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So either Mark Cuban is dumber than the Average Joe or ... the Average Joe probably isn't any more capable of handling a crypto wallet and would be better saved

So either Mark Cuban is dumber than the Average Joe or ... the Average Joe probably isn't any more capable of handling a crypto wallet and would be better saved by a fiat bank account.

baby 3y ago
This exists in cryptoland and these are called custodians. Banks are here to stay, even in crypto imo
- arbuge 3y ago
  At that point, what's the purpose oF crypto then? Wasn't decentralized supposed to be the benefit of it?
  - baby 3y ago
    To paraphrase the first episode of https://podcasts.apple.com/us/podcast/two-and-a-half-coins/id1642630194 https://podcasts.apple.com/us/podcast/two-and-a-half-coins/i... the banking world was already decentralized, so much that it’s inefficient and insecure. Crypto, at least part of the technology, is about simulating some sort of centralization by using a distributed database (which is resilient to byzantine faults). So banks can switch backbone for a more efficient and secure one, users don’t have to know or care about it.
  - hn_throwaway_99 3y ago
    Exactly. Crypto enthusiasts are slowly building up the traditional banking system, a couple million-dollar hacks at a time.
  - andrewmutz 3y ago
    > At that point, what's the purpose oF crypto then? Rugpulls and ponzi schemes
    - 6D794163636F756 3y ago
      I'm sure there are other types of scams too right?
      - martin8412 3y ago
        Front running
  - johnyzee 3y ago
    That you can choose.
- lxgr 3y ago
  What would be the benefit of crypto over the current monetary and financial system in that scenario?
  - baby 3y ago
    Faster, more secure, easier to use without being a bank, programmable, some add some level of privacy, etc.
  - cypress66 3y ago
    Supply is limited (for something like bitcoin), cheaper, faster settlement and less burocracy when sending money abroad (instead of the awful SWIFT)
    - arlcode 3y ago
      I see this as a great opportunity to learn the next few lessons of traditional Finance system that lead to them not being finite and only driven by market forces. Crypto really feels like a speed run of human monetary history.
      - baby 3y ago
        Not all crypto are finite
      - everfree 3y ago
        > only driven by market forces Which money are you talking about? Most monies are driven substantially by monetary policy and other direct government intervention. The very reason fiat is no longer finite is due to government intervention in the 1930s (going off the gold standard). Bitcoin (e.g.) is actually much more like gold in that the amount of it in circulation isn't determined by any law, policy or intervention.
        tsimionescu 3y ago
        The amount of bitcoin in circulation is very much determined by policies - the software of the bitcoin clients and servers. It is quite possible that mining rewards will be altered in the future as the amount dries up.
- fbdab103 3y ago
  "Crypto Custodian" Prime Trust just "lost" their keys[0] to customer money. [0] https://news.ycombinator.com/item?id=37268750 https://news.ycombinator.com/item?id=37268750
Tenoke 3y ago
Or Mark Cuban is a way bigger target and has more attack vectors due to much wider and higher usage than Average Joe.
- jqpabc123 3y ago
  Sorry, this is just a variation of security by obscurity. "Be a small target and hope for the best" is about the weakest form of security and does not instill a lot of comfort or confidence.
- woodruffw 3y ago
  This doesn’t feel right to me: Mark Cuban is obviously a general target because he’s rich, but there are probably (tens of?) thousands of people not as rich as him who keep similar amounts of cryptocurrency in hot wallets. That’s all that matters to these specific attackers.
- akira2501 3y ago
  So, if you end up with a lot of money, it wouldn't be wise to keep most of it in a crypto wallet. Crypto, perfect, as long as you don't have too much money.
- elorant 3y ago
  Why would you target a high wealth individual who has the resources to hunt you down?
  - AnthonyMouse 3y ago
    Bank robber Willie Sutton was once asked by a reporter why he robbed banks.
    - jqpabc123 3y ago
      Yes, and he was in custody at the time ... where he spent half of his adult life.
      - 3y ago
mvdtnz 3y ago
Both of those are in fact true.
aergoibqer 3y ago
Remember how Cuban made his fortune. He didn't build something great. He built something worthless and pawned it off on the dumbest guys in the room at the peak of the dotcom bubble. Maybe that takes smarts, but not a kind I value.
- silisili 3y ago
  But it's pure ROI. Radio Over Internet.

So either Mark Cuban is dumber than the Average Joe or ... the Average Joe probably isn't any more capable of handling a crypto wallet and would be better saved by a fiat bank account.

baby 3y ago

This exists in cryptoland and these are called custodians. Banks are here to stay, even in crypto imo

arbuge 3y ago
At that point, what's the purpose oF crypto then? Wasn't decentralized supposed to be the benefit of it?
- baby 3y ago
  To paraphrase the first episode of https://podcasts.apple.com/us/podcast/two-and-a-half-coins/id1642630194 https://podcasts.apple.com/us/podcast/two-and-a-half-coins/i... the banking world was already decentralized, so much that it’s inefficient and insecure. Crypto, at least part of the technology, is about simulating some sort of centralization by using a distributed database (which is resilient to byzantine faults). So banks can switch backbone for a more efficient and secure one, users don’t have to know or care about it.
- hn_throwaway_99 3y ago
  Exactly. Crypto enthusiasts are slowly building up the traditional banking system, a couple million-dollar hacks at a time.
- andrewmutz 3y ago
  > At that point, what's the purpose oF crypto then? Rugpulls and ponzi schemes
  - 6D794163636F756 3y ago
    I'm sure there are other types of scams too right?
    - martin8412 3y ago
      Front running
- johnyzee 3y ago
  That you can choose.
lxgr 3y ago
What would be the benefit of crypto over the current monetary and financial system in that scenario?
- baby 3y ago
  Faster, more secure, easier to use without being a bank, programmable, some add some level of privacy, etc.
- cypress66 3y ago
  Supply is limited (for something like bitcoin), cheaper, faster settlement and less burocracy when sending money abroad (instead of the awful SWIFT)
  - arlcode 3y ago
    I see this as a great opportunity to learn the next few lessons of traditional Finance system that lead to them not being finite and only driven by market forces. Crypto really feels like a speed run of human monetary history.
    - baby 3y ago
      Not all crypto are finite
    - everfree 3y ago
      > only driven by market forces Which money are you talking about? Most monies are driven substantially by monetary policy and other direct government intervention. The very reason fiat is no longer finite is due to government intervention in the 1930s (going off the gold standard). Bitcoin (e.g.) is actually much more like gold in that the amount of it in circulation isn't determined by any law, policy or intervention.
      - tsimionescu 3y ago
        The amount of bitcoin in circulation is very much determined by policies - the software of the bitcoin clients and servers. It is quite possible that mining rewards will be altered in the future as the amount dries up.
fbdab103 3y ago
"Crypto Custodian" Prime Trust just "lost" their keys[0] to customer money. [0] https://news.ycombinator.com/item?id=37268750 https://news.ycombinator.com/item?id=37268750

Tenoke 3y ago

Or Mark Cuban is a way bigger target and has more attack vectors due to much wider and higher usage than Average Joe.

jqpabc123 3y ago
Sorry, this is just a variation of security by obscurity. "Be a small target and hope for the best" is about the weakest form of security and does not instill a lot of comfort or confidence.
woodruffw 3y ago
This doesn’t feel right to me: Mark Cuban is obviously a general target because he’s rich, but there are probably (tens of?) thousands of people not as rich as him who keep similar amounts of cryptocurrency in hot wallets. That’s all that matters to these specific attackers.
akira2501 3y ago
So, if you end up with a lot of money, it wouldn't be wise to keep most of it in a crypto wallet. Crypto, perfect, as long as you don't have too much money.
elorant 3y ago
Why would you target a high wealth individual who has the resources to hunt you down?
- AnthonyMouse 3y ago
  Bank robber Willie Sutton was once asked by a reporter why he robbed banks.
  - jqpabc123 3y ago
    Yes, and he was in custody at the time ... where he spent half of his adult life.
    - 3y ago

mvdtnz 3y ago

Both of those are in fact true.

aergoibqer 3y ago

Remember how Cuban made his fortune. He didn't build something great. He built something worthless and pawned it off on the dumbest guys in the room at the peak of the dotcom bubble. Maybe that takes smarts, but not a kind I value.

silisili 3y ago
But it's pure ROI. Radio Over Internet.