35 karma · joined November 22, 2015
Source: Information Security 101
Also, the GDP per capita of Azerbaijan indicates anything BUT rich.
It is saddening that this argument is used even on HN. That's equivalent to the old "You don't need privacy if you got nothing to hide". Examples as in Cyprus [1] prove that you should always be careful when trusting banks or any centralized system. Your line of argument is very common among representatives of banks, governments or people who are simply uneducated on the subject. Or a combination thereof.
http://www.businessinsider.com/r-amid-fears-of-greek-control...
Furthermore, I suggest the Princeton cryptocurrency intro course on coursera [1]. If you have CS background, you can skip the explanations of hashing etc and concentrate on the mechanics and incentives in cryptocurrencies, which are illustrated quite nicely.
This is a design flaw imho and should not be used as a reason to motivate the use of such projects. If your logic is in the frontend you should rather build a backend that captures the logic instead of just putting a rest layer on your DB and call it a day.