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The anti-crypto thread

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Not a good day for cryptos and meme stocks. AMC down over 9% today to lows it hasn't seen since the whole meme stock trend was starting. At least you get a share of APE in return. Oh wait, that is down 60% since it was issued a month ago.
 
DrMrLordX said:
Said it once, said it a thousand times: if you entrust your crypto to someone else then there's no telling what will happen. When it's your wallet and your keys, then it's secure. Anything else and it's a gamble.
Click to expand...

Unless you forget your password. Estimates place about 20% of Bitcoin in lost wallets...
www.nytimes.com

Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes (Published 2021)

Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t tap that wealth because you forgot the password to your digital wallet?
www.nytimes.com www.nytimes.com
 
Lost_in_the_HTTP said:
^^^ Like when you put your sawbucks in a bank instead of your mattress?
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Neither. Crypto has no cash analog in that respect. Depending on the blockchain, you can "possess" tokens with nothing more than a 40-word keyphrase stuck in your head. Your money can't be stolen out of your "mattress" and it can't be locked away from you by the banks suspending deposits due to a run on the banks. It's indelibly yours. All you need is a connection to the Internet.

guidryp said:
Unless you forget your password.
Click to expand...

Stupid is as stupid does. I do know someone who has basically lost 32 BTC cuz he died without providing his heirs any way to access it. And that really sucks for his family but. Dude had no contingency plan.
 
DrMrLordX said:
Neither. Crypto has no cash analog in that respect. Depending on the blockchain, you can "possess" tokens with nothing more than a 40-word keyphrase stuck in your head. Your money can't be stolen out of your "mattress" and it can't be locked away from you by the banks suspending deposits due to a run on the banks. It's indelibly yours. All you need is a connection to the Internet.



Stupid is as stupid does. I do know someone who has basically lost 32 BTC cuz he died without providing his heirs any way to access it. And that really sucks for his family but. Dude had no contingency plan.
Click to expand...
Why would there be runs on the banks? You keep bringing that up but shouldn’t happen in the US.
 
DrMrLordX said:
Stupid is as stupid does. I do know someone who has basically lost 32 BTC cuz he died without providing his heirs any way to access it. And that really sucks for his family but. Dude had no contingency plan.
Click to expand...

When 20% lose access to their money, it doesn't seem like a very good alternative to banking, and that's before you get to regular coin thefts from exchanges, and before you get to all the fraud, and scams.

It's a total minefield.

Too bad there wasn't some place to keep you money that is regulated and safe. Oh wait...
 
guidryp said:
Too bad there wasn't some place to keep you money that is regulated and safe. Oh wait...
Click to expand...

Haven't we just gone through this matter on this page? You give up safety for freedom of regulation. It's a tradeoff. In any case, you're veering off-topic from this particular strand of the thread, e.g. people getting cleaned out on exchanges. If you want security for your crypto then you have to keep it in your own wallet. And you have to remember your passwords. It's not complicated.
 
DrMrLordX said:
Haven't we just gone through this matter on this page? You give up safety for freedom of regulation. It's a tradeoff. In any case, you're veering off-topic from this particular strand of the thread, e.g. people getting cleaned out on exchanges. If you want security for your crypto then you have to keep it in your own wallet. And you have to remember your passwords. It's not complicated.
Click to expand...

"Freedom from regulation" is a euphemism for helping criminals skirt justice.

So yeah, I guess if you have criminal intent, helping you skirt justice, is higher rank than safety of your funds.

For normal, law abiding citizen, safety of their money is more important.
 
^^^ That is why I hate gift cards. There is virtually NO regulation or accountability and no effort to track them. Once one is reported as lost or stolen, or used in some kind of fraud scheme, the funds should be seized from the point of redemption, be it a bank or merchant. The issuer KNOWS where and when it was redeemed. They have to.
 
Anyone seen the crypto ad on Youtube with Elizabeth Holmes' video clip shown at the start? They go on to show some crypto investor's expensive home. He tells the interviewer, "I've made up to 10 million in crypto trades. My total crypto is worth around $20 million. I've never sold a single crypto coin!".
 
Meghan54 said:
WT actual F does that link you posted have to do with bank runs? Do you even know what a run on a bank is?
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They both have the word "bank" in them. Thus, banks must be evil or something? I'm not really sure, since Crypto supporters don't follow logic that most of us can follow.
 
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