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I Am Not Satoshi Nakamoto
21–30 of 185 posts
Re: I Am Not Satoshi Nakamoto
#22Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…
Coinbase can disable your withdrawal/sending ability at any time on a whim.
Their support is email-only and has a backlog of months. Try taking a look at /r/coinbase for examples.
There are some very good reasons to put your crypto somewhere you control. I am in the process of moving everything I had off of Coinbase after they silently disabled my send/sell ability, but not purchase/receive, without ever providing a reason. Others were not so lucky as I was for them to reply to my support ticket after only 6 weeks of this status. None of their FAQs or support emails acknowledged the exact problem correctly or plausibly answered any of my questions as to why.
Re: I Am Not Satoshi Nakamoto
#23N akamoto SA toshi
Re: I Am Not Satoshi Nakamoto
#24Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…
This is the whole thing with crypto. The only benefits thus far that have come to widespread fruition are illicit purchases and speculation. For it to be broadly accepted, it has to lose the rest. Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws. For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's c…
>For it to be used as regular currency you have to have price stability. No one wants to go to the grocery store and find out that they lost 10% of their budget on the walk over.
Not only that but Bitcoin or whatever shitcoin becomes the next big thing need to scale up the network's ability to handle transactions.
Payment processors like Visa handle something like 400x more transactions per unit time than Bitcoin.
Re: I Am Not Satoshi Nakamoto
#25Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…
It may not be that people are afraid of custodians, more so that they have just lost faith in traditional institutions (banks, fed, politicians etc) to such a degree that has allowed things like cryptocurrencies and their transparent policy to be alluring. The success of cryptocurrencies is for the most part only possible because of the failures of these institutions.
Re: I Am Not Satoshi Nakamoto
#26Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…
> am I weird for not being that uncomfortable with companies like Coinbase managing your crypto?
It's almost like using git, a decentralized version control system, through GitHub.
Re: I Am Not Satoshi Nakamoto
#27Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…
>Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use.
Crypto is no different to regular currencies in this regard. There's nothing stopping you from physically withdrawing all of your cash and stuffing it under your mattress.
If you're concerned about the government devaluing your cash through dodgy bailouts of financial institutions, you can even convert a significant percentage of it to precious metals that you bury in your garden.
The reality, though, is that people generally take the convenient option when presented with it.
Re: I Am Not Satoshi Nakamoto
#28Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…
This is the whole thing with crypto. The only benefits thus far that have come to widespread fruition are illicit purchases and speculation. For it to be broadly accepted, it has to lose the rest. Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws. For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's c…
> Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws.
This doesn't scale any further than a website ran by a company providing services. Most eyes are on DeFi which is a world of smart contracts and dapps - which at some point (hopefully, because else there is little point) will run without anyone having any authority to change/stop them.
> For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's coins aren't what the public are looking for. I have never met a human being who is anti–FDIC (what insures bank deposits in the US up to $250k).
It's not about being anti FDIC, it's about forcing all software to be managed by an American company that is registered and managed in a very particular way.
> For it to be used as regular currency you have to have price stability. No one wants to go to the grocery store and find out that they lost 10% of their budget on the walk over.
I think we are at the stage where very few people actually believe everyone is going to stop using any type of fiat and store all their wealth in crypto currency, even for everyday spending. So in that perspective this is like telling people not to buy an iPhone because Apple stock might go down (they are very separate).
> People don't know how to manage private and public keys. Anyone who has built SaaS knows that reset password requests are one of the most common issues users have. Now they're being pitched something that losing a file or losing the password to that file loses all of their money (???) Of course you want a third party!
Yes, not everyone cares about this but some do, that's like saying there is no point in WhatsApp to be e2e encrypted or Signal to exist at all because most people don't care if authorities read their messages.
> Immutability? Well that's fine until there are exploits. And then you either have to live with a DAO losing millions of dollars or you have to hard fork. The former is terrible publicity and bad for the people who hold most of the money, while the latter violates the spirit of the whole thing. Guess which wins?
We are early days for sure, the "ETH hardfork" one in that instance but there are many instances where it didn't.
Re: I Am Not Satoshi Nakamoto
#29Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…
This is the whole thing with crypto. The only benefits thus far that have come to widespread fruition are illicit purchases and speculation. For it to be broadly accepted, it has to lose the rest. Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws. For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's c…
> People are unsurprisingly very in favor of KYC
I think you may be generalizing here.
> For it to be trusted you have to insure deposits. Those fly-by-night exchanges
You seem to mean "cryptocurrencies" when you say "it", yet you address only the case of exchanges. What about money that's not parked at an exchange?
I'd agree with the "something worse" claim if you explained the trust aspect completely, and addressed the division of power, but as it is, I can only agree to some points.
Re: I Am Not Satoshi Nakamoto
#30Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…
Coinbase can disable your withdrawal/sending ability at any time on a whim. Their support is email-only and has a backlog of months. Try taking a look at /r/coinbase for examples. There are some very good reasons to put your crypto somewhere you control. I am in the process of moving everything I had off of Coinbase after they silently disabled my send/sell ability, but not purchase/receive, without ever providing a…
Can you recommend me a good private wallet ? It’s tricky to bring physical wallet in my country