- NathanRanch@lemmy.zipEnglish11 days
Not using the decentralized part of your decentralized currency is kinda crazy.
- Eximius@lemmy.worldEnglish11 days
All the 90s kids on lemmy having a nostalgic time remembering the irc era.
11 daysThis is a centralized exchange. This attack could be mitigated by encouraging users to move their funds to their own wallets.
- copingwithelmons@lemmy.worldEnglish11 days
But yeah, he’s gotta point. Why don’t central banks loose money like this? Is it because their cash isn’t in a Blockchain?
- OrganicMustard@lemmy.worldEnglish11 days
Because it’s the bank, financial institutions and the trail of transactions registered to known entities who say whose the money is. For crypto you only need the keys and it is yours.
- Railcar8095@lemmy.worldEnglish11 days
It’s easier to revert a fraudulent bank movement than a crypto one.
- ExcessShiv@lemmy.dbzer0.comEnglish11 days
Since crypto is more of a trading asset than currency, they’re not that useful in your own wallet because then you constantly need to move them in/out of the exchange and pay all the fees related to those transactions.
Yeah yeah “actually they’re currency” blah blah, except they’re not really usable as currency in the functional real world (just like stocks)
Closest by far is Monero. They are actually willing to spend it as a currency, and when looking at statistics from companies that accept different cryptocurrencies, Monero is always either number one or number two on the list.
- ExcessShiv@lemmy.dbzer0.comEnglish11 days
companies that accept different cryptocurrencies
But this is the issue, that’s like 0.0001% of possible places you can use your funds (probably I’m way too generous with that number), and none of it to not die from hunger, cold or dehydration.
And the volatility is still absolutely absurd for something to be used as currency, like all other Cryptos it is dominated by instability and speculation to an excessive degree.
- 9488fcea02a9@sh.itjust.worksEnglish11 days
they’re not that useful in your own wallet because then you constantly need to move them in/out of the exchange and pay all the fees related to those transactions.
Hot wallets are for small amounts for daily spending
It’s the same as constantly going to the ATM to get cash in your wallet…
Nobody carries around their whole net worth in their pockets
- ExcessShiv@lemmy.dbzer0.comEnglish11 days
What that statement ment was, that you can’t use it to invest and diversify you portfolio if its not in an exchange. So unless you keep the majority in the exchange, you can’t trade it without paying the transaction fees every time.
