4 ms·

In legal ownership, when mistakes happen or illegal actions take place, humans can override and reverse these decisions. Laws, courts, police, etc. In crypto,

by mabbo 5y ago

In legal ownership, when mistakes happen or illegal actions take place, humans can override and reverse these decisions. Laws, courts, police, etc. In crypto, this is not true. Your money, your assets, your everything can be taken from you by one mistake, by one false step, and nobody can reverse it except the people who have benefitted. This is why I don't believe in crypto. My fear of government is less than my fear of a world without an override.

snissn 5y ago
yes when i drop lots of cash in a crowded public space i can rely on courts to get all of my money back /s
- ohhhhhh 5y ago
  lol yeah when all the CCTV's catch you stealing that dropped money and charge you with theft
  - gruez 5y ago
    I'm sure CCTV footage would be helpful in tracking a masked (yay covid!) 5'9" man wearing a hoodie and jeans.
    - toomuchtodo 5y ago
      One should note how useful mobile device location data was in identifying insurrectionists who were masked when trespassing at the US capitol ("geofence warrants"). The crypto equivalent appears to be chainalysis and similar products.
  - echelon 5y ago
    Wire money to the wrong account? The bank will help you fix it. Government banking regulations to the rescue. Send crypto to the wrong address? Oopsie.
    - corpdronejuly 5y ago
      Which is why we never hear these horror stories about phishing attacks trying to get people to send things to the wrong account. The fact is that in many, perhaps most cases of theft the Government isn't able to do much more than punish someone they think did the crime, maybe they can recover the assets, just as often those assets are evidence and you don't get them back for years.
CGamesPlay 5y ago
Naw, Ethereum already once hard-forked when they decided they didn't like how things had gone down.
- echelon 5y ago
  So, if you're friends of the boss? What about the little guys?
  - kfprt 5y ago
    Some animals are more equal than others.
- chitowneats 5y ago
  How exactly should I go about convincing 51% of the community to reverse my mistake? Has this ever happened in the history of cryptocurrency?
  - gruez 5y ago
    Obvious caveat is that it only works if you're Too Big to Fail™.
  - brian_cloutier 5y ago
    > Has this ever happened in the history of cryptocurrency? You're replying to a comment which mentions that yes, in fact, this has happened. https://www.gemini.com/cryptopedia/the-dao-hack-makerdao https://www.gemini.com/cryptopedia/the-dao-hack-makerdao However, it is unlikely that this will ever happen again. The coordination costs behind pulling off this kind of fork are massive. It's difficult to imagine today's more decentralized community could ever agree to do such a thing. As an example, Parity later lost an incredibly large amount of other people's money and the community decided not to roll that particular mistake back: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-999.md https://github.com/ethereum/EIPs/blob/master/EIPS/eip-999.md
    - thebean11 5y ago
300bps 5y ago
I don't get crypto either. I say that as someone who bought a new computer in March 2021 for $1,900 and have used that same computer to mine enough Ethereum in that time to pay for it. Man some days I was making $70 per day when that Shiba Inu coin came out and gas prices skyrocketed. I used to mine BTC when you could still use GPUs, even thought about buying ASICs for a time. I've bought and sold at least a dozen kinds of coins on exchanges, off exchanges, meeting people in Starbucks, etc. I've made money off it, but I just don't get it. There's no legitimate purpose to it. DOGE, SHIBA, BTC, BCH, BSV, it's all a big joke to me. Maybe I'm stupid?
- onemoresoop 5y ago
  You've stated it yourself, you made money off it and that is why cryptos are so popular, people speculate and some people make lifechanging money while others lose. The greater fool theory is not even a thing in crypto markets. I'm not sure how far this will go till the bubble pops and there's no question the market is in a bubble. However, cryptos could become the currency of the future after n iterations.
ensignavenger 5y ago
I guess you have never been the victim of theft before? Sure, the government might, possibly be able to restore your property, but it is unlikely to actually happen.
- mabbo 5y ago
  Sure, it's possible for the legal system to fail. But it's impossible for the crypto system to ever work at reversing transactions. It's designed around that.
  - ensignavenger 5y ago
    The legal system has seized bitcoin private keys in the past, so it isn't impossible. The legal system could also order compensation. It isn't much different than most other cases the legal system deals with.

by mabbo 5y ago

snissn 5y ago

yes when i drop lots of cash in a crowded public space i can rely on courts to get all of my money back /s

ohhhhhh 5y ago
lol yeah when all the CCTV's catch you stealing that dropped money and charge you with theft
- gruez 5y ago
  I'm sure CCTV footage would be helpful in tracking a masked (yay covid!) 5'9" man wearing a hoodie and jeans.
  - toomuchtodo 5y ago
    One should note how useful mobile device location data was in identifying insurrectionists who were masked when trespassing at the US capitol ("geofence warrants"). The crypto equivalent appears to be chainalysis and similar products.
- echelon 5y ago
  Wire money to the wrong account? The bank will help you fix it. Government banking regulations to the rescue. Send crypto to the wrong address? Oopsie.
  - corpdronejuly 5y ago
    Which is why we never hear these horror stories about phishing attacks trying to get people to send things to the wrong account. The fact is that in many, perhaps most cases of theft the Government isn't able to do much more than punish someone they think did the crime, maybe they can recover the assets, just as often those assets are evidence and you don't get them back for years.

CGamesPlay 5y ago

Naw, Ethereum already once hard-forked when they decided they didn't like how things had gone down.

echelon 5y ago
So, if you're friends of the boss? What about the little guys?
- kfprt 5y ago
  Some animals are more equal than others.
chitowneats 5y ago
How exactly should I go about convincing 51% of the community to reverse my mistake? Has this ever happened in the history of cryptocurrency?
- gruez 5y ago
  Obvious caveat is that it only works if you're Too Big to Fail™.
- brian_cloutier 5y ago
  > Has this ever happened in the history of cryptocurrency? You're replying to a comment which mentions that yes, in fact, this has happened. https://www.gemini.com/cryptopedia/the-dao-hack-makerdao https://www.gemini.com/cryptopedia/the-dao-hack-makerdao However, it is unlikely that this will ever happen again. The coordination costs behind pulling off this kind of fork are massive. It's difficult to imagine today's more decentralized community could ever agree to do such a thing. As an example, Parity later lost an incredibly large amount of other people's money and the community decided not to roll that particular mistake back: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-999.md https://github.com/ethereum/EIPs/blob/master/EIPS/eip-999.md
  - thebean11 5y ago

300bps 5y ago

I don't get crypto either. I say that as someone who bought a new computer in March 2021 for $1,900 and have used that same computer to mine enough Ethereum in that time to pay for it. Man some days I was making $70 per day when that Shiba Inu coin came out and gas prices skyrocketed. I used to mine BTC when you could still use GPUs, even thought about buying ASICs for a time. I've bought and sold at least a dozen kinds of coins on exchanges, off exchanges, meeting people in Starbucks, etc. I've made money off it, but I just don't get it. There's no legitimate purpose to it. DOGE, SHIBA, BTC, BCH, BSV, it's all a big joke to me. Maybe I'm stupid?

onemoresoop 5y ago
You've stated it yourself, you made money off it and that is why cryptos are so popular, people speculate and some people make lifechanging money while others lose. The greater fool theory is not even a thing in crypto markets. I'm not sure how far this will go till the bubble pops and there's no question the market is in a bubble. However, cryptos could become the currency of the future after n iterations.

ensignavenger 5y ago

I guess you have never been the victim of theft before? Sure, the government might, possibly be able to restore your property, but it is unlikely to actually happen.

mabbo 5y ago
Sure, it's possible for the legal system to fail. But it's impossible for the crypto system to ever work at reversing transactions. It's designed around that.
- ensignavenger 5y ago
  The legal system has seized bitcoin private keys in the past, so it isn't impossible. The legal system could also order compensation. It isn't much different than most other cases the legal system deals with.