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Parent is saying that the lack of FDIC protection is bad for Bitcoin because your wallet can get hacked. I'm just pointing out that the FDIC has nothing to do w
by imgabe 6y ago
Parent is saying that the lack of FDIC protection is bad for Bitcoin because your wallet can get hacked. I'm just pointing out that the FDIC has nothing to do with preventing anyone from getting hacked. Adding FDIC protection to Bitcoin would not change anything about whether or not your wallet could get hacked.
Bitcoin is more like having a pile of cash. The FDIC doesn't protect you against a pile of cash in your house getting stolen. Keeping a large amount of cash has advantages and disadvantages and risks. If you aren't willing to understand and mitigate those risks, then don't do it.
- mullingitover 6y agoHaving some form of insurance would be great for bitcoin holders, and for bitcoin in general. You're right that having a bitcoin wallet is like having a pile of cash: it's an all-around terrible financial plan. I can't think of any advantages to it unless you're operating a criminal enterprise.
- GoblinSlayer 6y agoThe advantage is the same as with any wallet: it stores money that you can use.