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Joined 2 years ago
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Cake day: September 6th, 2024

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  • Most people don’t. Having bitcoin doesn’t mean you have to be your own bank. Just that you have that option if and when the need arises. It’s not one extreme (be your own bank) or the other (reject bitcoin entirely).

    Then there’s no god damn point. Bitcoin at a Bitcoin bank is just a regular bank with an incredibly, comically inefficient transaction tracking system.

    Well, what do you do if someone breaks into your house and threatens to shoot you if you don’t hand over your cash, credit cards, and valuable possessions?

    Cash and possessions are one thing, but that’s not how most people keep their real financial assets. A thief can steal my credit card all they want. They’re not getting much use out of it.


  • There is literally no better option in terms of holding and protecting your own wealth.

    Crypto is the glass cannon of financial security. Yes, you optimize for a single variable…at the cost of everything else.

    Crypto is good at resisting computer-based hacking and money printing, but it’s far worse than the conventional banking systems at social hacking, physical coercion, or accidental loss.

    Basically, nerds love to latch onto crypto because they view it from its interesting technical properties. But they ignore the real risks to money. Banks aren’t being hacked left and right to have their funds drained. But social engineering drains accounts every day. The crypto nerds are more comfortable with computers than with people, so they focus on the computer-centered threats than the human ones.