True, but Crypto has been awash with scams from its inception. Blockchain inherently rewards those who engage with it deceptively since access to tokens = ownership, there are no take backsies, 0 consumer protections, and it’s global.
The same things that make it like that make it good money. If i hand you a $100 bill i cant get it back without either asking you or force. With today’s payment methods i can just call the bank crying that i never did that transaction and fuck you over. Deceptive auto renewing memberships like gyms and other things dont work either because crypto like cash is a push payment instead of a pull payment. I cant just take your money whenever i damn well feel like it you have to actively give it to me.
Edit: it also truely makes it “your money”. A government goon can call up your bank any time and have your account frozen or drained because money in the bank is a conditional IOU subject to revocation at any time for any reason with no explaination to you required.
Your solution is to blame people who make mistakes, and reward companies who scam them. Real money is backed by governments and a justice system. The alternative is anarchy, and bitcoins show it really well.
Yeah, we are going to have to agree to disagree there. What you call real money backed by the government and justice systems has always failed eventually. Because people manipulate it for personal gain. I wish you good luck manipulating Bitcoin since it hasn’t happened in the 14 years it’s existed. Lots have tried, all have failed.
Exactly, companies and services have scammed users, but the core protocol is as good or better today than it was in 2010 and it has not been hacked. Trust me, many people would be extatic to see it happen. The fundamentals are rock solid.
My point is that its lack of regulation and decentralization makes it more vulnerable to the types of attacks that actually matter, namely market manipulation, fraud, and scams targeting specific accounts through social engineering. Those are already the biggest problems with FIAT, and crypto just intensifies them by removing existing protections.
If I took $100 cash from you under false pretense, it would be a crime and I would be prosecuted for it. I would also have to expose myself by interacting with you. If I trick you with a fake login page and steal all your shit from your crypto wallet, then according to the blockchain that’s just fine, and I can do it completely anonymously from the other side of the planet with 0 hope for anyone to do anything about it. I had access to the tokens, so I can do anything I want with them and no one can stop me, reverse it, or even find me. That’s the issue.
Every crypto bro I’ve talked to has said some version of “well don’t get scammed then”, which is such a fucking stupid and asinine answer. Every financial system has consumer protections except for crypto because they are 100% necessary for normal people to survive.
Yea, we wouldn’t want anyone doing anything illegal with crypto… 🙄
We also wouldnt want anyone doing anything illegal with dollars, euros, yen, etc. Crypto is money and all money will be used for illegal things
True, but Crypto has been awash with scams from its inception. Blockchain inherently rewards those who engage with it deceptively since access to tokens = ownership, there are no take backsies, 0 consumer protections, and it’s global.
Honestly if I get scammed I don’t have the time nor money to fight it, sounds like mostly protection for those at the top
If you get scammed using FIAT you can just call your bank and they can issue a chargeback through the card provider, especially if it’s credit.
The same things that make it like that make it good money. If i hand you a $100 bill i cant get it back without either asking you or force. With today’s payment methods i can just call the bank crying that i never did that transaction and fuck you over. Deceptive auto renewing memberships like gyms and other things dont work either because crypto like cash is a push payment instead of a pull payment. I cant just take your money whenever i damn well feel like it you have to actively give it to me.
Edit: it also truely makes it “your money”. A government goon can call up your bank any time and have your account frozen or drained because money in the bank is a conditional IOU subject to revocation at any time for any reason with no explaination to you required.
Your solution is to blame people who make mistakes, and reward companies who scam them. Real money is backed by governments and a justice system. The alternative is anarchy, and bitcoins show it really well.
Yeah, we are going to have to agree to disagree there. What you call real money backed by the government and justice systems has always failed eventually. Because people manipulate it for personal gain. I wish you good luck manipulating Bitcoin since it hasn’t happened in the 14 years it’s existed. Lots have tried, all have failed.
Never! Except with early pump-and-dumps, whale manipulation, spoofing, wash trading, Mt. Gox, or what’s happening with Tether.
But besides all that stuff creating massively disruptive volatility on a slow as shit network, what’s not to love?
Exactly, companies and services have scammed users, but the core protocol is as good or better today than it was in 2010 and it has not been hacked. Trust me, many people would be extatic to see it happen. The fundamentals are rock solid.
My point is that its lack of regulation and decentralization makes it more vulnerable to the types of attacks that actually matter, namely market manipulation, fraud, and scams targeting specific accounts through social engineering. Those are already the biggest problems with FIAT, and crypto just intensifies them by removing existing protections.
If I took $100 cash from you under false pretense, it would be a crime and I would be prosecuted for it. I would also have to expose myself by interacting with you. If I trick you with a fake login page and steal all your shit from your crypto wallet, then according to the blockchain that’s just fine, and I can do it completely anonymously from the other side of the planet with 0 hope for anyone to do anything about it. I had access to the tokens, so I can do anything I want with them and no one can stop me, reverse it, or even find me. That’s the issue.
Every crypto bro I’ve talked to has said some version of “well don’t get scammed then”, which is such a fucking stupid and asinine answer. Every financial system has consumer protections except for crypto because they are 100% necessary for normal people to survive.