3 ms·

> The same could happen to Coinbase etc. Sure, you can store it yourself in a wallet, just as Cyprus citizens could put money under their mattresses. Assuming

by dwg 9y ago

> The same could happen to Coinbase etc. Sure, you can store it yourself in a wallet, just as Cyprus citizens could put money under their mattresses. Assuming eventual widespread adoption of bitcoin or a competing coin, storing your own funds in your own wallet has basically the same advantages as storing money in a bank, but without the same risks (of the bank or the mattress). > If he'd had the same amount in Bitcoin on a hardware wallet, there's a decent chance they'd have taken that as well. Hell, they managed to get DPR's coins and sell them for nearly $50M. Cash out of your hands is cash you no longer control. Hardware wallets can have pin codes and other measures to prevent the funds from being used and help you recover them later. > Bitcoin lost half its value this month... Was the drop in the Venezuelans currency preceded by a huge run-up in value as was Bitcoins? Who has lost more value?—people holding bitcoin over the last few years or people holding Bolivars over the same period?

tzakrajs 9y ago
My what a low bar you have set for Bitcoin.
- dwg 9y ago
  How so?
  - tzakrajs 9y ago
    Because Venezuela and their currency are a joke?
ceejayoz 9y ago
Look, if your case for Bitcoin is "it's a bit better than a hyperinflationary currency", that's great and all... The Bolivar is regular currency's version of Bitconnect, not Bitcoin. > Assuming eventual widespread adoption of bitcoin or a competing coin, storing your own funds in your own wallet has basically the same advantages as storing money in a bank, but without the same risks (of the bank or the mattress). That's a big assumption. Are you also assuming the FDIC will extend its coverage to personal wallets, that the FBI will automatically involve itself when yours gets stolen/hacked, etc.? The banking system involves a lot of consumer protections that aren't present when you store stuff at home. > Cash out of your hands is cash you no longer control. Hardware wallets can have pin codes and other measures to prevent the funds from being used and help you recover them later. Sure, if you want to spend the rest of your life in jail for contempt of court.
- dwg 9y ago
  > That's a big assumption. Are you also assuming the FDIC will extend its coverage to personal wallets, that the FBI will automatically involve itself when yours gets stolen/hacked, etc.? The banking system involves a lot of consumer protections that aren't present when you store stuff at home. The assumption of widespread adoption is necessary to have any meaningful discussion about the advantages of cryptocurrency over traditional currency supply controlled by a central bank. Of course the currency must be adopted to actually matter! I do not assume that FDIC will extend coverage, or that FBI will automatically investigate or recover hacked funds. That said there is nothing stopping this from happening and it may happen if one or more cryptocurrencies are largely accepted and used. It's also possible that private insurance plans become available, which undoubtably will come with more choice and control than the FDICs protection. Storing money your own wallet has risks too, but they are not the same as those of storing money in a bank or at home. As crypto adoption grows, I believe the number of people making this choice will also grow. > Sure, if you want to spend the rest of your life in jail for contempt of court. The original post, and my reply, was about civil forfeiture.

by dwg 9y ago

tzakrajs 9y ago

My what a low bar you have set for Bitcoin.

dwg 9y ago
How so?
- tzakrajs 9y ago
  Because Venezuela and their currency are a joke?

ceejayoz 9y ago

Look, if your case for Bitcoin is "it's a bit better than a hyperinflationary currency", that's great and all... The Bolivar is regular currency's version of Bitconnect, not Bitcoin. > Assuming eventual widespread adoption of bitcoin or a competing coin, storing your own funds in your own wallet has basically the same advantages as storing money in a bank, but without the same risks (of the bank or the mattress). That's a big assumption. Are you also assuming the FDIC will extend its coverage to personal wallets, that the FBI will automatically involve itself when yours gets stolen/hacked, etc.? The banking system involves a lot of consumer protections that aren't present when you store stuff at home. > Cash out of your hands is cash you no longer control. Hardware wallets can have pin codes and other measures to prevent the funds from being used and help you recover them later. Sure, if you want to spend the rest of your life in jail for contempt of court.

dwg 9y ago
> That's a big assumption. Are you also assuming the FDIC will extend its coverage to personal wallets, that the FBI will automatically involve itself when yours gets stolen/hacked, etc.? The banking system involves a lot of consumer protections that aren't present when you store stuff at home. The assumption of widespread adoption is necessary to have any meaningful discussion about the advantages of cryptocurrency over traditional currency supply controlled by a central bank. Of course the currency must be adopted to actually matter! I do not assume that FDIC will extend coverage, or that FBI will automatically investigate or recover hacked funds. That said there is nothing stopping this from happening and it may happen if one or more cryptocurrencies are largely accepted and used. It's also possible that private insurance plans become available, which undoubtably will come with more choice and control than the FDICs protection. Storing money your own wallet has risks too, but they are not the same as those of storing money in a bank or at home. As crypto adoption grows, I believe the number of people making this choice will also grow. > Sure, if you want to spend the rest of your life in jail for contempt of court. The original post, and my reply, was about civil forfeiture.