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it is because the federal government mints and controls the currency of dollars, with Ethereum you can create an arbitrary token and mint this token to any amou
by ojr 9y ago
it is because the federal government mints and controls the currency of dollars, with Ethereum you can create an arbitrary token and mint this token to any amount, essentially be your own federal reserve, Ethereum is an interesting software platform. Coinbase is fully insured all their digital currency is backed if a breach was to happen the customers will be refunded. So I suggest you keep your $250000 in there.
- airza 9y agoWhat does this first sentence even mean?
- orthecreedence 9y agoI translated it as "if there is a market opportunity for there being a private, ethereum-backed federal reserve, one will emerge."
- ojr 9y agothe federal government can reimburse the person I was replying to because they control and mint dollars. With Ethereum you can control and mint your own currency, I didn't want to use the word currency earlier, it is more of a digital asset or app credits.
- GhostVII 9y agoHow often do you hear of someone loosing thousands of dollars perminantly because of a banking error? Almost never, because if a bank did not reimburse people who lost money, their reputation would be destroyed. How often do you hear of people losing thousands of dollars because of a cryptocurrency? All the time, because no one is responsible for the lost money, so no one will replace it or work extra hard to ensure it is safe. Security doesn't matter when you have a central authority dedicated to ensuring you don't loose your money, and which had been successfully doing so for decades.