This is why you use hardware wallets and not software wallets. More interested in the kids who hacked Nvidia
Hardware wallets can and have been hacked already.
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
It's very difficult to hack a hardware wallet, but no it's not unheard of. In fact, some people want their wallets to be hacked because some people hold millions in their wallets and then forget their passphrase of pin.
It's like those super secure companies that use a lockout and wipe protocol on cell phones if you put in the wrong passcode or fail the biometrics too many times. Hardware wallets can be similar, if it detects someone is trying to hack the pin or passphrase it can wipe the drive and the data on it making it unrecoverable.
But the type of hack to the hardware wallets that was linked earlier in this thread is extremely difficult to do, and it was only a vulnerability in an older wallet version that is no longer in use.
Cold storage is both the safest, and also the most unsafe your crypto currency can be. It's safe if you know what you're doing and you keep good records and care of your wallet. Unsafe if you lose things easily, and really in those cases, you're way more of a liability than someone trying to hack your wallet or steal your pin.
You are one of few people here I've seen with any real experience or knowledge on crypto. When @maskedweasel chimes in on any discussion regarding cryptocurrencies its worth listening to him.
Agree, the amount of patience he has explaining entry level stuff is amazing. I just gave up, especially when articulated stuff constantly gets countered with blanket statements like ‘ponzi scheme.’ It is infuriating. Like I said some time ago, when people know the difference between DAI and USDT, between ATOM and LINK and between ETH and SOL, that is when we can have some meaningful indepth conversations. Right now it is like talking about the technology in a Tesla car and not getting any further then ‘pfffft, the wheels are still round.’ In all fairness, I have too little patience to preach any of this stuff, I am not here to convince anyone.
/Cheers, Lahnmir
When people do ask basic questions they get a hand wave and a few lies.
For example, one common criticism of crypto is that it is backed by nothing. That is, unlike a bank deposit, a stock certificate, or a gold coin there is no inherent value to a crypto coin. It is a valid concern for those interested in looking into crypto.
So the answer I've received so far is crypto is more secure than a bank deposit (bald faced lie), has intrinsic value (bald faced lie) and is backed by an algorithm (horse-poo).
Why would I care about the difference between DAI and USDT when I cannot even get honesty on the simple stuff?
Crypto may one day emerge as the way we all end up going but that day isn't here yet and there is plenty of reason to be skeptical. Hand waving those concerns aside is what shills do...and alot of that has been done here.
I think it depends who you are asking questions to.
The difference between DAI, USDT and USDC could clear up a lot of those questions, or at least inform you a little more on what is a lie and what is truthful or at least half-truths.
DAI, USDT and USDC are stable coins. Most stable coins are backed by treasury notes or physical assets, and are independently audited.
So to touch on each questions:
Is crypto safer than a bank depost? Not necessarily.
You transact cryptographically, and the anonymity makes it difficult for people to target you. But the actual real-world security would be about on par with any bank, in terms of keeping your funds safe. It's really up to you to keep your passphrases, pins, and wallets safe, and to watch out for scams. That's really no different than using a credit card, though there is less oversight on crypto in most cases.
Does Crypto have intrinsic value? Sometimes
Crypto even in the worst case, where you mint on any chain, will cost money to generate, so it always has some kind of intrinsic value. As mentioned before, stable coins are backed by FIAT, gold, etc. So their value is directly tied to that, and the physical currency you hold. Other tokens could have value, based on its uses.
Think of some currencies like Disney Dollars. It may not necessarily have the same value outside of Disney World, just like some proprietary currencies may not have much of a use outside of a DAPP or Play to Earn game. But it has value to someone who may use that app or game. In that way, people will pay for it, so they can use it. It may not always hold its value, and will often be speculative when "investors" get in the way, but it will have some kind of value.
Is Crypto Back By etc. etc.?
We covered this with stable coins.
So basically it just depends. I still read articles from other sites all the time touting how terrible crypto is for the environment, even though there are carbon negative blockchains out there. It all depends on who you're talking to, and what blockchain you're talking about.
I do think digital currencies will eventually integrate blockchain technology in a few ways. For one, users (all people), will eventually have their DNA (genetic identity) linked to a blockchain token through something similar to what we call NFTs only the registry will be governmental and/or global and not some third party website.
Each individual will also have a currency wallet also defined and linked to a blockchain token. The wallet itself will have a value, but I don't think the actual value of the wallet account will be blockchain ledger based. That is, there won't be speculative crypto tokens as the currency.
Blockchain itself is just an immutable ledger technology and there are a lot of ways that can be leveraged or implemented.
Wallets won't be able to be stolen in the traditional sense, but I do believe genetic spoofing will become a thing. Of course one won't be able to buy or sell items without this blockchain identity connected to their DNA description.
Good thing we all used those 23 and Me DNA kits where in the terms of service they get to keep your genes on file.
This is why you use hardware wallets and not software wallets. More interested in the kids who hacked Nvidia
Hardware wallets can and have been hacked already.
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
It's very difficult to hack a hardware wallet, but no it's not unheard of. In fact, some people want their wallets to be hacked because some people hold millions in their wallets and then forget their passphrase of pin.
It's like those super secure companies that use a lockout and wipe protocol on cell phones if you put in the wrong passcode or fail the biometrics too many times. Hardware wallets can be similar, if it detects someone is trying to hack the pin or passphrase it can wipe the drive and the data on it making it unrecoverable.
But the type of hack to the hardware wallets that was linked earlier in this thread is extremely difficult to do, and it was only a vulnerability in an older wallet version that is no longer in use.
Cold storage is both the safest, and also the most unsafe your crypto currency can be. It's safe if you know what you're doing and you keep good records and care of your wallet. Unsafe if you lose things easily, and really in those cases, you're way more of a liability than someone trying to hack your wallet or steal your pin.
You are one of few people here I've seen with any real experience or knowledge on crypto. When @maskedweasel chimes in on any discussion regarding cryptocurrencies its worth listening to him.
Agree, the amount of patience he has explaining entry level stuff is amazing. I just gave up, especially when articulated stuff constantly gets countered with blanket statements like ‘ponzi scheme.’ It is infuriating. Like I said some time ago, when people know the difference between DAI and USDT, between ATOM and LINK and between ETH and SOL, that is when we can have some meaningful indepth conversations. Right now it is like talking about the technology in a Tesla car and not getting any further then ‘pfffft, the wheels are still round.’ In all fairness, I have too little patience to preach any of this stuff, I am not here to convince anyone.
/Cheers, Lahnmir
When people do ask basic questions they get a hand wave and a few lies.
For example, one common criticism of crypto is that it is backed by nothing. That is, unlike a bank deposit, a stock certificate, or a gold coin there is no inherent value to a crypto coin. It is a valid concern for those interested in looking into crypto.
So the answer I've received so far is crypto is more secure than a bank deposit (bald faced lie), has intrinsic value (bald faced lie) and is backed by an algorithm (horse-poo).
Why would I care about the difference between DAI and USDT when I cannot even get honesty on the simple stuff?
Crypto may one day emerge as the way we all end up going but that day isn't here yet and there is plenty of reason to be skeptical. Hand waving those concerns aside is what shills do...and alot of that has been done here.
Ok, some really short answers.
There are many different uses for crypto and many, many represent shares in a company, like stock. That is value right there. Some of it, like Helium, is a reward for providing support. In this specific case providing coverage for decentralized Wifi and checking other providers. Crypto in many, many cases supports an actual company doing actual stuff.
None of crypto has intrinsic value. Just like money, gold, shares, bank deposits has no intrinsic value. Their value is derived from systems surrounding and supporting them. The crypto world is creating these at an extremely rapid pace. They also copied characteristics like scarcity, effort etc. to create actual digital counterparts to the “real” stuff.
Going through the last few threads concerning crypto here I have found BC being overtly excited, me Weasel and Cortex being optimistic and everybody else yelling doom and gloom. I have found very, very little shilling at all. Lots of bashing however.
Crypto is secure btw, humans are the liability And there is lots of reasons to be cautious, I agree. Being negative for the sake of it however is silly. Did all you guys leave banking when the Panama Papers were released?
/Cheers, Lahnmir
'the only way he could nail it any better is if he used a cross.'
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
This is why you use hardware wallets and not software wallets. More interested in the kids who hacked Nvidia
Hardware wallets can and have been hacked already.
There is no system that will magically keep digital items 100% secure. Unless you can guarantee me that technology will stop advancing and the guys who came up with a particular blockchain are and will be smarter than any hacker ever born from that point on..... You can't guarantee me total security. It's really that simple.
The rise of quantum computing will probably toast more than one blockchain in the near future. So yea, this idea crypto is going to totally secure our assets for us is not a good bet.
Does no one consider that they have family members who were alive to see a day when the German Enigma machine was "unbreakable"? How'd that turn out? Took less than a lifetime for it to go from an unbreakable pain in the Allies collective ass, to the best tool the Allies had in the war.
That was the point. You're so caught up in trying to argue that you nitpicked out what you thought was someone saying it was 100% secure and ignored the part saying that it's not completely secure. You're looking for an argument, at this point. So much so that you misunderstood the point reference and overlooked the part that agreed with your own argument. It's not 100% secure. I haven't seen anyone saying it is: only people saying it isn't. Your bias is hurting you more than helping you.
It cuts to the heart of the difference between what people call "crypto bros" and those who aren't: the bros do tend to think crypto will be a revelatory technology, while those who aren't see it as something between simply another new security tool, an opportunity for internationally standardized currency in an age of rapid globalization, or a way to make some money based on speculative risk.
Really, it isn't really much more secure than your bank (if it is at all), which also has the benefit of insuring your money in the case of a hack.
Editing to say: banks also don't burn your money if you make too many wrong guesses at your account password, either. Another boon for those of us without the best memories. *cough* old gamers *cough*
...the fact that you can follow the crypto on the blockchain...
I hear that being able to follow the crypto is a positive feature, but the reality seems to be that services such as Tornado cash/Cash Fusion actively work to diminish/destroy that feature. Maybe I'm misunderstanding the services, but they seem designed to launder crypto (for lack of a better term). At that point, the traceability seems largely...gone.
Not to pick on the quoted, but this highlights my main problem with crypto discussions. The things often passed off as 'fact' tend to be less of a fact, or have so many caveats injected as to make them less of a fact, as conversation progresses...Such is the nature of rapidly growing technologies I guess...
-mklinic
"Do something right, no one remembers. Do something wrong, no one forgets" -from No One Remembers by In Strict Confidence
This thread has a conspicuous absence of crypto apologists. Where have they gone?
This community is openly hostile to those concepts. Even this post is. BCBully was explicitly told by posters (plural) that his threads and posts were not welcome here, and got repeatedly banned.
Why would someone who is in favor of crypto bother posting here, regardless of whether they are right or not? I am amazed with mr Weasel's endurance, and am grateful for that matter to still be getting an educated opinion from the other side.
It wasn't just advocating crypto that made things tough for BCBully.
It was claims that gambling wasn't gambling. It was claims that crypto is more secure than a federally insured bank. It was shilling for games like Red Village. And so on.
Across the board this forum is hard on people who fanboi a little too hard for anything at all. See how Babinux is treated for never admitting the slightest flaw with Star Citizen or the blow back people got for hyping New World.
If I made multiple posts about how <game title> was the greatest game ever made and that you're an idiot for not playing it, well I'd get the same treatment.
But yeah, in as much as you want people to be nice and to learn from other posters - I back you 100% there.
BCbully is an odd case....He used to have many great posts, then one day just went nuts for crypto, blockchain, and all the other fads that hit suddenly...I remember some of his posts in the past and he seemed very passionate, especially about new games.
Across the board this forum is hard on people who fanboi a little too hard for anything at all. See how Babinux is treated for never admitting the slightest flaw with Star Citizen or the blow back people got for hyping New World.
I have recently seen Babuinix being @ pinged by a poster and asked to talk about SC and another poster complain because he talks about SC.
I do not get the hate for New World either, sorry, regardless of its problems.
Nah, I like the enthusiasm of some people for their games way more than people who hate on these games without having any stakes in them, even when I do not share their opinion. All this is excuses for a community's bad behaviour.
Babuinix is a blatant troll who necros threads to keep up a months-long charade. When he hops in and discusses Star Citizen like a regular human being I don't mind at all and sometimes it can be insightful, but when he starts spamming crowdfunding progress to get reactions from people that is incredible instigation. I don't agree with the @ pinging of him to further stir the pot either. I don't hate New World, I am very disappointed in it because I am one of the people who was so hyped for it. I won't go into further detail to convince you since I've already done it countless times in other threads but, all due respect it is a little bit beyond me why you don't get my disappointment after seeing these game-breaking bugs. I also like the enthusiasm people have for their games, and have posted a few times agreeing with @Kyleran in saying that there isn't enough of it in these forums. Usually when I disagree with someone I at least try to get their point of view and see exactly why it is they like it and I don't.
I don't know if Babuinix is a troll but I have often wondered if he wasn't being paid by SC to come post on forums about how great their game is.......
None of crypto has intrinsic value. Just like money, gold, shares, bank deposits has no intrinsic value. Their value is derived from systems surrounding and supporting them. The crypto world is creating these at an extremely rapid pace. They also copied characteristics like scarcity, effort etc. to create actual digital counterparts to the “real” stuff.
This is simply not true and why I'm hesitant to believe anything crypto-bros have to say on the topic.
Gold has intrinsic value as a limited natural resource that isn't also useful for jewelry but electronics. Shares represent ownership in a company which has assets such as property, machinery, and inventory. Bank deposits are backed by mortgages so your shares in the bank have value.
...and this is the point at which the crypto-bros go all sophist on us and claim nothing really has value, which is nonsense - since if you establish that I'm still correct that your coin is backed by nothing but hype.
I think I gave some clear examples of types of crypto having actual value, as in rewards/stock and such.
As for the value/no value discussion, I can only speak for myself but that definitely wasn’t the point I was trying to make. I am trying to make people aware that many of the examples they are giving as ‘real’ value to counter the ‘artificial’ value of crypto are actually just as artificial. The real distinction is often physical versus digital, or, as seen in many other cases, a larger support network/system to give something its value, like backing bank deposits with mortgages for example.
The monetary system has had centuries to establish a solid base of systems to create and “ensure” value, you are comparing that to a roughly decade old field. The pieces of paper and metal in your wallet their value is just as made up as anything crypto has to offer, that is all I am trying to say. And I would hate being considered a crypto bro, I think I am quite moderate in my beliefs and not trying to convince anyone of anything.
/Cheers, Lahnmir
'the only way he could nail it any better is if he used a cross.'
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
I do think digital currencies will eventually integrate blockchain technology in a few ways. For one, users (all people), will eventually have their DNA (genetic identity) linked to a blockchain token through something similar to what we call NFTs only the registry will be governmental and/or global and not some third party website.
Each individual will also have a currency wallet also defined and linked to a blockchain token. The wallet itself will have a value, but I don't think the actual value of the wallet account will be blockchain ledger based. That is, there won't be speculative crypto tokens as the currency.
Blockchain itself is just an immutable ledger technology and there are a lot of ways that can be leveraged or implemented.
Wallets won't be able to be stolen in the traditional sense, but I do believe genetic spoofing will become a thing. Of course one won't be able to buy or sell items without this blockchain identity connected to their DNA description.
I know it sounds crazy but I think a future like you describe is increasingly likely. And scary.
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
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Proudly wearing the Harbinger badge since Dec 23, 2017.
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I think it depends who you are asking questions to.
The difference between DAI, USDT and USDC could clear up a lot of those questions, or at least inform you a little more on what is a lie and what is truthful or at least half-truths.
DAI, USDT and USDC are stable coins. Most stable coins are backed by treasury notes or physical assets, and are independently audited.
So to touch on each questions:
Is crypto safer than a bank depost? Not necessarily.
You transact cryptographically, and the anonymity makes it difficult for people to target you. But the actual real-world security would be about on par with any bank, in terms of keeping your funds safe. It's really up to you to keep your passphrases, pins, and wallets safe, and to watch out for scams. That's really no different than using a credit card, though there is less oversight on crypto in most cases.
Does Crypto have intrinsic value? Sometimes
Crypto even in the worst case, where you mint on any chain, will cost money to generate, so it always has some kind of intrinsic value. As mentioned before, stable coins are backed by FIAT, gold, etc. So their value is directly tied to that, and the physical currency you hold. Other tokens could have value, based on its uses.
Think of some currencies like Disney Dollars. It may not necessarily have the same value outside of Disney World, just like some proprietary currencies may not have much of a use outside of a DAPP or Play to Earn game. But it has value to someone who may use that app or game. In that way, people will pay for it, so they can use it. It may not always hold its value, and will often be speculative when "investors" get in the way, but it will have some kind of value.
Is Crypto Back By etc. etc.?
We covered this with stable coins.
So basically it just depends. I still read articles from other sites all the time touting how terrible crypto is for the environment, even though there are carbon negative blockchains out there. It all depends on who you're talking to, and what blockchain you're talking about.
I appreciate the stable coin clarification; however, wouldn't those be limited in value by the amount of backing they receive? 100 stable coins backed by $100 aren't going to be worth $50,000 each, ever, I would think.
This is exactly correct. Stable coins do not increase or decrease in value (not in any real value, they will go up or down a few cents in relation to its asset valuation.)
They are called stable coins because they keep a direct value of 1 to 1 with their dedicated currency. Bitcoin is not a stable coin, nor is ethereum.. nor dogecoin, etc.
USDC, USDT, DAI and even china's digital yuan are all stable coins. So if you buy 100 dollars today, it will be 100 dollars in 6 months.
You can "stake" stable coins, which is something like placing them in a CD account, where you'll earn interest on the funds you hold that you don't use, and it will be paid out in your stable coin, so you could see an increase in your stable coin balance if you're staking coins, but you'll never wake up one day to a 50,000 dollar stable coin.
None of crypto has intrinsic value. Just like money, gold, shares, bank deposits has no intrinsic value. Their value is derived from systems surrounding and supporting them. The crypto world is creating these at an extremely rapid pace. They also copied characteristics like scarcity, effort etc. to create actual digital counterparts to the “real” stuff.
This is simply not true and why I'm hesitant to believe anything crypto-bros have to say on the topic.
Gold has intrinsic value as a limited natural resource that isn't also useful for jewelry but electronics. Shares represent ownership in a company which has assets such as property, machinery, and inventory. Bank deposits are backed by mortgages so your shares in the bank have value.
...and this is the point at which the crypto-bros go all sophist on us and claim nothing really has value, which is nonsense - since if you establish that I'm still correct that your coin is backed by nothing but hype.
I think I gave some clear examples of types of crypto having actual value, as in rewards/stock and such.
As for the value/no value discussion, I can only speak for myself but that definitely wasn’t the point I was trying to make. I am trying to make people aware that many of the examples they are giving as ‘real’ value to counter the ‘artificial’ value of crypto are actually just as artificial. The real distinction is often physical versus digital, or, as seen in many other cases, a larger support network/system to give something its value, like backing bank deposits with mortgages for example.
The monetary system has had centuries to establish a solid base of systems to create and “ensure” value, you are comparing that to a roughly decade old field. The pieces of paper and metal in your wallet their value is just as made up as anything crypto has to offer, that is all I am trying to say. And I would hate being considered a crypto bro, I think I am quite moderate in my beliefs and not trying to convince anyone of anything.
/Cheers, Lahnmir
Fwiw, I don't think you qualify for Crypto Bro. Acknowledging the usefulness of a new technology is not the same as making bold claims backed mostly with enthusiasm and wishful thinking.
I think you were in another thread where I replied on this topic, and I can even acknowledge the usefulness of the technology. At least some banks will start using blockchain technology internally soon, further making the comparison of a self-hosted or custodial wallet vs. bank account an outdated argument. Banks will use similar kinds of technology as wallets, but also provide insurance and other benefits self-hosted or custodial wallets kept with 3rd party vendors won't. They will also still have the benefit of being well-established and trusted by the financial sector. The bank will essentially replace the 3rd party vendors used now imo.
I do think digital currencies will eventually integrate blockchain technology in a few ways. For one, users (all people), will eventually have their DNA (genetic identity) linked to a blockchain token through something similar to what we call NFTs only the registry will be governmental and/or global and not some third party website.
Each individual will also have a currency wallet also defined and linked to a blockchain token. The wallet itself will have a value, but I don't think the actual value of the wallet account will be blockchain ledger based. That is, there won't be speculative crypto tokens as the currency.
Blockchain itself is just an immutable ledger technology and there are a lot of ways that can be leveraged or implemented.
Wallets won't be able to be stolen in the traditional sense, but I do believe genetic spoofing will become a thing. Of course one won't be able to buy or sell items without this blockchain identity connected to their DNA description.
I know it sounds crazy but I think a future like you describe is increasingly likely. And scary.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Across the board this forum is hard on people who fanboi a little too hard for anything at all. See how Babinux is treated for never admitting the slightest flaw with Star Citizen or the blow back people got for hyping New World.
I have recently seen Babuinix being @ pinged by a poster and asked to talk about SC and another poster complain because he talks about SC.
I do not get the hate for New World either, sorry, regardless of its problems.
Nah, I like the enthusiasm of some people for their games way more than people who hate on these games without having any stakes in them, even when I do not share their opinion. All this is excuses for a community's bad behaviour.
Babuinix is a blatant troll who necros threads to keep up a months-long charade. When he hops in and discusses Star Citizen like a regular human being I don't mind at all and sometimes it can be insightful, but when he starts spamming crowdfunding progress to get reactions from people that is incredible instigation. I don't agree with the @ pinging of him to further stir the pot either. I don't hate New World, I am very disappointed in it because I am one of the people who was so hyped for it. I won't go into further detail to convince you since I've already done it countless times in other threads but, all due respect it is a little bit beyond me why you don't get my disappointment after seeing these game-breaking bugs. I also like the enthusiasm people have for their games, and have posted a few times agreeing with @Kyleran in saying that there isn't enough of it in these forums. Usually when I disagree with someone I at least try to get their point of view and see exactly why it is they like it and I don't.
I don't know if Babuinix is a troll but I have often wondered if he wasn't being paid by SC to come post on forums about how great their game is.......
People commonly underestimate just how willing fanboys are to say things for free.
Back to crypto and gaming, if that isn't derailing an already derailed thread. I might become interested in crypto games developed by software professionals that have proven they can build a regular game *without* hacking, botting, cheating, and duplication bugs. Until then, nope.
Logic, my dear, merely enables one to be wrong with great authority.
Is crypto safer than a bank depost? Not necessarily.
You transact cryptographically, and the anonymity makes it difficult for people to target you. But the actual real-world security would be about on par with any bank, in terms of keeping your funds safe. It's really up to you to keep your passphrases, pins, and wallets safe, and to watch out for scams. That's really no different than using a credit card, though there is less oversight on crypto in most cases.
False. If you lose your credit card or its PIN bank will still give access to your money. So in case you're comparing to crypto hardware wallets, in that respect the hardware wallet is much less secure since it lack the back-up access in case something happens.
Whereas if you're comparing to holding your money in a crypto bank, then the real bank is much more secure holder of your money because there's a lot of government oversight and regulation to ensure that the bank doesn't run into problems that would cost you your money.
Comments
The difference between DAI, USDT and USDC could clear up a lot of those questions, or at least inform you a little more on what is a lie and what is truthful or at least half-truths.
DAI, USDT and USDC are stable coins. Most stable coins are backed by treasury notes or physical assets, and are independently audited.
So to touch on each questions:
Is crypto safer than a bank depost? Not necessarily.
You transact cryptographically, and the anonymity makes it difficult for people to target you. But the actual real-world security would be about on par with any bank, in terms of keeping your funds safe. It's really up to you to keep your passphrases, pins, and wallets safe, and to watch out for scams. That's really no different than using a credit card, though there is less oversight on crypto in most cases.
Does Crypto have intrinsic value? Sometimes
Crypto even in the worst case, where you mint on any chain, will cost money to generate, so it always has some kind of intrinsic value. As mentioned before, stable coins are backed by FIAT, gold, etc. So their value is directly tied to that, and the physical currency you hold. Other tokens could have value, based on its uses.
Think of some currencies like Disney Dollars. It may not necessarily have the same value outside of Disney World, just like some proprietary currencies may not have much of a use outside of a DAPP or Play to Earn game. But it has value to someone who may use that app or game. In that way, people will pay for it, so they can use it. It may not always hold its value, and will often be speculative when "investors" get in the way, but it will have some kind of value.
Is Crypto Back By etc. etc.?
We covered this with stable coins.
So basically it just depends. I still read articles from other sites all the time touting how terrible crypto is for the environment, even though there are carbon negative blockchains out there. It all depends on who you're talking to, and what blockchain you're talking about.
There are many different uses for crypto and many, many represent shares in a company, like stock. That is value right there. Some of it, like Helium, is a reward for providing support. In this specific case providing coverage for decentralized Wifi and checking other providers. Crypto in many, many cases supports an actual company doing actual stuff.
None of crypto has intrinsic value. Just like money, gold, shares, bank deposits has no intrinsic value. Their value is derived from systems surrounding and supporting them. The crypto world is creating these at an extremely rapid pace. They also copied characteristics like scarcity, effort etc. to create actual digital counterparts to the “real” stuff.
Going through the last few threads concerning crypto here I have found BC being overtly excited, me Weasel and Cortex being optimistic and everybody else yelling doom and gloom. I have found very, very little shilling at all. Lots of bashing however.
Crypto is secure btw, humans are the liability
/Cheers,
Lahnmir
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
Really, it isn't really much more secure than your bank (if it is at all), which also has the benefit of insuring your money in the case of a hack.
Editing to say: banks also don't burn your money if you make too many wrong guesses at your account password, either. Another boon for those of us without the best memories. *cough* old gamers *cough*
Not to pick on the quoted, but this highlights my main problem with crypto discussions. The things often passed off as 'fact' tend to be less of a fact, or have so many caveats injected as to make them less of a fact, as conversation progresses...Such is the nature of rapidly growing technologies I guess...
-mklinic
"Do something right, no one remembers.
Do something wrong, no one forgets"
-from No One Remembers by In Strict Confidence
BCbully is an odd case....He used to have many great posts, then one day just went nuts for crypto, blockchain, and all the other fads that hit suddenly...I remember some of his posts in the past and he seemed very passionate, especially about new games.
I don't know if Babuinix is a troll but I have often wondered if he wasn't being paid by SC to come post on forums about how great their game is.......
As for the value/no value discussion, I can only speak for myself but that definitely wasn’t the point I was trying to make. I am trying to make people aware that many of the examples they are giving as ‘real’ value to counter the ‘artificial’ value of crypto are actually just as artificial. The real distinction is often physical versus digital, or, as seen in many other cases, a larger support network/system to give something its value, like backing bank deposits with mortgages for example.
/Cheers,
Lahnmir
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
All time classic MY NEW FAVORITE POST! (Keep laying those bricks)
"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator
Proudly wearing the Harbinger badge since Dec 23, 2017.
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They are called stable coins because they keep a direct value of 1 to 1 with their dedicated currency. Bitcoin is not a stable coin, nor is ethereum.. nor dogecoin, etc.
USDC, USDT, DAI and even china's digital yuan are all stable coins. So if you buy 100 dollars today, it will be 100 dollars in 6 months.
You can "stake" stable coins, which is something like placing them in a CD account, where you'll earn interest on the funds you hold that you don't use, and it will be paid out in your stable coin, so you could see an increase in your stable coin balance if you're staking coins, but you'll never wake up one day to a 50,000 dollar stable coin.
I think you were in another thread where I replied on this topic, and I can even acknowledge the usefulness of the technology. At least some banks will start using blockchain technology internally soon, further making the comparison of a self-hosted or custodial wallet vs. bank account an outdated argument. Banks will use similar kinds of technology as wallets, but also provide insurance and other benefits self-hosted or custodial wallets kept with 3rd party vendors won't. They will also still have the benefit of being well-established and trusted by the financial sector. The bank will essentially replace the 3rd party vendors used now imo.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Logic, my dear, merely enables one to be wrong with great authority.
Whereas if you're comparing to holding your money in a crypto bank, then the real bank is much more secure holder of your money because there's a lot of government oversight and regulation to ensure that the bank doesn't run into problems that would cost you your money.