Ah, yes, the freedom to invest all your life savings in obvious unregulated scams such as FTX.
Cryptocurrencies advocate for a very libertarian point of view: you are the only responsible of your money, and if you get scammed, sucks to be you. Banks on the other hand are much more "social": they are protecting you against scammers, and sometimes against yourself.
I know a case of a person falling to a "Hello we're the FBI we need to get your money for an undercover operation but we'll give it back", wiring tens of thousands to scammers. The bank did everything they could, including "losing" the wire order until that person family and friends managed to bring the victim back to their senses. The same story would have been very different with Bitcoin.
People here on HN are tech savvy, and smart enough to not fall into these scams. But advocating for a system that will leave all the most vulnerable members of our society penniless is quite astounding to me. "Some of you may die, but that's a sacrifice I'm willing to make".
And what is the name of an institution that allows you to deposit unlimited amounts of money, but when you try to withdraw it they don’t let you? FTX? Yes. A bank? Also yes.
In Lebanon people are holding up the banks at gunpoint to withdraw their own money.
I am not pretending that banks are perfect. But regulations are made so these situations happen as little as possible. In cryptocurrencies, such frauds and gross mismanagement are called an ordinary Monday.
Cryptocurrencies advocate for a very libertarian point of view: you are the only responsible of your money, and if you get scammed, sucks to be you. Banks on the other hand are much more "social": they are protecting you against scammers, and sometimes against yourself.
I know a case of a person falling to a "Hello we're the FBI we need to get your money for an undercover operation but we'll give it back", wiring tens of thousands to scammers. The bank did everything they could, including "losing" the wire order until that person family and friends managed to bring the victim back to their senses. The same story would have been very different with Bitcoin.
People here on HN are tech savvy, and smart enough to not fall into these scams. But advocating for a system that will leave all the most vulnerable members of our society penniless is quite astounding to me. "Some of you may die, but that's a sacrifice I'm willing to make".