this post was submitted on 22 Jun 2024
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Mildly Infuriating
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And you don't see how your comment is one of many reasons crypto isn't the future of money?
Honestly, no. The only money we've had in the past that even compares is when we were actually using gold and silver. The problem with those though is that they cannot be stored or sent digitally without the help of a third party whom you then have to trust. Crypto is the future because it has the same value whether you're in Caracas or Chicago or London or Moscow. It can be transferred anywhere in the world in seconds and settles within 20 minutes, not three business days or more such as the banking system. It is a bearer asset that nobody can take away from you without force and no government can inflate away and leave you poor.
Meaning your money can be stolen and it's gone forever unless you convince them to return it
Unless your wallet's password is cracked, then you're fucked and have no recourse. There have been so many issues with wallets generated with a bad algorithm that allows people to break your phrase easily and leave you without anything. And that's not even getting into hot wallet issues where you get rug pulled and they steal all your money or you decide to give your money to someone like SBF and the whole exchange does down.
There are so many examples that disprove this statement that it's honestly hilarious.
No, instead you can get left poor by some scam you fell for and have even less recourse to get your money back than if it was the government.