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by CameronNemo 1463 days ago
A real cryptocurrency wallet also would have worked.
3 comments

How would it have worked without the ability to communicate with the blockchain. I could double and triple spend to my heart's content.
I think commenter is suggesting a non custodial wallet with internet access would work fine, which is true. The problem seemed to be cell signal, not internet, as they were able to use the coinbase app or website.
Not disagreeing with any of you but a blockchain payment terminal that’s itself connected to the internet could technically receive your signed transaction from your (offline) phone and then submit it to the network on your behalf. The balance on your phone wouldn’t update until it itself gets back onto the network and resyncs its state with the blockchain.
Credit card payments have the same problem.
I wonder what percentage of the crypto population has wallets compared to having all their crypto on an exchange. I don’t know anyone with a wallet.
having all of your currency on an exchange, regardless of the currency, has never been a good idea.

(signed a MtGox victim.)

The problem with that is, these networks are rather convoluted and are basically unusable for most people without relying on exchanges or other similar services.
It's no different than doing it over an exchange... The same fields are available on an application wallets and on an exchange. There's nothing convoluted there.
> if the people in the vanguard of this movement can't figure this out

the people “in the vanguard of [the cryptocurrency] movement” absolutely use non-custodial wallets (SW or HW). the part of this story where “the vanguard” is using custodial wallets is the least believable.

the average speculator, sure — they’ll go with whatever’s easiest for them, which is probably to keep their crypto on the exchange. “vanguard” users? lmao.

90% of people won't use their own wallets.
Then 90% of people don't get crypto or don't care. Which seems to be true. They just keep it in their coinbase or robinhood account and wait for the price to go (back) up until they sell.
I think 90% is a massive underestimate.

EDITED to correct autocorrect.