People don't want to run their own bank

Re:People don't want to run their own bank by dotnet00 on Friday February 04, 2022 @11:48AM (#30209213)

But most crypto is anonymous, not private. It's usually worse than even banks since anyone can look up your transaction history given your wallet address. All it takes is one place where your wallet links to your identity and you have even less privacy than with banks.

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Re:People don't want to run their own bank by mikegreenberg on Friday February 04, 2022 @12:27PM (#30209760)

If you can't find a way to use crypto privately, then it might not be ready for you yet. But you can guarantee that this will change, much like early HTTP had no TLS.

You can find any number of shortcomings, but the point is crypto _does_ solve many of this problems.

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Re:People don't want to run their own bank by dotnet00 on Friday February 04, 2022 @02:52PM (#30212058)

I personally can and do use it privately, my point is that it isn't that way for most people and privacy isn't inherent to all or even most crypto, and that's something only being made worse as crypto goes more and more mainstream.

After all, most people trade in public blockchain crypto through CEXs and leave their coins in hot wallets. Effectively the same as using a bank.

To put it differently, crypto _can_ solve many of these problems, but it does not _inherently_ solve them, it takes a skilled and cautious person to use crypto in a way that does not link to their identity.

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Re:People don't want to run their own bank by mikegreenberg on Friday February 04, 2022 @08:14PM (#30215972)

FWIW, I was speaking about the "collective" you. And of course one does not automatically get the value out of anything without using it properly. If you use something other than how it was intended, you will get something other than advertised.

And I also agree that cryptocurrency is still not easy to use, but I'm not sure why it needs to "inherently" solve something (even though it has intrinsic value in certain dimensions). HTTP was inherently made to transfer structured text. No one was hoping it was going to replace the postal service, and yet the majority of the worlds information is transmitted using the protocol.

And just because you couldn't use "HTTP" when it was being first developed by researchers, it still served a purpose for them at the time and gradually became the invisible technology that it is today. Now replace "HTTP" with "cryptocurrency" and "at the time" with "now".

This is exactly what I meant when I said that maybe cryptocurrency wasn't ready for (collective) you.

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Re:People don't want to run their own bank by dotnet00 on Saturday February 05, 2022 @12:02AM (#30217706)

I just interpreted the original comment as suggesting that these were inherent features of cryptocurrency. I do entirely agree with your premise about the possibilities enabled by cryptocurrencies when implemented/used properly.

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