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> Not your keys, not your coins. If some random company that you don't trust has permission on the chain to transfer your funds, you're not doing it right. 0 c

> Not your keys, not your coins. If some random company that you don't trust has permission on the chain to transfer your funds, you're not doing it right. 0 caution about this was offered in the MSM. Everyone agrees that the average crypto investor was clueless about how it all worked behind the scenes, but that didn't stop them from FOMO and wanting to jump on the fail whale anyway because investment firms like Sequoia Capital pumped it up. > FTX was plain old fashioned fraud, the fraud wasn't committed on a blockchain. Whether it was legitimately committed on a blockchain or not is not really relevant here. It was marketed as being a way to prevent fraud for all these exchanges who claimed they were using it for its intended purpose. How is the average investor, who got shafted thinking everything was safe thanks to this emerging new technology, supposed to keep thinking that any exchanges existing presently are going to implement it the way it was intended if they got so duped by what was supposed to be the one exchange that legitimized the whole industry?

everfree 4y ago
I believe that average investors (without domain-specific knowledge) should not be investing in crypto at this point in time because the tech is too immature and there are too many pitfalls, so everything you said is consistent with my beliefs. Another ten years from now we'll have social recovery wallets, better regulatory frameworks and bulletproof ETFs - and that's the point where average investors might consider some sort of nontrivial allocation in their retirement accounts. Then again, people still get screwed left and right nowadays through traditional investment means such as shady financial advisors peddling high expense ratio active funds, so perhaps the answer is that safe investing will always require some minimum amount of domain-specific knowledge. But in the mean time, companies will consider building on its APIs and data structure ideas regardless of whether the general public sees it as "tarnished" as an investment option.

everfree 4y ago

I believe that average investors (without domain-specific knowledge) should not be investing in crypto at this point in time because the tech is too immature and there are too many pitfalls, so everything you said is consistent with my beliefs. Another ten years from now we'll have social recovery wallets, better regulatory frameworks and bulletproof ETFs - and that's the point where average investors might consider some sort of nontrivial allocation in their retirement accounts. Then again, people still get screwed left and right nowadays through traditional investment means such as shady financial advisors peddling high expense ratio active funds, so perhaps the answer is that safe investing will always require some minimum amount of domain-specific knowledge. But in the mean time, companies will consider building on its APIs and data structure ideas regardless of whether the general public sees it as "tarnished" as an investment option.