Comment by telaport | Hacker News Reader

Comment by telaport | Hacker News Reader

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It's becoming clear that people who say what you just said sound more like the loons parroting Sovereign Citizen manifestos than rational individuals who actually understand international monetary policies. Instead of screaming about flags with yellow fringes, and "Am I being detained?", you will be screaming about how POW works and "Is BTC illegal?!".

Whether you want to believe it or not, enough people are not having their money "stolen", "without their knowledge" in the real world that anything you said after that would make sense to them. In fact, you gloss over how the one thing everyone fears in crypto is - having their money taken away without their knowledge!

I mean hot storage, cold storage, private keys, public keys... your online trading company being hacked... Do you honestly think that anything in crypto is safer or 10X better or easier than a regular bank that everyone in America or the modern western world, has access to?

His point is the fundamental principles of fractional reserve are flawed, and the system will alwayssuffer from the looming threat of a bank run.

It's rather disingenuous to say that people having money stolen from them isn't a problem when you have a system that cyclically chucks out an Enron or Sub-Prime mortgage crisis every ten years or so that typically ends up getting resolved on the taxpayer's dime.

The definition of insanity is doing the same thing over and over again and expecting a different result. If you're going to downvote someone, prove them wrong. Ad hominem let's you nowhere.

Also, you are right on Bitcoin though. It has a higher chance of someone just taking your the ball and going home, something any nationally backed currency has measures in place to prevent.

I have no idea how switching to bitcoin for currency would prevent Enron.

I'm not saying it would. I was using Enron as an example of a case where people ended up losing a ton of value in terms of life savings disappearing.

Bitcoin if anything exacerbates the "poof' likelihood of value.

> I'm not saying it would. I was using Enron as an example of a case where people ended up losing a ton of value in terms of life savings disappearing.

You mean like MT. Gox?

Because people are still losing tons of money over Bitcoin.

Or something like a bank run. If everyone started cashing out their BTC then.. the price would crash. I guess you'd still have your 0$ in the real world bitcoins as consolation.

you lost me at ad hominem.

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