“They could/will lock my money up for being a hater.”
I know little about cryptocurrencies. Must there be a central place where a cryptocurrency is managed? I thought a benefit of cryptocurrency is that your transactions are untraceable. That would mean the cryptocurrency system wouldn’t know who anyone was and thus couldn’t lock out anyone.
I’m not sure of any of these thoughts.
To address your questions here are some basic answers:
In Bitcoin there is no central management “place.” The entire system polices the transactions so there has to be “consensus” to approve a transaction.
Transactions are anything but untraceable. Its called an open ledger system. ALL transactions are available for anyone to see. Your “wallet” has an address. If you sold me a product I would “send” bitcoins to your wallet. When all of the “approvals” are completed, the coins would show up in your wallet. My wallet and yours would be connected. It is private in the sense that no one “knows” what your wallet is. This is controlled by private keys. As long as you keep your keys private, no one would know your business. (It is possible to change your “address” on every transaction which can make it difficult to track stuff.)
This is how “blockchain” works. Bitcoin, and a lot of cryptos, are limited in the number of total units in existence. One of the “positives” for crypto is a government cannot make more of it. My guess is Facebook is going to be a “stable coin” which means there will be a 1:1 relationship with every dollar invested. Then they would have to “destroy” that coin when the dollars flow out of the system in terms of withdrawls or payments. This process has lead to some shady stuff in the crypto world.
Also, in terms of safety, if you have a “wallet” in your hand, it is like cash. The “thefts” and “breaches” of cryptos usually happen on exchanges—where you do not control your stuff. If you buy a crypto and move it off the exchange to your personal wallet it is as safe as any cash you have—but it in your pocket or in a safe. No one is going to get it until you hand out your private keys.
I hear you. Cryptocurrency is a blank slate to me. All is know is some folks lost a whole lot of money with it.
The purpleness of heated drool on this thread tells me what we know and we feel are out of balance at this time.
That was the idea behind Bitcoin that both sides were hidden.
Obviously, Zuckerbook thinks that they can profit (3%) from every transaction and can generate even more data about you using while using their crypto-currency.
They know their base platform is doomed and will implode shortly. Either by regulation or user disgust.
I left Zuckerbook a couple of years ago by flaming Zuckerberg as the second worst Jew (behind Anthony Weiner)in this or any other universe and begged them to ban me. It worked, and I am now completely gone from Zuckerbook and all of their marketing/tracking crap. By being banned you are totally gone, as opposed to you surrender your account meaning you could still potentially return, and thus not completely gone. It has been blow-back free so far.