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Bitcoin isn’t the $100 bill in your wallet, it’s your bank account. If my bank account can be completely drained in a way that the money can’t ever be recovere

Bitcoin isn’t the $100 bill in your wallet, it’s your bank account. If my bank account can be completely drained in a way that the money can’t ever be recovered, that’s not a feature, it’s a bug.

passwordreset 5y ago
Bitcoin is neither your wallet nor your bank account. Some people want to treat it like a wallet, others like a bank account, others like their account on a stock exchange, others as an investment vehicle, others as a hedge against the dollar, and I'm sure there are other comparisons that make sense to people. Ultimately, Bitcoin is a cryptocurrency, which has both it's own unique benefits and it's own unique foibles. ... and I hope you realize that your bank account CAN be completely drained without the money being recoverable. If you're trying to say it can't, then might I suggest to watch some scam-baiting videos to see how those scammers operate, and how they try to do exactly that to the elderly and the unaware. You can call it a bug all you want, but it's quite possible to have your bank account drained; and, despite what others in this thread have said, an attacker can do that from thousands of miles away.
- vorpalhex 5y ago
  Thank goodness for FDIC and anti-fraud measures.
3np 5y ago
It can be both, or neither. Having your crypto savings loaded in MetaMask in your daily browser local storage is the equivalent of bringing your life savings in physical cash with you in your purse when going out clubbing. Just like with any other currency, split between cold- and hot-wallets appropriately.
wyck 5y ago
Your wrong. BTC is the 100$ in your wallet because it's literally in your digital wallet, your solely responsible for it. On the other hand a digital custody provider (which now has legal banking status in several countries) is much more like an insured bank.

passwordreset 5y ago

Bitcoin is neither your wallet nor your bank account. Some people want to treat it like a wallet, others like a bank account, others like their account on a stock exchange, others as an investment vehicle, others as a hedge against the dollar, and I'm sure there are other comparisons that make sense to people. Ultimately, Bitcoin is a cryptocurrency, which has both it's own unique benefits and it's own unique foibles. ... and I hope you realize that your bank account CAN be completely drained without the money being recoverable. If you're trying to say it can't, then might I suggest to watch some scam-baiting videos to see how those scammers operate, and how they try to do exactly that to the elderly and the unaware. You can call it a bug all you want, but it's quite possible to have your bank account drained; and, despite what others in this thread have said, an attacker can do that from thousands of miles away.

vorpalhex 5y ago
Thank goodness for FDIC and anti-fraud measures.

3np 5y ago

It can be both, or neither. Having your crypto savings loaded in MetaMask in your daily browser local storage is the equivalent of bringing your life savings in physical cash with you in your purse when going out clubbing. Just like with any other currency, split between cold- and hot-wallets appropriately.

wyck 5y ago

Your wrong. BTC is the 100$ in your wallet because it's literally in your digital wallet, your solely responsible for it. On the other hand a digital custody provider (which now has legal banking status in several countries) is much more like an insured bank.