what do you mean by crypto infrastructure? you mean the code or the miners?

actually banks have failed in the past, this infrastructure not yet

>actually banks have failed in the past, this infrastructure not yet

Man, what are you talking about? There's a new "$100 million in coins go missing" story every 6 months.

Crypto 101: never let anyone have your private key. No-one who religiously followed that rule has ever had their crypto stolen.

Coins go missing from exchanges, which break the basic private key rule. People use exchanges for convenience because as clever as cryptocurrency is, it has no answer to the exchange problem.

> never let anyone have your private key. No-one who religiously followed that rule has ever had their crypto stolen.

Bullshit. No "religious" following of rules can protect you against a zero day exploit somewhere in your system.

I didn't say it always will, just that it has so far.

>it has no answer to the exchange problem

Actually, there are smart contracts which act as exchanges. Not for all currency pairs yet, but it's on the way.

Crypto 102: regular people will never use cryptocurrencies if they have to guard their private keys without a fallback in place.

The infrastructure of both payments for goods and services, and for storing your assets.

As of now, paying for goods and services with cryptocurrencies is relatively risky; it's hard to get recourse if you're scammed; and the standard credit card infrastructure with chargebacks and fraud protection is comparably more trustworthy.

As of now, storing cryptorcurrencies is risky. And I'm not even talking about the shady brokers/exchanges that can steal or lose their customer's money. You can store it yourself as well as you can - but, as it turns out, most people aren't that good at storing it securely, so all kinds of risks and breaches (e.g. hacking your devices to get access to your secrets) are more common than for bank accounts but, also, the consequences are more severe - if your bank account gets drained in an identity theft attack, very often these funds are recovered or compensated, not so with crypto. So again, the existing financial infrastructure with regulation, FDIC or similar insurance in case of fraud or insolvency, mandated consumer protection in case of scammed credentials - it's more trustworthy than the commonly used processes&procedures&infrastructure of crypto storage.

I don't understand you are talking about theft? like what happens to banks and jewelry stores? like what was happening every day with dollars on far west? and somehow this invalidated the cryptocurrency narrative? how?

I mean all of it in aggregate, and it has failed many, many times.

First link on Google for "Bitcoin Hack":

https://www.coindesk.com/crypto-exchange-zaif-hacked-in-60-m...

I believe they were talking about the Bitcoin network and protocol, not an exchange that someone built.

But muh decentralization! /s

In reality most of the exchanges and sites dealing with crypto were (and probably still are) built by absolute amateurs with no checks and balances on their apps from a security perspective. Its scary as hell that people trust those sites with their actual money.

The recent QuadrigaCX fiasco shows this very clearly. The entire exchange (one of the biggest in Canada) was somehow just running on the encrypted laptop of this one guy, and after he suddenly died in December, there is 250 million Canadian Dollars owed to 100k+ customers that nobody can recover, because the guy with the password is dead.

Minor correction: the exchange wasn’t running on a laptop. It was run on systems you’d expect it to run on.

What was stored on the encrypted laptop was all of the cold storage wallets containing the majority of the digital assets.

No less idiotic, but an important factual distinction.

Aha, this makes sense. (Wikipedia states that the exchange was running on his laptop, which I did indeed find curious/impressive.)