Crypto is pretty much speed running our existing financial institutions’ past history.
What's hilarious to me is that crypto boosters would often cheer about how crypto doesn't "suffer" from the same things as our existing financial system (e.g. potential run on the bank in a fractional reserve system) - but then they went and built up all the same things they originally said crypto was immune from, this time with no regulations or legal framework.
Because they all saw an opportunity to rake/skim/scam off the top of each transaction moving through the system, and wanted a piece of that.
It's quite easy: you download this Zero Knowledge Confabulator utility from github and load it up into your TAILS instance. Make sure you pull all this over Tor and use a North Korean VPN and please for the love of god verify the MD5 hashes. Once you've done this, you put your wallet key into the ConfabUtil which will produce a zk-snark. Memorize this because you will next need to go into an airgapped, seismically is…
This is pretty much what it sounds like to a laymen like me. It's aggravatingly complex, with like, 18 points of user error failure points. And even if I quadruple checked, I'd wanna check 17 more times after that, and I'd still feel I messed up some crucial step at some point.
It's quite easy: you download this Zero Knowledge Confabulator utility from github and load it up into your TAILS instance. Make sure you pull all this over Tor and use a North Korean VPN and please for the love of god verify the MD5 hashes. Once you've done this, you put your wallet key into the ConfabUtil which will produce a zk-snark. Memorize this because you will next need to go into an airgapped, seismically is…
I love the juxtaposition of this comment with its sibling. Comedy gold.
Why can't both exist though? Each with their own advantage/disadvantages, and you get to choose which one to use after considering the tradeoffs. Things I would use crypto for: * Money transfers, particularly cross border payments. Low fees, quick confirmation from all parties. * Any transaction that I would like to keep my privacy on (and this does not mean illegal things, btw). Things I would never use crypto for:…
Crypto is bad at money transfers. It's low capacity. That's why nobody is using BTC to pay for pizza anymore. It's also bad at privacy, since the architecture for most crypto systems relies on storing a permanent, non-modifiable public ledger. Your usage case doesn't really work because almost nobody cares about that. You'll find a few idealists interested in that, and a very few people that need to transact with som…
Monero and other less well-known currencies solve all of that. You can say it's bad or useless for other reasons. But my direct experience with dozens of P2P transfers, outside exchanges, both paying people for products and services and being paid myself, is enough for me to know that the future involves private cryptocurrencies one way or another. It may be akin to the taboo nature of torrenting movies at some point, but it's not going anywhere. CBDCs, traditional fiat, crypto, and even precious metals (yea we used to use those too!) will all have their use cases over the next decade. Paying people (and being paid) with precious metals and private crypto feels so amazing, so freeing, I recommend everyone give it a try.
> yes, I can steal your Bitcoin Let's fix that phrase: - yes, I can steal your Bitcoin keys And then go further and transfer the bitcoins Other than that, no, you CANNOT steal "my" bitcoins
Um, no, I don't think language works like that. Let's try to rephrase that with gold: "You CANNOT steal the gold under my mattress. You can steal my keys or break my door, walk in and then move the gold from my house to your car and drive off.". Don't you agree the above is equivalent to me stealing your gold?
That's a good argument, but notice what I'm saying is that stealing the bitcoin wallet keys is the only known way to steal bitcoins (I'm not saying bitcoins cannot be stolen, nor that it would be wrong to phrase that bitcoin was stolen as the result of compromised keys). If you're hiding gold under a bed one could steal your door keys, break the door through brute force, set your door on fire, get in through the window, make a hole through the floor under the bed, wait until you get the trash out and sneak in, and so forth. Bitcoin allow you to be concerned with only one thing: keeping your keys secret.
You lend Celsius some coins. In return they promise to pay you some % of interest. Celsius takes those coins and sticks them in another lending system that pays them a higher % of interest. The other lending system collapses and cannot return the coins because of an exploit. Celsius customers demand their coins back and Celsius cannot return them.
> The other lending system collapses and cannot return the coins because of an exploit And also because the entire business model is completely unsustainable, preying on peoples greed.
Oh, those poor, distressed, miserable greedy people!
You keep talking about "multi-sig wallets" in multiple posts. Are you going to have courts in every relevant jurisdiction have a handle on that wallet? That seems unlikely to go over well with the sorts of people who take these seriously.
I don't know, that's a good question. That's the discussion we should be having, instead of flat out stating that it's impossible. The "sorts of people who take these seriously" will never be happy, so that's fine.
One should demonstrate an actual, tangible, serious raison d'etre that is within the bounds of the modern legal system before bothering to find out if it's plausible.
With a hardware wallet where you store your seed phrase. You would never type this seed anywhere. You would store backups of this seed in something like a metal sheet that you can buy. You would be extremely careful of the numerous phishing attempts that you will encounter. Also with malicious smart contracts. And you would have a hot and cold wallet, to minimize risk.
Remember that this is an alternative to a small card that is widely accepted internationally that I can reclaim a transaction with a quick phone call.
I’m not a crypto fanatic but credit and debit cards are very susceptible to fraud
With a hardware wallet where you store your seed phrase. You would never type this seed anywhere. You would store backups of this seed in something like a metal sheet that you can buy. You would be extremely careful of the numerous phishing attempts that you will encounter. Also with malicious smart contracts. And you would have a hot and cold wallet, to minimize risk.
Remember that this is an alternative to a small card that is widely accepted internationally that I can reclaim a transaction with a quick phone call.
Until the operators decide for their own mysterious reasons to make your small card stop working, or that you suddenly owe them a bunch of money you never had, or both at the same time.
Huh? If that was true then it would be services like AAVE or Uniswap which would be bankrupt, not the centralized finance Celsius. The idea that the traditional legal system prevents funny business with money is naive. 9/10/2001: Rumsfeld says $2.3 TRILLION Missing from Pentagon https://www.youtube.com/watch?v=xU4GdHLUHwU The Pentagon’s $35 Trillion Accounting Black Hole https://www.yahoo.com/video/pentagon-35-trilli…
How much money have you lost from your private bank account...?
How many banks have been held at gunpoint in 2022, by someone demanding withdrawal of their own money?