Yet it's somehow acceptable for companies to collect massive amounts of personal information for profit and get hacked. So my realization is that it doesn't matter, a system is useful because of it's value, and hacks are a part of that expected value. You know who sounds like an incompetent, the company that leaked 230 million people's personal information. You know who sounds like a crook, the companies that said they would stop selling geo location data, but continue to anyway.
Some companies store money directly in servers, and some are barely punished for leaking personal information (meaning the economic incentive to stop that behavior is not there; the loss of value is externalized). To an extent one of those sounds more honest to me, and it's not the traditional one. This is not a problem with bitcoin, this is a problem with capitalism, bitcoin just makes it obvious.
Though IMO 7000btc is too much for hot wallet in any case...
As it happens, your cash in the bank is being slowly devalued via inflation as the banks are constantly making new money in the form of loans.
Bitcoin being the way it is is a feature, not a bug. If you don't get it, that's fine, but don't make ridiculous claims like only bitcoin is susceptible to crime and incompetence.
It's disingenuous because what I actually said was:
"MASSIVE HEIGHTS LIKE THIS are vanishingly rare except in blockchain token land."
Emphasis added to highlight your deliberate misreading of what I wrote.
However, most third persons involved with implementing bitcoin-the-actual-token don't get hacked.