4 ms·

They didn’t get their money back. The bank lost money, but they have a lot so they don’t care. In cryptocurrency every sat or Wei is accounted for. You can’t ma

They didn’t get their money back. The bank lost money, but they have a lot so they don’t care. In cryptocurrency every sat or Wei is accounted for. You can’t make them up. A loss can never be undone. People need to look at this as like chartering a 17th century galleon. It sank. Gold was lost at sea, unreachable by todays tech. Maybe in 200 years someone can crack ECDSA and recover it.

netsharc 5y ago
Ah yeah, thanks to 21st century tech, now you emulate 17th century risks when holding wealth! Progress!
- randomhodler84 5y ago
  It approximates a different risk game, and as such has a different reward schedule. Some people like to play games on hardcore mode (eg: permadeath, 1 life) too. Not everything needs to be sanitized for one’s safety.
  - netsharc 5y ago
    Well, are you advocating crypto for investing, or for the future of money? If the future of money, then you can't ask everyone in society to "well it's going to be more risky! But it's better!". If it's for investing, go ahead, I can also suggest putting all your money on black and have a 50-50 risk of doubling it or going home empty handed.
- aaaaaaaaata 5y ago
  Only if you truly, and I mean truly, understand the depth of chaos that has been brought on by "progress".
  - randomhodler84 4y ago
    What chaos? It’s all documented for all eternity, I don’t see chaos.
all2well 5y ago
The problem you're describing with physical coinage is one of the reasons why paper money was invented in Europe, among other places
- randomhodler84 5y ago
  Right — however it was always an abstraction. Lose gold at sea? Well just because the bank ignores this event and issues more paper doesn’t mean the ship didn’t sink. I understand that the concept of reversibility is highly desirable, but that bank can not raise the sunken ship right now. It has to take the loss and not just pretend it didn’t happen. Reversibility is always an illusion. Most things in this universe are actually permanent.
  - rideontime 4y ago
    You're right, there's enough irreversible things in this universe already. Let's make something better.

netsharc 5y ago

Ah yeah, thanks to 21st century tech, now you emulate 17th century risks when holding wealth! Progress!

randomhodler84 5y ago
It approximates a different risk game, and as such has a different reward schedule. Some people like to play games on hardcore mode (eg: permadeath, 1 life) too. Not everything needs to be sanitized for one’s safety.
- netsharc 5y ago
  Well, are you advocating crypto for investing, or for the future of money? If the future of money, then you can't ask everyone in society to "well it's going to be more risky! But it's better!". If it's for investing, go ahead, I can also suggest putting all your money on black and have a 50-50 risk of doubling it or going home empty handed.
aaaaaaaaata 5y ago
Only if you truly, and I mean truly, understand the depth of chaos that has been brought on by "progress".
- randomhodler84 4y ago
  What chaos? It’s all documented for all eternity, I don’t see chaos.

all2well 5y ago

The problem you're describing with physical coinage is one of the reasons why paper money was invented in Europe, among other places

randomhodler84 5y ago
Right — however it was always an abstraction. Lose gold at sea? Well just because the bank ignores this event and issues more paper doesn’t mean the ship didn’t sink. I understand that the concept of reversibility is highly desirable, but that bank can not raise the sunken ship right now. It has to take the loss and not just pretend it didn’t happen. Reversibility is always an illusion. Most things in this universe are actually permanent.
- rideontime 4y ago
  You're right, there's enough irreversible things in this universe already. Let's make something better.