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The difference is you have no control over counter party risk you can only choose to accept it or not. You can do a a lot of simple things to prevent your Bitc
by pmorici 11y ago
The difference is you have no control over counter party risk you can only choose to accept it or not. You can do a a lot of simple things to prevent your Bitcoin from being stolen. The security problem with Bitcoin is largely a myth boosted by people and companies that were paying little to no attention to security or who were outright dishonest. People who kept their Bitcoins on deposit with exchanges. didn't own Bitcoin they put themselves in a position of being a Bitcoin creditor of an exchange.
- ryanjshaw 11y agoRegularly improving regulatory requirements protect the average person on the street from the majority of material risks. Cryptocurrencies have no such protection. Banking systems were not forced on the world; they evolved to solve real problems, and continue to evolve. It's is unreasonable to dismiss the structure of these institutions without a deeper discussion considering the reasons for complexity and where the industry is headed. I believe that cryptocurrencies may present some improvement in the status quo at some point in the future, but not until there is more regulation (through government and/or through private contracts enforceable by civil law).