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I'd rather not have to "trust" any financial institution. https://www.cnbc.com/2025/01/17/vanguard-fined-more-than-100-million-by-sec-over-violations-involving

I'd rather not have to "trust" any financial institution. https://www.cnbc.com/2025/01/17/vanguard-fined-more-than-100-million-by-sec-over-violations-involving-target-date-retirement-funds.html https://www.cnbc.com/2025/01/17/vanguard-fined-more-than-100... https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-213mr-asic-s-vanguard-greenwashing-action-results-in-record-12-9-million-penalty/ https://asic.gov.au/about-asic/news-centre/find-a-media-rele... https://www.reuters.com/business/finance/vanguard-fined-providing-misleading-account-statements-its-customers-2023-06-01/ https://www.reuters.com/business/finance/vanguard-fined-prov...

bluGill 2y ago
You are likely to have to trust them eventually. SPIC insurance is $500,000. If you have more than that and it turns out instead of buying the investments you think they were a ponzi scheme that sent the money to the owners when it is discovered you get up to $500,000 of your money back, while the rest is your loss. You really should have more than that by age 40 if you want a comfortable retirement (that is todays dollars, if you are 18 now when you hit 40 inflation will have made the number bigger, while if you are 80 the number when you were 40 would have been lower)
- latchkey 2y ago
  I'd rather not have to trust a non-profit insurance company to keep a very small portion of my funds safe. This stuff should be in-code and immutable by any one individual or corporation.
- Dylan16807 2y ago
  If you use a separate broker for each $500k then you only have to worry about multiple brokers catastrophically failing at the same time. And there are multiple types of account with each type having a separate $500k limit.
recursive 2y ago
I'd rather not have to either. I'm going to be honest. I'm not a smart man. I don't understand the first link at all. The other two I don't care about. However, to the extent that those things are bad, they are much less bad than my trust in myself to securely manage a crypto wallet key. If there was some magic thing that just automatically worked and I could somehow trust it, I would be all in. That's not the case for any cryptocurrency I know of because you need to A) maintain access to your wallet key and B) prevent other people from getting it and C) don't inadvertantly click any of those links that drain your account that I've heard of (I don't understand the details) If you can put in the research and discipline to satisfy those requirements, I'm certainly not going to try to talk you out of it, but they're way to steep for us normies.
- latchkey 2y ago
  The internet was very confusing to most people before AOL came along and gave out free CD's with email addresses. Just because the UX sucks today, doesn't mean the fundamental underlying technology isn't something worth building on. By the way, if you think crypto UX is hard, try trading options with thinkorswim.
  - recursive 2y ago
    > By the way, if you think crypto UX is hard, try trading options with thinkorswim. You've misunderstood me. I have no interest in shitty UX. A competition for the shittiest UX is like the lowest high jump. You want a shitty UX? I can get you one by 4:30, with nail polish. The fact that extremely confusing UX is easy to find in no way mitigates a merely very confusing UX. I kind of agree with you though. Cryptocurrency is kind of a neat idea. Shame about the actual manifestation though. I'm not opposed on principle. If anyone ever figures out how to make it good, I'll check it out. But in the first 15 years, nothing reasonable has emerged. I don't have much hope for the next 15 years either. Maybe someone will figure it out, but I don't think that's actually going to happen. So I don't think investments in cryptocurrency research or whatever is a good idea.
    - 2y ago

bluGill 2y ago

You are likely to have to trust them eventually. SPIC insurance is $500,000. If you have more than that and it turns out instead of buying the investments you think they were a ponzi scheme that sent the money to the owners when it is discovered you get up to $500,000 of your money back, while the rest is your loss. You really should have more than that by age 40 if you want a comfortable retirement (that is todays dollars, if you are 18 now when you hit 40 inflation will have made the number bigger, while if you are 80 the number when you were 40 would have been lower)

latchkey 2y ago
I'd rather not have to trust a non-profit insurance company to keep a very small portion of my funds safe. This stuff should be in-code and immutable by any one individual or corporation.
Dylan16807 2y ago
If you use a separate broker for each $500k then you only have to worry about multiple brokers catastrophically failing at the same time. And there are multiple types of account with each type having a separate $500k limit.

recursive 2y ago

I'd rather not have to either. I'm going to be honest. I'm not a smart man. I don't understand the first link at all. The other two I don't care about. However, to the extent that those things are bad, they are much less bad than my trust in myself to securely manage a crypto wallet key. If there was some magic thing that just automatically worked and I could somehow trust it, I would be all in. That's not the case for any cryptocurrency I know of because you need to A) maintain access to your wallet key and B) prevent other people from getting it and C) don't inadvertantly click any of those links that drain your account that I've heard of (I don't understand the details) If you can put in the research and discipline to satisfy those requirements, I'm certainly not going to try to talk you out of it, but they're way to steep for us normies.

latchkey 2y ago
The internet was very confusing to most people before AOL came along and gave out free CD's with email addresses. Just because the UX sucks today, doesn't mean the fundamental underlying technology isn't something worth building on. By the way, if you think crypto UX is hard, try trading options with thinkorswim.
- recursive 2y ago
  > By the way, if you think crypto UX is hard, try trading options with thinkorswim. You've misunderstood me. I have no interest in shitty UX. A competition for the shittiest UX is like the lowest high jump. You want a shitty UX? I can get you one by 4:30, with nail polish. The fact that extremely confusing UX is easy to find in no way mitigates a merely very confusing UX. I kind of agree with you though. Cryptocurrency is kind of a neat idea. Shame about the actual manifestation though. I'm not opposed on principle. If anyone ever figures out how to make it good, I'll check it out. But in the first 15 years, nothing reasonable has emerged. I don't have much hope for the next 15 years either. Maybe someone will figure it out, but I don't think that's actually going to happen. So I don't think investments in cryptocurrency research or whatever is a good idea.
  - 2y ago