Talk:Cryptocurrency

Is Cryptocurrency traceable to where and when it was minted?

I understand legal tender usually has this property. Does each unit of cryptocurrency contain an indelible reference to the date/time and computer/node on which it was originated and thereby to the real territory/jurisdiction (or multiple?) in which the computer/network was located? What about crypto mined in international waters? Is the information encrypted or public? Is this maybe a differentiator and a way to classify different types of cryptocurrency? How is this solved for the classic, Bitcoin? A table listing the features of various popular cryptocurrencies and what info is public and what is private would enhance the Wikipedia article.

Each unit of cryptocurrency, including Bitcoin, contains a unique identifier called a "transaction ID," which records the time and date of the transaction, the sender's address, the recipient's address, and the amount transferred. This information is stored on a distributed ledger, which is a public and decentralized database shared among all nodes in the network.

The distributed ledger ensures that the transaction records are immutable, tamper-proof, and transparent, as every node in the network maintains a copy of the ledger. Therefore, the jurisdiction of the cryptocurrency is determined by the location of the nodes that maintain the ledger.

Crypto mined in international waters would still be subject to the same rules and regulations as any other cryptocurrency, as it would be recorded on the blockchain, which is accessible to anyone with an internet connection.

The information on the blockchain is encrypted to protect the privacy of the users, but the public ledger still allows for a degree of transparency. For example, while the sender and recipient's identities are not recorded on the blockchain, their addresses are visible.

Different cryptocurrencies may have varying levels of transparency and privacy, depending on the design of their respective blockchain networks. Some cryptocurrencies, like Monero, are specifically designed to provide greater anonymity and privacy for users.

A table listing the features of various popular cryptocurrencies, including their level of transparency and privacy, would be a useful addition to the Wikipedia article. It would help readers understand the differences between different cryptocurrencies and make informed decisions about which ones to use.

Cryptos are lottery tickets

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Bettors can try to touch their winnings at any time, by reselling their cryptos. If they keep their cryptos, it amounts to keeping lottery tickets for the following draws. Earnings depend on the existence of new buyers who must pay the earnings of previous buyers. If no buyer shows up, the price of a crypto drops to zero and the win is zero, the bet is lost. The holders of cryptos are therefore bettors who play a lottery whose winnings are paid by the continual arrival of new bettors, who agree to pay the winnings of previous bettors, who withdraw from the game. It is a question of betting on the existence of new bettors to pay the winnings of old bettors who want to withdraw. If there are no more new bettors, there are no more winnings and all the old bettors have lost everything. If people stop buying cryptos, their price will drop to zero. Hundreds of billions of dollars in bitcoins will disappear at the same time. How is it possible ? How can hundreds of billions of dollars disappear with the snap of a finger? Where will the hundreds of billions of dollars in bitcoins invested by savers go? They will have been used to pay the energy bill, the construction of the factories, the computers that produced the bitcoins, and all the winners who withdrew from the game in time, reselling their bitcoins with a profit. The money earned by the winners so far has already been banked. They are no longer in danger of losing it. It was paid for by today's bitcoin holders. Such a point of view is neutral, isn't it? TD (talk) 23:11, 6 May 2023 (UTC) No, that's just your personal analysis of the subject. It doesn't matter if you're right or not; please WP:CITE your sources and write in an encyclopedic tone. Don't lecture the reader; just report what experts have said. Suffusion of Yellow (talk) 23:36, 6 May 2023 (UTC) OK. You know Wikipedia rules better than me. I tried to give a neutral point of view, but I can't quote any reliable source, except me. So, I won't try to participate to this page any more. For the record, my point of view is not neutral at all. Here is what I deleted, to look neutral : Crypto buyers, you enrich the crooks. Crypto sellers, you are crooks and you incite fools to become crooks in turn. Crypto proponents, you deserve jail time, because you have ruined savers for a trillion dollars. Cryptos are like a sports bet, except it's about betting on the victory of the powers of evil. When you buy cryptos, you pay to have the right to become a seller of cryptos, therefore a scammer. The gains of cryptos depend on the arrival of new buyers, therefore on the arrival of new scammers. To bet on cryptos is to bet on the will of human beings to become crooks, so it is to bet on the increase of the powers of evil. TD (talk) 12:04, 8 May 2023 (UTC) See WP:NOTFORUM. Thanks Jtbobwaysf (talk) 04:32, 11 May 2023 (UTC) Wikipedia articles are for established science. But Talk pages, are they ? For example, I think it is a civic duty to warn crypto buyers that cryptos are a scam. Savers should be warned, because they don't know that by buying cryptos, they are not investing their money, they are just paying for the winnings of a stupid gambling game. Crypto buyers are betting on the coming of fools, so fools they want to pay the scammers' winnings. I Think Wikipedia readers should be warned of this scam. Aren't Talk pages a good place to discuss it ? TD (talk) 17:08, 11 May 2023 (UTC) Wikipedia talk pages are for discussing concrete suggestions for improving the article. They are not a venue to expose scams or otherwise right wrongs. This is an encyclopedia, not a web forum. MrOllie (talk) 17:20, 11 May 2023 (UTC) Do you think that when wikipedians write about scammers, they don't have the right to write they are scammers? If a wikipedian knows a reference I don't know to expose the crypto scam, it would be a concrete suggestion to improve the article. I know references who say or write that cryptos are not anchored to any rel wealth, that they are a speculative bubble and a fraud (see references 267-282), but I don't know any reference, except me, who explain why it is a scam. TD (talk) 17:29, 11 May 2023 (UTC) As it says at the head of this page: This is the talk page for discussing improvements to the Cryptocurrency article. This is not a forum for general discussion of the article's subject. If you want to include material in the article about cryptocurrency being a scam, find some reliable sources and cite them in support of some relevant article text. Just by googling the search term 'cryptocurrency is a scam' I found a number of such sources with things to say about this issue. That's how Wikipedia works, not by setting out editors' personal opinions as fact.Sbishop (talk) 17:46, 11 May 2023 (UTC) I didn't give my opinions, I gave proofs, I gave science. If you have good references about this scam, why don't you give them? Aren't you worried about savers who will be ruined by scammers? TD (talk) 17:50, 11 May 2023 (UTC) 'Because I said so' is not proof or science. If you want to add this material, it is up to you to source it. Asking other people to do the hard work for you rarely works. MrOllie (talk) 18:32, 11 May 2023 (UTC) Please read. I gave proofs. TD (talk) 18:33, 11 May 2023 (UTC) I have read your attempted insertion, and I honestly do not think many people would agree that it amounts to 'proof' of any kind in the proper sense of that word. But that isn't the point anyway. Let's suppose there is a Wikipedia article on some obscure and complicated scientific subject, with citations from Wikipedia reliable sources; and the world's leading expert on that subject happened to read it one day and significantly disagreed with it. It would not be sufficient for him or her to then simply amend the article to say what he thought about it even if he or she was right; rather, he would have to amend it quoting reliable sources. Those sources would preferably be from more than one place, but might even include his own work, but only if they were published in reputable scientific journals, for example, so that readers could see that they can be relied on. That is why personal blogs for example are not regarded as reliable sources for WP even if written by people very knowledgeable about a subject.Sbishop (talk) 18:49, 11 May 2023 (UTC) Isn't this a proof that cryptos are a scam? If people stop buying cryptos, their price will drop to zero. Hundreds of billions of dollars in bitcoins will disappear at the same time. How is it possible ? How can hundreds of billions of dollars disappear with the snap of a finger? Where will the hundreds of billions of dollars in bitcoins invested by savers go? They will have been used to pay the energy bill, the construction of the factories, the computers that produced the bitcoins, and all the winners who withdrew from the game in time, reselling their bitcoins with a profit. The money earned by the winners so far has already been banked. They are no longer in danger of losing it. It was paid for by today's bitcoin holders. TD (talk) 18:59, 11 May 2023 (UTC) The only 'proof' on Wikipedia is citations to reliable sources. MrOllie (talk) 19:01, 11 May 2023 (UTC) This is why I write on this talk page. I hope another wikipedian (not me) will quote a reliable source. TD (talk) 19:03, 11 May 2023 (UTC) So you merely express your opinion, which is against the policy. This is not a forum to share your opinion. Retimuko (talk) 19:07, 11 May 2023 (UTC) Learn to make the difference between an opinion and a proof. Wikipedia is for science, not for opinions. TD (talk) 19:12, 11 May 2023 (UTC) Your "proof" without reliable sources is your opinion. Wikipedia is not for publishing your research. See WP:OR. Retimuko (talk) 19:17, 11 May 2023 (UTC) Did you never think? Can't you think by yourself? Do you need a Nobel Prize to realize what a proof is? TD (talk) 19:20, 11 May 2023 (UTC) Am I guilty for telling the truth and proving it? TD (talk) 20:50, 11 May 2023 (UTC)

Is it against the rules to ask for help to teach science ?

Don't use the talk page for general discussion. See WP:NOTAFORUM for more information.
The following discussion has been closed. Please do not modify it.
I told Wikipedians I want help to teach science about cryptos. Is it against the rules to ask for such help ? TD (talk) 13:14, 28 May 2023 (UTC) The purpose of the Talk page is to discuss proposed and specific changes to the main article, not to seek assistance in teaching about a subject.Sbishop (talk) 13:17, 28 May 2023 (UTC) I want to discuss a change to the main article : proponents of cryptos pretend we can reap without having sown. TD (talk) 13:21, 28 May 2023 (UTC) You've been warned about WP:NOTAFORUM before. This topic area is under contentious topics restrictions. You must stop using this talk page improperly. MrOllie (talk) 13:27, 28 May 2023 (UTC) I read WP:NOTAFORUM. I don't understand why my contribution is against these rules. Please explain. TD (talk) 13:30, 28 May 2023 (UTC) You can supplement that with WP:IDIDNTHEARTHAT. It's been explained to you. I'm not going to help you disrupt this talk page even further by doing so again here. MrOllie (talk) 13:33, 28 May 2023 (UTC)

intro section perhaps unbalanced?

The introduction doesn't mention a single negative or dubious aspect about cryptocurrencies (abundance of fraud, lack of regulation, criticism by experts, suicides after value loss). Is it ok if I add one or two of these aspects to the body of the first section? Themidget17 (talk) 19:33, 3 June 2023 (UTC)

Сhange the link to the Tornado Cash

Coinmarketcap recently updated the link to the Tornado Cash website. Is it possible to do this on the project's Wikipedia page? Vladlen Terezhe (talk) 08:37, 19 June 2023 (UTC)

Why are you trying to discuss this here? This article does not even mention Tornado Cash. Retimuko (talk) 19:30, 19 June 2023 (UTC)

"Digital wealth" listed at Redirects for discussion

The redirect Digital wealth has been listed at redirects for discussion to determine whether its use and function meets the redirect guidelines. Readers of this page are welcome to comment on this redirect at Wikipedia:Redirects for discussion/Log/2023 November 7 § Digital wealth until a consensus is reached. - CHAMPION ^{(talk) (contributions) (logs)} 05:15, 7 November 2023 (UTC)

Geographical bias

The countries list in the Increasing regulation section should be in alphabetical order per WP:GLOBALIZE. 121.98.204.148 (talk) 22:00, 17 January 2024 (UTC)

 Done Tollens (talk) 10:42, 18 January 2024 (UTC)

Semi-protected edit request on 6 April 2024

Security and Risks in Bitcoin

Bitcoin, like any other digital asset, is not immune to security threats. Understanding the potential vulnerabilities and risks associated with Bitcoin is crucial for users to safeguard their investments and transactions.

1. Potential Vulnerabilities

a. Double Spending: One of the inherent risks in decentralized currencies like Bitcoin is the possibility of double spending, where a user attempts to spend the same bitcoin more than once. This risk is mitigated by the blockchain's consensus mechanism, which validates and timestamps transactions.

b. 51% Attack: A 51% attack occurs when a single entity controls the majority of the network's mining hash rate, enabling them to manipulate transactions, reverse transactions, and potentially double spend bitcoins. While such an attack is theoretically possible, it becomes increasingly difficult as the network grows.

c. Wallet Vulnerabilities: Bitcoin wallets, whether software-based or hardware-based, are susceptible to various security risks such as malware, phishing attacks, and physical theft. Users must employ robust security practices to protect their private keys and ensure the integrity of their wallets.

2. Hacking Incidents

a. Exchange Hacks: Over the years, several cryptocurrency exchanges have fallen victim to hacking incidents, resulting in the loss of millions of dollars worth of bitcoins. These breaches highlight the importance of choosing reputable exchanges with robust security measures in place.

b. Wallet Breaches: Individual users have also experienced wallet breaches due to compromised private keys, insecure storage practices, or vulnerabilities in wallet software. High-profile cases of wallet hacks serve as reminders to prioritize security and adopt best practices for securing private keys.

3. Measures to Enhance Security

a. Cold Storage: Storing bitcoins in cold wallets, which are offline and not connected to the internet, provides an added layer of security against hacking attempts and online threats.

b. Multi-Signature Wallets: Multi-signature wallets require multiple private keys to authorize transactions, reducing the risk of unauthorized access and enhancing security, especially for institutional investors and businesses.

c. Two-Factor Authentication (2FA): Enabling 2FA adds an extra layer of security to Bitcoin wallets and exchange accounts, requiring users to provide a second form of verification, such as a code sent to their mobile device, before accessing their funds.

d. Regular Audits and Penetration Testing: Bitcoin exchanges and wallet providers should conduct regular security audits and penetration testing to identify and address potential vulnerabilities proactively.

e. Education and Awareness: Educating users about security best practices, such as avoiding phishing scams, securing private keys, and verifying the authenticity of wallet software, is essential for fostering a secure Bitcoin ecosystem.

Devsharma04 (talk) 06:43, 6 April 2024 (UTC)

 Not done: it's not clear what changes you want to be made. Please mention the specific changes in a "change X to Y" format and provide a reliable source if appropriate.

 Note: Talk quote block added by me for readability. —Sirdog (talk) 08:36, 6 April 2024 (UTC)