5 ms·

>"You can defraud people at scale and completely get away with it." That's possible with any fiat currency too.

by anotheraccount9 5y ago

xxs 5y ago
way way way harder than that.
- KiranRao0 5y ago
  Way way harder unless you're in an authoritarian regime with control over the banking sector.
  - timeon 5y ago
    So is this that decentralization? With Bitcoin authoritarian regime has no borders.
- AnthonyMouse 5y ago
  > way way way harder than that. Is it? https://www.forbes.com/sites/instituteforjustice/2021/10/25/new-proof-that-police-use-civil-forfeiture-to-take-from-those-who-cant-fight-back/ https://www.forbes.com/sites/instituteforjustice/2021/10/25/... https://fortune.com/2016/06/09/civil-forfeiture-erad/ https://fortune.com/2016/06/09/civil-forfeiture-erad/ At least with Bitcoin they need your passphrase.
kspacewalk2 5y ago
With flat currency it is possible to have a well-designed banking system with mechanisms for boring human pen-and-paper recourse in case of fraud. El Salvador probably doesn't have one, but they can create one. With Bitcoin, they cannot, by design.
davewritescode 5y ago
No it’s not. If my savings account gets drained by someone hacking my account, the bank gives me back my money up to 250k and they have mechanisms to claw back that money from other institutions. With crypto you can commit fraud at scale with little risk of long prison sentences due to the non violent nature of the crimes and victims are SOL.
- evanpw 5y ago
  If you're talking about the FDIC, that protects you only in the case that the bank fails. It doesn't have anything to do with fraud against you in particular.
- chongli 5y ago
  Your savings account is getting drained every year. The mechanism is called quantitative easing.
  - imtringued 5y ago
    Quantitative easing doesn't drain anything except treasuries. It just swaps treasuries for liquid reserves. Banks may lend more but that is a different question.
- wyck 5y ago
  Yes actually it is, because the analogy is your storing your fiat in your house or in your pocket, which can of course be robbed, have you even insured cash stored in your house or pocket, I highly doubt it. Just like fiat you can store your crypto with an insured custody provider (and still own your own keys), which is the norm with smart people who have a decent amount of crypto assets.

>"You can defraud people at scale and completely get away with it." That's possible with any fiat currency too.

xxs 5y ago

way way way harder than that.

KiranRao0 5y ago
Way way harder unless you're in an authoritarian regime with control over the banking sector.
- timeon 5y ago
  So is this that decentralization? With Bitcoin authoritarian regime has no borders.
AnthonyMouse 5y ago
> way way way harder than that. Is it? https://www.forbes.com/sites/instituteforjustice/2021/10/25/new-proof-that-police-use-civil-forfeiture-to-take-from-those-who-cant-fight-back/ https://www.forbes.com/sites/instituteforjustice/2021/10/25/... https://fortune.com/2016/06/09/civil-forfeiture-erad/ https://fortune.com/2016/06/09/civil-forfeiture-erad/ At least with Bitcoin they need your passphrase.

kspacewalk2 5y ago

With flat currency it is possible to have a well-designed banking system with mechanisms for boring human pen-and-paper recourse in case of fraud. El Salvador probably doesn't have one, but they can create one. With Bitcoin, they cannot, by design.

davewritescode 5y ago

No it’s not. If my savings account gets drained by someone hacking my account, the bank gives me back my money up to 250k and they have mechanisms to claw back that money from other institutions. With crypto you can commit fraud at scale with little risk of long prison sentences due to the non violent nature of the crimes and victims are SOL.

evanpw 5y ago
If you're talking about the FDIC, that protects you only in the case that the bank fails. It doesn't have anything to do with fraud against you in particular.
chongli 5y ago
Your savings account is getting drained every year. The mechanism is called quantitative easing.
- imtringued 5y ago
  Quantitative easing doesn't drain anything except treasuries. It just swaps treasuries for liquid reserves. Banks may lend more but that is a different question.
wyck 5y ago
Yes actually it is, because the analogy is your storing your fiat in your house or in your pocket, which can of course be robbed, have you even insured cash stored in your house or pocket, I highly doubt it. Just like fiat you can store your crypto with an insured custody provider (and still own your own keys), which is the norm with smart people who have a decent amount of crypto assets.