I STILL don't get it

>big brain shit of using BCH
AAHAHAHAHAHAHAHAHAHAHA OH MY GOD AHAHAHAAHAHAHAHAHA

thanks for the laugh, retard user

Joe conversely also has to handle all security related aspects of managing said bank.

Why would the broader population ever opt for this, in favour of a centralized institution that can insure your funds?

Do you think people would do this themselves, or let someone handle it for them, at a smaller fee then what the bank would claim?

I'm asking because your use-case implies niche, infrequent use. I don't think people would take the risk of handling something like this themselves, in many, many cases.

Technically he should benefit from cheaper prices from the companies that start utilizing it buuuuut more likely he won’t even know it’s happening and companies will just shove the extra cash into executive pockets. Your only chance to benefit is to invest in the right ones

>put 10 bucks on coinbase in 2017
>split 50/50 between yobit and bittrex
>buy low sell high
>yobit lost all my cash
>ended up with $40 on bittrex
>cashed out payed a few cents in taxes and bought a dualshock controller
>6 cents left on coinbase
>2 dollars left on bittrex
>last weeks boom moved me up to 9 cents on coinbase and 4 dollars on bittrex
>I also got 5 bux in robinhood

buy high, sell low
that's the only thing to know
buy high, sell low
this the law that make you grow

if all translations are done in crypto you don't pay no tax
therefore average Gaybo can afford to buy more
ans since the maker also pays no tax the price is even lower, making Gaybo ass gape

>security related aspects
this is covered by Bitcoin. All you have to do is keep your key safe.
Can Joe be trusted with his own house key? Then he can be trusted with managing his own money. Modern Banking is a very new concept.

Hundreds of years ago people managed their own assets. did we get dumber? I don't think so. People can handle themselves.

and what if the technology removes all risk and need of trusting a 3rd party?

yet you still can't figure out how to swap crypto and avoid BTC fees.

Lol wit you still have to pay taxes. It's much easier to dodge tax in cash.

Will people want the responsibility? The current system exists for a reason. In the case that you private keys stolen, there are no chargebacks or insurances.

Also, the house key metaphor is a no-go, since your house key can't be copied that easily, or phished out of your hands in the same ways.

>The current system exists for a reason.

yeah because a bunch of rich jews and anglos conspired with the US government to control the money supply

You do not have central entity mass printing your currency to inflate prices of everything
Imagine the meme picture of 1930s costs of living
that is how average joe would benefit
Also kys you shill, your FUD is too dishonest, low energy, newfageous and forced...at least it;s a signal sth is going on..I'm pumping more bags.

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once RFID entry is standard (big tech WILL do this) I'll be able to copy your house key by walking next to you on the street.

Nevermind that analogy. Why is that responsibility a bad thing? Yes, it might be hard to ride on our own after being forced to wear training wheels for a hundred years, but people will learn.

My Grandma got by fine without the banks. Your grandkids will too.

Re-read my post.

My point was, that if the uses are niche (not that frequent), likely, people would want help with crypto transactions.

(And certainly, entrepreneurial business would be eager to provide this service. Feel free to steal this)

Why do we have banks?

The fact that you cannot print more of some cryptocurrencies, is one of the best arguments for the benefit of the common man. I think the idea is too grand to be absorbed by the majority, though.

Also, what am I shilling?

I don't see a problem with this. Crypto is just a tool, how it's used is up to you.

But think of it this way: those jobs. Let's call them "crypto assistants". They won't last long.

Think of the American states that require employees to fill your gas tank. That's your entrepreneur 50 years after crypto is mainstream.

"Those people that help manage money, they won't last long"

If this continues we'd be back to having centralized institutions that now deal in global currencies, instead of local ones.

>inb4 one-world government conspiracy theories

to generate money under the illusion of security. To take Innocent peoples money, then shut their doors when markets get a slight bit turbulent.

To create fractional reserves. To lend out money they don't actually have, then shrug their shoulders when the economy collapses.

I don't know dude, if the real answer was "keeping money safe" they have never done that reliably EVER in the history of humanity.

>I think the idea is too grand to be absorbed by the majority, though.

Most of the things people do were once in a state where they were too complex for the common man to reap the benefit. The common man owns derivatives of index funds, because it makes money. They don't understand the exact mechanisms whereby they make the purchase and own the asset (or contract) etc.
If it's profitable, dumb people will be sold it by smart people.

No idea about the agenda behind this. Your presence here and style of questions are not organic.
My estimate is FUD / slide thread.

How are they not organic?

I don't use racial slurs, i guess.

lol do we have centralized gas pumper institutions?
No, you just learn how to do it yourself. The tools are no longer hoarded by the elite.

They keep money safe every day. Chargebacks are an example, detection of unusual credit-card activity is an example.

The real use case for crypto is AI agents delegating to other, specialised AI agents sub tasks using smart contracts.
That is up to 10 years into the future. It will also be part of and the beginning of the technological singularity.
It's unknown if any current crypto currency will be part of it.
What's happening now is people laundering money / riding pumps and dumps / taking extremely early positions just in case we have a breakthrough in the next 2 years or so.

We do, they are called banks.

Not going to give up my shill detecting methods, yehuda. Start with pajeet threads first to see the difference. Racial slurs would ironically make you less suspicious, still not enough.

The great depression never happened. The banks never shut their doors. Americans never lost trust in banks.

And the gas pumpers created an elite cabal to prevent any American citizen access to the extremely complex and esoteric knowledge of gas pumping.

I guess you don't really like having the idea of cryptocurrency challenged?

And what happens in the future when your average citizen has more financial knowledge than the banker of today?
The day of self service is coming.

And you really don't like to acknowledge the many times banks have failed.

They're so new. But humans are so puny that you actually managed to convince them the Banks predate human consciousness.

If people thought money (and the handling of it) seemed so complicated, that they didn't mind paying someone else to handle it for them, don't you think the same is going to happen with - an arguably even more advanced and complicated form of money... ?

You realize that crypto doesn't exclude the idea of banks, right? It just makes them unnecessary. People can pay for the services of charge-backs and account ID monitoring if they really wish to.

Nice strawman ;) roger ver tier of disdcussion

But... This is not about banks failing?

This is about people having a need for security that cryptocurrency, inherently, cannot provide.

want me to wipe your ass too? finger it out on ur own and lurk more phaggot

He thinks his money is safe in a bank, hahaha

It's not as complicated as people are convinced it is.

Why do you think the schools refuse to teach kids basic personal finance? Is gender studies really more important than learning how to do your taxes?

What was there left to argue with in your previous post? I'm here to discuss ideas.

In fact, fiat, inherently, cannot provide security, because the very concept of it includes continuous and systematic fraud, that is, the creation of false currency to make claims at the goods through which the currency gets its value (this by banks, the providers of security).

loaded statement. Crypto currency inherently has security that the banks do not. Banks rely on the same encryption that Bitcoin has refined. You should be thanking us.

Why the fuck would I pay for food with Bitcoin? It's not like either party is at risk of charging back, nor is there usually any reason for wanting to hide food transactions.
One of the first applications of Bitcoin on the surface web was for goods with high chargeback risk. Last night, I sold $1000 worth of RuneScape gold to a Chinese website. After trading the gp to a guy in Lumbridge bank, the payment appeared on the blockchain, and in just 20 minutes it had a confirmation - as opposed to the 90 days I'd have to worry about a chargeback from someone deciding to scamquit.

This is true.

But do you then choose to participate in a system (with safety nets), where a little is stolen from you, at a slow rate, or do you chose to participate in a system where you can lose it all, potentially very easily?

What do you think the masses would chose?

his entire argument is based on two false premises.

The first false premise is banks inherently provide security.
The second false premise is that banks provide trust.

They do neither without regulations. Regulations they can lobby and control.

Crypto currency has security built in, so much that it eliminates the need for trust.
That's how we get the word "trustless".

Think of it this way,

What would be easiest for me?

To clean out your bank account? Or to clean out your MEW wallet?

Entirely false dichotomy, as there is absolutely no reason why coin safehavens can appear where either, due to mutual agreement between coin safehavens, charge-backs can be integrated, or, the customer, if he proves that he has been subject to fraud, can get restitution from his safehaven.

Look at the entire concept of insurance. Now apply it to cryptocurrencies.
Houses can burn down. Get them insured.
You can be subject to fraud. Get your asset insured.
It's not difficult.

We are talking security on two completely different levels. The average Joe is probably more concerned with

You're serious?
Bank account. Easily. Is that a joke?
Social Security numbers are insanely unsafe.

Do you think anyone would insure a (potentially very) volatile asset, more favourably, then a bank would insure your fiat?

I respectfully disagree. Let's leave it at that.

take your social security number. Add 1. That's another real human being you just stole the identity of.

There's zero built in security to SS numbers. They're sequential. I can't add a 1 to my MEW key and get someone else's wallet.

But wouldn't the absorption, of all these instances into crypto, just usher in an era of new banks?

How do I clean out your bank account from my desk, with your SSN?

Start by stealing your entire identity with your government assigned private key (SSN).

The first and middle digits tell me where you live, the last digits is just the number you were born (counts up by 1 for each new person, seriously). That can be used to give an estimation of age.

youtu.be/Erp8IAUouus
it's a garbage ID system. And it's your IRL private key.

You forgot the part where I take all your money, I think.

you log into my bank I don't know dude.
The rest is relatively easy once you've got an identity.

I'd have to break into your house and find the tiny slip of paper or whatever you keep your seed hidden on, if I wanted to get into your crypto shit.

You really have no reason to keep your seed/key on your computer, so hacking is out of the question.

insure it with btc then...

I don't, really. I just need to have a keylogger installed on your computer, or have you visit a malicious site.

The same, of course, is true for credit-cards, however, banks will help you a lot here (which was my point the whole time).

And no. Your identity is not access to your bank account.

what if I'm using a hardware wallet? I can plug this thing into an infected computer and my keys won't get touched, the signing is done on the hardware wallet itself.

Zero sensitive information is accessable by the computer.

>Malicious site
Lol. Nobody is buying that in 2019.
Unless you have Stuxnet tier zero-days, a sketchy website isn't stealing your keys. Unless you just give them up.

The average Joe is a moron. Maybe he doesn't benefit - we do. :)

What if you receive an e-mail, that directs you to an exact (but malcious) replica of a popular site, say, Binance, where you then essentially give away all your funds directly from your hardware wallet?

(Very real world example, by the way)

We could keep going, I'm sure. My point is, if you are cheated out of some cryptocurrency, it's your loss. If you are cheated out of fiat, banks can help you in some instances.

And if the banks cheat you out of billions, they steal your money via "bailout". They just can't stop taking, can they?

shut up and buy chainlink

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I'm not disagreeing with your sentiment, I'm simply saying that people don't care, because they are more focused on short-term incentives.

Bitcoin is a saving vehicle, its not competing with payment processors you retard. Just like gold stored in vaults doing nothing but in Total its worth 8t usd. Explain that you fucking keynesian kike. Go buy your mocha roastie frappe with nano and fuck off if you are too stupid to understan the concept of not wanting to get fucked by (((inflation)))

or the bank can screw the seller over
I had someone win a $450 chargeback on the grounds that the transaction that it was unauthorized even though they had called the bank to verify their identity
again,

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They won't, but we will.

Re-read the OP. I was asking about the cryptocurrency model in general. I didn't mention Bitcoin once.

What about a hardware wallet? What if I connect my ledger with 100 BTC to the computer? Can you phish it/clone it/get access?

I guess this is a (current) unfortunate side-effect of this particular layer of security. I don't think it changes the fact, that most people would want to be without it, though?

crypto will never replace fiat im afraid it works as store of value + illegal activities

btc has energy used to mine it behind its value, same as gold

Here: en.bitcoin.it/wiki/Hardware_wallet

"Malware swaps recipient Bitcoin addresses: a hardware wallet won't protect you from being tricked into sending Bitcoin to the wrong address. For example, malware on a PC could monitor for high value transactions and then swap out the recipient's authentic Bitcoin address for an address controlled by the attacker. "

Also: kaspersky.com/blog/hardware-wallets-hacked/25315/

"Using a hacking technique called voltage glitching (applying lowered voltage to a microcontroller, which causes funny effects in the chip) they switched Trezor One’s chip state from “no access” to “partial access,” which allowed them to read the chip’s RAM, but not the flash storage. After that they found out that when the firmware upgrade process is started, the chip places the cryptographic seed into RAM to retain it while the flash is being overwritten. In this manner, they managed to get all memory contents. Finding the cryptographic seed in this dump turned out to be no problem; it was stored in RAM unencrypted, in the form of a mnemonic phrase (meaning actual words instead of random number) that was easy to spot."

We already have that breaktrough. It's called Holochain + Holo

Then my answer its obvious, no one benefits from transacting in crypto over fiat for normal everyday purchases, but the average joe benefits from holding it. Using crypto for everyday transactions is retatded and doesnt make any sense, thats what bitcoiners have been trying to explain for years

Why doesen't it make sense?

jewish concern-troll spotted. you faggots are falling for it.

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God forbid that we all learn something.