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Arguably it's the same risk as holding paper notes right? If I steal your life savings from under your mattress, there isn't necessarily anything to trace it ba
by malfist 5y ago
Arguably it's the same risk as holding paper notes right? If I steal your life savings from under your mattress, there isn't necessarily anything to trace it back to me.
However, there is a physical limit, pretty damn hard to run off with half a billion worth of paper notes.
- paxys 5y agoIt isn't even just the limits of the notes themselves. Physical theft has to be done on location. You have to steal the money and get away as far as possible as quickly as possible. And there are local laws and police equipped to go after you. How do you deal with it when the money could be in the pockets of an Eastern European teenager with one script run?
- tomatowurst 5y agoparent is talking about the financial system run by algorithms designed to evade sanctions and regulation, not being your own bank. You absolutely can keep millions under your mattress and some do when they cannot launder it but it would be up to you to reverse the transaction in a forced wealth transfer vs the bank who can simply trace or even reverse a fraudulent transaction.
- mnumber 5y agoWhy did you equally conflate the risks then immediately back peddle and say "physically stealing is harder i guess"?
- malfist 5y agoI guess it comes across as me saying cash and crypto are equal. They're not. I was just trying to add nuance to the conversation. I am wholeheartedly a supporter of centralized, fiat currencies.