When the expected outcome of average users using your service is that they get scammed out of all their money, the service is broken and it’s not the users at fault.
Exactly. All these comments negative of the traditional system aren’t coming with plentiful examples of regulated banks opening up, taking a lot of deposits, and then closing keeping the money. It might happen but I can’t recall one instance in recent years. Shit happens all the time with these crypto currencies and exchanges.
People wanting more trustworthy banking can just start a credit union or non-profit bank with protections in its charter. Charge fair prices with Stripe-like payment processing. Maybe try to make transfers as cheap or free as possible. Offer secure methods with assurance going up as monthly/yearly fees do. Invest in stuff to keep money coming in. And so on.
It’s almost like math isn’t a replacement for a regulatory system.
Almost like that.
It’s not like this is a problem in Ethereum or any Blockchain. It’s the stupidity of users being abused. Not suprising at all.
When the expected outcome of average users using your service is that they get scammed out of all their money, the service is broken and it’s not the users at fault.
Exactly. All these comments negative of the traditional system aren’t coming with plentiful examples of regulated banks opening up, taking a lot of deposits, and then closing keeping the money. It might happen but I can’t recall one instance in recent years. Shit happens all the time with these crypto currencies and exchanges.
People wanting more trustworthy banking can just start a credit union or non-profit bank with protections in its charter. Charge fair prices with Stripe-like payment processing. Maybe try to make transfers as cheap or free as possible. Offer secure methods with assurance going up as monthly/yearly fees do. Invest in stuff to keep money coming in. And so on.