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One of the core life lessons of crypto is that when you combine anonymity (or at least the illusion of it) with someone else owning the private keys to your wal
by mathgeek 9y ago
One of the core life lessons of crypto is that when you combine anonymity (or at least the illusion of it) with someone else owning the private keys to your wallet, there's nothing stopping that "someone else" from taking your coins without any way to prove who took them.
When you want to be personally responsible for your money, you have to accept that you're personally responsible for its security as well. Banks and financial regulators literally exist to push that responsibility onto someone else in the traditional systems, with the well-known tradeoffs.
- deleted 9y ago[deleted]
- Uptrenda 9y agoThat's exactly it. We take it for granted that in simpler human-run ledgers accountability is easier to do. Accounting has all these checks and balances designed to place blame on a single individual. Corporations obscure some of that blame but it still works in theory. A complex distributed system means that it can be almost impossible to determine what went wrong and that has some hugely dystopian outcomes.