> > These guys are not regulated. There is no transparency. There are no external auditors. There is no control.
> But that's a feature, not a bug, at least according to the crypto people. But, so far, all they have managed to do is rediscover lessons about the need for regulation, oversight and accountability that the financial industry has learnt decades or even centuries ago.
I feel this is only true for people who have not truly embraced the decentralized aspect of cryptocurrency. For example, many people leave all of their money in one wallet. Centralization. Many people use only one exchange for converting fiat to crypto. Centralization. The harder you look, the more you will find that the only people upset about the state of cryptocurrencies are those that did not diversify and instead reverted to a concept squarely against the cryptocurrency ethos.
Thus is human nature. Who wants to manage 30,000 wallets each containing only a few dollars? The supporting tooling is not there (or is not easy enough to use) and thus we see this recurrent user pattern.
Yes, cryptocurrency can't fail, it can only be failed.
If 99.9% of people are using a technology "wrong", then I would suggest it's bad technology. If we aren't making a technology with actual users in mind, then we're just doing some sort of high-concept performance art.
I think this and the chain that follows is the conversation to be had.
It can be done but there is a meeting in the middle from many sides.
I believe it centers around the simple laws of thermodynamics, the path of least resistance will be taken.
Tools are coming out to make development easier, tools are coming out to make consumption easier.
Think about computing and how much has changed, been misunderstood, and misstated, and flipped on its head in the past thirty years. The ease and accessibility is still being pushed.
So you can truly gain the benefits of crypto if you make your life as inconvenient as a drug dealer stashing wads of bills in random locations to dodge taxes?
I hope people who do this have either a great memory or a great filing system.
The spreadsheets, math tables, the manual toil...you aren't looking at it realistically. Things don't just pop into existence perfectly but iterate into a local and idealistically global minimum from the reality of what people want and need, not what devs and larger organizations think they want and need.
30,000 wallets using 30,000 independent methods of encryption, else you crack one, you cracked many. It's clearly not practical or achievable for any human being.
Yeah, if only there was a tool for managing 30,000 wallets in a centralized way, then it would be more obvious why decentralization makes the need for regulation moot.
You think you're safe with your 30,000 tools -- yet all of your crypto funds are in bitcoin? Centraliser. I spread my wealth across 30,000 different currencies.
You're forgetting. All these are cryptocurrencies. You need to have more than that. I own 30,000 different kinds of assets. Stocks, bonds, crypto, I even own all of the funds. You're suffering from way too much centralization.
> But that's a feature, not a bug, at least according to the crypto people. But, so far, all they have managed to do is rediscover lessons about the need for regulation, oversight and accountability that the financial industry has learnt decades or even centuries ago.
I feel this is only true for people who have not truly embraced the decentralized aspect of cryptocurrency. For example, many people leave all of their money in one wallet. Centralization. Many people use only one exchange for converting fiat to crypto. Centralization. The harder you look, the more you will find that the only people upset about the state of cryptocurrencies are those that did not diversify and instead reverted to a concept squarely against the cryptocurrency ethos.
Thus is human nature. Who wants to manage 30,000 wallets each containing only a few dollars? The supporting tooling is not there (or is not easy enough to use) and thus we see this recurrent user pattern.