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>Or some system gets hacked, and information or money gets leaked/lost. Blockchain is worse for theft because someone can't arbitrarily pull money from a bad a
by FLUX-YOU 8y ago
>Or some system gets hacked, and information or money gets leaked/lost.
Blockchain is worse for theft because someone can't arbitrarily pull money from a bad account and put it back. The amount of security you also need to take on to protect your private key is a vast increase from what you need to currently do for banks.
- coralreef 8y agoWell, depends on the context of "theft". A government could freeze your bank account and seize your assets quite easily, with no recourse. They can't do that with crypto. But yeah, the immutability of the blockchain has its tradeoffs.
- threeseed 8y agoSure but most people aren't getting their assets seized. And in that situation even if you had your assets in Bitcoins the government can still seize them if you've kept a record or wallet somewhere. Likewise if you're a person who is in the business of getting your assets seized then money is probably the least of your worries i.e. you're quite likely to be facing jail time.
- coralreef 8y agoMost people aren't getting their assets seized, that is until a national crisis occurs, ex. Greece: https://www.youtube.com/watch?v=9gW2UnmVuwI https://www.youtube.com/watch?v=9gW2UnmVuwI
- woah 8y agoPayPal is one of the few centralized ways to receive money over the internet, and the web overflows with stories of people who have had large sums frozen for a very long time.