One of Japan's largest cryptocurrency exchanges has revealed that it's lost nearly $400 million in a security breach. ... The hack appears to be roughly the same scale as the 2014 Mt Gox theft, in which thieves made off with $400 million in bitcoin, causing the Japanese coin exchange to file for bankruptcy.

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Your paper money isn't real money either.

+2   2  Reply

AliceD 6 months ago

In response to “Your paper money isn't real money either.

But at least I can go into any store and exchange it for goods. Can you do that with bitcoins?

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JustJimColo 6 months ago

To me it seems like a pyramid selling system. This is why so many want you to buy into it, because the early adopters will profit from the majority that buy in later. Then it seems that new currencies keep springing up everywhere so that more can get in at the start. I do think though, that an untraceable currency system will prevail long-term but the price that it bottoms out to will be like a stock-market equalisation after a boom/bust etc.

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OzSurfer 6 months ago

Amongst other things, it's value seems to fluctuate wildly. I wouldn't except it as payment because I'd have no idea how much it would be valued at next week.

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PhilboydStudge 6 months ago

You're not to blame Jim, it's hard to understand something you can't hold in your hands, it's not a scam but very risky. This wont be profitable when everyone is going crazy over it.

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Sunny_the_skeptic 6 months ago

Did a little reading on this topic myself.....and I agree. What's mind blowing is the alleged wealth some people are being listed at on paper......purportedly, millionaires, many times over, and almost over night. It all can disappear as soon as it appears.
I think it a fad, unless you can make your "millions" and suddenly cash out.

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Freeranger 6 months ago

I've also done a little reading on this and it sounds way too much like a scam in the long run. Too easy to lose everything too fast. I'll stick with regular money for the time being.

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Rooster 6 months ago

It is connected. I prefer my money to remain unconnected.

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Carla 6 months ago

I'm not taking any chances, I'll stick to regular **** Canadian currency.

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SynysterGates 6 months ago

JJ I agree if I can't hold the cash in hand it isn't real, but as I understand it alot of what you buy that way are things on line such as new clothing for your avitare in a game or time to use a game. Nothing I care about.

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LorraineTwevlehundredRaineTwelvehundred 6 months ago

The big question is "What do you consider money?" The modern schnook has no answer, and even considers the question to be stupid, because everybody knows that real money is printed on green paper. There is no point trying to explain the concept of "backing" because the poor schnooks can't understand and won't listen. The delusion is complete.

There is no honest money anywhere in the world. Collapse is guaranteed. That is why central banks are stockpiling gold as fast as they can. Gold and silver are real money. They always have been.

BTW this is what happens after collapse:

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that_guy 6 months ago