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> 1. The crypto mantra "not your keys, not your coins" rings true. The alternative being you hold your keys. This is another area where I swear it's almost as

> 1. The crypto mantra "not your keys, not your coins" rings true. The alternative being you hold your keys. This is another area where I swear it's almost as though the entire crypto space is run by aliens or a poorly trained AI. Interview 100 people and ask them two questions: 1) Have you ever had to reverse or dispute an electronic (credit card) transaction? 2) Have you ever forgotten a password? The answer for 100 or 100 million people to both of these questions is "YES". 100% of them. Yet the main foundational principles of crypto operate directly against both of these universal human truths. It's utterly bizarre.

lawn 4y ago
Interview 100 people and ask them if they've ever used cash. There is no "universal human truth" that you should be able to regret a transaction months later. Crypto works the same way, except it's new and people aren't educated about it, so the space is filled with grifters and con artists.
- smt88 4y ago
  Cash transactions are reversible in developed countries. In the US, there are federal laws that make them reversible with very little room for a merchant to wiggle free.
- colinmhayes 4y ago
  If you asked those cash users if they had a transaction they wanted to reverse they'd all say yes. The non reversibility of cash is a downside to most users, not a feature.
  - throw101010 4y ago
    It is a feature for the people who were paid in cash. Not being stripped away from soemthing you have earned is important. Ask merchants their feelings about chargebacks. Furthermore nothing prevents you from using an escrow/third party for transactions in crypto that you hope to be able to reverse under a certain time. But obviously you lose some of the main advantages of crypto. It provides this optionality, soon, with the accelerated dispariton of cash money this choice will not exist with fiat money... even less with CBDCs in my estimation.
- kkielhofner 4y ago
  1) There will always be fraud, bad actors, scams, theft, etc. Shit happens. 2) People forget stuff and lose things. Shit happens. Not to be snarky but if we can't agree these are universal human truths I'll assume you're a chat bot run by the crypto AI I've been talking about... Also, please stop saying it's new. Bitcoin came out in 2009 - the same year as Android, Venmo, Uber, Square, and countless other companies, platforms, and concepts overwhelmingly positively and safely used by millions if not billions of people every day. "Mobile works the same way, except it's new and people aren't educated about it, so the space is filled with grifters and con artists." "Ride sharing works the same way, except it's new and people aren't educated about it, so the space is filled with grifters and con artists." The "it's new" excuse ran out at least half a decade ago.
  - ThrowawayTestr 4y ago
    >There will always be fraud, bad actors, scams, theft, etc. Shit happens. And we have the courts to solve any disputes. What jurisdiction does bitcoin reside in?
- espadrine 4y ago
  > Interview 100 people and ask them if they've ever used cash. All people I know IRL only ever carry small amounts of cash at a given point in time. The bulk of their liquidity is held at a financial institution. While I appreciate the tremendous risk they run of having that institution go bust, the significant improvements in regulatory oversight of the past centuries have made it, in my mind, an acceptable compromise. Meanwhile, the risk of getting cash stolen or lost remains uncomfortable. Unfortunately, that risk is also present for people that manage their own keys. Either the private key is on a physical device which can be lost or pickpocketed, or they memorized a random sequence which they input in a hackable device every time they pay, to get a key they enter in various software at risk of vulnerabilities.
zeroclip 4y ago
Ask the Celsius investors whether they, in hindsight, would have preferred custody over their investment in the way that Aave users have come to have. Most would say yes. If you are just storing a moderate amount of USD in an account with no interest, the safest option is a bank with FDIC insurance. If you don’t happen to live in a country with this kind of banking and insurance, or if you are investing higher than FDIC limits, or you are seeking higher yield, this is where people begin to look at options like Celsius and Aave.

lawn 4y ago

Interview 100 people and ask them if they've ever used cash. There is no "universal human truth" that you should be able to regret a transaction months later. Crypto works the same way, except it's new and people aren't educated about it, so the space is filled with grifters and con artists.

smt88 4y ago
Cash transactions are reversible in developed countries. In the US, there are federal laws that make them reversible with very little room for a merchant to wiggle free.
colinmhayes 4y ago
If you asked those cash users if they had a transaction they wanted to reverse they'd all say yes. The non reversibility of cash is a downside to most users, not a feature.
- throw101010 4y ago
  It is a feature for the people who were paid in cash. Not being stripped away from soemthing you have earned is important. Ask merchants their feelings about chargebacks. Furthermore nothing prevents you from using an escrow/third party for transactions in crypto that you hope to be able to reverse under a certain time. But obviously you lose some of the main advantages of crypto. It provides this optionality, soon, with the accelerated dispariton of cash money this choice will not exist with fiat money... even less with CBDCs in my estimation.
kkielhofner 4y ago
1) There will always be fraud, bad actors, scams, theft, etc. Shit happens. 2) People forget stuff and lose things. Shit happens. Not to be snarky but if we can't agree these are universal human truths I'll assume you're a chat bot run by the crypto AI I've been talking about... Also, please stop saying it's new. Bitcoin came out in 2009 - the same year as Android, Venmo, Uber, Square, and countless other companies, platforms, and concepts overwhelmingly positively and safely used by millions if not billions of people every day. "Mobile works the same way, except it's new and people aren't educated about it, so the space is filled with grifters and con artists." "Ride sharing works the same way, except it's new and people aren't educated about it, so the space is filled with grifters and con artists." The "it's new" excuse ran out at least half a decade ago.
- ThrowawayTestr 4y ago
  >There will always be fraud, bad actors, scams, theft, etc. Shit happens. And we have the courts to solve any disputes. What jurisdiction does bitcoin reside in?
espadrine 4y ago
> Interview 100 people and ask them if they've ever used cash. All people I know IRL only ever carry small amounts of cash at a given point in time. The bulk of their liquidity is held at a financial institution. While I appreciate the tremendous risk they run of having that institution go bust, the significant improvements in regulatory oversight of the past centuries have made it, in my mind, an acceptable compromise. Meanwhile, the risk of getting cash stolen or lost remains uncomfortable. Unfortunately, that risk is also present for people that manage their own keys. Either the private key is on a physical device which can be lost or pickpocketed, or they memorized a random sequence which they input in a hackable device every time they pay, to get a key they enter in various software at risk of vulnerabilities.

zeroclip 4y ago

Ask the Celsius investors whether they, in hindsight, would have preferred custody over their investment in the way that Aave users have come to have. Most would say yes. If you are just storing a moderate amount of USD in an account with no interest, the safest option is a bank with FDIC insurance. If you don’t happen to live in a country with this kind of banking and insurance, or if you are investing higher than FDIC limits, or you are seeking higher yield, this is where people begin to look at options like Celsius and Aave.