151–160 of 167 posts
Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?
https://www.nytimes.com/interactive/2018/05/03/magazine/mone...
I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technically literate, and this happened to him.
There is no mandate in Bitcoin to 'be your own bank' - its just an option. It is a feature and a very good one for people who are afraid of government intrusion into how they use their money. If you don't care about this "feature" you can turn it off by putting your crypto in Coinbase or other exchanges where it will be insured.
Earlier quoted context omitted.
There is no mandate in Bitcoin to 'be your own bank' - its just an option. It is a feature and a very good one for people who are afraid of government intrusion into how they use their money. If you don't care about this "feature" you can turn it off by putting your crypto in Coinbase or other exchanges where it will be insured.
The problem with such a new, unproven, and completely unregulated system, many alternatives to 'be your own bank' are also not good options. Plenty of exchanges have lost a lot of people's money. It's hard to tell which wallet or exchange is reliable and which isn't. Instead of trusting a system that's tightly regulated in order to protect people's money, you're expected to trust a system that's completely unregulate…
BTC is nearing 12 years old and time tested.
BTC also proves that no regulation at all is necessary.
It also proves that even folks who think they're technically literate, are hardly capable of making proper backups and or properly using Bitcoin. It's too sophisticated for most. You shouldn't keep multiple bitcoin in one private key. There is no reason at all Bitcoin should have KYC or regulation. It exists outside the government monetary systems and it is your risk you take to use it. Crying about using it because it's risky just means you shouldn't be using it.
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Is that really your bar for being "somewhat technically literate"? Being familiar with decentralized chat protocols and services? What a world...
yes
As far as I can understand 1. The user had 1,400 BTC in an old wallet using this software 2. An old version of the software was vulnerable to phishing 3. The user attempted to use the software, and was phished 4. Massive payday for the scammers Really unfortunate - and goes to show with software you manage yourself you need to be diligent about making sure it's updated. For all the shit coinbase gets, it's difficult…
Also, I think it's just the reason that crypto-currency will fail. If you trick me into an ACH transfer of 16 million, there will a) Trigger some random human based audits at my bank before the money can leave (likely involve some phone calls) b) Have actual recourse, like court orders to hold the funds at the other bank c) Take some amount of time to happen, to allow for A & B It's not perfect, and it has bugs.. but…
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Would you please start respecting the site guidelines? We've cut you a ton of slack and given you a ton of warnings. If you keep violating them, such as by posting unsubstantive and/or flamebait comments, we're going to have to ban you. https://news.ycombinator.com/newsguidelines.html I mean, seriously: https://news.ycombinator.com/item?id=24213951 https://news.ycombinator.com/item?id=23717834 https://news.ycombinato…
Did not see deleting post between this and mine, was real confused what I did... Keep up the good work dang
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Sizable, like 2%?
I looked it up. 6% of Americans don’t have a bank account. Doesn’t say whether they could go ahead and get one, or they choose not to. Sizable?
I don't expect most 10 year olds to have chequing accounts, and if we're talking about about all Americans I'm honestly surprised it's not higher, taking into account da yout, those who are mentally/physically infirm, and those folks who just don't trust banking.
Earlier quoted context omitted.
Would you please start respecting the site guidelines? We've cut you a ton of slack and given you a ton of warnings. If you keep violating them, such as by posting unsubstantive and/or flamebait comments, we're going to have to ban you. https://news.ycombinator.com/newsguidelines.html I mean, seriously: https://news.ycombinator.com/item?id=24213951 https://news.ycombinator.com/item?id=23717834 https://news.ycombinato…
Did not see deleting post between this and mine, was real confused what I did... Keep up the good work dang
I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technically literate, and this happened to him.
There is no mandate in Bitcoin to 'be your own bank' - its just an option. It is a feature and a very good one for people who are afraid of government intrusion into how they use their money. If you don't care about this "feature" you can turn it off by putting your crypto in Coinbase or other exchanges where it will be insured.
>Coinbase holds less than 2% of customer funds online
So you're not really insured against some human getting the offline key https://help.coinbase.com/en/coinbase/other-topics/legal-pol...
Earlier quoted context omitted.
Also, I think it's just the reason that crypto-currency will fail. If you trick me into an ACH transfer of 16 million, there will a) Trigger some random human based audits at my bank before the money can leave (likely involve some phone calls) b) Have actual recourse, like court orders to hold the funds at the other bank c) Take some amount of time to happen, to allow for A & B It's not perfect, and it has bugs.. but…
If you trick me into an ACH transfer of 16 million, there will Fun recent case - Citibank claims they fatfingered $900 million over: https://www.bloomberg.com/opinion/articles/2020-08-25/citigr... And they're having some trouble getting all of it back although the commentaries suggest that they (eventually) will.