Turkish crypto exchange CEO reportedly flees with assets worth $2 billion

Strawman

Posts: 358   +212
I don't hate cypto. It's their obnoxious fan boys more than anything. This thread is just more confirmation. Certainly not as much as you seem to hate fiat. The inherent fact that one can lose a "wallet" any time by hard drive cash, corruption, lost or stolen laptop/pc and are more prone to theft via hacking, etc. does not make it safer in my eyes. And confiscation of accounts/wallets is just as real and possible as freezing bank accounts. That false sense of security seems to be why we continue to have headline articles like this. But you do you.
Where exactly did I say any negative thing about fiat? If anything, my whole point is that fiat, as much as crypto, is a tool. How people use it is a different subject. See you keep attacking me with ad homs, and that's fine, but at least make sure you are accurate on your attacks. I didn't say a bad thing about fiat yet you call me a hater. Da heck man?

You cannot lose a wallet by a hard drive crash btw. I mean sure, there are ways to lose your wallet, but that's entirely up to you. You cannot lose your cryptos because a third party, be it the goverment, a bank or just a thief decided to take them away, which is the case with fiat. I see you haven't heard of smart contracts or of different ways to secure your wallet. I'm not even exaggerating, there are ways to make sure you CANNOT lose your cryptos even if you wanted to.

Just an example, you can setup a smart contract which dictates that "If I do X then you will transfer the cryptos of this account to this account". X might be anything you want it to be. Sending an email with your ID or whatever. Meaning, even if your wallet is stolen or lost due to a harddrive crash, all it takes is your command to have your cryptos to another wallet of your choosing. Also, if you really wanna be safe, you don't keep your wallet to a hard drive, exactly for the reason you mentioned. You can print the keys into a physical form, be it a metal plate or whatever.
 

Karlos95

Posts: 187   +121
All these articles keep referencing the fact that some companies like PayPal and Tesla now accept payment using crypto-currency and it somehow makes the whole crypto craze more legit and trustworthy. This is complete nonsense. It's all a bunch of greedy companies who can afford to lose a few hundred million or even a few billion in case the whole thing goes bust. They're just trying to get in early (well, maybe not that early now) in hopes of hitting it big by waiting for the value to balloon further. At some point one or more of these big players will want to cash out and at that point the whole thing may come crashing down as all the rats will try to leave the sinking ship. We've seen this many times before, but people never learn from it.

A bit like banks propping up the housing markets back in 08 for everyone to lose a tonne of money. So delusional to think bank/gov's or any institution has you in mind when making decisions.

Every market will crash again very soon, guess who gets the bail outs, no you.
 

cliffordcooley

Posts: 12,933   +6,264
That is the beauty of it. People like you want to regulate it.
Quote one of my comments where I said I wanted it regulated. I said crypto was not secure enough for me to use unless it was regulated. I don't care if crypto is ever secured by regulation. We already have that in banks. That's right I said banks not stock market. The stock market is a legalized scam by designed.