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0 pointsmcv5y ago0 comments

The problem with such a new, unproven, and completely unregulated system, many alternatives to 'be your own bank' are also not good options. Plenty of exchanges have lost a lot of people's money. It's hard to tell which wallet or exchange is reliable and which isn't. Instead of trusting a system that's tightly regulated in order to protect people's money, you're expected to trust a system that's completely unregulated, that's filled with crooks and cowboys and idiots who keep creatively or accidentally figuring out new ways to lose your money.

It's a good example of why regulation is necessary in banking.

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BTCOG5y ago

I would have to disagree on both main points;

BTC is nearing 12 years old and time tested.

BTC also proves that no regulation at all is necessary.

It also proves that even folks who think they're technically literate, are hardly capable of making proper backups and or properly using Bitcoin. It's too sophisticated for most. You shouldn't keep multiple bitcoin in one private key. There is no reason at all Bitcoin should have KYC or regulation. It exists outside the government monetary systems and it is your risk you take to use it. Crying about using it because it's risky just means you shouldn't be using it.

mcvOP5y ago

12 years is a lot in the world of tech, but absolutely nothing in the world of banking. Or banking system and its regulatory systems have evolved over centuries. And frankly, I'm not sure what bitcoin has actually proven in those 12 years; it's barely being used for any kind of serious commerce. It's mostly a speculation rollercoaster that goes up and down based on whether people expect it may or may not prove itself eventually.

People constantly losing bitcoin like this, or through exchanges falling over, is terrible for trust in bitcoin. Banking regulation exists exactly to prevent this kind of thing. At the end of the day, people trust their government a lot more than they trust a bunch cowboys. It may be cool, but it's no basis for a financial system.

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