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This is an exchange problem, not a crypto problem. You don’t need an exchange to hold crypto.

lovich 1y ago
Yes, I think I’m familiar with the crypto enthusiasts defenses that all boil down to looking at a single aspect of their system in a vacuum and not realizing that if anyone wants to functionally use crypto as a currency and not as a speculative asset or tool in crime, then all these aspects actually have to work and work together
- voidspark 1y ago
  I don't really care about crypto personally (volatile shitcoins) but I think that's a straw man argument. They all know it gets troublesome when it comes to dealing with fiat transactions. The hardcore crypto enthusiasts want to avoid fiat entirely.
  - sumeno 1y ago
    If only hardcore crypto enthusiasts who didn't want any fiat had cryptocurrency bitcoin would be worth a couple dollars a piece and 99% of other cryptocurrencies wouldn't exist. The vast vast majority of people who have crypto are doing it because they think they can get rich from it and that's why anytime it's talked about it's talked about in terms of fiat values
    - deleted 1y ago
      [deleted]
brazzy 1y ago
You need an exchange to do some core things that people want to use cryptocurrencies for. It may not be a crypto-as-a-theoretically/ideologically-pure-construct problem, but it absolutely is a crypto-as-a-real-world-asset problem.
TheAmazingRace 1y ago
But they need exchanges to get real money to flow in and out of cryptocurrency easily. Without it, cryptocurrency by itself would likely be worth far less than it is today.
- voidspark 1y ago
  Yes that's true, but no need to hold your crypto there as a permanent storage. Once your fiat is exchanged to crypto, immediately transfer the crypto to your private wallet.
  - wmf 1y ago
    This just trades the unsolved exchange hacking problem for the unsolved lost/stolen keys problem.
    - int_19h 1y ago
      That problem is trivially solved by backups.
      - wmf 1y ago
        Backups don't solve seed phrase phishing for example.
        deleted 1y ago
        [deleted]
        johnisgood 1y ago
        As opposed to the bank's ...? Or your other account's ..., what exactly, passwords? Phising is everywhere. How many times have you heard the elderly have their money stolen, both online and in real life? It happened to my grandma. The mailman is bringing her own pension as cash, and guess what, he has scammed my grandma for years! The food delivery guy who has been delivering lunch for my grandma, guess what he did? He scammed my grandma out of her money! We are talking about cash, right now, and no phising involved, just good old "lying".

Yes, I think I’m familiar with the crypto enthusiasts defenses that all boil down to looking at a single aspect of their system in a vacuum and not realizing that if anyone wants to functionally use crypto as a currency and not as a speculative asset or tool in crime, then all these aspects actually have to work and work together

voidspark 1y ago
I don't really care about crypto personally (volatile shitcoins) but I think that's a straw man argument. They all know it gets troublesome when it comes to dealing with fiat transactions. The hardcore crypto enthusiasts want to avoid fiat entirely.
- sumeno 1y ago
  If only hardcore crypto enthusiasts who didn't want any fiat had cryptocurrency bitcoin would be worth a couple dollars a piece and 99% of other cryptocurrencies wouldn't exist. The vast vast majority of people who have crypto are doing it because they think they can get rich from it and that's why anytime it's talked about it's talked about in terms of fiat values
  - deleted 1y ago
    [deleted]

brazzy 1y ago

You need an exchange to do some core things that people want to use cryptocurrencies for. It may not be a crypto-as-a-theoretically/ideologically-pure-construct problem, but it absolutely is a crypto-as-a-real-world-asset problem.

TheAmazingRace 1y ago

But they need exchanges to get real money to flow in and out of cryptocurrency easily. Without it, cryptocurrency by itself would likely be worth far less than it is today.

voidspark 1y ago
Yes that's true, but no need to hold your crypto there as a permanent storage. Once your fiat is exchanged to crypto, immediately transfer the crypto to your private wallet.
- wmf 1y ago
  This just trades the unsolved exchange hacking problem for the unsolved lost/stolen keys problem.
  - int_19h 1y ago
    That problem is trivially solved by backups.
    - wmf 1y ago
      Backups don't solve seed phrase phishing for example.
      - deleted 1y ago
        [deleted]
      - johnisgood 1y ago
        As opposed to the bank's ...? Or your other account's ..., what exactly, passwords? Phising is everywhere. How many times have you heard the elderly have their money stolen, both online and in real life? It happened to my grandma. The mailman is bringing her own pension as cash, and guess what, he has scammed my grandma for years! The food delivery guy who has been delivering lunch for my grandma, guess what he did? He scammed my grandma out of her money! We are talking about cash, right now, and no phising involved, just good old "lying".