In 2008, when Lehman Brothers Holdings Inc. filed for bankruptcy, it shook people's faith in banks so much that a new class of assets appeared with...
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You imply that a Blockchain and cryptocurrency are more secure than data held by a bank. But evidence suggests that hacks of crypto systems are frequent and NFT markets full of fraud.
I can accept that in principle security is better but practice currently suggests a lot of poor coding practice and lack of user protections.
If so, banks are less secure because?
At least banks have a lot of regulation, and for example here in the Netherlands, if a bank fails your money is still to a degree guaranteed by the government.
And yes they can be hacked, but we can easily discount that by the same reason right? It's not the bank system as a whole, it's just a single bank that made a mistake?
Hello. I totally agree with your point about your money being guaranteed to a degree. It would be tragic if a bank did not resolve something like that, and this rarely happens from my perspective. Traditional banks are not necessarily absolutely less secure and I totally understand your point. Security is not crypto's best talking point in my opinion. As Fran says, you must accept the possibility of poor smart contract code before slamming the protocol that the developer has written the code on. Even the smart contracts that inherit the secure ERC-20 token standards, may have some custom functionality which handles the tokens that is insecure. Sending and receiving the native Ether token on the protocol layer is working securely.
The ability for people from developing countries to have the same access is a huge positive that fiat currency cannot offer.
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Yes, I agree. This point you have made here reveals another benefit of crypto - the user has control over there assets, provided that the network is stable. As you say, it is the users fault for any mistakes. Nicely put. This would most likely teach users to be more meticulous and careful with their wallet. Fun discussion !
Blockchain transactions in Bitcoin are not encrypted. They are public, it is pseudonymous not anonymous.
Unlike in other cryptocurrencies like Pascalcoin where you have the option to encrypt a data payload or mandatory.
Thank you for correcting my mistake. I have made the necessary changes.
:)
If your threat model is 'cops will soon be involved in my finances because I deal in contraband' BTC might be "a [more] secure alternative".
But that's about it. You really, really need the absurd friction costs of doing criminal business to make the gas fees, lacking regulation and unaccountable or fraudulent institutions worth the effort to endure.
Gas fees do seem to vary a lot by platform. Which also seems an area in need of greater clarity and transparency.
@franjurinec I think you missed my main point, which was not about the principle (where I mostly agree with you) but about the practice, or implementation. So for example software linked to Solana just got hacked and coins to the tune of $320 million stolen. The Solana dev team are now responsible for retrieval of those coins - and have asked for them back... Which isn't much in the way of user protection.
That clears up a lot of confusion. Thank you!
This is such an good post, I have added it as a guide to crypto on the MetaPunk Forem
Really enjoyed reading it
Thank you for sharing ❤️
No probs -feel free to cross post with the original Canonical URL of course! Would love to have this on MetaPunk
Very well explained!!! Good Work
Thank you!
Thank you!
I greatly appreciate your honesty and how this worked out for you. I’m trying to learn this and integrate this strategy into my portfolio, just wanna do it right. This helps a lot.
Glad you liked it!
Very well explained!! Great work vro
Thank you bro❤️
Thank you for this write up. The depth of detail here feels perfect!
Glad you liked it! ❤️
Great explanation this is a topic that comes up a lot.
Thank you! Glad you liked it❤️
Nice article ...Very well explained !!
Thank you❤️
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Glad you liked it ❤️
Well explained👍🏻
I strongly believe that news impact analysis plays a vital role in helping us understand the implications of breaking news on our society. Its neutral, short, and thematic nature on cryptovision.ai/ helps us navigate complex issues concisely, enabling us to make informed decisions based on accurate information.
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