/biz/ - Business & Finance

a) bitcoin is all that matters and b) look after your own funds

Lol that idiot lost money. Also,
>falling for the Ivy League meme

if you do it right you keep your money
in the banking world you lose all your money

it's a matter of freedom and if you deserve it

>>12709087
Based professor willing to speak the uncomfortable truth.

>>12709087
>Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?
>Would you rather trust your own legs or some car you don't have the expertise to asses?

>>12709087
>Would you rather trust a human legal system
Fuck no. Fuuuuuuuuuuuuuuuck no.

>>12709087
Hhahahaha, fucking boomers man, ever time. Someone shop a monster energy into his hands

>>12709125

He's right. At the current moment crypto offers nothing to normalfags. They don't want to deal with wallets, security or anything like that. They want to use venmo to send bar money to their friends.

If you can’t hold it you don’t own it

>>12709215
I guess I don't own the stock I thought I had huh

>>12709215
that's a counterfeit

>>12709087
Harvard cryptographer? Faggot couldn't even get a real math job and has a massive inflated ego from the name Harvard

>>12709215
This is why I prefer to own junk silver and american eagle gold coins.

>>12709238
Technically you don't. Your money is brokered through a couple of big wigs sitting in their offices in NYC waiting for lunch time.

>Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?
That is how little I trust the ZOG

>>12709130
>choosing a Ponzi scheme

>>12709309
>implying cryptography isn't a real math job
The most math you probably use in a day is telling your mom how many tendies you want on your plate.

>>12709087
How much is this idiot being paid and by whom

>>12709087
That's because it's not user friendly

If the government wasn't strangling us with regulation, it would rapidly become more user friendly.

>>12709364
There's absolutely nothing preventing the developers from creating a more user friendly UI.

>>12709371
If you're going to be the one to create a UI on the blockchain, then by all means do it.

>>12709387
The Bitcoin devs have millions of dollars in funding. They should be the ones who do it, not me.

>>12709343

I actually use math every day in my work unlike this faggot who is here shilling for the government and silicon valley. Just read any of his writings.

>>12709087
>If your bitcoin exchange gets hacked, you lose all of your money
good, you deserve to lose your money if you kept it all on a centralized chink scam exchange

>If your bitcoin wallet gets hacked, you lose all of your money
Bitcoin wallets don't get hacked, because they're cryptographically secure. Keys get phished or stolen, which is the victim's own dumb fault.

>If you forget your login credentials, you lose all of your money
Yes if you're that retarded, you absolutely should lose your money

>If there’s a bug in the code of your smart contract, you lose all of your money.
Which is why contract audits and non-turing-complete provably secure contracts are a thing.

>If someone successfully hacks the blockchain security, you lose all of your money.
So don't trust blockchains with sketchy tech. E.G. Bitcoin has never been 'hacked'.

>In many ways, trusting technology is harder than trusting people.
The fuck it is, most of the aforementioned examples are literally issues to do with trusting people (trusting exchange operators not to exit scam, trusting yourself not to forget a password, etc). Writing perfectly deterministic and secure code can be tricky but when done properly it completely BTFOs human trust systems.

>trust a human legal system
Is this faggot serious? Who the fuck trusts lawyers?

>>12709087
Which has a better track record? I'll always trust a computer over anything else. One is infinitely flawed, the other is just a couple steps away from perfection. There's a reason why he's teaching an Harvard instead of making something of his life.

I mean he's literally right though. The only use for bitcoin is trading the pump and dumps it's known for. Crypto is literally just a one big trading game and nothing more. Fiat is king and even stablecoins work better as a currency.

>>12709087
>trusting technology is harder than trusting people

In what fucking world this is this boomer fucking living in? Does he not see that 6-8% our money is inflated out of existence every year by the Fed? Or is he so wealthy he simply doesn't see a single goddamn problem with 900sqft homes going for $500k or people making $80k living paycheck to paycheck? These Harvard """economists"""" are fucking delusional, literally no different than fucking 16th century epicyclists.

>>12709430
>Who the fuck trusts lawyers?

Are you serious? Who would you call when you get into legal trouble?

>>12709451
He's paid by the system a lot of money. One of his talking points of his talks(at google) is "the government needs you".

>>12709406
If someone just wants to buy BTC they have to pretty much research how to then jump through a few other complex hoops

That being said, I find things like the Ledger interface to be user friendly and simple.

>>12709171
ask and ye shall receive

>>12709309
You absolute fucking retard, being a professor at harvard is the highest math job there is

>>12709309
You idiot don't even know who Bruce Schnierer is. You're literally using crypo he invented every day and you don't even know it. He's a legend in the cypto field.

>>12709461
Retarded and literally not an argument. Why don't you take deadly toxins and loak up extremely high doses of radiation? Sounds fun right? I'm sure you'd do exactly that. What else would you do after getting cancer.

>>12709472
>>12709482
If you want to beat off all day and not build anything. Read his actual work, it's mediocre at best.

You idiots fall for the well connected jew meme every time

>>12709472
Ha, good one. And being a McDonald's broom repair man is the highest position in food.

>>12709466
perfect

>>12709466
doing Gods work anon

>Would you rather trust a human legal system

>>12709493
You're just mad that he's right

>>12709491
Touched a nerve, did I? Your problem isn't with lawyers or the legal system. You just want to do illegal things. You don't want any rules for yourself, but you want people to follow rules that you make up in your own head.

>>12709493
>this random pro sports player doesn't have the best physical job in the land, just watch him play! he sucks!
>he doesn't even build anything like me I build houses, he must have alot of connections to keep getting contracts

based retard

>conveniently leaving out the times when gold was confiscated by the state and bank accounts were frozen in hard times

>>12709527
>>12709521

You guys didn't even read or listen to him.
Literally all it takes is some well connected socialite title to trick you.

never gonna make it.

>If your bitcoin wallet gets hacked, you lose all of your money.
Good luck with that, buddy.
>If you forget your login credentials, you lose all of your money.
Well, stop being retarded then?
>If there’s a bug in the code of your smart contract, you lose all of your money.
The further it goes the more smart contracts are standartised and bugs become a thing of the past.
>If someone successfully hacks the blockchain security, you lose all of your money.
Boy oh boy.
>In many ways, trusting technology is harder than trusting people.
Let me just hold all your money and totally not go bancrupt to a point where govenrment has to bail me out.
t. Mr. Shekelbergenger
>Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?
Neither, but at least with code I can learn to audit it. Nobody fucking knows how banking works right now even bankers themselves.

>>12709524
Check ids, retard. You're not touching nerves, you struggle to even make any points. You're just plain wrong.

Besides we now have Quant to deal with all that trust shit.

>>12709524

Holy Shit we have a Special one here. I feel sorry for your parents for having to raise a Downy that should've been aborted.

>>12709521
>>12709527
>>12709087
>>12709125
>>12709565

https://www.schneier.com/blog/archives/2011/04/schneiers_law.html
He named a concept that was invented by someone else after himself.

His security book is like rediscovering parts of John Nash's work without the brilliance or cohesiveness.

Sorry to tell you that you can't judge quality and your societal system of knowledge has been gamed.

>>12709609
lmao I'll judge your work if you have any.

>>12709609
You don't fucking get it do you? you can shit on his work and thats fine, its like shitting on some pro ball player because he lost some games. The point is he doesn't get on a top 10 faculty in the world without being a world class expert that is literally leagues above any wageslave code monkey with a phd or not in the real world.

>>12709668
They're not arguing in good faith. They're trying to cope.

The reality is >>12709201
>>12709447

>>12709668
> appeal to authority
> comparison with sports
> never gonna make it

>>12709087
>bitcoin wallet hacked
DID THEY CRACK SHA420 AGAIN????????????????

>If your bitcoin exchange gets hacked, you lose all your money
top kek this was exactly what crypto was not really intended for
>If your bitcoin wallet gets hacked, you lose all of your money. If you forget your login credentials, you lose all of your money.
And this is why you buy a hardware wallet

Dumb boomer

>>12709575
>middleman
kek

>based cryptographer BTFOs pajeets and lazy zoomers clinging to a dead ponzi
Bruce Schneier is a legend.

>lawyers and politicians are people
>blockchain engineers and libertarians aren't
nice try (((harvard)))
i'm in crypto and not in stocks or banks because crypto is easier to use if your mind is not formated by the system
this terrifies the jew

That's it's advantages Mr Harvard professor sir

>>12709087
Dude looks like rick grimes in the thumbnail

You are now aware Bruce Schneier is Satoshi Nakamoto and shitting on crypto is part of his cover

>Changes opinion about crypto, because Schneier of Harvard knows better

Schneier argues that bitcoin transaction charges such as processing fees are hidden, unlike bank charges which can be easily calculated.
>Lies

He also says that automated systems cannot be fully trusted and human input will always be better, adding that blockchain technology is only theoretically trustless.
>Lol

>>12709572
>Check ids, retard. You're not touching nerves, you struggle to even make any points. You're just plain wrong.

If you're answering for someone else, then you're on the same fucking boat as them as far as I'm concerned. You still haven't made a counterargument, retard.

>>12709493
>Read his actual work, it's mediocre at best
He created actual cryptogtaphic algorithms that you likely use on a daily basis. Idiotic zoomer
https://en.m.wikipedia.org/wiki/Blowfish_(cipher)

>>12709087
How about you man up and UP your responsibilities as an adult man and start thinking about how to safely store your cash.
>be historical central bank
>unmanageable inflation skyrockets and I make German fiat useless toilet paper
>make physical gold keeping illegal
>screw whole country and harbor only close circle people
>all people loose money
>
Fiat is "Honestly Useless" - Random 4chan /biz/ user.
>

>>12709493
> his work
top kek
you know how hard (((professors))) work right?
probably a work of some chink and white academia slaves he takes credit for

>>12710065
You never made o point, much less an argument. Need an argument before a counterargument. You know what, just kill yourself. It would make the world's iq bump up ever so slightly, this is the only impact you'll ever have on the planet so you are almost obligated.

>>12709215
that's counterfeit

but other than that you're right, if you're buying somehing to store a great amount of value, don't pay (((someone else))) to hold it for you, get a god damn safe and hold your shit at home and invest in a good home defense system (alarm, guns, a guard dog, whatever)

>>12709668

My mum went to harvard and is a professor of economics in an Ivy League and I sear she’s a complete moron. I regularly BTFO her in conversations. I also get super embarrassed whenever she talks about politics of anything in public (we occasionally have to go to the same event) and I will genuinely interrupt her and apologise on her behalf to whomever she’s talking to.

People won’t believe me but it’s true.

>>12710273
Autism Speaks

>>12709087
>Harvard
I just unironically wtf I love crypto now.

>>12709087

>>12710273
My 9yo interrupts people all the time too.

>>12709087
those who would rather trust the legal system and experts can still put their bitcoins in the bank with the key diffrrence that they csn retain full custody of it with a good 2 out of 3 key scheme.

>>12710069
The only time I have seen Blowfish in use was when a 3DS game used it and spoofing it ultimately led to CFW. If your company uses Blowfish and it gets spoofed, you lose all your money.

>>12709087
Now let's dump all our savings into Wells Fargo's incompetent banking system.

>>12709087
of all the people he should be the most up to date how to avoid any of those scenarios how to manage keys and stuff. it sounds like he just lost faith in humanity.

>>12709087
look at his shirt. you can tell he's an asshole

>>12709095
this

>>12709289
>>12710257
Also if you buy gold or silver you MUST melt it down to extract the actual gold and silver yourself, otherwise it's completely trust based. If you keep buying from the same source without melting down the first purchase for verification you're gambling your money away, look up videos on YouTube on how to do it.

I don't agree with him here, but this thread reveals a real issue.
People who are into crypto but seemingly don't know Bruce Schneider?? He's about the most well known public figure in security

>>12709087
the funny thing is people will see "harvard cryptographer" and think this must be the most credible possible source on bitcoin. while bitcoin is primarily an economic disruption that just uses cryptography. bitcoin continues to operate... so what Bruce Schneier has to say about it is honestly AND truly useless. all he's doing is adding himself to a future list of smart people who were fooled by bitcoin. he completely ignores the disintegration of the legacy monetary system which is getting more and more precarious by the day without a global value anchor to guide it since the debasement of the idea of a "risk free rate" in 2008-2009 and the ensuing race to the bottom by central banks. this dumb faggot kike should just stick to criticizing the technical aspects of bitcoin or he will end up looking like a moron

>>12709087
>trust the human legal system
>Don't trust decentralized currency

>>12710273
I believe you
t. surrounded by Ivy League people in every aspect of life and people wouldn't believe how fucking dumb it is at the "top"

>>12709238
it's probably loaned to three other people and they're making interest on that. you fucking moron good goy. you literally don't

>>12709430
You just BTFOd a Harvard prof entirely, point for point

>>12709087

The same thing can happen with any centralized system such as a bank, except in those cases, the bank would repay the funds lost if it's their fault.

There is nothing to stop cryptocurrency having professional custodianship just like a bank which is insured for theft or losses.

Currently, having your own crypto wallet is the fiat equivalent of holding all your money in cash in a safe in your home and then complaining you've lost all your funds if you get robbed. No shit. You are solely responsible for it.

But when custodianship services come out this year, where people can trust corporations to securely store their crypto, and replace it in cases of loss which is their fault, it's very similar to holding money in a bank.

In fact, money in the bank is arguably less secure, as with fractional banking the banks never hold enough funds for everyone to withdraw everything at once, hence why there's always a risk of a run on the banks.

>>12711138

It’s like listening to a physicist telling you that smart phones are useless.

>>12711153
This is the biggest red pill. There is plenty of room at the top. My hypothesis is the smartest people generally are cognizant of the low odds of making it to the top, so they don’t even try. Whereas a dumb person would assume it’ll all work out. I think you need to dumb yourself down to make it, in a sense

>I refuse to use blockchain cryptography as it was intended and have completely destroyed the public perception of the technology because the human practice of trying to game currency exchanges is something that is of crucial importance to me
>BUT HOW DARE THESE PEOPLE FACTOR IN HUMAN CONCERNS OF FAILSAFETY AND ACCOUNTABILITY WHEN ASSESSING ITS VIABILITY AS A FORM OF EXCHANGE? Why can't those pansies just suck it up and git gud so that my attempt to game the exchange rate of this currency can be more successful?

You don't deserve Bitcoin any more than they do.

Trust me, in the financial world, having someone to call when shit looks weird is pretty much the golden hammer. This decentralization thing that you have been "trumpeting" (in reality just plain everyday shilling) is actually not desirable to anyone but a fringe group of nutters.

>>12711153

Of course it will be in a lot of cases. These people are churned out like worker bees by the same universities teaching the same thing over and over again.

It does nothing to give you a greater sense of perspective and intelligence about the wider world.

The really smart people usually flunk out of university, or never go in the first place, and than start the companies that employ the Ivy League people.

>>12709087
How many people are either still unaware every major money manager are launching custody platforms? Because any of that is definitely gonna happen at Fidelity.

>>12709466
>human legal systems, now those you could trust

Successful troll is successful

>>12711263
In science, engineering, and business, universities basically only serve as job training.
The arts and humanities basically serve as indoctrination.

>if you lose your money you lose your money
Genius observation

>>12711281
>The arts and humanities basically serve as indoctrination.
Honestly, not necessarily. If you are a good student at a rigourous school, you will move past the easy “existentialist” and postmodern thinkers (who write nom rigorously) and go into learning proper ideas.
Most people are lazy and are content with taking an overview course and they misread and all that.
Not to mention that since those people are young, everything they read significantly shapes their worldview, and so if you took only postmodern stuff you will most certainly become a deplorable

t. Philosophy fag at top uni

>>12710273
Don't be so harsh on your mom, jesus

>>12709130
Humans lies. Code doesn't.

Both are bad but trusting tech is always the step in the right direction

>>12709461
-My family got robbed by one construction company, they got paid and did only 1/3 of work and then went "bankrupt" - owner of that s.r.o stole all money from company fund.

-He moved about 30km to another country (I live at borders) - still in EU tho.

-We are dealing with this for over 8 years on court and police

-Still we didn't got a single dime back

-He didn't even had to go to jail

-He does not have to repay anything

This shit made me go to bitcoin & cryptocurrencies in general. Legal system works only if you are one of "them".

You can't trust police.
You can't trust law.

>>12711386
well imagine if he moved all that money in bitcoin without any hope of gov forcing the banks to handle it back to you. Bitcoin can't become mainstream money without a system (layer 2 or 3) that prevents tx immutability

>>12711451
nah bullshit, layer 2 will be for trustless payment channels and layer 3 will be for trustful settlement with negative balances between hubs to remove the bottleneck in routing ln payments on a flat network.

>>12709125
you can ask nearly every crypto prof, they all dont think much about it

>>12711386
Čech?
Never pay full price in advance, especially for whole house.

>>12709087
>if someone steals your wallet, they take all your cash
WOOOOW

This isn't about cryptography but about the entire concept of security.

Can something be impossible to steal? People can't steal entire houses because they are big, impossible to move (the land contains most of the value) and there's a system of registration that is trusted and almost impossible to tamper with, because even if you succeeded then it could be contested in court and it's up to a human and possibly a jury to make a judgement. The whole system just involves too many people.

The only solution to this then is to create a cryptocurrency that is based on trust networks. People are given an identity on that blockchain and if something is stolen, then trusted people can then vote to move the funds back.

>>12711465
at 0.053% adoption rate you can barely find a crypto prof on earth that has some btc based on statistics.

and the same can be said for gold, and yet gold is hoarded just the same.

late adopter cringe from boomers that don't understand computers from birth need not apply, the future of money is absolute, if you want centralized arbiters and backdoors for your "protection" you can be sure there will be layers above btc where you don't actually own your money, but it is protected from your own stupidity, just like today, where we have banks vs cash.

>>12711532
you do that on an extra layer. doing it on the blockchain itself leaves you with eos, a failed blockchain. the way money works today is exactly the same as it would work on a btc based model, we're just so many layers above physical money that we don't notice.

>>12711532
There is no point to blockchain if you just override it constantly. The practicality of "voting" doesn't make sense. Ultimately, you'd have to get told by a central authority that such transaction was fraudulent and that you should "vote" to revert it.

Bitcoin is that idea that sounds cool in an idealized, platonic ways, but that isn't better better in practice at anything that modern finance can do. Even ETF tracking any real commodity of your choice do a better job at being a store of value.

>>12711598
Store of value means you can store value safely and access it as you please. Bitcoin is the best store of value. It doesn’t matter if it fluctuates against fiat. It still has value anyways, and it’s being stored well. Kek. Why’s it so hard to understand the usecase

>>12709087
I respect him as security expert, but I don't think I care for his perspective on finances, less it has something to do with the attack vector of the underlying technology which he doesn't seem to have a problem with.

>>12711546
>boomers that don't understand computers from birth
you can't say that of bruce schneier

>>12711609
If it's a store of value, then it's value fluctuating with regard to other asset classes including fiat, gold or stocks matter.

Why would anyone looking to store value buy worthless bits on a ledger instead of say, buying a precious metal ETF? It's as digital.

>>12711648
>It's as digital
trust
crypto removes trust from balance and transactions

>>12711659
>You have to "trust" that your favorite shitcoin won't be 51% attacked
>You have to "trust" that the exchange you want to temporarily use to access liquidities won't exit scam
>You have to "trust" that people in a a completely unregulated financial market won't pump and dump your favorite shitcoin with other ponzies like USDT in the middle you trying to trade it

I get it now.

>>12709087

>(((Schneier)))

Banks confirmed terrified, bullish

>>12709087
>If your bitcoin exchange gets hacked, you lose all of your money.
Will easily be solved once non custodial exchanges and DEX will really polish and be able to handle some liquidity.

>If your bitcoin wallet gets hacked, you lose all of your money.
Paper wallets can't be hacked, hardware wallets are extremely hard to hack and basically require physical access. You have more chances to be robbed by a nigger than this event happening unless you are so dumb you put all your crypto in one wallet (which would be the equivalent of carrying all your fiat on yourself all day).

>If you forget your login credentials, you lose all of your money.
Multisig wallets will literally solve that.

>If there’s a bug in the code of your smart contract, you lose all of your money.
Who puts all his money in a smart contract? Will be an increasingly diminishing problem and the risk reward is extremely positive.

>If someone successfully hacks the blockchain security, you lose all of your money.
Yeah, go hack the blockchain now.

>In many ways, trusting technology is harder than trusting people. Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?
I would trust a computer over a bunch of jews considering me like cattle ANY SINGLE DAY.


>(((Schneier)))
>(((Harvard)))
It's useless goy! Stop using it now! Just let us handle your money for you like during the last 200 years.

>>12709087
>If your bitcoin wallet gets hacked, you lose all of your money.
Imagine paying Harvard tuition to learn about cryptography from a literal who who thinks that key-pairings are hackable.

>>12711703
none of those things are trust in a 3rd party as traditionally associated with commerce. they are like trusting you don't get hit by a car going to the bank or the bank doesn't gets blown up with you in it, not trusting the bank.

now you get it.

>>12711648
Yes it does matter but you trade that for decentralization and full control over your funds, which is what makes it a good store of value

>>12711752
That's why I said it's a cool idea in an idealized, platonic way. It doesn't work in practice against what modern finance can offer. We went full circle.

>>12711721
>>12711741
you fucking morons don't even know who the man is? he is pretty close to be the number one crypto security expert on the world. it's just that he dealt with permissioned trustful systems all his life. that's traditional crypto. and probably had one too many users sticky their password on the monitor and cracked.

>>12711648
>Why would anyone looking to store value buy worthless bits on a ledger instead of say, buying a precious metal ETF?
Because billions of people still can’t qualify for even a simple checking account. We just have the luxury of ”investing” in bitcoin. The rest of the fucked up world considers BTC to be stable relative to their own currency. Do you see?

>>12711760
>It doesn't work in practice against what modern finance can offer.
that's for everyone to decide individually if you feel crypto is not for you so be it. i would say the systemic risks are higher as long as crypto is in it 's infancy and low adoption but after a while it will be more secure and safe than fiat or traditional finances as you remove counter-party risk.

>>12711741
>Who puts all his money in a smart contract? Will be an increasingly diminishing problem and the risk reward is extremely positive.
It's ok to lose a little bit of money. Price of progress as they say.

>Yeah, go hack the blockchain now.
https://www.crypto51.app/

Bitcoin can be 51% attacked for one hour for ~ 250k. Surely this is beyond the reach of any state or non-state actor.

>>12711796
>Bitcoin can be 51% attacked for one hour for ~ 250k
sure sure... go ahead and do it then! see if you can make some money that way...

>>12711767
I don't give a shit about your appeal to authority you fucking kike, he could be the Grand Rabbi of Israel in direct contact with Baal what he said is still fucking retarded.

>>12709087
You're forgetting what happened in 2008 friend.

>>12710069
>Thinks people use blowfish

>>12711814
you faggots pretend like he is some random nobody then sperg out when you are put to your place. nice retreat!

>>12711820
i used twofish + aes with truecrypt but aes is secure enough and much much faster with cpu support.

The irony is that we loaded up this website by connected to a Linux server, which is open-sourced software the world relies on. There’s no reason to distrust technology. Our banks rely on this robust software already, and we can port it to ethereum eventually.

>>12709668
So the Harvard eugenics program was legit? How about the MK Ultra guys that produced the Unabomber? Harvard's diversity in admissions? Harvard is a propaganda machine now. It has lost its credibility and I will not waste my time trying to figure out if anything anyone from Harvard says is true or not. Harvard is the boy who cried wolf. Sometimes they tell the truth but who cares enough to listen...which is the whole point of crypto...trust no one but yourself

>>12711796
>Bitcoin can be 51% attacked for one hour for ~ 250k.

You don't understand this number at all nigger, this cost is based on the electricity cost but not the actual computational cost which would be in dozens of billions with the hardware even if you had the capacity to manufacture it in secret.
To realistically do so you would need to take over 51% of the ASICs on the planet which are spread all around it or find a way to cut them from internet/ the power grid, in short it's fucking impossible and even if they did that they would "just" be able to do double spending, not empty your account.

>>12711833
>criticized for appealing to authority
>appeals to authority in response

>>12711833
Then you better go cut your balls and swallow your bottle of onions you little bottom bitch because apparently the "expert" just said it's bad to be a man:
>https://www.psychologytoday.com/us/blog/women-who-stray/201901/psychologists-issue-controversial-report-masculinity

>>12711295
Give me based post-postmodern philosophers to read senpai

>>12711915
i'm not appealing to authority i simply pointed out the man shits smarter turds than you are.

>>12709087
based schneider!

>>12711896
The computational power is not a problem for the NSA, GRU, or even the intelligence branch of the CCP. I'll let that activate your almond.

>>12709087
i never lost any money.
it's not because this new better money isn't as easy to use yet that its useless.

if plebs at the bottom can't use it without geting hacked or funds stolen or whatever it just means we are early adopters.

>>12711924
he is wrong of course in his hasty conclusion but the points are all valid. i feel bitcoin failed to deliver on it's promise too, but i'm inclined to give it some more time. nothing is won or lost as of yet.

>>12711950
>The computational power is not a problem for the NSA
Yes it is you retarded nigger, the NSA cannot (and certainly not the GRU) fucking manufacture tons of ASICS like that out like it's magic and then just put the power on, it's not some backdoor you can put in the lastest jewtel chip or jewgle software, it's an industrial process.

Literally only the chinks currently have the means of production to do a 51% and it would still cost them tens of billions and would basically collapse an industry they have an edge on for absolutely no reason, doesn't make any fucking sense.

Anyway we hear the same retarded FUD since a decade now, it never happened and everyday it's less likely to happen.

>>12709087
Good thing chainlink isnt a cryptocurrency LMAO its a blockchain agnostoc middleware software, good luck with your faggot "cryptocurrency" LMAO

So, when crypto has better user experience than traditional money, it wins.

I'm so comfy.

>>12712152
it can't exactly win governments will never go for a true crypto it can only be some bullshit like tether if they adopt it. crypto issued by a central authority is not a real crypto anyways.

what will happen is bitcoin will replace gold as the number 1 hedge.

>>12712191
>salty namfaging libtard
wew

Jew shills terrified of banking system they don't and can't control.

If your bank wont give you your money you youst lost all of youre life saving
If you protest against the banks and try to withdraw all money from atm's they close them you youst lost all of your money
If bank goes bankrupt you lost youre money
If you had money tied on bank shares and it drops you lost youre money ....

>>12709087
Kek

>>12712071
You don't need ASICs. They're not some magical thing that increase your computational power x100,000% for Bitcoin. That is your delusion.

>>12712376
you're so wrong on all these points you fucking mongoloid lol

>>12711307
Humans write the code. Genuinely induced deep reflection in my part.

>>12712423
please explain how any organization could match miner hashpower, I doubt even the Pentagon could match even 5% of total hash.

>>12712423
>They're not some magical thing that increase your computational power x100,000% for Bitcoin.
that's unironically what they are

>>12712510
>>12712637
I admit I am impressed by the discontinuity after looking into it. For BTC, it would take around 200 millions top of the line GPUs. Other shitcoins aren't as safe though. And desu it just speaks to how much electricity is fucking wasted by all this.

>the stock market doesn't offer anything to normalfags thus it's worthless

>>12712681
>Other shitcoins aren't as safe though.
well hello!
that's why it is said bitcoin is the only trustless persmissionless decentralized public ledger that is secure.

>>12709087
Is the code behind the regular banking system any more trustworthy than the code behind crypto? Both were made by humans; both can have errors.

>>12709125
>uncomfortable truth

>>12711950
>The computational power is not a problem for the NSA, GRU, or even the intelligence branch of the CCP.

You do realise that the NSA couldn't even stop one fucking plane from flying into the Pentagon despite being given an hour's notice, right?

You do realise that it took them a fucking decade to find just one bearded peasant?

The amount of power that people think government agencies have is over estimated by orders of magnitude.

>>12709087
People will have the option for a company to act as their crypto custodian if they wish to.

Look at coinbase

>>12709087
>(((Schneider)))

>>12711923
>doesn't understand what appeal to authority is
>resorts to personal attacks

is he gonna make it lads? i'm thinking no

>>12709087
all of these things can be fixed if someone actually worked on usability instead of transactions per nanosecond like the autists they are

>>12709087
Schneier is a dumbass who markets himself well.
Of course he doesn't host his own wallet. His advice is always really silly.
I remember reading this comment on HN a few years ago.

>>12714137
Jeez even hacker jews is against him.
Of course it was 5 years ago when hackers still used to go there.
It's sad to see our previously important institutions turned into medals for the well connected.

>>12711386
I hate to come off all ITG - but seriously, go watch some Killdozer videos & take a baseball bat to them. I guarantee they have families - be a real shame if pieces of little Timmy were getting mailed back a bit at a time. And yes, since the Mob, cartels and criminals in general get away with it, so can you.

>>12713571
dude appeal to authority fallacy only works if you are trying to use it as a logic decider. i never said bruce was right and especially not "he is right because <insert something about authority>"

i'ms saying he is wrong and that's a big deal and you trying diss his opinion pretending he is a nobody is idiotic since he drops smarter turds than you are.

there you go completely and utterly rekt.

Scenario 1. 100IQ individual sends their BTC to the wrong address.
Scenario 2. 100IQ individual sends their bank account balance to the wrong account.
Which 100IQ individual will get their funds back?

You can't make an unforgiving system for the general population. Unforgiving systems are usually left to expertise.

>>12714334
not sure what you are talking about cash was absolutely unforgiving you gave it to the wrong person you never got it back. any authority that can reverse mistaken transactions can reverse legitimate transactions too if it feels like it.

>>12714395
Most (not all) who get robbed get some sort of compensation. Fraudulent transactions happen all the time, but the bank usually takes the loss and makes things right for the customer. I've bought stuff on Ebay and never received goods. Got my money back.

There has to be some authority or funds holding in place, otherwise you have to be infallible which you can't force upon a 100IQ population. Not even a 130IQ population.

The general public aren't paranoid about the government stealing their funds, because it rarely happens in a 1st world country.

Cash is a lot more forgiving because usually you have a partnership (the bank) who will correct things.

>>12709345
>How much is this idiot being paid and by whom

im in infosec, schneier is taken more seriously than anyone else in the field.

I'll have to read the article now...

>>12714470
i was talking about cash and no banks don't do that cc companies have a policy to bear the cost of fraud but it takes about 120 days and you got to prove it.

>>12709482
cryptography has very little to do with cryptocurrency. it's just one small piece. this is like asking a rubber manufacturer's opinion about cars

>>12714485
No banks will often provide insurance for if you get robbed at an ATM or someone is able to access your accounts and make withdrawals. Even if it's your own stupidity, banks will still do that for you. A good bank anyways which can be found in every city almost. Holding cash you're sol but not many people keep 10,000s of $$$ in a safe or home. They use banks.

If crypto truly takes off, those good with social manipulation will have a field day. People's entire lives will be uprooted with no recourse but to start from the beginning. You best hope your close family and friends are infallible people.

>>12714576
>No banks will often provide insurance for if you get robbed at an ATM or someone is able to access your accounts and make withdrawals.
yeah that's not a mistaken transaction at all.

>>12714599
??? I send 500$ to you. I call the bank and tell them I sent money to the wrong account and to stop the transaction. It's really that simple.

>>12714614
no it's not it actually happened to me. i was the one that got the wire by mistake (i got paid in cash and then they also wired the sum for a bill) and they told me if i don't sign on it stating it was a mistake they will not give it back. so i actually had to go in and clear it up.

Being in college made me realize how far removed academics can be from reality. The ivory tower memes aren't just a joke, you need to weigh what a PhD says as carefully as anyone else, and just because some guy with a beard and a piece of paper says something is worthless does not mean it is so. His objections are valid, but he doesn't acknowledge the potential of the tech and that's a negative bias imo.

>>12714630
Ok but you went in and cleared it up as you say. In crypto, unless you know the address holder there is no clearing it up.

What would need to happen is people join banks which give out crypto addresses and the banks have their own systems in place that limit you through non blockchain technology by only allowing you to do transactions with "approved" addresses that banks can access or have some sort of regulation over. Essentially the banks do the part with the blockchain and you just decide where you want your money to go, but keys and addresses are irrelevant at the consumer level.

>>12714731
>In crypto, unless you know the address holder there is no clearing it up.
you can see the address that it was sent from man... if you wish you can make it right. but really this shit almost never happens. certainly shouldn't happen to your life savings. whn crypto kicks off you will probably use qr codes and check the transaction details before okaying it. there will be no room for mistaken inputs.

>>12714807
Ye but I mean you'd have to figure out who is the face behind the address and you can send to other addresses that aren't even in existence yet.

Another thought too is that banks can put in hard limits. If crypto becomes mainstream then even criminals will know how it works on some level. If you get held at gunpoint and they tell you to open whatever wallet is most popular and they say to send your btc there goes your whole balance in one robbery unless you spread it between several hidden accounts. You'd essentially need a decoy account to fool them.