Crypto was just a really bad idea

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Feb 3 61 Comments

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TOP 61 Comments
  • Capital One EXwk33
    Agreed crypto (especially bitcoin) was an interesting bubble a few years ago, but was not built in a way to ever be useful in the real economy...
    Feb 3 17
    • Apple HumanDoing
      You have no idea what you’re talking about, and since you’re not being receptive to the knowledge I’m giving you for free I’m not going to waste any more time disproving your delusions. tbh I don’t care if you get left behind, you’re too stubborn to “get it” anyways.

      Are you familiar with Fidelity? Launching their crypto custody service next month. How about Nasdaq? Their offering their systems to exchanges such as Gemini. The Intercontinental exchange is launching its platform called Bakkt any day now. Fuck banks and bankers.
      Feb 3
    • New flippy
      OP
      You keep telling others they don't know what they are talking about while proving that you actually don't.

      Bitcoins are not reliable. The tech is weak at redundancy, and poor at security. You have one key and if you lose it you're screwed and if somebody else gets it you're screwed. That is a weakness in the solution.

      It's this weakness that results in the massive theft of bitcoins. Hackers get access to people's keys and transfer the assets and there is no way to protect against or reverse these frauds because the solution doesn't allow for important features like that.

      And then to avoid being victimized people adopt crazy offline methods that result in hundreds of millions in value simply being lost because redundant online storage if the key is insecure, so they end up simply losing the key. There's no way to go in and reclaim the key by identifying yourself in person or getting a court order.

      That's awful.

      You need to be able to do things like two factor authentication and offline verification but the technology is designed to prevent this.

      It's really stupid. It was a good experiment but we have now learned that it is severely limited and inappropriate as either a store of value or a payment system.
      Feb 3
    • Apple HumanDoing
      You clearly aren’t even reading my responses. I specifically told you companies such as Fidelity are rolling out custody services next month.

      If you think personal responsibility is unheard of and a mistake, then tell every person that owns diamonds and gold that they aren’t responsible enough to own it.

      You’re so dense it’s astounding.
      Feb 3
    • Motorola / Eng RQKb80
      As a system it is basically only useful to criminals. The lack of a trusted 3rd party with a system in place to resolve disputes makes it in fact not as useful as a bank. It's great for laundering dirty money, but eventually they will run out of suckers and it won't even be useful for that.

      As for deflationary currency. Could you imagine taking out a mortgage for a house with a deflationary currency? Sounds really terrible.
      Feb 3
    • New flippy
      OP
      HD post 1 contains a link to a custody service losing a key. Fidelity cannot fix the fundamentally flawed design by papering over it.
      Feb 3
  • Microsoft Dr. Root
    This is exactly why you don't keep your crypto on an exchange. How hard is it to use a hardware wallet !?
    Have we not learnt anything from Mt Gox?
    Feb 3 17
    • New flippy
      OP
      It makes no sense to you because you have been brainwashed and even though the stories in post 1 slap you across the face with the problem you can't see it.

      The failure of Bitcoin highlighted the need for features it is designed NOT to have:

      Methods of authentication that do not rely solely on keys and passwords is a major learning in online payment systems in the past ten years. Bitcoin was designed to prevent this and the result is massive insecurity in Bitcoin systems where coins are easily and frequently stolen.
      Feb 3
    • Google YfqG77
      @OP no you idiot
      This is exactly why crypto is a great idea. The contract is enforced by principle. No federal reserve can bail out cronies or print more coin to "correct the system". Simple powerful rules. Nobody's too big to fail. You lost the password, too bad it's gone. Deal with it.
      Feb 4
    • New flippy
      OP
      That's just a bad design.
      Feb 4
    • Google YfqG77
      It's principled design.
      Feb 4
    • New flippy
      OP
      We have learned from the real world that is based on the wrong principles.

      You get trapped between keeping your key so secret that you risk losing access to you money, and having your key available online where you risk having it stolen by hackers.

      It's a poster child for why basing security on a password is an anti pattern.
      Feb 4
  • New DuQvV7x
    If you can’t make it rain in a strip club, it ain’t currency.
    Feb 3 15
    • New flippy
      OP
      It requires both parties to sign, so no, it doesn't. They both need to be online with some device and even then it's not a very secure protocol which is exactly why they introduced the watchtower concept.

      Plus it's still exposed to the underlying weakness in the tier 1 system which is fundamentally insecure and unreliable.

      It's just not a good technology.
      Feb 3
    • New DuQvV7x
      OP has strong opinions but is not very knowledgeable about how many things work.

      Of course QR codes work with Bitcoin.

      Part of making it rain is conspicuous consumption.

      I will not be tipping strippers with QR codes.
      Feb 3
    • New flippy
      OP
      Don't lie about what I said.

      I didn't say QR codes don't work with Bitcoin. I said that is not convenient because it takes an hour for the transaction to post. Who cares that you can quickly scan a code if you then have to sit around for an hour waiting for the result.

      Somebody brought up the lightning protocol and claimed that with be fast but lightning requires both sides to sign so it cannot be done that way.
      Feb 3
    • Apple HumanDoing
      When 56k dialup internet was one of the first iterations of the internet, did it stop there?

      Keep making a fool of yourself, it’s funny.

      Clearly you bought bitcoin at 20k and are resentful.

      You got wrecked. Admit it pleb, you’re just emotional over it and unable to take responsibility.
      Feb 3
    • New flippy
      OP
      Maybe somebody will come up with a currency that works but it isn't Bitcoin. It's insecure and unreliable and can't be fixed.

      Nobody used 56k dialup anymore either. The current solutions ARE NOT built on dialup.
      Feb 3
  • Capital One EXwk33
    Lol that's barely more than American Express, which is just one credit card company 🤣
    Feb 3 2
    • Intuit b7x1s
      Open source software is worth more than your entire company, which is $38B
      Feb 3
    • Capital One EXwk33
      Lots of things are valued more than Capital One. Were a relatively small company
      Feb 3
  • Google Mmkaay
    HODL 😂

    I am sooo happy that coinbase did not allow me to take more than $750 from my bank account lol, now worth $50
    Feb 3 0
  • Apple HumanDoing
    This post is what we like to call FUD in crypto/finance.
    Feb 3 0
  • Apple HumanDoing
    No market goes up forever, you have to make your entry during the opportune moments of the market cycle. Investing is not for the faint of heart, but it’s worth it.
    Feb 3 0
  • VMware BobbleHat
    Crypto freaks have invested their future in it so I doubt anyone here is going to convince them to change their minds. Maybe after they watch McAffee eat his own dick they will come out of it.
    Feb 3 0
  • Intuit b7x1s
    The market disagrees with you. Total market cap of all crypto is >$100B.
    Feb 3 0
  • New nawx52
    Well who knows whether crypto is good idea or bad. It amazes me to see how people who know don't things for certain fight it out in the market buy or sell. Call or put. Value is inherently complex for a common person to understand and these market makers are making good money exploiting it. ICO took it to to next level. Well be considerate to yourself and feel better by saying 'I don't know it for certain' and say it's speculative. It we really need a digital currency it will happen even if we have shortcomings today. That is where the great software minds are employed. This discussion is a rut. Please come out of it.
    Feb 3 0

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