[lottin]

> The base rule in crypto has always been “not your keys, not your coins”

This is because blockchains have no way of enforcing laws, including property rights. Therefore it comes down to this. Imagine that whoever got hold of your car keys, automatically became the owner. This is what "not your keys, not your coins" means.

[joncrocks]

It's a bit more like 'possession is 9/10 of the law'.

The "not your keys, not your coins" is more the fact that someone else holding your stuff happen to them and your stuff goes away. Or they never had it to start with. i.e. Counterparty risk.

`Cash` doesn't inherently have any mechanism for enforcing rights either. The difference is that real-world identities are easier to establish in situations where cash transactions go awry.

[lottin]

Indeed, physical cash has similar limitations. Everybody understands that it's inherently unsafe. Yet crypto-currency advocates are advising people to keep a large part of their savings as an asset that's even less safe than physical currency, which is absolutely crazy.

[FireBeyond]

> It's a bit more like 'possession is 9/10 of the law'.

Common mistake. The original saying was "Possession is nine points of the law". Over time it's been bastardized to "nine-tenths".

[TimeBearingDown]

“Enforcing laws” with regard to what? Censoring transactions? Freezing accounts?

If people want a system where this as well as excessive inflation are close to impossible, they now have an option, with the clear caveat of that ownership.

It’s not like there aren’t other options to choose - custodial services and multi-signature wallets. Banks are custodial services too, and that’s fine.

[troupo]

> “Enforcing laws” with regard to what? Censoring transactions? Freezing accounts?

Fraud. Transaction rollbacks. Consumer protection laws.

[TimeBearingDown]

Those should be applied at a higher layer than the base one, and the vast majority of people should be using custodial services if they have access.

A much smaller fraction should be using open source and audited hardware wallets as well as offline paper wallets.

People will have the option to shoot their foot off with real, direct control, yes. That option or ‘genie’ doesn’t go back in the bottle, not permanently.

[lottin]

If you want lawlessness go ahead, but don't come crying when someone steals your riches or punches you in the face.

[TimeBearingDown]

Yes. The option now exists to have private digital means of exchange, free from direct government devaluation. There are absolutely drawbacks; it is not for everyone.