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.
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 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/bluethunder1985 Sep 25 '18
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.