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Working as intended! God I love crypto, it's the fuckin wild west out there If you don't want the government in your business, you're going to have to dispense
by kache_ 5y ago
Working as intended! God I love crypto, it's the fuckin wild west out there
If you don't want the government in your business, you're going to have to dispense with all the advantages that big daddy affords you
- mistrial9 5y agoyes, a deal between the parties, with all the risk and reward that goes with it.. really eye-opening to see all the comments wishing for an all-powerful referee to check every outcome and action in private affairs
- JumpCrisscross 5y ago> eye-opening to see all the comments wishing for an all-powerful referee to check every outcome and action in private affairs News flash: this is a part of why we have banking and securities regulations. Because when the people clamouring for an out lose money, 90% of them turn it into everyone else’s problem. (This is true in traditional finance. It’s true in crypto. It’s true when the three-year old screams about not being allowed the hot sauce and then screams when they taste it.) $625mm from Axie Infinity is tolerable to the system. But when Tether busts, do you really think it won’t become our elected governments’ problem?
- mistrial9 5y agoI have St Louis Federal Reserve reports right here on my desk showing the ballooning USD money supply. "News Flash" means the person you are talking at, has never heard of this.. so News Flash elsewhere This article has nothing to do with "Tether" .. a soapbox somewhere is lonely
- kache_ 5y agoI'm actually not wishing for a powerful referee - I'm _happy_ this hack happened. It means that cryptocurrency as an experiment succeeded in completely removing centralized control, and we're now closer to my libertarian utopia enabled through technology
- AlexandrB 5y agoWell, at least this is ideologically consistent. However my guess is crypto will eventually end up with the worst of both worlds: the technological inefficiency of a decentralized blockchain and the bureaucratic inefficiency of regulation. People don't like having half a billion stolen on the regular and will want someone to "do something".
- jazzyjackson 5y agoit's true, I would choose modern civilization over the wild west
- outside1234 5y agoIncluding actually having the money in your wallet!
- kache_ 5y agonot your keys, not your crypto :) your crypto won't get stolen if you have good opsec
- MrMan 5y agoha ha opsec sounds so cool but its actually the opposite of civilization lol not your kek not your jejeje
- kache_ 5y agoUsually I'm on /g/ threads pretending to be hacker news, but this time the script got flipped :D
- yunohn 5y agoWell, in this particular case, the keys got stolen. Which is a massive crypto UX issue.
- imtringued 5y agoIf its a UX issue then are you implying that wallets should have certain security levels that limit their maximum account balance? I mean mandatory multi sig for anything above $1 million. Because I don't see how else you are going to solve this problem other than by refusing to accept that much money.
- acdha 5y agoThere are other options too but, yes, if you want normal people to use cryptocurrency it needs to be as safe as the traditional banking system. Large transactions at a bank will get multiple identity verifications, time delays, trusted third parties handling multistage transactions where physical goods change hands or independent processes complete, etc. need to be tested and on by default because many people won’t think about it until it’s too late, as evidenced by all of the inadvertent 100M USD bug bounties by cryptocurrency companies.