Re:Coinbase warns that bankruptcy could wipe out user funds
by einpoklum on Wednesday May 11, 2022 @02:04PM
(#31343623)
> crypto was supposed to be ... a response to the financial crisis where people were affected that didn’t even gamble on housing, a way to truly own and prove your money is your money.
I really don't see how that is the case. In fact, there is no such thing as "truly owning" things. Ownership is a social construct.
> Bitcoin ... is not supposed to be “made” because a bank/Coinbase says so, but only via mathematical proof of work.
Well, so is, say, gold, but once it seems some significant use as money, financial institutions start dealing in debts-of-gold, or debts-of-X, which _are_ supposed to be made because a bank/Coinbase says so.
> Satoshi wasn’t either. That’s why he made Bitcoin.
I dunno, it seems like he started Bitcoin to get filthy rich off of a pyramid scheme, which he has. Wikipedia estimates "his" worth at 73 Billion USD in BitCoin. Although.... it's BitCoin, so maybe it's not really worth that much.
I really don't see how that is the case. In fact, there is no such thing as "truly owning" things. Ownership is a social construct.
> Bitcoin ... is not supposed to be “made” because a bank/Coinbase says so, but only via mathematical proof of work.
Well, so is, say, gold, but once it seems some significant use as money, financial institutions start dealing in debts-of-gold, or debts-of-X, which _are_ supposed to be made because a bank/Coinbase says so.
> Satoshi wasn’t either. That’s why he made Bitcoin.
I dunno, it seems like he started Bitcoin to get filthy rich off of a pyramid scheme, which he has. Wikipedia estimates "his" worth at 73 Billion USD in BitCoin. Although.... it's BitCoin, so maybe it's not really worth that much.