Re:Exodus Bitcoin Wallet: $490k swindle
by andruby on Wednesday February 21, 2024 @06:45AM
(#39452653)
> The core problem is the lack of legal recourse
That is indeed the crux and the big advantage that traditional fiat currency has. And I believe that this is why crypto as a day-to-day currency won't surpase fiat.
The centralised trust and the government authority and enforcement of fiat is what enables millions of people to pay and transact so easily with strangers.
No. Anyone who thinks they are is deluding themselves. There is no such thing as a setup that is 100% secure against human error (and nobody is infallible) or a sufficiently motivated and skilled attacker (and there are supreme amounts of motivation here).
The core problem is the lack of legal recourse. Anonymous, irreversible, distributed transactions for money are a really fucking stupid idea.