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Not US banks. Several countries have confiscated bank funds in the last 10y, in fact my place of birth changed the law that untouched bank accounts within 3y ge

Not US banks. Several countries have confiscated bank funds in the last 10y, in fact my place of birth changed the law that untouched bank accounts within 3y get confiscated by the State. This is a major western nation btw. But since then, I don’t leave enough fiat with banks (including US) banks that they are in a place to rob me. I trust in ECDSA and Schnorr signatures about 100x as much as I trust FDIC.

hnthrow1010 4y ago
And several crypto exchanges/lenders have totally collapsed or rug pulled in the last 10 years. Trusting crypto is not "trusting ECDSA and Schnorr" any more than you would be trusting the bank to use those same algorithms, you still are trusting an entire ecosystem of known bad actors. Do you really think those banks that confiscated funds don't encrypt their traffic?
- randomhodler84 4y ago
  Yes, and I tell people not to store on exchanges, take custody of their coin. There is no bank in Bitcoin! Agree, there is risk for the 5 minutes it takes to transfer the coins out. If you are on boarding from fiat, there is a degree of trust to extend to the exchange. But this is not Bitcoin, it is a centralized exchange. There are other ways to buy and trade coin too. Earning is best. I knew not to leave coins with MtGox. I knew not to leave them with Cryptsy. This is a lesson I learned from banks. Can you elaborate how a bad actor, any bad actor, can confiscate, steal, reorder or devalue a UTXO recorded on an immutable blockchain for all eternity?
  - hnthrow1010 4y ago
    >Yes, and I tell people not to store on exchanges, take custody of their coin The reality is most people will not do that as it is a massive PITA. You can observe this right now. >There are other ways to buy and trade coin too. Earning is best. That's even worse, the coin can become devalued in between the time you started the work and when you get paid. >Can you elaborate how a bad actor, any bad actor, can confiscate, steal, reorder or devalue a UTXO recorded on an immutable blockchain for all eternity? They don't have to do that. They can use any number of other techniques to stop you from transacting. Or they can just lie to you, gain your trust and then scam you into giving up your coins, as seems to be very common these days.
    - randomhodler84 4y ago
      Reality is people will learn NYKNYC eventually. It’s a multi year journey for some. We had the largest outflow of BTC for exchanges ever last week. Ledger hit new sales records for sale of hardware wallets. People are getting it. I will not accept that people consider it a PITA. I will teach them, personally if I have to. I have onboarded many.
elil17 4y ago
Many places including the US "confiscate" untouched bank funds as part of a common law process which allows people to recover money from accounts which they are no longer able to access. If you're referring to Cyrpus, only people with more than 100k euros in cash had money taxed, and even then the tax rate was only 47.5% - much lower than the losses many people experience while holding money in crypto.
- randomhodler84 4y ago
  “Oh so that’s ok then!”. You are feeding into my point. I get what you are trying to say, but I counter it by saying the same amount of Bitcoin sats are associated with the same address it was sent to. No haircuts, no confiscation. Check history. I think you will find folks that bought BTC to avoid a Cyrus haircut are quite happy today. Nb: I was only tangentially referring to Cyprus. I am from another place.

hnthrow1010 4y ago

And several crypto exchanges/lenders have totally collapsed or rug pulled in the last 10 years. Trusting crypto is not "trusting ECDSA and Schnorr" any more than you would be trusting the bank to use those same algorithms, you still are trusting an entire ecosystem of known bad actors. Do you really think those banks that confiscated funds don't encrypt their traffic?

randomhodler84 4y ago
Yes, and I tell people not to store on exchanges, take custody of their coin. There is no bank in Bitcoin! Agree, there is risk for the 5 minutes it takes to transfer the coins out. If you are on boarding from fiat, there is a degree of trust to extend to the exchange. But this is not Bitcoin, it is a centralized exchange. There are other ways to buy and trade coin too. Earning is best. I knew not to leave coins with MtGox. I knew not to leave them with Cryptsy. This is a lesson I learned from banks. Can you elaborate how a bad actor, any bad actor, can confiscate, steal, reorder or devalue a UTXO recorded on an immutable blockchain for all eternity?
- hnthrow1010 4y ago
  >Yes, and I tell people not to store on exchanges, take custody of their coin The reality is most people will not do that as it is a massive PITA. You can observe this right now. >There are other ways to buy and trade coin too. Earning is best. That's even worse, the coin can become devalued in between the time you started the work and when you get paid. >Can you elaborate how a bad actor, any bad actor, can confiscate, steal, reorder or devalue a UTXO recorded on an immutable blockchain for all eternity? They don't have to do that. They can use any number of other techniques to stop you from transacting. Or they can just lie to you, gain your trust and then scam you into giving up your coins, as seems to be very common these days.
  - randomhodler84 4y ago
    Reality is people will learn NYKNYC eventually. It’s a multi year journey for some. We had the largest outflow of BTC for exchanges ever last week. Ledger hit new sales records for sale of hardware wallets. People are getting it. I will not accept that people consider it a PITA. I will teach them, personally if I have to. I have onboarded many.

elil17 4y ago

Many places including the US "confiscate" untouched bank funds as part of a common law process which allows people to recover money from accounts which they are no longer able to access. If you're referring to Cyrpus, only people with more than 100k euros in cash had money taxed, and even then the tax rate was only 47.5% - much lower than the losses many people experience while holding money in crypto.

randomhodler84 4y ago
“Oh so that’s ok then!”. You are feeding into my point. I get what you are trying to say, but I counter it by saying the same amount of Bitcoin sats are associated with the same address it was sent to. No haircuts, no confiscation. Check history. I think you will find folks that bought BTC to avoid a Cyrus haircut are quite happy today. Nb: I was only tangentially referring to Cyprus. I am from another place.