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Not exactly the same, because with the US Dollar, every bank can be ordered to freeze your assets. This may be considered a feature, but the same is true for t
by pcthrowaway 4y ago
Not exactly the same, because with the US Dollar, every bank can be ordered to freeze your assets.
This may be considered a feature, but the same is true for the Ruble, or the Real. Having assets on the blockchain means you self-custody them in a more portable way (similar to cash), while still having them in a digital form.
- hnthrow1010 4y agoIt is the same. Crypto exchanges can also freeze your assets when you hold them in that exchange. And actually this is a good thing, the accounts of fraudsters, thieves and scammers should absolutely be frozen and confiscated. Crypto companies are trying to promote this idea that because they've sprinkled some crypto magic on their banking product, they don't have to follow laws, and by doing this all the fraud will just all suddenly disappear for no clear reason. That overwhelmingly isn't true. Don't let them get away with this. "Self-custody" in crypto is also a lie, there's no such thing. All activity on a blockchain is completely dependent on the miners to run the network.
- rvnx 4y agoInstead of a court, in crypto, the operators of a coin decide on what happens to your funds. They can freeze your assets to make their assets seem more valuable, or they can agree to create an infinite amount of currency (ex: dogecoin)