Say what you will about cash, but some hacker isn’t taking paper bills from across the planet via some technical exploit way over my head. With Etherium, the only thing protecting your money from the entire internet is you, and your understanding of complicated intricacies… And when lost, no one is coming to help you.
They might get my credit card, yeah. But that’s either my own dumb fault, or a very rich bank’s problem.
…It’s great for scammers, though. Crypto’s like a wet dream for them. And I find it remarkable the crypto community sees that as a feature, not a bug, and somehow thinks the whole world must see it that way.
I like the idea of decentralized digital currency insulated from governments, I just feel the Etherium-style blockchain approach is just impractical, and not that, on so many levels.
The OP makes it seems like they lost money by making poor trades, which so far in the history of Ethereum you could do in a very short period, but not if you held onto it for any length of time.
You’re right, they could have lost it by scams or hacks. The power to instantly transact with anyone in the world is a feature, but also a risk.
If crypto takes off for actual day to day transactions I imagine there will be an intermediate layer of banks or other institutions that take on some of the risk but also take their cut.
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don’t get any of the freedom and separation from centralization that crypto supposedly represents.
Etherium isn’t just a currency, but a contract system. You basically have to be a digital lawyer+developer to understand it, and not accidentally click on the wrong thing to drain your account, and that is a LOT to ask of the average person.
We’re on Lemmy, which must put us in the first percentile of tech nerds, yet I don’t have the bandwidth to learn enough of that to feel secure with my savings in an Etherium wallet. How could the average person?
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don’t get any of the freedom and separation from centralization that crypto supposedly represents.
Plus all the potential for oligarch corruption, like current crypto has. Yeah, it’s like the worst of everything, by design.
I’ve just read Easy Money and then Number Go Up … it’s like built into the community that you should DYOR (do your own research) and getting scammed is like a college hazing ritual. “I guess I should have studied more” it’s weird how people feel as though consumer rights and protections are no longer applicable with this …
Were they robbed?
I bet they were.
Say what you will about cash, but some hacker isn’t taking paper bills from across the planet via some technical exploit way over my head. With Etherium, the only thing protecting your money from the entire internet is you, and your understanding of complicated intricacies… And when lost, no one is coming to help you.
They might get my credit card, yeah. But that’s either my own dumb fault, or a very rich bank’s problem.
…It’s great for scammers, though. Crypto’s like a wet dream for them. And I find it remarkable the crypto community sees that as a feature, not a bug, and somehow thinks the whole world must see it that way.
No but global events caused by digital manipulation can make that paper revert back to paper
But Etherium isn’t protected from that, either.
I like the idea of decentralized digital currency insulated from governments, I just feel the Etherium-style blockchain approach is just impractical, and not that, on so many levels.
The OP makes it seems like they lost money by making poor trades, which so far in the history of Ethereum you could do in a very short period, but not if you held onto it for any length of time.
You’re right, they could have lost it by scams or hacks. The power to instantly transact with anyone in the world is a feature, but also a risk.
If crypto takes off for actual day to day transactions I imagine there will be an intermediate layer of banks or other institutions that take on some of the risk but also take their cut.
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don’t get any of the freedom and separation from centralization that crypto supposedly represents.
Also, I was thinking of various wallet drainers, not just simple transactions or classic scams: https://www.kaspersky.com/blog/what-is-a-crypto-wallet-drainer/50490/
Etherium isn’t just a currency, but a contract system. You basically have to be a digital lawyer+developer to understand it, and not accidentally click on the wrong thing to drain your account, and that is a LOT to ask of the average person.
We’re on Lemmy, which must put us in the first percentile of tech nerds, yet I don’t have the bandwidth to learn enough of that to feel secure with my savings in an Etherium wallet. How could the average person?
Plus all the potential for oligarch corruption, like current crypto has. Yeah, it’s like the worst of everything, by design.
I’ve just read Easy Money and then Number Go Up … it’s like built into the community that you should DYOR (do your own research) and getting scammed is like a college hazing ritual. “I guess I should have studied more” it’s weird how people feel as though consumer rights and protections are no longer applicable with this …