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Comment by samarama | Hacker News Reader

> It might be an extreme problem to you, not to everyone else.

So mass inflation is only an extremely problem to me? This is probably the most false claim possible.

> This has been solved again and again by different companies, be it wise.com or others

Except they constantly freeze user accounts for no reason.

> Except for the fact that nobody can get their money back after they have been scamed. There is no authority to complain to or reverse a transaction. Wich makes it useless for the masses.

Of course there is, all the exchanges have to comply by with law enforcement and that’s what they are doing. This way, since the transactions are all public and can be traced endlessly it’s very difficult to evade law enforcement through scams.

Thats also why this $4.5B scam was caught https://www.bloomberg.com/news/articles/2022-02-09/nyc-coupl...

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You don't seem to understand what ultimately causes inflation. Not a surprise, as you don't understand money either.

Inflation happens because central banks have been trying to fix structural problems by printing more money, and this time it didn't work out. Sometimes it has worked. If they didn't do that, the problems would still be there. If we didn't have the possibility to print more money, we couldn't even try out if that helps. Ultimately, the structural problems would be worse if financial system was ran on cryptos.

No, if that wasn’t an option, then the root causes such as wasteful spending, not holding politicians accountable, student loan crisis wouldn’t even happen in the first place, because those that are committing those misdeeds currently are the same that are printing the money.

None of those are root causes of inflation in most nations. Hyperinflation perhaps (but even then a collapse in economic output with fixed money supply can mess you up), but normal inflation is put into a deliberate low-but-not-zero level to encourage spending over saving.

> So mass inflation is only an extremely problem to me? This is probably the most false claim possible.

Of course inflation is a problem, but saying crypto could solve it is not true. But even if it could, why would anybody who cares about inflation use crypto, when the value fluctuates so much?

> Except they constantly freeze user accounts for no reason.

And crypto exchanges disappear with all your money. I am not saying there are no problems, just that this problem (simple currency exchange) is solved.

> Of course there is, all the exchanges have to comply by with law enforcement and that’s what they are doing. This way, since the transactions are all public and can be traced endlessly it’s very difficult to evade law enforcement through scams.

So instead of a bank I have a "exchange". All my transactions are public (which is not a positive) and if someone exchanges cryptos from bitcoin to monero then you are still fu*ed.

But ignoring all things we said. All crypto enthusiasts have one important saying: "Not your keys not your crypto". Go ahead and try to explain to someone, how to safely secure their keys and that all their money is bound to them. That if lost/stolen, they have nothing. Crypto makes things (for the avg. user) less secure, more complicated without any benefit. If you fear the government or have specific reasons, go ahed use it, nobody is saying there are no use-cases, just that it's not a useful system for the masses.

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