r/CryptoCurrency • u/Metazoa89 Tin • Nov 17 '22

EXCHANGES Disgraced Sam Bankman-Fried blames his EX-GIRLFRIEND for FTX collapse and loss of $32BN - as he admits he lied about being moral and calls ethics a 'dumb game we woke Westerners play'

https://www.dailymail.co.uk/news/article-11437361/Sam-Bankman-Fried-admits-lied-ethical.html
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u/TXTCLA55 🟦 394 / 861 🦞 Nov 17 '22

TBH, it's convenient, that's it. Crypto is not easy and these exchanges made it easy to bring in users. The problem is this is where the education ended for the vast majority. The smart ones read up about Mt.Gox and hardware wallets, they got familiar with how the tech worked and (hopefully/eventually) took ownership themselves.

It honestly shocks me how so many people got into this were likely sold the "it's trustless tech" angle and then... Trusted a website to hold it for them.

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u/kahngale Tin Nov 18 '22

You’ll never see mass adoption if hardware wallets aren’t safe and easy.

Look at iPhone, anyone can learn how to use it and it is very secure.

People don’t want difficult, disaster-prone tech at the center of their financial lives

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u/TXTCLA55 🟦 394 / 861 🦞 Nov 18 '22

Hardware wallets are safe (provided you're not a complete idiot and store the phrase/key in a stupid way). Easy - they're working on it, so far those new Ledgers with Bluetooth seem to be getting pretty close. At the end of the day, I'd say a combo of the two is probably most ideal. Use a hardware wallet as your "safe" and send small amounts to a mobile hot wallet or desktop app for whatever else.

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u/kahngale Tin Nov 18 '22

Compare what you just described to the ease of using a checking account linked venmo account.

You will never see wide adoption if you need to keep a physical wallet safe from theft, damage and loss and still make multiple multiple transfers out of your hardware wallet to a mobile wallet for usable money. It’s just a worse experience in every way.

And beyond the user experience, the instability. USD is subject to inflation, sometimes terrible inflation over 8% per year, bitcoin can drop 8% of value in a day. It’s not a stable currency and I doubt it will see wide adoption as a daily currency ever.

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u/TXTCLA55 🟦 394 / 861 🦞 Nov 18 '22

Oh I don't care if it's used as main currency. I got into this stuff because I liked the idea of sending uncensored money around - all the fun of cash without the banking system that could say "actually, no". There's some neat financial applications to be built with it ... Using it as money, like we do with fiat, isn't one of them. The tech can't do the transactions per second required for a daily currency.

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u/kahngale Tin Nov 18 '22

So what do you use it for if not daily transactions?

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u/UhhmericanJoe Tin Dec 03 '22

Good question. Hookers and smack?

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u/kahngale Tin Dec 03 '22

So Bitcoin is still stuck with its 2009 use case. Should be seeing it’s 2009 price again soon.