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Using cryptocurrency does not forfeit the ability to have a third-party take custody of your funds for you. But because you are useless at looking after things
by sparkie 9y ago
Using cryptocurrency does not forfeit the ability to have a third-party take custody of your funds for you.
But because you are useless at looking after things, everybody else should forfeit their right to be custodian of their own funds?
The choice should be there for anyone to make. Do I look after my own funds, knowing the risks, or do I let someone else look after them, knowing those risks?
Or you know, we now have these things called multisig wallets, which mean that you can have third-parties secure your funds without actually giving them custody of the funds. You can have the best of both worlds by removing the risk of losing everything if you lose your keys, and also eliminate the possibility of a bank/government from stealing your money.
- Nursie 9y ago> But because you are useless at looking after things, everybody else should forfeit their right to be custodian of their own funds? Do what you like, but the vast majority of people should not be doing this, because the risks are vast and the rewards basically zero.
- sparkie 9y agoRight, as I said, the vast majority of people don't need to. Banks aren't going obsolete, but they'll be different in form for a world of people using cryptocurrencies. The way I see it is that existing banks will have to adapt to fit into the cryptocurrency world, or they'll just be replaced by other services that do. They have a huge head start in terms of capital, reach and marketing potential, but so far they've not even left the start line. People with little capital, little experience, and only social media are apparently creating the financial organizations of the future.