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Im not into crypto either but this is a gross generalization. There are zero trust protocols within some crypto ecosystems and some of the world's top crypto P

Im not into crypto either but this is a gross generalization. There are zero trust protocols within some crypto ecosystems and some of the world's top crypto PhDs work on these projects. There are just so a lot of amateur devs and uneducated users trying to make a buck, of which get exploited by a much more sophisticated party who also wants to make a buck, sounds like pretty much any other capital market just much more blatant.

simfree 2y ago
Rather than relying on the idea that you're more sophisticated than everyone else who could steal from you, you could just leave your money with a mainstream financial institution that's regulated.
- xtracto 2y ago
  That's a problem where I live. If I want to buy USD to protect me from my country's currency inflationary trend, I have to fill up cases of green bills , and risk going to banks with stashes of pesos to change for usd. Or, I can buy USDT and move it to my cold wallet and call it a day.
mschuster91 2y ago
> There are just so a lot of amateur devs and uneducated users trying to make a buck, of which get exploited by a much more sophisticated party who also wants to make a buck, sounds like pretty much any other capital market just much more blatant. Yeah, but if you get wronged on normal capital markets you can complain at the authorities and get your money back. Your bank goes bust? FDIC covers up to 250k per account. Your credit card company doesn't side with you in a dispute or your bank's customer "service" department acts up? Call the CFPB, and you'll get a call from somewhere very high up the bank's chain who actually has the power to make things happen to make sure you withdraw your complaint. A public traded company does bullshit to mislead investors? The SEC will tear them a new hole. And so on. In the crypto world, you're left to deal with all of that on your own. Maybe the police will file a fraud complaint that won't lead anywhere.

simfree 2y ago

Rather than relying on the idea that you're more sophisticated than everyone else who could steal from you, you could just leave your money with a mainstream financial institution that's regulated.

xtracto 2y ago
That's a problem where I live. If I want to buy USD to protect me from my country's currency inflationary trend, I have to fill up cases of green bills , and risk going to banks with stashes of pesos to change for usd. Or, I can buy USDT and move it to my cold wallet and call it a day.

mschuster91 2y ago

> There are just so a lot of amateur devs and uneducated users trying to make a buck, of which get exploited by a much more sophisticated party who also wants to make a buck, sounds like pretty much any other capital market just much more blatant. Yeah, but if you get wronged on normal capital markets you can complain at the authorities and get your money back. Your bank goes bust? FDIC covers up to 250k per account. Your credit card company doesn't side with you in a dispute or your bank's customer "service" department acts up? Call the CFPB, and you'll get a call from somewhere very high up the bank's chain who actually has the power to make things happen to make sure you withdraw your complaint. A public traded company does bullshit to mislead investors? The SEC will tear them a new hole. And so on. In the crypto world, you're left to deal with all of that on your own. Maybe the police will file a fraud complaint that won't lead anywhere.