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Having every transaction recorded in a public append only but otherwise immutable ledger does not afford the privacy choice you have with fiat. People using fi
by ninepoints 3y ago
Having every transaction recorded in a public append only but otherwise immutable ledger does not afford the privacy choice you have with fiat.
People using fiat are not losing their life savings when they forget their bank passwords, nor are they sending money to the wrong address and losing money irrecoverably.
- AnonCoward42 3y ago> Having every transaction recorded in a public append only but otherwise immutable ledger does not afford the privacy choice you have with fiat. This would be good or bad for scams? For me this sounds worse for scams. Regarding choice: You could use Monero/XMR if you want to use it like (fungible,mostly anonymous) cash. > People using fiat are not losing their life savings when they forget their bank passwords, [...] This is not a like for like comparison. If you forget your wallet somewhere, your money is potentially gone as well. On the other hand if you have your crypto in a bank (custodial), it is the exact same as fiat (with the same caveats). > [...] nor are they sending money to the wrong address and losing money irrecoverably. This is maybe the only part that is really different here. Fiat doesn't have the capability to "send" at all, but banks have. The non-custodial part about crypto has the property of higher responsibility. If you have it somewhere custodial you could have the same properties as with fiat (properties not inherent to the currency).