4 ms·

A real cryptocurrency wallet also would have worked.

by CameronNemo 4y ago

colinmhayes 4y ago
90% of people won't use their own wallets.
- phs318u 4y ago
  I think 90% is a massive underestimate. EDITED to correct autocorrect.
- CameronNemo 4y ago
  Then 90% of people don't get crypto or don't care. Which seems to be true. They just keep it in their coinbase or robinhood account and wait for the price to go (back) up until they sell.
adrr 4y ago
I wonder what percentage of the crypto population has wallets compared to having all their crypto on an exchange. I don’t know anyone with a wallet.
- serf 4y ago
  having all of your currency on an exchange, regardless of the currency, has never been a good idea. (signed a MtGox victim.)
  - hnthrow1010 4y ago
    The problem with that is, these networks are rather convoluted and are basically unusable for most people without relying on exchanges or other similar services.
    - dwild 4y ago
      It's no different than doing it over an exchange... The same fields are available on an application wallets and on an exchange. There's nothing convoluted there.
- colinsane 4y ago
  > if the people in the vanguard of this movement can't figure this out the people “in the vanguard of [the cryptocurrency] movement” absolutely use non-custodial wallets (SW or HW). the part of this story where “the vanguard” is using custodial wallets is the least believable. the average speculator, sure — they’ll go with whatever’s easiest for them, which is probably to keep their crypto on the exchange. “vanguard” users? lmao.
HWR_14 4y ago
How would it have worked without the ability to communicate with the blockchain. I could double and triple spend to my heart's content.
- Nextgrid 4y ago
  Not disagreeing with any of you but a blockchain payment terminal that’s itself connected to the internet could technically receive your signed transaction from your (offline) phone and then submit it to the network on your behalf. The balance on your phone wouldn’t update until it itself gets back onto the network and resyncs its state with the blockchain.
- whatisweb3 4y ago
  I think commenter is suggesting a non custodial wallet with internet access would work fine, which is true. The problem seemed to be cell signal, not internet, as they were able to use the coinbase app or website.
- prvit 4y ago
  Credit card payments have the same problem.

A real cryptocurrency wallet also would have worked.

colinmhayes 4y ago

90% of people won't use their own wallets.

phs318u 4y ago
I think 90% is a massive underestimate. EDITED to correct autocorrect.
CameronNemo 4y ago
Then 90% of people don't get crypto or don't care. Which seems to be true. They just keep it in their coinbase or robinhood account and wait for the price to go (back) up until they sell.

adrr 4y ago

I wonder what percentage of the crypto population has wallets compared to having all their crypto on an exchange. I don’t know anyone with a wallet.

serf 4y ago
having all of your currency on an exchange, regardless of the currency, has never been a good idea. (signed a MtGox victim.)
- hnthrow1010 4y ago
  The problem with that is, these networks are rather convoluted and are basically unusable for most people without relying on exchanges or other similar services.
  - dwild 4y ago
    It's no different than doing it over an exchange... The same fields are available on an application wallets and on an exchange. There's nothing convoluted there.
colinsane 4y ago
> if the people in the vanguard of this movement can't figure this out the people “in the vanguard of [the cryptocurrency] movement” absolutely use non-custodial wallets (SW or HW). the part of this story where “the vanguard” is using custodial wallets is the least believable. the average speculator, sure — they’ll go with whatever’s easiest for them, which is probably to keep their crypto on the exchange. “vanguard” users? lmao.

HWR_14 4y ago

How would it have worked without the ability to communicate with the blockchain. I could double and triple spend to my heart's content.

Nextgrid 4y ago
Not disagreeing with any of you but a blockchain payment terminal that’s itself connected to the internet could technically receive your signed transaction from your (offline) phone and then submit it to the network on your behalf. The balance on your phone wouldn’t update until it itself gets back onto the network and resyncs its state with the blockchain.
whatisweb3 4y ago
I think commenter is suggesting a non custodial wallet with internet access would work fine, which is true. The problem seemed to be cell signal, not internet, as they were able to use the coinbase app or website.
prvit 4y ago
Credit card payments have the same problem.