3 ms·

It seems like crypto has created a whole lot of people who are now rich but don't know how to be rich. People with normal assets can't transfer ownership of tho

It seems like crypto has created a whole lot of people who are now rich but don't know how to be rich. People with normal assets can't transfer ownership of those assets by clicking on a popup link downloaded from the Internet. They have teams of accountants, bankers, brokers, lawyers, who sure, slow things down, take a cut, require that they know who you are and what you're buying, but they also keep you from accidentally giving $68 million to criminals.

birdyrooster 5y ago
And those same financial services companies will end up managing these in the end game for crypto. This is just early adopter syndrome. Risk and reward, freedom and responsibility.
- pinkybanana 5y ago
  There are already Bitcoin ETFs and other stock-market tradable products in many jurisdictions (not US though). These are very straightforward for casual user, I don't see how it would be any more insecure than buying for example Gold ETF.
  - robjan 5y ago
    It's harder to permanently steal gold from an institution than crypto.
  - birdyrooster 5y ago
    Bitcoin (let alone a Bitcoin ETF) doesn't scratch the surface of all of the financial services that can be implemented with Smart Contracts. I agree though that is certainly going to be a piece of the overall landscape. Beyond financial services are things like Smart Trusts.
pinkybanana 5y ago
The people have been always there, it is just that now they have the tools. I personally have no problem, bitcoin should be for adults who can manage their own risks. You can always opt out and not use it. This whole thing has been repeated since the early Bitcoin times ad infinitum and shouldn't be a surprise. This issue has been fixed in Electrum a long time ago already. However the problem is that no one can prevent people from running older versions. This kind of problems are to be expected in crypto in the future as well, so always stay cautious.

birdyrooster 5y ago

And those same financial services companies will end up managing these in the end game for crypto. This is just early adopter syndrome. Risk and reward, freedom and responsibility.

pinkybanana 5y ago
There are already Bitcoin ETFs and other stock-market tradable products in many jurisdictions (not US though). These are very straightforward for casual user, I don't see how it would be any more insecure than buying for example Gold ETF.
- robjan 5y ago
  It's harder to permanently steal gold from an institution than crypto.
- birdyrooster 5y ago
  Bitcoin (let alone a Bitcoin ETF) doesn't scratch the surface of all of the financial services that can be implemented with Smart Contracts. I agree though that is certainly going to be a piece of the overall landscape. Beyond financial services are things like Smart Trusts.

pinkybanana 5y ago

The people have been always there, it is just that now they have the tools. I personally have no problem, bitcoin should be for adults who can manage their own risks. You can always opt out and not use it. This whole thing has been repeated since the early Bitcoin times ad infinitum and shouldn't be a surprise. This issue has been fixed in Electrum a long time ago already. However the problem is that no one can prevent people from running older versions. This kind of problems are to be expected in crypto in the future as well, so always stay cautious.