[bendtheblock]

I don't follow the automatic assumption that giving the info to centralised entity like a bank is bad? What is that you are fearing? And why is that more likely than Crypto sinking or going to zero, you losing your wallet key or someone hacking your wallet? Code is law - so you're left with nothing.

[TrapLord_Rhodo]

My point is that the current financial system is not secure in any sense. Why would i have to give you my entire credit card information to make a payment. Why are you 'pulling' money from my account instead of me sending it to you. Why have we failed to implement a public/private key relationship with our financial data?

>giving the info to centralised entity like a bank is bad?

Well my first and prime example would be to talk to any greek citizen during 2008. The goverment took a percent of all the citizens money to pay their debts. Countless credit card scams have happened because i am trusting all of my data on the cybersecurity of (Upwork, linkedin, outlook, google, tinder, etc. etc.) as you go down the list of entities with your full name, address, & credit card information you start to realize that you have lost control of your financial self-sovernty.

I've played this game with my friends and it's a fun one; Give me your full name and i can buy your information on the darknet, including current/ past credit card info, Social Security number, past addresses, past-employers, tax information, etc.

[bendtheblock]

My question to you is: what's the problem? On the few times I've lost money to online fraud, the bank returned it to me.

Why does having a huge public web of transactions on the slowest ledger ever created help? What happens to your "sovereignty" when everyone can see your purchases patterns? What happens when grandma loses her wallet key?

re: Greece, worth hearing Yanis Varoufakis on crypto: https://www.youtube.com/watch?v=bS0W-Whl0T0

[TrapLord_Rhodo]

> re: Greece, worth hearing Yanis Varoufakis on crypto: https://www.youtube.com/watch?v=bS0W-Whl0T0

top comment: "How fantastic to let this man expose how incredibly dangerous governments are, without him even realizing [he's] doing it."

Also, the entire time he seems to conflate crypto with CBDC which are nothing alike.

>what's the problem? On the few times I've lost money to online fraud, the bank returned it to me.

How is that not a problem?! I really don't understand this sentiment. There is hundreds of millions of fraud occuring on these systems that employ thousands of people for flagging, eliminating, and reimbursing people due to it being a fundamentlly flawed system. Pull vs. Push here is an important distinction. Having a public private key, even within the current financial system (Not talking crypto here) would be an order of magnitude improvement and would eliminate all of this.

[bendtheblock]

I think you're right about online fraud being much reduced with public private key tech, but if it's such a good idea why has no one been able to do it?

[TrapLord_Rhodo]

the IMF has no incentive to change the way it's doing things & would require a 'rewrite' of the current infrastracture. Also, public/ private key encryption is not quantum-safe, so eventually we need another way. (There is ton of research being done on quantum-safe cryptographic proofs)

History shows systems rarely 'change'. More likely than not they are replaces. That's what BTC is an attempt at.