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I think GP means that if you have $100 in your bank it'll still be there tomorrow, not randomly erradicated by volatile swings in the market or stolen with no w

I think GP means that if you have $100 in your bank it'll still be there tomorrow, not randomly erradicated by volatile swings in the market or stolen with no way to get it back. That said this is only true if you have faith in your government.

deleted 9y ago
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dullgiulio 9y ago
But when has government betrayed that faith (in recent times, say after WWII)?
- unknown_apostle 9y ago
  Like, whenever things get serious? https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock to give just 1 example.
mhluongo 9y ago
Right, but it can also be frozen due to the whims of the bank, garnished by the IRS, taken by wire fraud... Obviously cryptocurrencies are sharp tools, but they're stronger financial primitives than what we have. We just need to use them to rebuild the consumer-facing components.
- matt_wulfeck 9y ago
  You don't think the IRS can't seize your coins? They just have to demand your wallet or put you in jail. The fact that they can't drain your account isn't some magical cloak that keeps them locking you up. Or you could try and lie about the value of your wallet and perjure yourself.
- easytiger 9y ago
  By which you mean, take everything provided by current currencies and monetary regulation and financial institutions assuming risk... then put a pretty fascia of your kinda UX on it, called crypto currencies. It is a 3000 year old problem. Trust. In short, is big business.
- imron 9y ago
  > but it can also be frozen due to the whims of the bank, garnished by the IRS, taken by wire fraud... If given the choice between the whims of banks vs the whims of cryptocurrency speculators, and the potential for wire-fraud vs the potential for wholesale 'hackfraud', I think I'll take the whims of the banks please.
  - mhluongo 9y ago
    Obviously it's early. No reason there we can't have. Stable store of value as cryptocurrencies mature. Regarding bank whims, if you're a properly banked person who's never had an issue, great. If you've never had trouble with the IRS or anyone else who can take your money by force- great. But that's not everyone.
- urethrafranklin 9y ago
  Banks are not allowed to freeze your account arbitrarily. And don't pretend that the IRS won't figure out how to seize bitcoin. And, if you do get wire frauded (which crypto dorks all seem to be irrationally concerned about for some reason) you have insurance and recourse to quickly get it corrected (unlike buttcoin). So don't spread FUD.
pavel_lishin 9y ago
Tell that to your Venezuelan friends.
megous 9y ago
No. Just ask anyone who had gone through monetary reforms, or savings account taxation, or limits on withdrawals, or stuff like that. And you may have some faith in the government, but it can still fuck you up. Many of these interventions had come out of the blue for most people throughout history. Having hard limits on what governments can do is obviously beneficial especially for less informed people.

deleted 9y ago

[deleted]

dullgiulio 9y ago

But when has government betrayed that faith (in recent times, say after WWII)?

unknown_apostle 9y ago
Like, whenever things get serious? https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock to give just 1 example.

mhluongo 9y ago

Right, but it can also be frozen due to the whims of the bank, garnished by the IRS, taken by wire fraud... Obviously cryptocurrencies are sharp tools, but they're stronger financial primitives than what we have. We just need to use them to rebuild the consumer-facing components.

matt_wulfeck 9y ago
You don't think the IRS can't seize your coins? They just have to demand your wallet or put you in jail. The fact that they can't drain your account isn't some magical cloak that keeps them locking you up. Or you could try and lie about the value of your wallet and perjure yourself.
easytiger 9y ago
By which you mean, take everything provided by current currencies and monetary regulation and financial institutions assuming risk... then put a pretty fascia of your kinda UX on it, called crypto currencies. It is a 3000 year old problem. Trust. In short, is big business.
imron 9y ago
> but it can also be frozen due to the whims of the bank, garnished by the IRS, taken by wire fraud... If given the choice between the whims of banks vs the whims of cryptocurrency speculators, and the potential for wire-fraud vs the potential for wholesale 'hackfraud', I think I'll take the whims of the banks please.
- mhluongo 9y ago
  Obviously it's early. No reason there we can't have. Stable store of value as cryptocurrencies mature. Regarding bank whims, if you're a properly banked person who's never had an issue, great. If you've never had trouble with the IRS or anyone else who can take your money by force- great. But that's not everyone.
urethrafranklin 9y ago
Banks are not allowed to freeze your account arbitrarily. And don't pretend that the IRS won't figure out how to seize bitcoin. And, if you do get wire frauded (which crypto dorks all seem to be irrationally concerned about for some reason) you have insurance and recourse to quickly get it corrected (unlike buttcoin). So don't spread FUD.

pavel_lishin 9y ago

Tell that to your Venezuelan friends.

megous 9y ago

No. Just ask anyone who had gone through monetary reforms, or savings account taxation, or limits on withdrawals, or stuff like that. And you may have some faith in the government, but it can still fuck you up. Many of these interventions had come out of the blue for most people throughout history. Having hard limits on what governments can do is obviously beneficial especially for less informed people.