareness for users to be more vigilant against scams and other types of fraud. Let us keep this up and do our part in helping out each other especially the noobs.
been reading the thread. this is a good discussion here! altcoins or cryptocurrencies have so much of a great potential but unfortunately there are these "bad elements" of the society who would take advantage of the people's interests. it would be good to have more confidence in the crypto space so that people will not be apprehensive about it anymore. Aside from regulations, I guess what we need now are more solutions that will address the security issues in such a way that will not compromise or restrict the true essence of the blockchain technology behind cryptocurrencies.
 
Jun 7, 2018
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#7
i actually heard of this new anti-scam project called Myshield that seeks to provide alerts to crypto users whenever they reach a fraudulent site or wallet. I mean project such as these could be relevant to crypto users as these help us in our vigilance as we protect ourselves from being victimized. This could be a potential significant took for us.
 

Adriaan Admin

Administrator
Staff member
Jan 30, 2018
231
45
28
www.bitcoinforbeginners.io
#8
I totally second your comments, Andrea Pena! I am indeed sure more technologies will emerge that will help in the fight against this problem in the industry, because it sure doesn't make "us" look good at all from an outsiders perspective haha! Still I am hopeful this can be achieved without too much interference by regulators, although they are smelling blood that will make them justify why they should step in to "protect" us consumers, while in fact it will mostly just rob us away from freedoms (as you can see what is happening in the US for example with US citizens being excluded from participating in fundraising while at the same time that just means more to grab for the accredited investors to be able to dump their bags for the biggest gains upon the unaccredited investors that are legally forced to come late to the party) and benefit the elite.

To give an example how technology and private enterprise can actually deliver a better and safer consumer experience than regulators can: UBER. This company thrives on the fact that the REGULATED taxi industry performs so bad with so many drivers scamming customers with high rates, delivering a horrible service and loads of incidents. The overall worldwide reputation of taxis is just very low, despite all the regulations around this market! Along comes an app where in many cases private citizens offer their service with their private car, where the users seem to trust the ratings system of the app more than the regulators permit that the official taxis have. In some countries it is even declared illegal and still people prefer to use it OVER a regular taxi. Sure the fact that the price is lower plays a significant role, but if people wouldn't basically trust it, they wouldn't generally use it; the point is that they do trust the app moreso than the regulated market. Now I firmly believe that the world will move more and more in this direction, where technology will render regulators completely useless in many areas of regulation.

Technologies like you mentioned, although i am not familiar with this particular one, or any other provider/platform, is successful in providing a useful and trusted tool that has a big enough network effect, then that would be absolutely a great win for the space!
 
May 7, 2018
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#9
I totally second your comments, Andrea Pena! I am indeed sure more technologies will emerge that will help in the fight against this problem in the industry, because it sure doesn't make "us" look good at all from an outsiders perspective haha! Still I am hopeful this can be achieved without too much interference by regulators, although they are smelling blood that will make them justify why they should step in to "protect" us consumers, while in fact it will mostly just rob us away from freedoms (as you can see what is happening in the US for example with US citizens being excluded from participating in fundraising while at the same time that just means more to grab for the accredited investors to be able to dump their bags for the biggest gains upon the unaccredited investors that are legally forced to come late to the party) and benefit the elite.

To give an example how technology and private enterprise can actually deliver a better and safer consumer experience than regulators can: UBER. This company thrives on the fact that the REGULATED taxi industry performs so bad with so many drivers scamming customers with high rates, delivering a horrible service and loads of incidents. The overall worldwide reputation of taxis is just very low, despite all the regulations around this market! Along comes an app where in many cases private citizens offer their service with their private car, where the users seem to trust the ratings system of the app more than the regulators permit that the official taxis have. In some countries it is even declared illegal and still people prefer to use it OVER a regular taxi. Sure the fact that the price is lower plays a significant role, but if people wouldn't basically trust it, they wouldn't generally use it; the point is that they do trust the app moreso than the regulated market. Now I firmly believe that the world will move more and more in this direction, where technology will render regulators completely useless in many areas of regulation.

Technologies like you mentioned, although i am not familiar with this particular one, or any other provider/platform, is successful in providing a useful and trusted tool that has a big enough network effect, then that would be absolutely a great win for the space!

Totally agree here! If technologies from the same blockchain industry could rise up to give protection and eliminate all these scams that infest the crypto world, that will be great. I would like to check out that Myshield technology mentioned by Andrea Pena. It seemed interesting. If it would prove really useful, maybe it's worth a push from the crypto community to prove the "regulators" that indeed this industry can stand up to its own!
 
Likes: Andrea Pena
Jun 7, 2018
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#11
by the way, it's the first time i've heard of such a technology that fights scams. interesting...
it's actually the first anti-scam platform that is blockchain-based and TGE is yet to be announced so yeah, it's pretty new. makes use of AI powered cyber intelligence and crowd wisdom technology. I think this advanced technology makes it possible for their platform to fight the advanced tactics of the scammers. you know, scammers really put on new tricks every day so the solution against it has to be advanced as well. i just think that scams and frauds are major issues that the cryptocurrency industry is facing and admittedly, one of the factors that hinder its growth.
 
Likes: Sophie Solis
May 7, 2018
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#12
it's actually the first anti-scam platform that is blockchain-based and TGE is yet to be announced so yeah, it's pretty new. makes use of AI powered cyber intelligence and crowd wisdom technology. I think this advanced technology makes it possible for their platform to fight the advanced tactics of the scammers. you know, scammers really put on new tricks every day so the solution against it has to be advanced as well. i just think that scams and frauds are major issues that the cryptocurrency industry is facing and admittedly, one of the factors that hinder its growth.
couldn't agree any less! it;s good that a company like the one behind this technology you mentioned took a step to address this long-running issue on scams. the crypto space could really use their help! will check out this platform, i want to know more about it.
 

Adriaan Admin

Administrator
Staff member
Jan 30, 2018
231
45
28
www.bitcoinforbeginners.io
#13
couldn't agree any less! it;s good that a company like the one behind this technology you mentioned took a step to address this long-running issue on scams. the crypto space could really use their help! will check out this platform, i want to know more about it.
I have personally not looked a lot into that specific company, it seems they are doing an ICO, but I couldn't find much information about it, although I haven't yet read their whitepaper either nor did I any extensive research, so I can't tell from the outside if this specific company/project is legit in any sense of the word. Be very careful as always, bc this definitely is not yet an existing technology for as far as I can see. I merely confirmed that technologies such as described by this company will probably be developed in the near future; either by this company if they are legit or by another company.
 
May 7, 2018
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#14
I have personally not looked a lot into that specific company, it seems they are doing an ICO, but I couldn't find much information about it, although I haven't yet read their whitepaper either nor did I any extensive research, so I can't tell from the outside if this specific company/project is legit in any sense of the word. Be very careful as always, bc this definitely is not yet an existing technology for as far as I can see. I merely confirmed that technologies such as described by this company will probably be developed in the near future; either by this company if they are legit or by another company.
ok, thanks a lot for that advise Admin! will do my due diligence with vigilance :)
 
Jun 7, 2018
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#15
I have personally not looked a lot into that specific company, it seems they are doing an ICO, but I couldn't find much information about it, although I haven't yet read their whitepaper either nor did I any extensive research, so I can't tell from the outside if this specific company/project is legit in any sense of the word. Be very careful as always, bc this definitely is not yet an existing technology for as far as I can see. I merely confirmed that technologies such as described by this company will probably be developed in the near future; either by this company if they are legit or by another company.

This is correct. Although personally, i did my checking as well and still reading the whitepaper. Yes, it's an ICO project and I learned that the team behind it is Brandshield, a cyber security company. Heard its the same company who bugged down several websites of the recent ICO Cool Cousin. You can check out the whitepaper in myshield.com. Have not heard much from the team as well as I believe they're still in private sale mode. If this is a legit project, hope it succeeds as it will definitely help the crypto world in all the trust issues,
 

Gelo Legg

New member
Jun 13, 2018
5
3
3
#17
if I may also share, I'm not sold with the setting up of regulatory body for the crypto space as it will only restrict the many opportunities there are. the crypto market has so great of a potential and we all know that regulatory bodies tend to kinda block it. self-regulation is much better with the help of some technologies that may help improve the security of the crypto system.

yeah I've heard about the Brandshield, expertise is on cyber intelligence service. Haven't heard yet of the MyShield project, would be good to check that out. If this new platform is focused on individual users, then that is something new for Brandshield since their clients are mostly companies. And bringing the cyber protection to individual users sounds interesting because then we have something to protect ourselves with against all these scams that hamper the growth of the cryptocurrency industry.
 

Adriaan Admin

Administrator
Staff member
Jan 30, 2018
231
45
28
www.bitcoinforbeginners.io
#18
if I may also share, I'm not sold with the setting up of regulatory body for the crypto space as it will only restrict the many opportunities there are. the crypto market has so great of a potential and we all know that regulatory bodies tend to kinda block it. self-regulation is much better with the help of some technologies that may help improve the security of the crypto system.

yeah I've heard about the Brandshield, expertise is on cyber intelligence service. Haven't heard yet of the MyShield project, would be good to check that out. If this new platform is focused on individual users, then that is something new for Brandshield since their clients are mostly companies. And bringing the cyber protection to individual users sounds interesting because then we have something to protect ourselves with against all these scams that hamper the growth of the cryptocurrency industry.
Couldn't agree more with the first paragraph, and yeah let's see if they can come up with a real working tech solution, however usually when centralized companies are launching ICO's with fundraising, since recently that starts to raise a red flag with me, but if they are able to launch their solution, I'd be more than interested in their tech, but I personally wouldn't touch it from an investment perspective impo.
 
May 7, 2018
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#19
Couldn't agree more with the first paragraph, and yeah let's see if they can come up with a real working tech solution, however usually when centralized companies are launching ICO's with fundraising, since recently that starts to raise a red flag with me, but if they are able to launch their solution, I'd be more than interested in their tech, but I personally wouldn't touch it from an investment perspective impo.
Really? Could you give more insights about it, like tips you could share? Like why would you consider fundraising ICOs a red flag?
 
Jun 7, 2018
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#20
Couldn't agree more with the first paragraph, and yeah let's see if they can come up with a real working tech solution, however usually when centralized companies are launching ICO's with fundraising, since recently that starts to raise a red flag with me, but if they are able to launch their solution, I'd be more than interested in their tech, but I personally wouldn't touch it from an investment perspective impo.
I believe MyShield ICO leverages on AI technology which is already an existing service of Brandshield so I guess that's a tested area of the platform already. What's new is the crowd wisdom technology in the blockchain. I just think it has a great potential for the crypto space as it revolutionizes the online protection aspect of the industry which is very relevant for the users.
 
Likes: Sophie Solis