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The shifting of the goalposts is incredible. Yes, there are flaws in the real world financial system as well. Yet, we’ve heard of more of these scams in years

The shifting of the goalposts is incredible. Yes, there are flaws in the real world financial system as well. Yet, we’ve heard of more of these scams in years of crypto than in decades and centuries of banking. And no one has still provided an explanation of why crypto is better than the established working system other than “it’s decentralized” except as we find repeatedly, it’s not decentralized.

neffy 5y ago
I wouldn't go with "centuries" of banking on that one. Truth to tell the early days of banking, which is most of the 19th century for the US, were replete with exactly the kinds of frauds and cons that crypto is now replete with. Which is what has led to the regulation and supervision that crypto is in de facto rebellion against. Of course, the best way to find out why something is not done a certain way, is to try doing it that way.
- sumedh 5y ago
  > Which is what has led to the regulation and supervision that crypto is in de facto rebellion against. Who supervises the supervisors?
makomk 5y ago
It's not really goalpost shifting - thieves in countries without extradition treaties and with justice systems that don't care are a serious ongoing problem with the existing banking system, and those transactions are not in general reversable. Hell, someone managed to steal a substantial sum of money from Bangladesh's central bank and almost none of it could be recovered. The only reason they didn't manage to rob all 1 billion dollars of the central bank's reserves was a random false positiver in some AML check.
sumedh 5y ago
> no one has still provided an explanation of why crypto is better than the established working system because the govt cannot ban you from receiving payments if they dont like you.
- simonh 5y ago
  They can’t with fiat currency either, if they could crime would be almost impossible.
  - sumedh 5y ago
    Wikileaks were banned from receiving payments by the US govt.
    - simonh 5y ago
      And they found no workarounds to that whatsoever? (that didn't involve crypto)
      - sumedh 5y ago
        Should a govt be able to ban your payments or take your cash if they dont like you?
        simonh 5y ago
        Yes. How else do you police criminals? It's an absurd question anyway, they can and do, while there are methods people use to try and evade them. There's nothing about Crypto that changes that. It's just another system. https://xkcd.com/538/ https://xkcd.com/538/
        sumedh 5y ago
        > How else do you police criminals? Who is talking about criminals? Just because you expose the misdeeds of US govt does not make you a criminal. > There's nothing about Crypto that changes that. It's just another system. You can still receive payments in Crypto even though the govt forces the bank and credit card providers to close your account. Its not just the US govt who wants to control your life, other govts want to do it to. Payments might be a joke to you but there are many people whose life depends on it. https://cointelegraph.com/news/how-are-afghans-using-crypto-under-the-taliban-government https://cointelegraph.com/news/how-are-afghans-using-crypto-...

neffy 5y ago

I wouldn't go with "centuries" of banking on that one. Truth to tell the early days of banking, which is most of the 19th century for the US, were replete with exactly the kinds of frauds and cons that crypto is now replete with. Which is what has led to the regulation and supervision that crypto is in de facto rebellion against. Of course, the best way to find out why something is not done a certain way, is to try doing it that way.

sumedh 5y ago
> Which is what has led to the regulation and supervision that crypto is in de facto rebellion against. Who supervises the supervisors?

makomk 5y ago

It's not really goalpost shifting - thieves in countries without extradition treaties and with justice systems that don't care are a serious ongoing problem with the existing banking system, and those transactions are not in general reversable. Hell, someone managed to steal a substantial sum of money from Bangladesh's central bank and almost none of it could be recovered. The only reason they didn't manage to rob all 1 billion dollars of the central bank's reserves was a random false positiver in some AML check.

sumedh 5y ago

> no one has still provided an explanation of why crypto is better than the established working system because the govt cannot ban you from receiving payments if they dont like you.

simonh 5y ago
They can’t with fiat currency either, if they could crime would be almost impossible.
- sumedh 5y ago
  Wikileaks were banned from receiving payments by the US govt.
  - simonh 5y ago
    And they found no workarounds to that whatsoever? (that didn't involve crypto)
    - sumedh 5y ago
      Should a govt be able to ban your payments or take your cash if they dont like you?
      - simonh 5y ago
        Yes. How else do you police criminals? It's an absurd question anyway, they can and do, while there are methods people use to try and evade them. There's nothing about Crypto that changes that. It's just another system. https://xkcd.com/538/ https://xkcd.com/538/
        sumedh 5y ago
        > How else do you police criminals? Who is talking about criminals? Just because you expose the misdeeds of US govt does not make you a criminal. > There's nothing about Crypto that changes that. It's just another system. You can still receive payments in Crypto even though the govt forces the bank and credit card providers to close your account. Its not just the US govt who wants to control your life, other govts want to do it to. Payments might be a joke to you but there are many people whose life depends on it. https://cointelegraph.com/news/how-are-afghans-using-crypto-under-the-taliban-government https://cointelegraph.com/news/how-are-afghans-using-crypto-...