[zimbatm]

That kind of argument can be applied to any value-based systems. s/crypto/ with /banks/, /religion/, /houses/.

The real question is how big the risk is relative to inflation, central banks collapses, bank runs and all other types of institutional risks.

[mellosouls]

That kind of argument can be applied to any value-based systems. s/crypto/ with /banks/, /religion/, /houses/.

No. False equivalence.

The other examples have a long history of applications that add value to people's lives (as well as disbenefits depending on your viewpoint and ideology).

Crypto-currency has never yet demonstrated any significant value to normal people, though plenty of the latter.

[codedokode]

I believe that is wrong. If you keep your money as cash or in a bank deposit then you lose several percents every year because Western governments maintain a certain inflation rate. But inflation is basically stealing from everyone who has cash or bank deposits. You had 100 dollars and next year they become equivalent to 98 dollars.

Cryptocurrency is different. No government is able to steal your Bitcoins by printing some more colored paper.

Yes today there are issues with volatility, but conceptually cryptocurrency is better than fiat money for the reason written above.

But if you like getting robbed every year then of course continue using fiat money.

[wingshayz]

Do you really think inflation is the government's way of stealing from the population?

[codedokode]

It's rate is not arbitrary, it is maintained at specific level, as they say, for better economy development. But it is unclear whether you will win from that or somebody else, what is certain that you lose money every year because of this. You had 100 dollars and year later they are only worth 98 dollars. What is it if not stealing?

[latchkey]

Those 100 are worth less, not because it was stolen, but because it was devalued / diluted through minting of more magic beans.

Not all loss is theft.

[codedokode]

So, by printing money the government takes money from citizens' pockets. Cryptocurrency is protected from this by design.

[edent]

As opposed to having 100% stolen by poor security - the subject of this discussion - or fraudulent exchanges, or heavily pump-and-dumped new coins, or... the list goes on.

[codedokode]

So maybe instead of outlawing exchanges we should have more legitimate exchanges? Also could you please describe a better way to protect your savings from printing money by governments?

[zimbatm]

What are you talking about. Bitcoins has been working as a digital value exchange system for 10 years, and has a market cap of 539B USD right now.

[leoedin]

Maybe you have a point with religion, but housing and banking are a necessary evil for everyone, regardless of their views on the market. I've contributed to the price of housing by virtue of existing and bidding it up in my city. That doesn't mean I'm buying a house to make money.