3 ms·

Sounds a bit like the current banking system.

• analognoise 4y ago
  Weaving a story, which is backed up by the court system for loss recovery, is infinitely preferable to everyone throwing their hands up and blaming the end user. If I store money in a mattress, and someone breaks in, I can report that to the police. Deposits in banks are federally backed - if there are bank hijinks, my savings are protected. Crypto is worse in most ways (or overall worse) every way than what we already have. /edit
  • nebulous1 4y ago
    > Crypto is worse in literally every way than what we already have Too strong IMO. You could argue most ways or overall worse, but not "literally every way".
    • analognoise 4y ago
      You're right; my Californian is showing! Edited.
    • dogma1138 4y ago
      It is worse in every way tho. It’s too complex, doesn’t allow for offline transactions and when it does the transaction has nothing to do with crypto (e.g. exchanging offline wallets) or it’s so convoluted and complex that almost no one can understand anything about it. It’s tries to do too many things at once, currency/unit of account, an entire transactional system, system of record etc. And ironically any use cases that even have a shred of being actually adopted by the wider financial industry are to replace systems like swift not as a currency. Anytime anyone asks about what the advantage is over the current monetary system and the current financial system any explanation becomes a 2 hour lecture, if you can’t explain what the advantage is in 2 sentences there isn’t one.