Re:On anti-crypto toxicity
by stavros on Wednesday April 20, 2022 @07:30AM
(#31095344)
But cryptocurrency is the same as with cash. Yes, we need to teach people that they shouldn't send cryptocurrency to some shady "investment" company, just as they shouldn't give cash to a guy in a van promising them returns, but the risk profile is exactly the same as with cash, which people have been using successfully for centuries.
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The risk profile is, currently, not the same as with cash, for the reasons some people further up the thread mentioned (no or nebulous ability to freeze/seize assets of bad actors).
To the extent that the risk profile is or will become (with expanding regulations) the same as with cash, cryptocurrencies provide no meaningful improvement over cash, but have significant drawbacks.
So why should we take all this effort to get to "just like cash, but with extra steps"?
Because it's cash you can easily carry with you, even if you have millions, you can send to anyone anywhere in the world instantly, they're much more difficult to steal if you have a cheap hardware wallet, etc etc. They have many more advantages.