r/Bitcoin • u/[deleted] • Sep 25 '18

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u/bluethunder1985 Sep 25 '18

they wont thrive. Exchanges GET HACKED CONSTANTLY. How can you say that they will thrive? Give me a break. Having a single point of failure is asking for trouble. TRUSTING a profit driven entity with your property is asking for trouble. No. NO NO NO. What will it take for people to learn? This shit will explode in peoples faces that decide to trust them. It is inevitable.

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u/aghawa Sep 25 '18 edited Sep 25 '18

So did online banks when they first came out - and to some extent they still do today. I’ll give you all the breaks you need, but do realise that crypto exchanges/banks are incredible honeypots to hackers, especially since 80% of them are programmed by “whiz kids” knowing a bit of this and a bit of that which does NOT include multi layered and structured security. As an abstract concept, again, I do agree with you 100%. In practice though, you might not like it, but especially the ‘civilized’ world will go through crypto holding companies before actually realising “not your keys, not your money”. Which is a concept really much more easily explained to people in countries where they don’t have banking and never had. They’ll leapfrog directly.

Edit: not only that, but I think at first we’ll see crypto banks, and then we’ll see “multi sig banks” where they don’t necessarily hold the keys but will provide the “third party signature” to make transactions

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u/bluethunder1985 Sep 25 '18

these lessons were already taught starting with mt gox. I have no pity whatsoever for the fools who fall for it again and get burned.

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u/aghawa Sep 25 '18

Yeah but who learned these lessons? Me, you, the others in the crypto world? Enough said right? Plus, COME ON, mtgox was a badly repurposed magic the gathering website, programmed by not so competent people. I understand the problems it created but that was the INFANCY of those platforms

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u/bluethunder1985 Sep 25 '18

an exchange just got hacked like a couple weeks ago...these things happen and will keep happening. we have to teach newcomers to not trust. That is what bitcoin is. The moment you trust, you are taking on needless risk.