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You definitely don't need to trust these players most of the time. Your coins can sit in an offline wallet out of their reach for the majority of the time. Wha

by dudus 6y ago

You definitely don't need to trust these players most of the time. Your coins can sit in an offline wallet out of their reach for the majority of the time. What you use them for is liquidity. Since you probably won't find a private party to buy/sell from. Realistically if you want to buy, or sell coins you have to go through one of them. And yes that kinda sucks because none of them are trustworthy., so you have some amount of risk there. The larger problems comes from the risk they inject in the market just by existing. They will be hacked, fail KYC, or straight up scam exit with all their customers money and that will impact the value of the market as a whole. For my risk tolerance, crypto is completely uninvestable

arcticbull 6y ago
> You definitely don't need to trust these players most of the time. Your coins can sit in an offline wallet out of their reach for the majority of the time. In a sweet bird-bath somewhere, no doubt.
- spiralx 6y ago
  Who says security through obscurity doesn't work?
jasonlingx 6y ago
>The larger problems comes from the risk they inject in the market just by existing. They will be hacked, fail KYC, or straight up scam exit with all their customers money and that will impact the value of the market as a whole. Have you heard of Lehman Brothers? Enron? Madoff? The vast majority of scammers, criminals still use fiat. By your reasoning that would make fiat more risky. >For my risk tolerance, crypto is completely uninvestable It’s not really an investment. Many fiat currencies have collapsed before. IMO, risk of holding BTC was much greater when it was $1 compared to now, and as it keeps maturing and... existing... the risk is going to keep moderating.
- verdverm 6y ago
  It's for speculation and to get rich quick. That's how myself and a bunch of millennials used it. We had digital money beforehand, it's way easier to use than cryptos, and I get a legal safety net.
  - jasonlingx 6y ago
    It may be useful to citizens of countries whose currency is about to collapse, or with strict currency controls.
    - verdverm 6y ago
      A global currency, as administered by a global govt, would be better. Einstein is often quoted as saying "The only way to world peace is with world government" It would have to have ultimate say and the power to enforce, even against the US and China, with a globally elected reps & pres.

by dudus 6y ago

arcticbull 6y ago

> You definitely don't need to trust these players most of the time. Your coins can sit in an offline wallet out of their reach for the majority of the time. In a sweet bird-bath somewhere, no doubt.

spiralx 6y ago
Who says security through obscurity doesn't work?

jasonlingx 6y ago

>The larger problems comes from the risk they inject in the market just by existing. They will be hacked, fail KYC, or straight up scam exit with all their customers money and that will impact the value of the market as a whole. Have you heard of Lehman Brothers? Enron? Madoff? The vast majority of scammers, criminals still use fiat. By your reasoning that would make fiat more risky. >For my risk tolerance, crypto is completely uninvestable It’s not really an investment. Many fiat currencies have collapsed before. IMO, risk of holding BTC was much greater when it was $1 compared to now, and as it keeps maturing and... existing... the risk is going to keep moderating.

verdverm 6y ago
It's for speculation and to get rich quick. That's how myself and a bunch of millennials used it. We had digital money beforehand, it's way easier to use than cryptos, and I get a legal safety net.
- jasonlingx 6y ago
  It may be useful to citizens of countries whose currency is about to collapse, or with strict currency controls.
  - verdverm 6y ago
    A global currency, as administered by a global govt, would be better. Einstein is often quoted as saying "The only way to world peace is with world government" It would have to have ultimate say and the power to enforce, even against the US and China, with a globally elected reps & pres.