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This is a good example of knowledge rot. The author used to be an authority in the field of IT, but has a mid-level understanding of blockchain tech and almost

This is a good example of knowledge rot. The author used to be an authority in the field of IT, but has a mid-level understanding of blockchain tech and almost zero understanding for blockchain culture. For example "With a blockchain based system all these protections go away because there is no “undo”. If you have your life’s savings in Bitcoin and someone gains access to your key, those coins are gone and you are shit out of luck" This is a great passage. If you do have all you life savings in one hot wallet, then you are ngmi. If however you have a small proportion of your networth in a hot wallet and it gets compromised, no problem, you didn't even lose something. You just paid a small price for a failing a gullibility test and probably gained some experience. The author's tendency to overprotect people corresponds exactly to the criticism of the "accredited investor" status. Of course some investments are risky if you go in with 100% or more of your capital. This problem is solved by asset allocation, not by grouping and denying people based on their networth. Additional request: If you are aware of any organization monitoring "experts" who are allowed to advise the German parliament, please mention them.

recursive 5y ago
I don't trust myself to manage a bitcoin wallet. How is this ever going to displace boring centralized banking? If someone uses my credit card without my permission, that's not my responsibility. That's a big feature.
- pengwing 5y ago
  "Wallet" is already such a great term for it. Much like a real wallet, just put an amount into it that you are willing to lose. Credit card chargebacks can be a feature and they can be a nightmare + all CC interactions definitely come at a 2%-3% cost to the merchant. Just providing the consumer perspective doesn't help the discussion at all.
  - recursive 5y ago
    Cash I don't keep in my wallet I keep in my bank. Where's the bank? Is it insured? In cases of fraud will the transaction be reversed?

recursive 5y ago

I don't trust myself to manage a bitcoin wallet. How is this ever going to displace boring centralized banking? If someone uses my credit card without my permission, that's not my responsibility. That's a big feature.

pengwing 5y ago
"Wallet" is already such a great term for it. Much like a real wallet, just put an amount into it that you are willing to lose. Credit card chargebacks can be a feature and they can be a nightmare + all CC interactions definitely come at a 2%-3% cost to the merchant. Just providing the consumer perspective doesn't help the discussion at all.
- recursive 5y ago
  Cash I don't keep in my wallet I keep in my bank. Where's the bank? Is it insured? In cases of fraud will the transaction be reversed?