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> the major breaches which are routine in the cryptocurrency world don’t have an analog in the real financial system. You're either ignorant or joking. Just b
by tata71 5y ago
> the major breaches which are routine in the cryptocurrency world don’t have an analog in the real financial system.
You're either ignorant or joking.
Just because FDIC has taken care of the blunders that couldn't be sorted out internally between the banks does not mean there haven't been huge privacy and security hacks on these systems since the 90s.
- acdha 5y ago> Just because FDIC has taken care of the blunders that couldn't be sorted out internally between the banks does not mean there haven't been huge privacy and security hacks on these systems since the 90s. Yes, that's the point: banks have not lost that much money because they have layers of process built around preventing large amounts from moving quickly without lots of layers of approval, things like the SWIFT hacks (which were smaller than the cryptocurrency losses even before you consider how many orders of magnitude larger the banking system is), and as a customer your risk of a permanent loss is extremely low. This is a stark contrast to what happens when cryptocurrency attacks are successful and the community says “you should have been more careful, nothing we can do”.