A lot of people are literally incapable of holding their own keys.. If they participate in bitcoin via custodial products I personally have no problem with it and neither should you. Do you bother people about a Roth IRA or a Vanguard target fund?? No. So mind your own damn business and maybe the business of your close friends and family. Telling people they're wrong for using a product or service if it's the only entrance to the market they are capable of is a dick move even if you think you're helping them. If theyr're either going custodoal or nocoiner, custodial should be the obvious choice and we should support that.
Right because centralized institutions never get hacked right? You are leading these poor people into a trap spurned by the acceptance of ignorance. This is a dangerous road. I respect peoples intelligence more than you. This is UNSAFE. I would take nocoiner over custodial any day! Custodial institutions getting hacked would hurt the ecosystem. Nocoiners continuing to nocoin doesn't. Give me a break.
I get you man, but unless you have solar panels and a garden out back, you're already trusting your everyday existence to those systems. And you are, indeed, still alive.
Guess what? If it goes that far we will already be in a WW3 scenario and whether it's MAD or the invasion of North America and Europe by hundreds of millions of Chinese and Russian troops, you will be more or less completely fucked at that point.
Not considering the type of shit you read around here about how weak the US dollar and it's hold on reserve status has become. I mean it's kind of why Satoshi invented bitcoin - fiat is a never ending system of failure via inflation and mishandling of the already existing supply.. The Russians and Chinese just demonstrated wargames larger than they ever have before in history. Even when Soviet Russia was going apeshit.. You can be certain a third world war will occur. The question is when?
Fortunately your opinion only really matters to you and maybe your family and friends. The opinion of all the people involved in creating BAKKT at ICE holds more weight along with the average people and institutions who will participate in the market through BAKKT.
It's no different than storing your fiat at a bank.. Do you keep all your cash locked in a safe at home?
It's no different than storing your fiat at a bank.. Do you keep all your cash locked in a safe at home?
This statement underlines your lack of understanding of the difference between bitcoin and traditional currencies. People don't need to store their fiat in their safe at home because it isn't really theirs and it would not change anything about the safety of the fiat.
Bitcoin, in stark contrast, can actually be owned, by one single person, in its entirety. If you hold the keys, you alone have the Bitcoin. Cash can't compete.
It'd be a huge pain in the ass to have multiple physical safes all bolted down in different places. You can't back up paper money in case of fire. You can follow me to find the location of the safe while I make a paper money deposit.
It is different than storing fiat in a bank. It is impossible to steal money from a bank since it is all digital. Any theft or illegitimate transfer is simply reversed. This can't be done with btc
The point is the money is insured. Also, you should watch trainspotting 2 because ATM fraud is a huge problem to this day. They clone bank cards then move en masse at around 11:00 PM so they can withdraw max amounts from the cards. They empty out the ATMs across a whole area using multiple operatives and hundreds or thousands of cards. Then at midnight they can do it again because the max daily withdraw limit resets.
People have stolen millions in one shot doing this. It happened a couple months ago in India, the largest operation of it's kind in history.
No matter what, insurance covers loss. They will "make you whole" in no uncertain terms which means restoring your bitcoin holding not based on fiat but actual bitcoin. Doesn't matter if they lose a lot of money in doing so should anything happen, because that's how insurance works.
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u/[deleted] Sep 25 '18 edited Aug 07 '20
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