[stouset]

> If you are the only person in the world with the private key to your coins, you are the only person who can move them. Period.

Right up to the moment you lose your laptop in a fire, forget the password to your wallet, accidentally run malware on your personal computer, etc. Or if you die and haven't gone through the complication of setting up a way for your heirs to gain control of your accounts.

Yes, you can take steps to mitigate these risks. Those steps are absolutely insane from the POV of everyday human beings.

[siftrics]

Totally valid criticism.

But blaming blockchain for the failures of centralized finance, which we've seen time and time again throughout all of history, is literally intentional deception.

If a politician or lawmaker or business person blames blockchain for this, it is FRAUD. Full stop.

[LeafGuild]

Well I'm not a politician or lawmaker and I have no problem blaming blockchain for this. I'm technically a "business person" because I have a job, but technically all crypto people who intend to use it to make money are also business people. The way bitcoin and all its friends are designed is intentionally done so in a way that allows centralized entities to run amok and cause havoc without any accountability until the entire thing collapses. It's blockchains that are the fraud. The designers of blockchains, including Satoshi, were aware of these problems and the risks of the system becoming unstable or getting targeted by scammers. They went forward with their designs anyway knowing the risks. Because they thought they were better than the central banks and they wanted to say they were sticking it to the man. How were they better though, when their inventions gave way to one giant fraud after another in a shockingly small amount of time? These Enron-level and WorldCom-level events are a weekly occurrence in crypto.

[Fnoord]

All these blockchain cryptocurrencies end up being traded on unregulated exchanges. These don't have same protection and requirements as banks. They are a wild west. And why do people use these exchanges so much versus blockchain? Because blockchain is highly inconvenient. I mean for starters how on earth is it user-friendly to require the entire thing on a device, requiring synchronization as well. It also requires a high quality always-on connection.

[pshc]

Pretty easy to download a wallet that’s stored in the Secure Enclave of your iPhone with an encrypted backup to your Apple ID account and all those problems go away.

[TedDoesntTalk]

Even this one? “ you die and haven't gone through the complication of setting up a way for your heirs to gain control of your accounts.”

[pshc]

I think this one is actually possible, they have policy for letting loved ones into accounts.

Better to be sure and write the account password in the will.

[TedDoesntTalk]

> they have policy for letting loved ones into accounts

Who has this policy? The blockchain??

[pshc]

Apple

[stouset]

Well now, sounds like you’ve just given centralized control to a third party. Guess your keys aren’t your keys after all.