31–40 of 167 posts
Earlier quoted context omitted.
I think the point is that you can store $16M in a bank and take need to take no precautions against casual theft (and often can recover the money via person-to-person interactions, if theft does occur).
I completely disagree, only the first $250k is insured. I would never store $16M cash in a bank. You aren't protected against the bank becoming insolvent.
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?
98% of HN except for a vocal, small minority ever says anything positive about crypto or blockchain. The vast majority appreciate the benefits of the state apparatus being the conduit for financial services. So you posting this is not a surprising nor unique idea, you are representing 98% of HN commenters.
For that matter, a sizable percentage of cryptocurrency advocates either don't know or care either; their only concern is how much fiat they can trade cryptocurrency for.
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.
This is why we need, order > Community > Society > Government > Banks We are at the community stage with crypto.
Earlier quoted context omitted.
I think the point is that you can store $16M in a bank and take need to take no precautions against casual theft (and often can recover the money via person-to-person interactions, if theft does occur).
I completely disagree, only the first $250k is insured. I would never store $16M cash in a bank. You aren't protected against the bank becoming insolvent.
I had 1,400 BTC in a wallet that I had not accessed since 2017. I foolishly installed the old version of the electrum wallet. My coins propagated. I attempted to transfer about 1 BTC however was unable to proceed. A pop-up displayed stating I was required to update my security prior to being able to transfer funds.
I installed the update which immediately triggered the transfer of my entire balance to a scammers address.