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Main stream adoption will only happen if those that want it can have the security blanket of fraud coverage to cuddle in. The answer here is still a non-regula
by dbcurtis 4y ago
Main stream adoption will only happen if those that want it can have the security blanket of fraud coverage to cuddle in. The answer here is still a non-regulatory, market solution: Crypto Insurance. Non-transparent, un-auditable coins and exchanges simply won't be able to be insured. People can decide if they want to speculate using uninsured currencies and exchanges. My prediction is that non-transparent, sketchy schemes will wither. Of course, the insurers themselves need to be sound -- but Lloyd's seems to have solved that problem about as well as it can be back in the days of wooden ships. This is not a new concept.
- roland35 4y agoI'm not really a fan of having my life savings just a hack away from being stolen. I am infinitely more confident in my retirement savings being managed by Schwab or Fidelity than any possible way of crypto, online, offline, or whatever. I don't need to worry about insurance, or picking the wrong insurance vendor!
- dbcurtis 4y agoBut you do have insurance. For some of the amount. You just didn’t pick the vendor. Or have to think about it. You are, in a way, making my point.
- roland35 4y agoI don't think I understand. Fidelity 401k - Millions of people put in their paychecks, millions of people have withdrawn successfully in their retirement. An unsophisticated investor will not lose anything. Crypto - no way to know what, if any, company is legit. If I use a hardware wallet and lose it I'm screwed. FTX seemed pretty legit a few weeks ago, they even had an NBA arena named after them! There are dozens of ways an unsophisticated investor can lose everything.