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Bitcoin institutions are objectively untrustworthy and most people involved in Bitcoin have no real choice but to rely on them. I trust, say, Citibank more than
by tonypace 4y ago
Bitcoin institutions are objectively untrustworthy and most people involved in Bitcoin have no real choice but to rely on them. I trust, say, Citibank more than Bitfinex.
- fartcannon 4y agoYou dont need bitcoin exchanges.
- 8organicbits 4y agoGiven the huge number of people who only transact using exchanges, and the usability improvements of doing so, that may technically be true, but probably isn't too helpful. For most people they are inseparable in practice. Worrying about the trustworthiness of the major bitcoin players is practical.
- fartcannon 4y agoAbsolutely! Dont trust institutions is the message.
- 8organicbits 4y agoI suppose that was an original message for Bitcoin, but the current state with various institutions serving in trust-based roles for so many users, Bitcoin doesn't seem to have met that goal. The users who out of practical concern are considering between trusting Citibank and Bitfinex, will benefit from chosing the one that's regulated.
- fartcannon 4y agoAt this point, I too would not recommend anyone put their life savings into crypto. Especially given the clearly powerful astroturfing campaign against it. But where can you put it? The banks are not trust worthy, they caused the financial crisis. Real estate, I guess. No wait, real estate being corrupt is what got bitcoin started in the first place.
- neilwilson 4y agoOnly if you want to lose all your assets when the taxman turns up for their cut. They don’t take Bitcoin and in any sensible sovereign nation never will.