6 ms·

Someone steals the control of your banking account, they take everything and there's no way of getting those money back. Credit cards are peculiar in this rega

Someone steals the control of your banking account, they take everything and there's no way of getting those money back. Credit cards are peculiar in this regard.

rtpg 10y ago
I am not 100% sure, but my understanding is that the bank is liable for those losses unless they can prove gross negligence on your part. I've heard that legal argument, at least. [0] Though this is not worse from your cryptocurrency. If they get a hold of your private keys, you lose everything. At least in the classical banking system you have some legal recourse. [0]: I might just be thinking of this comedy sketch though: https://www.youtube.com/watch?v=CS9ptA3Ya9E https://www.youtube.com/watch?v=CS9ptA3Ya9E
- guard-of-terra 10y ago
  Your private keys have limited attack surface, especially if they're in cold storage. However, your banking account has unlimited attack surface. It's on some remote information system that you do not control and never will. As I already said, I'm not a big believer in "legal recourse", it's as well to be used to take money from you as to return them back.
- mrb 10y ago
  "they get a hold of your private keys, you lose everything." Hardware wallets solve this (Trezor, Keepkey, etc.) This makes Bitcoin more secure than cash. Most people accept the (imperfect) level of security of cash, so they would be OK with the higher level of security of hw wallets.
  - rtpg 10y ago
    Serious question: if you're using a hardware wallet, can people accept payment from you without worrying about double spends?
    - guard-of-terra 10y ago
      How is it any different compared to software wallet?
  - hueving 10y ago
    They would be okay with higher security, but not higher risk of it breaking. Cash doesn't rely on advanced circuitry so I don't have to risk losing $50,000 because of some static electricity.
    - mrb 10y ago
      Hardware wallets can be backed up. You can even have 2 hardware wallets using the same cryptographic seed and both able to spend the same BTC. You won't lose any BTC if a wallet gets destroyed.
theamk 10y ago
Maybe if you have a business account, but not if you are a regular person. Regulation E https://en.wikipedia.org/wiki/Electronic_Fund_Transfer_Act https://en.wikipedia.org/wiki/Electronic_Fund_Transfer_Act requires banks to refund "EFT errors" and fraudulent transactions.

Someone steals the control of your banking account, they take everything and there's no way of getting those money back. Credit cards are peculiar in this regard.

rtpg 10y ago

I am not 100% sure, but my understanding is that the bank is liable for those losses unless they can prove gross negligence on your part. I've heard that legal argument, at least. [0] Though this is not worse from your cryptocurrency. If they get a hold of your private keys, you lose everything. At least in the classical banking system you have some legal recourse. [0]: I might just be thinking of this comedy sketch though: https://www.youtube.com/watch?v=CS9ptA3Ya9E https://www.youtube.com/watch?v=CS9ptA3Ya9E

guard-of-terra 10y ago
Your private keys have limited attack surface, especially if they're in cold storage. However, your banking account has unlimited attack surface. It's on some remote information system that you do not control and never will. As I already said, I'm not a big believer in "legal recourse", it's as well to be used to take money from you as to return them back.
mrb 10y ago
"they get a hold of your private keys, you lose everything." Hardware wallets solve this (Trezor, Keepkey, etc.) This makes Bitcoin more secure than cash. Most people accept the (imperfect) level of security of cash, so they would be OK with the higher level of security of hw wallets.
- rtpg 10y ago
  Serious question: if you're using a hardware wallet, can people accept payment from you without worrying about double spends?
  - guard-of-terra 10y ago
    How is it any different compared to software wallet?
- hueving 10y ago
  They would be okay with higher security, but not higher risk of it breaking. Cash doesn't rely on advanced circuitry so I don't have to risk losing $50,000 because of some static electricity.
  - mrb 10y ago
    Hardware wallets can be backed up. You can even have 2 hardware wallets using the same cryptographic seed and both able to spend the same BTC. You won't lose any BTC if a wallet gets destroyed.

theamk 10y ago

Maybe if you have a business account, but not if you are a regular person. Regulation E https://en.wikipedia.org/wiki/Electronic_Fund_Transfer_Act https://en.wikipedia.org/wiki/Electronic_Fund_Transfer_Act requires banks to refund "EFT errors" and fraudulent transactions.