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There is place for both systems. Most crypto people have made peace with the fact that they can lose it all. People overestimate conventional finance. Conventio

There is place for both systems. Most crypto people have made peace with the fact that they can lose it all. People overestimate conventional finance. Conventional finance is incredibly flimsy if you dig into it. Leveraged beyond repair, ductaping one unprecedented monetary experiment after another. No conventional currency has preserved substantial purchasing power over a span of say 100 years maximum. The mathematical proof of supply limits alone is an unbeatable feature. Myself, not a crypto fan at all, I am sure crypto will be banned at some point, but just on the merit it's as good as anything.

paulpauper 5y ago
conventional finance has ways of insuring money and getting back stolen funds. it also is more idiot proof. nothing like that exists with cryto. crypto way less forgiving of errors..
- vladimirralev 5y ago
  Not quite accurate. The insurance you are talking about is for the custodial services of financial institutions. You can get custodial service for crypto with insurance too (https://custody.coinbase.com/faq https://custody.coinbase.com/faq). Outside of your narrowly worded agreement you don't have anything except perhaps the justice system which rarely works out in these cases. $20B were stollen in phone scams alone in the US last year, not recovered or insured, outside the insurance terms.
- TimJRobinson 5y ago
  Because crypto is the first layer. It's like dealing with paper money and trades while living >200 years ago. Eventually "Trusted Institutions" will come along with insurance to keep your crypto safe for those with less risk tolerance. The advantage then is that you get to choose how much control you want to give up for safety. Unlike the current system where you have to use these institutions to participate.
lottin 5y ago
I think you're confusing "money" with "finance". Finance is about lending resources to carry out projects, whereas money is a means of exchanging things.

paulpauper 5y ago

conventional finance has ways of insuring money and getting back stolen funds. it also is more idiot proof. nothing like that exists with cryto. crypto way less forgiving of errors..

vladimirralev 5y ago
Not quite accurate. The insurance you are talking about is for the custodial services of financial institutions. You can get custodial service for crypto with insurance too (https://custody.coinbase.com/faq https://custody.coinbase.com/faq). Outside of your narrowly worded agreement you don't have anything except perhaps the justice system which rarely works out in these cases. $20B were stollen in phone scams alone in the US last year, not recovered or insured, outside the insurance terms.
TimJRobinson 5y ago
Because crypto is the first layer. It's like dealing with paper money and trades while living >200 years ago. Eventually "Trusted Institutions" will come along with insurance to keep your crypto safe for those with less risk tolerance. The advantage then is that you get to choose how much control you want to give up for safety. Unlike the current system where you have to use these institutions to participate.

lottin 5y ago

I think you're confusing "money" with "finance". Finance is about lending resources to carry out projects, whereas money is a means of exchanging things.