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My big worry with crypto is as soon as it loses legitimacy or security like via a large hack or hijacked transfer the trust is shot and the value is gone. It ma
by charwalker 7y ago
My big worry with crypto is as soon as it loses legitimacy or security like via a large hack or hijacked transfer the trust is shot and the value is gone. It may rebuild trust over time, but it could also keep falling as it goes out of use or hodlers see it as a losing investment vs real world assets and cash out.
If the USD has $1TT stolen or an anti-counterfeit measure is bypassed, the US government could step in and support use of the dollar with some guarantee or security advancement like better counterfeiting protections or freezing stolen assets then (as bad as it is often seen) printing replacement bills or something. Some of this is already ongoing with the Mint developing anti-counterfeit measures for each new bill released.
Crypto can't do that, it's just a volatile stock like commodity with no underwritten assets or real world backing. There's no centralized backer that can prop it up in crisis. That's risky.