[mudrockbestgirl]

I don't understand where the bank analogies always come from. Crypto is not a bank. Holding crypto is like holding cash. If you put it under your bed and it's stolen, do you go to the government and complain about reverting the transaction?

If you want a third-party (bank) to secure your cash so you can do that with crypto, but then you're also exposed to the counterparty risk that comes with it. But that has nothing to do with crypto or fiat or whatever. If you don't trust yourself with managing the keys, put it on Coinbase or Kranken, centralized banks. If you want full control, put in your safe, i.e. manage your own key.

There are also decentralized alternatives that offer something in the middle, e.g. smart contract or social recovery wallets.

[D13Fd]

> If you put it under your bed and it's stolen, do you go to the government and complain about reverting the transaction?

Literally yes. You go to law enforcement and, if they can figure out who stole it, the law allows for the return of your property.

[analognoise]

Banks have federally backed deposit insurance. If crypto was cash, it would be the worst form of it - at least if I bury dollar bills in a drum in a nearby forest, people have to do legwork to guess the location of the drum - they can't just guess numbers on a computer and when they guess right, everyone throws their hands up and goes "too bad".

If crypto was cash, it would be the worst form of cash imaginable.

I posit that crypto isn't cash, or if it is, it's the worst form of it.

[janalsncm]

Crypto puts every cyber criminal in the world at zero distance from your money. They can spend all the time they need trying to crack into your vault, arousing zero suspicion. The fact that cryptographic protocols are unbreakable (today) is only relevant if we knew there were no other the weaker links.

[angelbar]

In this analogy (There in no such thing as a perfect analogy), the multiple hole digging is the password guess.. so like crypto