Way back when Bitcoin was first being talked about on Slashdot, I mined for a while. On my processor. For like a month. I got about 1/20 of a Bitcoin out of it.

And then I lost interest for a long time. And then it became clear blockchain is an infinite self-similar fractal of scams and ponsis.

I haven't done anything with my 1/20 of a Bitcoin. I don't have any expectation it will go up or down. If the bubble takes back off and inflates so much 1/20 of a Bitcoin becomes life-changing money, I might try to sell it. Maybe if a bunch of crypto-owning crypto-skeptics organize a mass sell event to drive it to zero, I'll take part. Otherwise, it'll stay where it is for the forseeable future.

Ironic that someone like me who believes wholeheartedly that blockchain is snake oil is such a model hodler.

[–] IrrelevantBoB@feddit.de 2 points 2 years ago

Bitcoin, not CrYPtO.... fucking noobs

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[–] atx_aquarian@lemmy.world 3 points 2 years ago* (last edited 2 years ago) (1 children)

Not arguing about the merits of blockchain, but if your money is in a bank, it is on a computer that depends on cryptography (TLS) for controlling access.

edit: Well, ok, at least then it's not just crypto standing between your assets and someone else. Then there's going to be at least another layer, like multifactor authentication, VPN/MPLS, etc., depending on the point being attacked.

[–] krellor@kbin.social 4 points 2 years ago* (last edited 2 years ago) (3 children)

I think generally the big issue that people have with crypto is that there are so many irreversible mistakes you can make, not that the underlying security is worse/better than a bank. There are lots of ways to securely manage crypto, but most people don't have the tools, expertise, and discipline to do so. Even simple things like being diligent about randomly generating strong passwords, hardening your accounts and devices against account theft and social engineering, etc.

At the end of the day if you lose your bank password, account details, etc, you can go to a branch with your id and get access. If you are scammed and money is transferred from your account, the bank will generally make you whole or be able to reverse the transaction. None of those safeguards exist in crypto, and many would say that is a feature, not a bug. Which is fine, I get it, I was a crypto early adopter because I liked the math side of it. But it's not what most people need or can integrate into their life.

I will also say that I laughed long and hard about reports of NFT smart contracts being used to execute malicious code sent as an NFT, which is a massive security issue, but I don't think it's fair to lump the whole crypto ecosystem into the NFT cesspool.

[–] confusedbytheBasics@lemmy.world 3 points 2 years ago

I kinda love cryptocurrency but you nailed the problem. For me all of the features sound like power. To others they sound like risk.

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