2 ms·

It's not quite the same. With cash, I have to meet them in person. I probably know their name or where to find them again. I can file a lawsuit, a police report

It's not quite the same. With cash, I have to meet them in person. I probably know their name or where to find them again. I can file a lawsuit, a police report. They have incentive to make things right for me because it can have real life repercussions for them. I'm not saying that it's an impossible problem to solve, but our society and legal system aren't structured in a way that makes it easy.

Jommi 5y ago
You're starting a fight you can't win here Your base assumption of knowing or finding them is not strong Crypto means you will always know who has your money and where it goes. We can build systems around repercussions for crypto too.
- jmcgough 5y ago
  > You're starting a fight you can't win here I'm not starting a fight, I'm having a discussion, which I think is the point of HN. > Crypto means you will always know who has your money and where it goes. If a stranger in another country steals $500 from me I'm going to have a really hard time doing anything about it. And knowing their wallet doesn't mean I know who they actually are, as those aren't tied to an identity. What about exit scams? How many people have gotten their money back in those situations, or had any justice? You can make the argument that these people are investing in something that may not pan out, but we have a ton of legal regulations around that with fiat - lawsuits, criminal charges. Elizabeth Holmes is going to jail for misrepresenting what people were investing in. Institutional investing is limited to high-net-worth individuals or accredited investors to keep uneducated people from getting fleeced.
  - Jommi 5y ago
    >If a stranger in another country steals $500 from me I'm going to have a really hard time doing anything about it. And knowing their wallet doesn't mean I know who they actually are, as those aren't tied to an identity. So how is this different from Cash? Except you actually have an idea of where the money is going and can track it, e.g. if it goes to a CEX. This is way better than cash. Which exit scam?
  - randomhodler84 5y ago
    Why would someone in another country steal your money unless you give it to them. Don’t get involved in shady schemes and try to double your money. I encourage you to put a tiny bit of fiat into the system and play with it. Low risk. Buy some Bitcoin. Make a wallet on your phone and transfer it. I think it’s something that needs to be seen to understand. Stop fearing what is designed not to happen.

Jommi 5y ago

You're starting a fight you can't win here Your base assumption of knowing or finding them is not strong Crypto means you will always know who has your money and where it goes. We can build systems around repercussions for crypto too.

jmcgough 5y ago
> You're starting a fight you can't win here I'm not starting a fight, I'm having a discussion, which I think is the point of HN. > Crypto means you will always know who has your money and where it goes. If a stranger in another country steals $500 from me I'm going to have a really hard time doing anything about it. And knowing their wallet doesn't mean I know who they actually are, as those aren't tied to an identity. What about exit scams? How many people have gotten their money back in those situations, or had any justice? You can make the argument that these people are investing in something that may not pan out, but we have a ton of legal regulations around that with fiat - lawsuits, criminal charges. Elizabeth Holmes is going to jail for misrepresenting what people were investing in. Institutional investing is limited to high-net-worth individuals or accredited investors to keep uneducated people from getting fleeced.
- Jommi 5y ago
  >If a stranger in another country steals $500 from me I'm going to have a really hard time doing anything about it. And knowing their wallet doesn't mean I know who they actually are, as those aren't tied to an identity. So how is this different from Cash? Except you actually have an idea of where the money is going and can track it, e.g. if it goes to a CEX. This is way better than cash. Which exit scam?
- randomhodler84 5y ago
  Why would someone in another country steal your money unless you give it to them. Don’t get involved in shady schemes and try to double your money. I encourage you to put a tiny bit of fiat into the system and play with it. Low risk. Buy some Bitcoin. Make a wallet on your phone and transfer it. I think it’s something that needs to be seen to understand. Stop fearing what is designed not to happen.