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I think most in crypto are and if not ought be of the mindset that if you yourself do not possess the coins keys you do not own them and are therefore disintere

I think most in crypto are and if not ought be of the mindset that if you yourself do not possess the coins keys you do not own them and are therefore disinterested in robin-hood cash app etc.

Osiris 6y ago
I would say that it depends on the sophistication of the user. I work for a crypto company and this is our belief. Users hold their own keys and must sign their own transactions. Of course that means that things like limit orders can't be done (easily) and it means all trades have more latency and more costs (due to fees for sending transactions vs. db entry). However, we've found it difficult to get market traction as a lot of people seem to prefer the ease of custodial wallets.
beaner 6y ago
You need to be careful with this message. A lot of people are not capable of responsibly managing their own keys. There are countless stories of fresh faces taking this message to heart and then finding they've lost their stash a year later. You do gain a higher degree of financial sovereignty by managing your own keys, and it's definitely an important option to have and fight for. Just be cognizant that you also gain a lot of responsibility, too. For some people, storing at a site like Coinbase will continue to be a safer option.
- vmception 6y ago
  > You need to be careful with this message. A lot of people are not capable of responsibly managing their own keys. Nope, thank them for their contribution to the predictable frequency of lost digital assets and their scarcity. Praise be. Blessed be the fruit.
- maipen 6y ago
  People that get into crypto and go to an exchange like coinbase, should already understand how it works and they are getting themselfes into. These people that are just buying to invest and don't understand how to make a wallet, will most likely be the same that make horrible decisions, investing wise. Crypto must be used as it was intended for. It's not that hard nowadays, actually pretty simple.
  - beaner 6y ago
    The intention of crypto was to provide the option to opt-out of traditional finance, not to mandate that you opt-out. Even you yourself don't understand it, so you you should be a little less confident in what you promote. Equating investment ability with key management ability is stupid.
    - maipen 6y ago
      If you think that, than coinbase is DEFINITLY not for you. Better buy crypto on paypal or some other garbage that doesn't allow you to fuck up with you bitcoin.
- piracy1 6y ago
  Who's to say their exchange account doesn't get hacked? SIM Swapped, etc. But yes I do agree storing your own coins would be a nightmare for people who are not savvy with computers and shit. But I do think that in theory paper wallet is easy to secure with 0 tech knowhow (though ofc the tricky part is generating one securely), just put it in a safety deposit box. All that being said it still seems really pointless to me to have coins which you cannot send online. But prehaps if like my grandpa wanted to hold some bitcoin as an investment, I'd advise something like cash app robinhood because no matter what you do wrong nobody can get the actual coins, at best to a fraudster it's another classical bank account for which there are all manner of legal clawback methods and safeguards in place.
sneak 6y ago
I don't think they is true for "most in crypto[currencies]". The vast majority of people involved in the space today are simply here for the money, and would prefer cryptocurrencies to work more like their existing bank accounts.
kylebenzle 6y ago
Interestingly, if true (it is) this makes Bitcoin (BTC) itself inaccesable to the majority of the world. My favorite BTC stat is that if just 1/2 the world wanted to make 1 transaction it would take the BTC network 50 years. This is by design. The BTC GitHub repo was hijaked years ago by Blockstream and corporate interests that want to force users on to their "second layer" solutions. Real Bitcoin users and anyone with a brain moved to competing projects like Bitcoin Cash, Ethereum and Monero long ago. Only newbies and shills stick around pushing the, biTcOiN is gOLd narrative.
peteretep 6y ago
> I think most in crypto are Wild-ass guess: "most" is true of "number of humans that own cypto-currency", but probably not true of "percentage of crypto-currency by value held", if that makes sense. More succinctly, I'd expect more crypto to be held in exchanges than in individual wallets, if you're able to somehow account for coins/value stored in lost wallets. Update: looks like figuring this with any real accuracy is probably near impossible
Melting_Harps 6y ago
> cash app While what you said is true, CASH lets you send your BTC out of it. Unlike Paypal/RH et al.

I think most in crypto are and if not ought be of the mindset that if you yourself do not possess the coins keys you do not own them and are therefore disinterested in robin-hood cash app etc.

Osiris 6y ago

I would say that it depends on the sophistication of the user. I work for a crypto company and this is our belief. Users hold their own keys and must sign their own transactions. Of course that means that things like limit orders can't be done (easily) and it means all trades have more latency and more costs (due to fees for sending transactions vs. db entry). However, we've found it difficult to get market traction as a lot of people seem to prefer the ease of custodial wallets.

beaner 6y ago

You need to be careful with this message. A lot of people are not capable of responsibly managing their own keys. There are countless stories of fresh faces taking this message to heart and then finding they've lost their stash a year later. You do gain a higher degree of financial sovereignty by managing your own keys, and it's definitely an important option to have and fight for. Just be cognizant that you also gain a lot of responsibility, too. For some people, storing at a site like Coinbase will continue to be a safer option.

vmception 6y ago
> You need to be careful with this message. A lot of people are not capable of responsibly managing their own keys. Nope, thank them for their contribution to the predictable frequency of lost digital assets and their scarcity. Praise be. Blessed be the fruit.
maipen 6y ago
People that get into crypto and go to an exchange like coinbase, should already understand how it works and they are getting themselfes into. These people that are just buying to invest and don't understand how to make a wallet, will most likely be the same that make horrible decisions, investing wise. Crypto must be used as it was intended for. It's not that hard nowadays, actually pretty simple.
- beaner 6y ago
  The intention of crypto was to provide the option to opt-out of traditional finance, not to mandate that you opt-out. Even you yourself don't understand it, so you you should be a little less confident in what you promote. Equating investment ability with key management ability is stupid.
  - maipen 6y ago
    If you think that, than coinbase is DEFINITLY not for you. Better buy crypto on paypal or some other garbage that doesn't allow you to fuck up with you bitcoin.
piracy1 6y ago
Who's to say their exchange account doesn't get hacked? SIM Swapped, etc. But yes I do agree storing your own coins would be a nightmare for people who are not savvy with computers and shit. But I do think that in theory paper wallet is easy to secure with 0 tech knowhow (though ofc the tricky part is generating one securely), just put it in a safety deposit box. All that being said it still seems really pointless to me to have coins which you cannot send online. But prehaps if like my grandpa wanted to hold some bitcoin as an investment, I'd advise something like cash app robinhood because no matter what you do wrong nobody can get the actual coins, at best to a fraudster it's another classical bank account for which there are all manner of legal clawback methods and safeguards in place.

sneak 6y ago

I don't think they is true for "most in crypto[currencies]". The vast majority of people involved in the space today are simply here for the money, and would prefer cryptocurrencies to work more like their existing bank accounts.

kylebenzle 6y ago

Interestingly, if true (it is) this makes Bitcoin (BTC) itself inaccesable to the majority of the world. My favorite BTC stat is that if just 1/2 the world wanted to make 1 transaction it would take the BTC network 50 years. This is by design. The BTC GitHub repo was hijaked years ago by Blockstream and corporate interests that want to force users on to their "second layer" solutions. Real Bitcoin users and anyone with a brain moved to competing projects like Bitcoin Cash, Ethereum and Monero long ago. Only newbies and shills stick around pushing the, biTcOiN is gOLd narrative.

peteretep 6y ago

> I think most in crypto are Wild-ass guess: "most" is true of "number of humans that own cypto-currency", but probably not true of "percentage of crypto-currency by value held", if that makes sense. More succinctly, I'd expect more crypto to be held in exchanges than in individual wallets, if you're able to somehow account for coins/value stored in lost wallets. Update: looks like figuring this with any real accuracy is probably near impossible

Melting_Harps 6y ago

> cash app While what you said is true, CASH lets you send your BTC out of it. Unlike Paypal/RH et al.