5 ms·

I think you missed the whole point. Celsius, centralized exchanges, etc, you don't actually own the crypto. You have an account on a site. If you want to own yo

by tazard 4y ago

I think you missed the whole point. Celsius, centralized exchanges, etc, you don't actually own the crypto. You have an account on a site. If you want to own your crypto and also trade between currencies, your better off using something like Uniswap

smoldesu 4y ago
I think you've missed the point as well. Nobody owns anything with crypto. When you give your crypto to Coinbase, there is no $250,000 FDIC insurance that comes along with it. You don't even get to know what wallet it's in, and if Coinbase decides to go sideways, they can snatch up your money with no legal consequence. You're right that part of the problem is the US failing to regulate them, but there's nothing to regulate. A public ledger does not a currency make. Your parents will never have a custodial wallet. The fact that traditional banking is easier than 'doing crypto right' should give you all the adoption metrics you need.
- StanislavPetrov 4y ago
  >I think you've missed the point as well. Nobody owns anything with crypto. When you give your crypto to Coinbase, there is no $250,000 FDIC insurance that comes along with it. No, it is you who missed the point yet again. If you give your crypto to Coinbase it isn't your crypto anymore. You are entrusting Coinbase with your crypto. FDIC insurance may be helpful if your bank has financial difficulties, but any money you entrust to the bank can be seized just as easily as Coinbase can seize your money. Ask a truck driver who participated in the lockdown protests in Ottowa how secure their fiat money was in the bank after it was unilaterally seized by the government. > The fact that traditional banking is easier than 'doing crypto right' should give you all the adoption metrics you need. Does anyone go into crypto because it is "easier" than traditional banking?
  - itake 4y ago
    I think you're missing the point. Even if you have a private wallet, you don't 'own' your own crypto. When the Solana network was down [0], could the people that 'own' their own wallets trade their crypto? What about the people with their coins on an exchange? [0] - https://status.solana.com/uptime https://status.solana.com/uptime
- matheusmoreira 4y ago
  > Nobody owns anything with crypto. When you give your crypto to Coinbase Don't do that if you want to actually own your coins.
- tornato7 4y ago
  By the way, these days there are wallets insured by Lloyd's which is a good of a guarantee as FDIC
itake 4y ago
I think you missed my point. A recent example is Solana. Their network keeps crashing [0]. Everyone keeping their own keys are completely locked away from trading their coin. Everyone with their coin owned in a centralized exchange can trade freely. If you hold your own coins, you're vulnerable to network attacks and AMM instability/hacks. If you put the coins on an exchange, you're vulnerable to the exchange's liquidity issues. [0] - https://status.solana.com/uptime https://status.solana.com/uptime
- tornato7 4y ago
  Yes, if you use Solana you should be aware that the chain very regularly has serious downtime. Ethereum gas fees can spike but generally there has never been downtime.
  - itake 4y ago
    All chains have problems. Ethereum hard forked and high gas fees. Just to spend your money costs $20 USD :|. How much downtime did Terra have before it crashed?

by tazard 4y ago

smoldesu 4y ago

I think you've missed the point as well. Nobody owns anything with crypto. When you give your crypto to Coinbase, there is no $250,000 FDIC insurance that comes along with it. You don't even get to know what wallet it's in, and if Coinbase decides to go sideways, they can snatch up your money with no legal consequence. You're right that part of the problem is the US failing to regulate them, but there's nothing to regulate. A public ledger does not a currency make. Your parents will never have a custodial wallet. The fact that traditional banking is easier than 'doing crypto right' should give you all the adoption metrics you need.

StanislavPetrov 4y ago
>I think you've missed the point as well. Nobody owns anything with crypto. When you give your crypto to Coinbase, there is no $250,000 FDIC insurance that comes along with it. No, it is you who missed the point yet again. If you give your crypto to Coinbase it isn't your crypto anymore. You are entrusting Coinbase with your crypto. FDIC insurance may be helpful if your bank has financial difficulties, but any money you entrust to the bank can be seized just as easily as Coinbase can seize your money. Ask a truck driver who participated in the lockdown protests in Ottowa how secure their fiat money was in the bank after it was unilaterally seized by the government. > The fact that traditional banking is easier than 'doing crypto right' should give you all the adoption metrics you need. Does anyone go into crypto because it is "easier" than traditional banking?
- itake 4y ago
  I think you're missing the point. Even if you have a private wallet, you don't 'own' your own crypto. When the Solana network was down [0], could the people that 'own' their own wallets trade their crypto? What about the people with their coins on an exchange? [0] - https://status.solana.com/uptime https://status.solana.com/uptime
matheusmoreira 4y ago
> Nobody owns anything with crypto. When you give your crypto to Coinbase Don't do that if you want to actually own your coins.
tornato7 4y ago
By the way, these days there are wallets insured by Lloyd's which is a good of a guarantee as FDIC

itake 4y ago

I think you missed my point. A recent example is Solana. Their network keeps crashing [0]. Everyone keeping their own keys are completely locked away from trading their coin. Everyone with their coin owned in a centralized exchange can trade freely. If you hold your own coins, you're vulnerable to network attacks and AMM instability/hacks. If you put the coins on an exchange, you're vulnerable to the exchange's liquidity issues. [0] - https://status.solana.com/uptime https://status.solana.com/uptime

tornato7 4y ago
Yes, if you use Solana you should be aware that the chain very regularly has serious downtime. Ethereum gas fees can spike but generally there has never been downtime.
- itake 4y ago
  All chains have problems. Ethereum hard forked and high gas fees. Just to spend your money costs $20 USD :|. How much downtime did Terra have before it crashed?