3 ms·
"Run your own bank" is just too crude of a statement. Cryptography is a technology that will increasingly be interwoven into all systems. So you might still be
by ArtTimeInvestor 5y ago
"Run your own bank" is just too crude of a statement.
Cryptography is a technology that will increasingly be interwoven into all systems. So you might still be using a traditional bank account. But you will be protected from identity theft. If someone impersonates you and claims you have lost your credentials, the bank will say "Ok, we can unlock your funds with our master key. But that will take 7 days from the moment we write the recovery message to the blockchain".
Then the real you can see that message and intervene.
I might not want to run my own bank. But I totally want to be protected from my banks incompetency.
And from the incompetency of my domain registrar, land registry, phone provider etc.
- toqy 5y ago> I might not want to run my own bank. But I totally want to be protected from my banks incompetency. And odd statement, banks generally seem more competent than any given crypto operation.
- yunohn 5y ago> Then the real you can see that message and intervene. How does one “see” this message? In fiat, my bank just calls/emails me. > But I totally want to be protected from my banks incompetency In your example, what if you’re “incompetent” and lose your keys, or get kidnapped and keys are stolen - how would a message on the blockchain help mitigate this?