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never 'invest' money into crypto that you aren't willing to lose to be honest

junon 4y ago
This advice is meant to guard against poor - but legitimate - decisions. Getting hacked due to a software defect doesn't apply here. This is like "don't put any money in the bank you're not willing to lose!" since banks can get hacked. I don't like crypto much either, but it's a weird take to say this is somehow the victims' faults.
- ChymeraXYZ 4y ago
  But that's the thing... if the bank gets hacked, there are laws, regulations, and protections in place to: a) try to prevent that happening in the first place b) at least give you a strong chance of reclaiming your money While with crypto, as I understand it, you are SOL.
- lukevp 4y ago
  Banks can get hacked, but are insured and have ways to prosecute fraud and reverse the transactions. Crypto can be stolen anonymously and irreversibly from you.
- addicted 4y ago
  Code is law. The entire crypto ecosystem is built on the idea that it stands outside the regulatory system because they’ve discovered this magic elixir which means you don’t need government laws and enforcement anymore. You don’t get to then complain that people are suffering because you don’t apply government laws and enforcement anymore.
  - ETH_start 4y ago
    Cryptocurrency replicates cash. A cash-based economy still needs government and the laws it enforces. The government's powers are just more limited due to cash, and its electronic corollary, not being easily surveilled, or controlled through intermediaries that can act as bottlenecks. Cryptocurrency holds the potential to restore the traditional balance of power between private citizen and state that existed when most financial transactions used physical bearer instruments like gold or cash bills. Ever since large financial intermediaries took over as the dominant force in the payment system, power has become extremely concentrated in the hands of a few corporations and governments.
    - JustLurking2022 4y ago
      Cash doesn't require an internet connection to use or leave a uniquely traceable signature for every transaction. Crypto is nothing like cash so stop spreading this nonsense. Also, to the other commenter's point - don't complain about losing uninsured imaginary monopoly money when the entire sales pitch for crypto is "you don't need the traditional financial system with all it's corrupt government regulation and interference". Turns out, for most people who aren't doing something illegal, those protections are a good thing.
      - ETH_start 4y ago
        Of course there are differences between cash and cryptocurrency, but the latter's design aspires to make it similar to the former, especially with respect to making peer-to-peer transfers possible. Privacy-enhancements like mixer smart contracts using cryptographic zero-knowledge proofs further mimic cash, in jettisoning the naive blockchain transaction of its traceability. >>don't complain about losing uninsured imaginary monopoly money when the entire sales pitch for crypto is "you don't need the traditional financial system with all it's corrupt government regulation and interference". Firstly, it's not imaginary monopoly money when people assign a value to it, and it exists as real information in a persistent database. I think if you take some to think about it without your preconceived ideological presuppositions, you would see that. Secondly, the sales pitch of cryptocurrency is not that we need zero government or that we don't require laws against theft to be enforced. Surveillance and limits on contract freedom are not "protections" and people have a right to want to live without these encroachments without being told they're anarchists who deserve to be robbed.
        Yizahi 4y ago
        Sure, we would love to have less surveillance. That's why tokenbros promote a system which allows even more control, even more surveillance and is basically 100% transparent for every single human forever. And then tokenbros wonder why people on HN and on programming subs hate tokens. ThEy DoN't UnDeRsTaNd It (c).

This advice is meant to guard against poor - but legitimate - decisions. Getting hacked due to a software defect doesn't apply here. This is like "don't put any money in the bank you're not willing to lose!" since banks can get hacked. I don't like crypto much either, but it's a weird take to say this is somehow the victims' faults.

ChymeraXYZ 4y ago
But that's the thing... if the bank gets hacked, there are laws, regulations, and protections in place to: a) try to prevent that happening in the first place b) at least give you a strong chance of reclaiming your money While with crypto, as I understand it, you are SOL.
lukevp 4y ago
Banks can get hacked, but are insured and have ways to prosecute fraud and reverse the transactions. Crypto can be stolen anonymously and irreversibly from you.
addicted 4y ago
Code is law. The entire crypto ecosystem is built on the idea that it stands outside the regulatory system because they’ve discovered this magic elixir which means you don’t need government laws and enforcement anymore. You don’t get to then complain that people are suffering because you don’t apply government laws and enforcement anymore.
- ETH_start 4y ago
  Cryptocurrency replicates cash. A cash-based economy still needs government and the laws it enforces. The government's powers are just more limited due to cash, and its electronic corollary, not being easily surveilled, or controlled through intermediaries that can act as bottlenecks. Cryptocurrency holds the potential to restore the traditional balance of power between private citizen and state that existed when most financial transactions used physical bearer instruments like gold or cash bills. Ever since large financial intermediaries took over as the dominant force in the payment system, power has become extremely concentrated in the hands of a few corporations and governments.
  - JustLurking2022 4y ago
    Cash doesn't require an internet connection to use or leave a uniquely traceable signature for every transaction. Crypto is nothing like cash so stop spreading this nonsense. Also, to the other commenter's point - don't complain about losing uninsured imaginary monopoly money when the entire sales pitch for crypto is "you don't need the traditional financial system with all it's corrupt government regulation and interference". Turns out, for most people who aren't doing something illegal, those protections are a good thing.
    - ETH_start 4y ago
      Of course there are differences between cash and cryptocurrency, but the latter's design aspires to make it similar to the former, especially with respect to making peer-to-peer transfers possible. Privacy-enhancements like mixer smart contracts using cryptographic zero-knowledge proofs further mimic cash, in jettisoning the naive blockchain transaction of its traceability. >>don't complain about losing uninsured imaginary monopoly money when the entire sales pitch for crypto is "you don't need the traditional financial system with all it's corrupt government regulation and interference". Firstly, it's not imaginary monopoly money when people assign a value to it, and it exists as real information in a persistent database. I think if you take some to think about it without your preconceived ideological presuppositions, you would see that. Secondly, the sales pitch of cryptocurrency is not that we need zero government or that we don't require laws against theft to be enforced. Surveillance and limits on contract freedom are not "protections" and people have a right to want to live without these encroachments without being told they're anarchists who deserve to be robbed.
      - Yizahi 4y ago
        Sure, we would love to have less surveillance. That's why tokenbros promote a system which allows even more control, even more surveillance and is basically 100% transparent for every single human forever. And then tokenbros wonder why people on HN and on programming subs hate tokens. ThEy DoN't UnDeRsTaNd It (c).