I think GP means that if you have $100 in your bank it'll still be there tomorrow, not randomly erradicated by volatile swings in the market or stolen with no way to get it back.
That said this is only true if you have faith in your government.
That said this is only true if you have faith in your government.
Obviously cryptocurrencies are sharp tools, but they're stronger financial primitives than what we have. We just need to use them to rebuild the consumer-facing components.
It is a 3000 year old problem.
Trust. In short, is big business.
If given the choice between the whims of banks vs the whims of cryptocurrency speculators, and the potential for wire-fraud vs the potential for wholesale 'hackfraud', I think I'll take the whims of the banks please.
Regarding bank whims, if you're a properly banked person who's never had an issue, great. If you've never had trouble with the IRS or anyone else who can take your money by force- great. But that's not everyone.
https://en.wikipedia.org/wiki/Nixon_shock
to give just 1 example.
Having hard limits on what governments can do is obviously beneficial especially for less informed people.