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This argument pops at least 10 times everytime crypto is mentioned but I'm not sure it holds water when you compare Bitcoin and the traditional system. The tra

This argument pops at least 10 times everytime crypto is mentioned but I'm not sure it holds water when you compare Bitcoin and the traditional system. The traditional monetary system prevents fraud by relying on trust and reputation of participating entities. Frauds can happen naturally but also can be reverted by making a few calls. Of course this system suffer from its own problems specially being prone to corruption. You need permission to participate on a monetary network that is controlled by few. I'm not even talking about underground gray black market activity because unless you were living in a cave it wasn't long ago that Robinhood and others were blocking, reverting and force selling stocks from Gamestop and AMC. Such things are rooted on the creation Bitcoin: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" is written on the genesis block. Bitcoin transactions are final and do not depend on trust. You don't need permission to participate. Bitcoin won't kick you because you spoke some wrong on social media or is trying to raise money from a cause your government doesn't like like Belarus or Nigerian protests. As many things in life the alternatives have trade offs. Personal responsibility is important. Keep your keys safe and do not participate in scammy or bleeding edge experimental defi or meme coin schemes.

zaphar 4y ago
I'm pretty good at stuff like keeping keys safe and personal op sec. But even I have issues where I need a key reset or some other escape hatch at least once every couple years. The level of care required to participate in the crypto world as you describe means it's effectively a non-starter for me beyond the occasional speculation. Everything you said above is true and as a result crypto is fundamentally unsuited for the vast majority of the human population to use and always will be. Unless they begin to adopt the same safeguards that the current monetary system uses.

zaphar 4y ago

I'm pretty good at stuff like keeping keys safe and personal op sec. But even I have issues where I need a key reset or some other escape hatch at least once every couple years. The level of care required to participate in the crypto world as you describe means it's effectively a non-starter for me beyond the occasional speculation. Everything you said above is true and as a result crypto is fundamentally unsuited for the vast majority of the human population to use and always will be. Unless they begin to adopt the same safeguards that the current monetary system uses.