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> or they rely on trusting some custodian to preserve your claim on that wealth. Is this going to be one of this discussion where people try to pretend banks h
by WastingMyTime89 5y ago
> or they rely on trusting some custodian to preserve your claim on that wealth.
Is this going to be one of this discussion where people try to pretend banks haven't existed for centuries and work very well for pretty much everyone?
- me_me_me 5y agoThis argument always baffled me as pro crypto person. There is a subset of religious crypto zelots that see banks as evil incarnate. Banks are example of what more-less people want from their currency. And crypto should be taking notes from CENTURIES of experiences. And not just shun it all and start from scratch. Loosing keys to wallet is huge problem for ubiquity of crypto, and as a currency of the future it might be fatal flaw. If someone steals my IRL wallet, I call bank to cancel my cards and cry a bit about lost cash and hustle of getting all ID's etc back. If I loose crypto wallet, its gone all of it. Without proper precautions of multiple wallets and safeguards you risk loosing all your wealth in accident or robbery without much to do about it.