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And the solution is? Have a system where I can lose ALL my money by forgetting a password? Or when a crypto exchange goes boom and my life's savings are not FDI

by papito 4y ago

And the solution is? Have a system where I can lose ALL my money by forgetting a password? Or when a crypto exchange goes boom and my life's savings are not FDIC ensured? I am sure your friend could get back in into the bank account. Being a random subject to a dumb banking accident is not the reason to upend the financial lives of billions.

OtomotO 4y ago
It's not a binary decision though. You can have some money in cash, some amount in real estate, gold, crypto... Depends on how much you have etc. But it's not a "everything has to be crypto" or nothing may.
Jon_Lowtek 4y ago
If you can loose all your live savings by forgetting one password or one company going down, you made some terrible decision when it came to diversification of investments
- papito 4y ago
  The world in which the majority of citizens is financially literate does not exist, and "crypto" is not going to magically fix it. This libertarian free-for-all paradise will result in scores of ruined citizens, who then will have to be taken care of by society anyway. Crypto is a solution in search of a problem.
helloworld11 4y ago
Then exercise some personal responsibility and caution. Keep your passwords carefully and don't trust certain crypto insitutions. The crypto world is indeed loaded with cases of fraud, but underneath that, here is a system of systems that lets people who do indeed get locked out of conventional financial systems send and receive funds without the permission of a central regulatory authority or some dysfunctional, corrupt political control mechanism, It doesn't always work at that, but it offers one strong further alternative. Also, how is it upending the lives of billions of people? The two things you compare at the end are not directly related and definitely not in a causative way. Wanting a further means of avoiding being a victim of dumb banking accidents doesn't make you culpable in whatever defects crypto has. It's not just the rampantly emotional and repetivie crypto hate on HN that's absurd, it's also the sheer narrow follishness of so many of the arguments that's rather galling.

by papito 4y ago

OtomotO 4y ago

It's not a binary decision though. You can have some money in cash, some amount in real estate, gold, crypto... Depends on how much you have etc. But it's not a "everything has to be crypto" or nothing may.

Jon_Lowtek 4y ago

If you can loose all your live savings by forgetting one password or one company going down, you made some terrible decision when it came to diversification of investments

papito 4y ago
The world in which the majority of citizens is financially literate does not exist, and "crypto" is not going to magically fix it. This libertarian free-for-all paradise will result in scores of ruined citizens, who then will have to be taken care of by society anyway. Crypto is a solution in search of a problem.

helloworld11 4y ago

Then exercise some personal responsibility and caution. Keep your passwords carefully and don't trust certain crypto insitutions. The crypto world is indeed loaded with cases of fraud, but underneath that, here is a system of systems that lets people who do indeed get locked out of conventional financial systems send and receive funds without the permission of a central regulatory authority or some dysfunctional, corrupt political control mechanism, It doesn't always work at that, but it offers one strong further alternative. Also, how is it upending the lives of billions of people? The two things you compare at the end are not directly related and definitely not in a causative way. Wanting a further means of avoiding being a victim of dumb banking accidents doesn't make you culpable in whatever defects crypto has. It's not just the rampantly emotional and repetivie crypto hate on HN that's absurd, it's also the sheer narrow follishness of so many of the arguments that's rather galling.