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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 tha

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.

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.