Gunbroker using FreedomCoin Cryptocurrency

Discussion in 'General Firearm Discussion' started by TangoWhiskeyFoxtrot, Jan 29, 2019.

  1. TangoWhiskeyFoxtrot

    TangoWhiskeyFoxtrot I do not consent.

    Dec 28, 2017

    Anyone familiar with this? I support the idea and have not looked at FreedomCoin, but my limited exposure to cryptocurrency has left me with the impression that they are complex to understand, difficult to use and manage, and not particularly secure from user/wallet hacking/errors. While the currencies themselves seem secure enough, the "wallets" and exchanges tend to get hacked. Or at least that's what turns up in the news.

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  2. tarosean

    tarosean Well-Known Member

    Apr 7, 2013
    thats the biggest downside of it all...
    Your losses are not backed by anything nor secured. If my bank gets robbed, my money is still there. If "my" crypto gets robbed I am screwed.
    TangoWhiskeyFoxtrot likes this.

  3. TangoWhiskeyFoxtrot

    TangoWhiskeyFoxtrot I do not consent.

    Dec 28, 2017
    Yeah. I'm wondering if this is gonna work a little like PayPal, where you can put some money in the account and then spend it, rather than keep any significant money in the "wallet". You don't, of course, have to transfer any money into PayPal. You can just transfer it directly from your bank.

    I've never kept any money *in* my PayPal account. In the rare event I receive money there I immediately transfer it out. I'm guessing most people do the same, but maybe not.

    In any event, there is a definite need for alternate transaction networks. I hope this turns out to be an improvement over what I have seen to date.
  4. gun_fan111

    gun_fan111 Well-Known Member

    Mar 23, 2014
    Nothing about their Fees and whether those will be carried by buyers, sellers, or both. If this carries the same protections as a Credit Card, then those fees might be in the same neighborhood of 2-4%... (this is just a guess of course).

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