4 ms·

Yup, nobody ever considered Bitcoin is vulnerable to attack. Thank you for the insight! Snark aside, all risk is relative. Your bank account is also vulnerable

Yup, nobody ever considered Bitcoin is vulnerable to attack. Thank you for the insight! Snark aside, all risk is relative. Your bank account is also vulnerable to attack, and also a lot more vulnerable to human error and a bunch of other risks. Various instruments are good for various goals - as it happens, BTC is a pretty good value store. Not what anybody expected in the beginning, but there you go.

zydex 5y ago
I think a key point is that traditional finance/banking has far more buffer and dampening built into the system than crypto. Crypto seems incredibly rigid and brittle - so it works well until it doesn't. Crypto seems to work well for people that know what they're doing but it's no surprise that the majority of people don't. Far from a new insight but worth pointing out.
- jbverschoor 5y ago
  Yes.. by regularly shutting down payment systems due to ” computer errors”. Banks have never had any data loss or hacks.. but online banking systems are offline regularly. Also, it’s kind of fun that certain banks have “data recovery” people who go out and try to gather 20+ year old info which was already present. Organizing a bank run is illegal.. but not with crypto
  - londons_explore 5y ago
    > Organizing a bank run is illegal Is it? I don't see why I shouldn't be able to withdraw my cash from a bank, nor be able to tell others that I'm doing so and why... So what part is illegal?
deleted 5y ago
[deleted]
drekk 5y ago
Well when I'm looking for a store of value to use in exchange for goods and services, it generally is helpful for me if my $100 is not $80 the next week, $110 the one after that, then $70, etc. What you mean to say is that BTC is a pretty good speculative asset, and I would agree up until the point that people want to actually turn their speculative asset into tangible wealth. Then they are going through fiat, or an exchange, and all the issues with the traditional finance system come through full force on top of crypto volatility. DeFi and all these attempts are reinventing the wheel but without the traditional protections put in place. If I forget my password and email with Chase I can still recover my assets. Not so with crypto, and if someone does get my wallet key there is nothing stopping them from draining it dry. My bank would probably freeze the account for suspicious activity. I haven't even brought up malicious theft of crypto, which happens all the time. Mt Gox wasn't that long ago and what was it, 10% of all circulating Bitcoin at the time that went missing? Most users aren't using hardware wallets and I imagine even less know how to really audit a smart contract. These are all barriers to widespread adoption.

zydex 5y ago

I think a key point is that traditional finance/banking has far more buffer and dampening built into the system than crypto. Crypto seems incredibly rigid and brittle - so it works well until it doesn't. Crypto seems to work well for people that know what they're doing but it's no surprise that the majority of people don't. Far from a new insight but worth pointing out.

jbverschoor 5y ago
Yes.. by regularly shutting down payment systems due to ” computer errors”. Banks have never had any data loss or hacks.. but online banking systems are offline regularly. Also, it’s kind of fun that certain banks have “data recovery” people who go out and try to gather 20+ year old info which was already present. Organizing a bank run is illegal.. but not with crypto
- londons_explore 5y ago
  > Organizing a bank run is illegal Is it? I don't see why I shouldn't be able to withdraw my cash from a bank, nor be able to tell others that I'm doing so and why... So what part is illegal?

deleted 5y ago

[deleted]

drekk 5y ago

Well when I'm looking for a store of value to use in exchange for goods and services, it generally is helpful for me if my $100 is not $80 the next week, $110 the one after that, then $70, etc. What you mean to say is that BTC is a pretty good speculative asset, and I would agree up until the point that people want to actually turn their speculative asset into tangible wealth. Then they are going through fiat, or an exchange, and all the issues with the traditional finance system come through full force on top of crypto volatility. DeFi and all these attempts are reinventing the wheel but without the traditional protections put in place. If I forget my password and email with Chase I can still recover my assets. Not so with crypto, and if someone does get my wallet key there is nothing stopping them from draining it dry. My bank would probably freeze the account for suspicious activity. I haven't even brought up malicious theft of crypto, which happens all the time. Mt Gox wasn't that long ago and what was it, 10% of all circulating Bitcoin at the time that went missing? Most users aren't using hardware wallets and I imagine even less know how to really audit a smart contract. These are all barriers to widespread adoption.