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I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technic

by gota 6y ago

I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technically literate, and this happened to him.

ed25519FUUU 6y ago
The virtues people often use for crypto (trustless, irreversible, untraceable) are almost always user-hostile. Banks aren’t great, but at least it’s harder to phish $16million.
seotut2 6y ago
> somewhat technically literate But doesn't know what IRC or freenode is, as illustrated by a comment in that thread.
- throwaway43234 6y ago
  Is that really your bar for being "somewhat technically literate"? Being familiar with decentralized chat protocols and services? What a world...
  - sam_lowry_ 6y ago
    Once in a while, I refer to Hacker News in a job interview, just to understand the cultural fit of the hire. Same here.
  - illgenr 6y ago
    yes
    - BTCOG 6y ago
      In general I'd say that most "higher functioning" Bitcoin users are fairly decent with C++, using CLI/TTY only wallets, and familiar with the cypherpunk movement, culture, and history. If you are not familiar with IRC it makes it sound like you just started using a computer the last couple years.
rjkennedy98 6y ago
There is no mandate in Bitcoin to 'be your own bank' - its just an option. It is a feature and a very good one for people who are afraid of government intrusion into how they use their money. If you don't care about this "feature" you can turn it off by putting your crypto in Coinbase or other exchanges where it will be insured.
- RcouF1uZ4gsC 6y ago
  This feature is the whole point of Bitcoin and blockchain in general. If we just wanted to be able to have balances in banks, the current banking system does it far cheaper with a lot more legal protections.
- mcv 6y ago
  The problem with such a new, unproven, and completely unregulated system, many alternatives to 'be your own bank' are also not good options. Plenty of exchanges have lost a lot of people's money. It's hard to tell which wallet or exchange is reliable and which isn't. Instead of trusting a system that's tightly regulated in order to protect people's money, you're expected to trust a system that's completely unregulated, that's filled with crooks and cowboys and idiots who keep creatively or accidentally figuring out new ways to lose your money. It's a good example of why regulation is necessary in banking.
  - BTCOG 6y ago
    I would have to disagree on both main points; BTC is nearing 12 years old and time tested. BTC also proves that no regulation at all is necessary. It also proves that even folks who think they're technically literate, are hardly capable of making proper backups and or properly using Bitcoin. It's too sophisticated for most. You shouldn't keep multiple bitcoin in one private key. There is no reason at all Bitcoin should have KYC or regulation. It exists outside the government monetary systems and it is your risk you take to use it. Crying about using it because it's risky just means you shouldn't be using it.
    - mcv 6y ago
ConsiderCrying 6y ago
There's a reason why any site dealing with crypto has a dozen labels begging people to double-check addresses, divulge no information to strangers, don't trust anyone, etc. However, warning labels come on any product and people still manage to misuse them. No matter how many labels you plaster about being more careful with bitcoin, people will keep losing it to things like this.
ykevinator 6y ago
Yeah agreed. If everyone was a developer and a security expert, Bitcoin is great, but instead its a massive hobby that has serious risk like what happened to this poor guy.

by gota 6y ago

I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technically literate, and this happened to him.

ed25519FUUU 6y ago

The virtues people often use for crypto (trustless, irreversible, untraceable) are almost always user-hostile. Banks aren’t great, but at least it’s harder to phish $16million.

seotut2 6y ago

> somewhat technically literate But doesn't know what IRC or freenode is, as illustrated by a comment in that thread.

throwaway43234 6y ago
Is that really your bar for being "somewhat technically literate"? Being familiar with decentralized chat protocols and services? What a world...
- sam_lowry_ 6y ago
  Once in a while, I refer to Hacker News in a job interview, just to understand the cultural fit of the hire. Same here.
- illgenr 6y ago
  yes
  - BTCOG 6y ago
    In general I'd say that most "higher functioning" Bitcoin users are fairly decent with C++, using CLI/TTY only wallets, and familiar with the cypherpunk movement, culture, and history. If you are not familiar with IRC it makes it sound like you just started using a computer the last couple years.

rjkennedy98 6y ago

There is no mandate in Bitcoin to 'be your own bank' - its just an option. It is a feature and a very good one for people who are afraid of government intrusion into how they use their money. If you don't care about this "feature" you can turn it off by putting your crypto in Coinbase or other exchanges where it will be insured.

RcouF1uZ4gsC 6y ago
This feature is the whole point of Bitcoin and blockchain in general. If we just wanted to be able to have balances in banks, the current banking system does it far cheaper with a lot more legal protections.
mcv 6y ago
The problem with such a new, unproven, and completely unregulated system, many alternatives to 'be your own bank' are also not good options. Plenty of exchanges have lost a lot of people's money. It's hard to tell which wallet or exchange is reliable and which isn't. Instead of trusting a system that's tightly regulated in order to protect people's money, you're expected to trust a system that's completely unregulated, that's filled with crooks and cowboys and idiots who keep creatively or accidentally figuring out new ways to lose your money. It's a good example of why regulation is necessary in banking.
- BTCOG 6y ago
  I would have to disagree on both main points; BTC is nearing 12 years old and time tested. BTC also proves that no regulation at all is necessary. It also proves that even folks who think they're technically literate, are hardly capable of making proper backups and or properly using Bitcoin. It's too sophisticated for most. You shouldn't keep multiple bitcoin in one private key. There is no reason at all Bitcoin should have KYC or regulation. It exists outside the government monetary systems and it is your risk you take to use it. Crying about using it because it's risky just means you shouldn't be using it.
  - mcv 6y ago

ConsiderCrying 6y ago

There's a reason why any site dealing with crypto has a dozen labels begging people to double-check addresses, divulge no information to strangers, don't trust anyone, etc. However, warning labels come on any product and people still manage to misuse them. No matter how many labels you plaster about being more careful with bitcoin, people will keep losing it to things like this.

ykevinator 6y ago

Yeah agreed. If everyone was a developer and a security expert, Bitcoin is great, but instead its a massive hobby that has serious risk like what happened to this poor guy.