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by smoldesu 1356 days ago
I think you've missed the point as well. Nobody owns anything with crypto. When you give your crypto to Coinbase, there is no $250,000 FDIC insurance that comes along with it. You don't even get to know what wallet it's in, and if Coinbase decides to go sideways, they can snatch up your money with no legal consequence. You're right that part of the problem is the US failing to regulate them, but there's nothing to regulate. A public ledger does not a currency make.

Your parents will never have a custodial wallet. The fact that traditional banking is easier than 'doing crypto right' should give you all the adoption metrics you need.
3 comments
matheusmoreira 1356 days ago
> Nobody owns anything with crypto. When you give your crypto to Coinbase

Don't do that if you want to actually own your coins.

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StanislavPetrov 1356 days ago
>I think you've missed the point as well. Nobody owns anything with crypto. When you give your crypto to Coinbase, there is no $250,000 FDIC insurance that comes along with it.

No, it is you who missed the point yet again. If you give your crypto to Coinbase it isn't your crypto anymore. You are entrusting Coinbase with your crypto. FDIC insurance may be helpful if your bank has financial difficulties, but any money you entrust to the bank can be seized just as easily as Coinbase can seize your money. Ask a truck driver who participated in the lockdown protests in Ottowa how secure their fiat money was in the bank after it was unilaterally seized by the government.

> The fact that traditional banking is easier than 'doing crypto right' should give you all the adoption metrics you need.

Does anyone go into crypto because it is "easier" than traditional banking?

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itake 1355 days ago
I think you're missing the point.

Even if you have a private wallet, you don't 'own' your own crypto.

When the Solana network was down [0], could the people that 'own' their own wallets trade their crypto? What about the people with their coins on an exchange?

[0] - https://status.solana.com/uptime

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tornato7 1355 days ago
By the way, these days there are wallets insured by Lloyd's which is a good of a guarantee as FDIC
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