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brianwawok

Also, I think it's just the reason that crypto-currency will fail.

If you trick me into an ACH transfer of 16 million, there will

a) Trigger some random human based audits at my bank before the money can leave (likely involve some phone calls)

b) Have actual recourse, like court orders to hold the funds at the other bank

c) Take some amount of time to happen, to allow for A & B

It's not perfect, and it has bugs.. but I would never store actual money of value in crypto anything.

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If you trick me into an ACH transfer of 16 million, there will

Fun recent case - Citibank claims they fatfingered $900 million over:

https://www.bloomberg.com/opinion/articles/2020-08-25/citigr...

And they're having some trouble getting all of it back although the commentaries suggest that they (eventually) will.

Yah, and this case is a lot different than someone hacked it. If it has been "hacked" it would have been a different story. More like a complex legal case + fatfinger.

Naysayers consistently say that "It will fail," without realizing the chain continues to work regardless of your faith or mainstream uses. It works, it will continue to work. It works via satellite and radio. It's unstoppable like BitTorrent. It is decentralized. Faith or not, Bitcoin is not going to fail and it works perfectly as intended.

This is exactly the reason why I don’t use crypto currencies.

unless a bank wouldnt serve you, like for sizable parts of the economy.

Sizable, like 2%?

I looked it up. 6% of Americans don’t have a bank account. Doesn’t say whether they could go ahead and get one, or they choose not to.

Sizable?

Correct me please if I'm wrong, but I'd say most of those folks not served by a bank wouldn't have the skills to manage bitcoins either.

The 6% of people without bank accounts are often the least wealthy, more sick part of our population (basically, the people that need protected).

They do NOT have the technical skill to manage a bitcoin wallet. If anything it points even MORE to why we should not use crypto.

Is this 6% of all USA-ians, or 6% of adults?

I don't expect most 10 year olds to have chequing accounts, and if we're talking about about all Americans I'm honestly surprised it's not higher, taking into account da yout, those who are mentally/physically infirm, and those folks who just don't trust banking.

Good reason to pull all crypto into fiat ASAP, store it in a real bank (or really, diversify it - user said that was the "vast vast majority" of their savings, that should never be all in one asset), and report it as other income on your taxes.

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