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Comment by snozolli | Hacker News Reader

Bitcoin is a backstop, a way to step outside manipulated currency.

This seems like a phenomenally ironic claim to me. You're giving up government manipulation in favor of rampant individual manipulation and theft.

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How are we supporting or encouraging theft? When the state increases inflation and the supply of money on a whim, they directly steal value from the little people and funnel it to the big people.

That's not possible with crypto.

That's just ignorance. In crypto "little people" is literally everybody, the "currency" is run by a handful of whales (largely quasi-criminal exchanges and casino mobsters), who have a track record of colluding to manipulate the market and hike up fees. And no, you cannot vote those people out of office. How is that _any_ better?

People frequently lose a significant amount of money due to hacking, fraud, or extortion with no legal recourse. This is not where you want your grandparents parking their life’s savings.

If someone said literally the same thing op said, but about cash, would you have the same response?

My credit card was skimmed and charged $2000 in the US a couple of months ago. I blocked the card from my phone, files a dispute and the charges were reversed.

The most annoying part was updating all my linked services, but I lost no money.

If someone literally robs the bank I have an account with, I also lose no money even if they actually steal some from the physical vault.

Is there a reason you're responding to this post about cash with a corporate credit anecdote?

What is the equivalent website to https://web3isgoinggreat.com for banks, and what is the relative %age lost/stolen on a daily/weekly/monthly basis? I'll bet it's WAY higher for crypto.

Crypto just has pump and dump schemes on a practically regular basis, but I guess that's completely different because the way it funnels value is slightly different.

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