121–130 of 211 posts
Sounds like a made up story for the purpose of self promotion to me
Unfortunately, while still rare, there are physical attacks perpetrated against bitcoin owners. I've been tracking them for several years. https://github.com/jlopp/physical-bitcoin-attacks
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I suppose you can have a spend wallet and a net worth wallet.
This is all too complicated for all but a handful of people. Crypto just doesn't work. It's far more harm than good. Every time a weakness is unveiled, we get hand waving from those most invested. It's bad for the environment, bad for crime, bad for laymen, undemocratic (vote with money), no knobs to adjust monetary/fiscal policy, and it poses as an alternative to government institutions that serve society with thing…
Other people have other problems they're trying to solve and you don't care about those problems, so you do not understand "why crypto." If you want to understand "why crypto," be concerned with other problems. You've already decided what is important, and that blinds you to understanding the motivations of others.
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> Are there plans to build equivalent features on Blockchain for crypto currencies? Basically every crypto enthusiast out there touts the non-reversibility of crypto transactions as its primary feature , not a bug, and that is why I see crypto as generally useless for your average person.
Not a fan of crypto, but your argument applies to cash, wish is still widely used (not only by shady people ;) )
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>Moral of the story: please don't store large amounts of cash in your checking account. Seems to me that the true moral of the story is don't cheat on your wife.
Close reading reveals that in the story, only the robbers claim that he has a wife and no other facts point towards it.
I mean it's possible, but if it really was as easy as just getting some information and posing as a wife, then this kind of fraud would be very widespread.
Sounds like a made up story for the purpose of self promotion to me
Plus there was the hard hitting advice that “always have a friend who knows all your plans check in with you, to make sure a crime organization isn’t plotting to steal your money”.
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Most of these systems are not actually reversible at the protocol level. They sometimes offer cancellation at stages prior to settlement. When needed, transactions are most often "reversed" at the governance level.
Bitcoin is reversible on the same level then.
Maybe a smart contract could help here. If there are no transactions on a wallet for more than some time period, allow the wallet to be unlocked or transferred to a trusted party.
I've been working in the payments industry on and off for 15 years. I am yet to work with a payment method that does not support reversal (except for physical cash). As a last resort victims can file chargeback with their issuers or police. To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a comp…
> Or do their users have to go through the same painful failures? This might actually be the first time for people to learn these lessons. They've been free-riding on the protections that banking regulations provide for all of their lives.
But yes, for me personally, I much prefer deterministically losing 3% to risking 100% (and incentivizing physical attacks).
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Whatever the bank asked, I gave her all the information. It's insane how easy it was. I had no defenses at all. Moral of the story: please don't store large amounts of cash in your checking account.
>Moral of the story: please don't store large amounts of cash in your checking account. Seems to me that the true moral of the story is don't cheat on your wife.
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>I am yet to work with a payment method that does not support reversal (except for physical cash). As a last resort victims can file chargeback with their issuers or police. What about the stories of companies being scammed via wire transfer?
This isn't a scam, it's robbery/theft, which is an important distinction. If you're robbed at an ATM the bank will make you whole. If someone lies to you and asks for money, you go to an ATM and give it to them, the bank isn't going to do anything about it.
Hits me a little different now…