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Also, I think it's just the reason that crypto-currency will fail. If you trick me into an ACH transfer of 16 million, there will a) Trigger some random human
by brianwawok 6y ago
Also, I think it's just the reason that crypto-currency will fail.
If you trick me into an ACH transfer of 16 million, there will
a) Trigger some random human based audits at my bank before the money can leave (likely involve some phone calls)
b) Have actual recourse, like court orders to hold the funds at the other bank
c) Take some amount of time to happen, to allow for A & B
It's not perfect, and it has bugs.. but I would never store actual money of value in crypto anything.
- lgregg 6y agoThis is exactly the reason why I don’t use crypto currencies.
- swyx 6y agounless a bank wouldnt serve you, like for sizable parts of the economy.
- deleted 6y ago[deleted]
- eanzenberg 6y agoSizable, like 2%?
- eanzenberg 6y agoI looked it up. 6% of Americans don’t have a bank account. Doesn’t say whether they could go ahead and get one, or they choose not to. Sizable?
- soco 6y agoCorrect me please if I'm wrong, but I'd say most of those folks not served by a bank wouldn't have the skills to manage bitcoins either.
- brianwawok 6y agoThe 6% of people without bank accounts are often the least wealthy, more sick part of our population (basically, the people that need protected). They do NOT have the technical skill to manage a bitcoin wallet. If anything it points even MORE to why we should not use crypto.
- eanzenberg 6y agoThank you for the downvotes. The neo-commies are out in full force here these days.
- dang 6y agoWould you please start respecting the site guidelines? We've cut you a ton of slack and given you a ton of warnings. If you keep violating them, such as by posting unsubstantive and/or flamebait comments, we're going to have to ban you. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html I mean, seriously: https://news.ycombinator.com/item?id=24213951 https://news.ycombinator.com/item?id=24213951 https://news.ycombinator.com/item?id=23717834 https://news.ycombinator.com/item?id=23717834 https://news.ycombinator.com/item?id=22815833 https://news.ycombinator.com/item?id=22815833 https://news.ycombinator.com/item?id=19872246 https://news.ycombinator.com/item?id=19872246 https://news.ycombinator.com/item?id=16703618 https://news.ycombinator.com/item?id=16703618 https://news.ycombinator.com/item?id=16314542 https://news.ycombinator.com/item?id=16314542 ("we've warned you about this several times before") https://news.ycombinator.com/item?id=15265824 https://news.ycombinator.com/item?id=15265824 https://news.ycombinator.com/item?id=14918125 https://news.ycombinator.com/item?id=14918125 https://news.ycombinator.com/item?id=12756676 https://news.ycombinator.com/item?id=12756676 https://news.ycombinator.com/item?id=12554500 https://news.ycombinator.com/item?id=12554500 https://news.ycombinator.com/item?id=11812475 https://news.ycombinator.com/item?id=11812475
- brianwawok 6y agoDid not see deleting post between this and mine, was real confused what I did... Keep up the good work dang
- pvg 6y agoThe comment was flagged dead, not deleted. You can turn on 'showdead' in your settings to see dead comments.
- dang 6y agoSorry about that! This confusion has come up before, and it's a really bad one when it hits. Can you suggest anything that would have made the situation clear to you in the first place?
- blaser-waffle 6y agoIs this 6% of all USA-ians, or 6% of adults? I don't expect most 10 year olds to have chequing accounts, and if we're talking about about all Americans I'm honestly surprised it's not higher, taking into account da yout, those who are mentally/physically infirm, and those folks who just don't trust banking.
- throwaway43234 6y agoGood reason to pull all crypto into fiat ASAP, store it in a real bank (or really, diversify it - user said that was the "vast vast majority" of their savings, that should never be all in one asset), and report it as other income on your taxes.
- pvg 6y agoIf you trick me into an ACH transfer of 16 million, there will Fun recent case - Citibank claims they fatfingered $900 million over: https://www.bloomberg.com/opinion/articles/2020-08-25/citigroup-s-900-million-revlon-loan-error-is-still-perplexing https://www.bloomberg.com/opinion/articles/2020-08-25/citigr... And they're having some trouble getting all of it back although the commentaries suggest that they (eventually) will.
- brianwawok 6y agoYah, and this case is a lot different than someone hacked it. If it has been "hacked" it would have been a different story. More like a complex legal case + fatfinger.
- BTCOG 6y agoNaysayers consistently say that "It will fail," without realizing the chain continues to work regardless of your faith or mainstream uses. It works, it will continue to work. It works via satellite and radio. It's unstoppable like BitTorrent. It is decentralized. Faith or not, Bitcoin is not going to fail and it works perfectly as intended.