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Cryptocurrency, specially when holding the keys of your wallet, prevents: - bank runs - currency debasement - arbitrary seizures
by gasull 4y ago
Cryptocurrency, specially when holding the keys of your wallet, prevents:
- bank runs
- currency debasement
- arbitrary seizures
- KptMarchewa 4y agoxkcd 538
- gasull 4y agoAnonymity.
- trilbyglens 4y agoThis is rapidly vanishing
- gasull 4y agoOnly if using the wrong crypto.
- officialchicken 4y agoAlso prevents: - changing or rotating those keys (basic infosec)
- postcynical 4y agoGenerate new keys then transfer.
- zen21 4y agoAnd pay a fee, just to change your keys. Remind me of the benefits of this system again?
- malermeister 4y ago> currency debasement Currency debasement is the act of lowering the intrinsic value of money, e.g lowering the gold content of a coin. Since the intrinsic value of a bunch of numbers on a computer is 0, this is technically true, but only cause it can't go any lower. > - arbitrary seizures It also prevents non-arbitrary seizures as part of legitimate law enforcement action. Child porn rings, organized crime, etc etc
- conanbatt 4y agoFiat is also a bunch of numbers in a computer. This is a very old argument against crypto, need to brush up.
- malermeister 4y agoI'm not saying this as argument against crypto. I'm saying that the "debasement" claim is nonsense because it doesn't apply here.
- pjc50 4y agoIt absolutely does not prevent bank runs, because that's what just happened to FTX. Sure, you can keep it under your bed and assume all the risk yourself and not earn interest; that was OK while it was an appreciating asset, but that's not something you can rely on.
- gasull 4y agoThere's no bank in DeFi. There's no bank with self-custody.