It’s accepted almost no where. And the list of issues go on. Crypto is easily stolen, very difficult to secure. Difficult to use for most people. Proof of work crypto is still in the majority and wastes absurd amounts of energy, etc. But the biggest issue is that it doesn’t solve any problems that were not solved long ago unless you are conducting criminal activity (which I do have to acknowledge as it’s one stand out use case).
The notion that “crypto is easily stolen” is completely false. It’s definitely harder to steal than, say, cash in a wallet. That it is “accepted almost nowhere” is also false. Look hard enough, and you can find someone who will sell you almost anything for crypto.
It depends greatly on how it’s stored. Most people just keep it in an exchange, which are robbed fairly often. Which wouldn’t be a problem with real cash as there are laws in place to protect you. With crypto you have no recourse.
Let me be more explicit: You say that like the people running banks aren’t the exact sort of people who think that laws are merely suggestions and that fines are the cost of doing business. Finance bros are exactly the same as crypto bros, except instead of shitcoins they talk about Byzantine financial instruments that only have a 90% chance of collapsing the country’s economy but has a 10% chance of making them $10000000000.
All I’m saying that is if someone hacks the banks computer and takes the money you will get it back. Same if someone steals your credit card and makes a bunch of fraudulent transactions or the bank goes out of business. If someone does any of those things with crypto (which happens distressingly often), your money is gone.
Your idea of “distressingly often”, which you bring up a lot, I believe to be severely flawed. With respect to individuals who control their own wallets, it is in reality exceedingly rare for hackers to be able to breach a wallet’s security measures and steal coins. Most wallets implement encryption of some sort, either through the device’s keystore or using a password. Most crypto thefts take the form of people being tricked into giving away their key phrase or sending their crypto to a scammer. This is really the same type of scam as someone taking your debit card and then tricking you into giving them your PIN. According to most bank policies, you are liable for unauthorised chip-and-PIN debit transactions. “Zero liability” only applies to credit transactions proceed through the Visa or Mastercard networks. If you give someone your PIN for any reason, you are deemed to have authorised all transactions that they make with that PIN.
But you do raise a good point that the crypto industry is very under-regulated and there needs to be some form of deposit insurance for crypto exchanges. More regulation is definitely not a bad thing (despite what crypto bros will say), especially in the post-FTX era.
It’s accepted almost no where. And the list of issues go on. Crypto is easily stolen, very difficult to secure. Difficult to use for most people. Proof of work crypto is still in the majority and wastes absurd amounts of energy, etc. But the biggest issue is that it doesn’t solve any problems that were not solved long ago unless you are conducting criminal activity (which I do have to acknowledge as it’s one stand out use case).
The notion that “crypto is easily stolen” is completely false. It’s definitely harder to steal than, say, cash in a wallet. That it is “accepted almost nowhere” is also false. Look hard enough, and you can find someone who will sell you almost anything for crypto.
It depends greatly on how it’s stored. Most people just keep it in an exchange, which are robbed fairly often. Which wouldn’t be a problem with real cash as there are laws in place to protect you. With crypto you have no recourse.
Yes, as everyone knows, if you are mugged in the street, you can just say “no”. The robber legally cannot take your money without your consent.
Have you heard of a bank? That’s where non criminals tend to keep their money.
Let me be more explicit: You say that like the people running banks aren’t the exact sort of people who think that laws are merely suggestions and that fines are the cost of doing business. Finance bros are exactly the same as crypto bros, except instead of shitcoins they talk about Byzantine financial instruments that only have a 90% chance of collapsing the country’s economy but has a 10% chance of making them $10000000000.
All I’m saying that is if someone hacks the banks computer and takes the money you will get it back. Same if someone steals your credit card and makes a bunch of fraudulent transactions or the bank goes out of business. If someone does any of those things with crypto (which happens distressingly often), your money is gone.
Your idea of “distressingly often”, which you bring up a lot, I believe to be severely flawed. With respect to individuals who control their own wallets, it is in reality exceedingly rare for hackers to be able to breach a wallet’s security measures and steal coins. Most wallets implement encryption of some sort, either through the device’s keystore or using a password. Most crypto thefts take the form of people being tricked into giving away their key phrase or sending their crypto to a scammer. This is really the same type of scam as someone taking your debit card and then tricking you into giving them your PIN. According to most bank policies, you are liable for unauthorised chip-and-PIN debit transactions. “Zero liability” only applies to credit transactions proceed through the Visa or Mastercard networks. If you give someone your PIN for any reason, you are deemed to have authorised all transactions that they make with that PIN.
But you do raise a good point that the crypto industry is very under-regulated and there needs to be some form of deposit insurance for crypto exchanges. More regulation is definitely not a bad thing (despite what crypto bros will say), especially in the post-FTX era.