| ▲ | Aurornis 9 hours ago |
| That’s also a downside: When your funds can be transferred away by anyone who happens to acquire the key without triggering any fraud prevention or additional verification checks, losing your entire bank account at 4AM Sunday morning becomes much easier. |
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| ▲ | tucnak 8 hours ago | parent | next [-] |
| This is why people who happen to own significant amount of crypto typically get hardware wallets |
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| ▲ | mschild 7 hours ago | parent | next [-] | | That would make it a single point of failure, no? Not a good idea if your company is riding on it. | | |
| ▲ | tucnak 3 hours ago | parent [-] | | multisig exists | | |
| ▲ | dsr_ 2 hours ago | parent [-] | | Cryptocurrency recapitulates the history of the modern banking system, and illustrates the necessity of regulation on a daily basis. |
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| ▲ | aurareturn 6 hours ago | parent | prev | next [-] | | Yes, let's go back to hiding cash and gold under our beds. Maybe buy a machine gun so you can defend it from home intruders. | | |
| ▲ | RobotToaster 5 hours ago | parent [-] | | > Yes, let's go back to hiding [...] gold under our beds The people that did exactly that never had to worry about (hyper)inflation... | | |
| ▲ | Aurornis 32 minutes ago | parent | next [-] | | The currency is never the only asset or unit of trade in an economy. As long as value and wealth were being created somewhere, inflation can exist. Gold is interesting because more of it was being mined and produced all the time. There wasn’t even a finite amount of gold. Thinking that a gold standard means no inflation (or in practical terms, deflation as the population grows) is a modern fantasy. | |
| ▲ | compass_copium an hour ago | parent | prev | next [-] | | In addition to the security issues, they would have to deal with non-negligible transaction costs every time they wanted to convert it to actual money so that they could purchase something. If they were using it as an investment, they had to deal with the opportunity cost of underperforming $SPY. | |
| ▲ | 4 hours ago | parent | prev | next [-] | | [deleted] | |
| ▲ | pjerem 5 hours ago | parent | prev [-] | | Still, they have to worry about them and their family not being kidnapped. Oh but hey, checkmate, burglar who is threatening to cut my daughter’s finger, my wallet is multisig ! |
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| ▲ | learingsci 7 hours ago | parent | prev [-] | | Doesn’t that mean a home invader can break in, torture you a bit and walk off with your millions? | | |
| ▲ | duttish 7 hours ago | parent [-] | | I think there was a rash of this kind of this kind of wrench cryptocurrency robberies in the Netherlands a few years ago. Break in, bash owner about with a wrench, get coins. <Insert xkcd> | | |
| ▲ | aurareturn 6 hours ago | parent | next [-] | | Yep, the meme in crypto community is that you can have all the digital security possible but it'll lose to the $5 wrench attack. | |
| ▲ | fragmede 5 hours ago | parent | prev [-] | | xkcd 538, that is |
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| ▲ | koakuma-chan 9 hours ago | parent | prev [-] |
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| ▲ | ludston 8 hours ago | parent | next [-] | | I bet you can. And I bet that raising the limit takes you a few minutes at most. Or you need a better bank. | | | |
| ▲ | victorbjorklund 7 hours ago | parent | prev | next [-] | | Why do you have a bank? Don’t you use crypto for all your needs? Or does crypto fail you in that? | | | |
| ▲ | SecretDreams 8 hours ago | parent | prev | next [-] | | If your bank doesn't want to raise the limits, there's probably good reasons behind that. | | |
| ▲ | koakuma-chan 8 hours ago | parent | next [-] | | No, there's not. There are rarely good reasons behind what banks do because these are organizations that are run by mediocre people who are not incentivized to not suck. They don't care at all about anything. This "fraud prevention" thing only gets in my way and doesn't prevent the less sophisticated people from sending their money to India. | | | |
| ▲ | selcuka 8 hours ago | parent | prev [-] | | > If your bank doesn't want to raise the limits, there's probably good reasons behind that. Why would their having reasons make me feel better when my payments don't go through? We complain when Apple plays nanny and makes their product a walled garden. How is a bank different? They should be doing their job without causing inconvenience for me. |
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| ▲ | pertymcpert 9 hours ago | parent | prev [-] | | Unnecessary rudeness. | | |
| ▲ | koakuma-chan 9 hours ago | parent [-] | | Strong language used for emphasis. I apologize if anyone was offended. | | |
| ▲ | vasco 8 hours ago | parent [-] | | It's also a lie, you can pay for many things without raising limits. | | |
| ▲ | koakuma-chan 8 hours ago | parent [-] | | Why does the bank decide what I can pay for? That's bullshit. | | |
| ▲ | mschild 7 hours ago | parent | next [-] | | What limit are we talking about though? Credit or debit? Debit I'd agree would suck because it is your money. Credit cards on the kther hand is you lending mkney from the bank. | | | |
| ▲ | nananana9 8 hours ago | parent | prev | next [-] | | Because you put your money there and agreed to their rules. | |
| ▲ | cess11 5 hours ago | parent | prev [-] | | It typically doesn't, it just implements compliance with laws and regulations in your jurisdiction. Withdrawal and transaction limits are commonly such a thing, politicians get hounded because some people were frauded out of their monies and they feel a need to show that they're doing something about it. Banking is very international, you can put your money in some other jurisdiction if you'd like to. Many transnational banks are connected to the usual payment providers, you can probably figure something out if you put your mind to it. One way to do it is to start a company, business accounts at banks generally have different limits and then you pay a lawyer or bean counter to clear how to do the books and pay appropriate taxes. | | |
| ▲ | koakuma-chan 5 hours ago | parent [-] | | I can only really use Canadian banks because that's what Interac, Canadian system for sending money by email works with. The bank does decide what I can pay for because it limits the amount of money I can spend via Apple Pay (like $500), and in general (like $1000). You need to bring your physical card and call them to temporarily increase the limit to buy anything expensive. | | |
| ▲ | cess11 5 minutes ago | parent | next [-] | | Web searching a bit seems to say that e.g. tourists can use their foreign issued cards and typically carry their issuers' limits with them, unless the merchant has their own limits for some reason. Putting stricter limits on intermediate devices like pocket computers doesn't seem very tyrannical to me. Interac's web site says the typical default limit would be 2-3000 CAD, i.e. 12-1800 euros or so, unless you have a small business account, then it's more like 25000 CAD. If you often find yourself spending thousands of CAD on a whim, perhaps it would be a good idea to open accounts with a bank that is tailored to people with a lot of money. I'm sure there are some available in Canada. | |
| ▲ | ludston 3 hours ago | parent | prev [-] | | Yeah all of that sounds way more convenient than your grandma irrecoverably losing her life savings because somebody kid fished her for her crypto authentication. |
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