You Should "Be Your Own Bank" | Cryptoland Roundtable
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- Опубліковано 26 вер 2024
- Investing in crypto is becoming easier thanks to third party services and wallets. But while investing becomes more accessible to the masses, some worry that the privacy that comes with wallets controlled by individuals is becoming a thing of the past.
In this roundtable panel, VICE News’s Krishna Andavolu sits down with Motherboard’s Janus Rose and Satoshi Labs' Pavol Rusnak to talk about the promise and the risks that come with “being your own bank” and the future of the Bitcoin wallet.
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Money should not be this complicated that is the issue. This might be the biggest weakness of crypto. It is so complicated and risky that people will not bother only the gamblers.
Why would anyone risk their personal finance in such a sensitive system.
this seems like another version of keeping money in your mattress. keep some backup near by makes sense but having no institutional backup sets up a lot of risk especially with such a volatile currency
shhh. everything crypto is safe and stable.
@@Charlie-lu1jn yeah if you got the capital test it, but until you can just head down to the corner store and buy a carton of milk it's still just going to be mostly used for The same as any other weird asset. tax evasion, money laundering, etc
The issue of security surrounding private keys is a tough one. At the very least there is a choice. Especially for the unbanked. The responsibility is something that comes with it.
Social recovery and secret sharing (splitting) will evolve into something more useful. Remember when the web was just ugly text?
If my money gets stolen from my bank account, I can get that money recovered thanks to my bank customer support. If my bank fails and goes under, FDIC insures me.
If someone steals my crypto, there is no support for that. It's gone for good. I can also lose the key and my funds are lost forever. If a crypto project fails (e.g. Luna), my money is also gone.
then this isn't for you buddy
@@luciferz6405 even if you trust your phones and your computers to be safe, 0days are still a thing. Unless, of course, you are saying that the keys to my magic internet money should not be stored in an internet-connected device.
how do you recover your money when the bank takes it
Cryptobros act like all institutions are evil and always scams their users.
@@gug1970 The Canadian truckers were American conservatives who were upset because they had to be vaccinated to cross a border to do their job. People who supported them were scammed by grifters at best and willingly supported a failed foreign far right takeover at worst.
Criminals and those with ties to terrorist organisations often have their priviledges siezed. They did this to themselves.
Yes I know El Salvador has adopted Bitcoin and that's fairly cool. An institution, a government with accountability. Not a shifty dickhead wearing a suit yelling at people at a Ted Talk.
Sadly the decentralized nature of crypto currencies and how unregulated it is has lead it to become ripe with scammers and criminal activity. Even more sad is this is a feature, not a bug.
I'm a baker at a bakery where we have breads and donuts and treats. Usually when pouring the flour I'll pour some in my mouth then let it slowly fall into the mixer. It's exhilarating to say the most. I have been working there for 15 years and love it! Best job ever!
Who doesn't love artisan goods?
There's no "forgot password" button in Crypto
shamir secret sharing
Good questions just keep raining! Love it.
Look into multi-sig wallets. Your friends can help you recover your key.
LOVE THESE SO MUCH! Keep em coming
bitcoin currently hovering around 30k [again] after losing over half it's value [again] and wiping out $200billion in global wealth... oh yeah, it must be great being your own bank when your currency is dangerously unregulated and wildly speculative without any of the consumer financial protections that come with government backing
It's a new technology. Eventually it will be very user friendly and easy to use. But by then you won't make the same returns on your investments.
My buddy was trying to get me to buy into Bitcoin when it was 250 bucks a coin. I definitely would have had my s*** stolen or compromised by now lmfao. Meanwhile the house I bought has tripled in price, I bought a rare but reliable sports car with no miles that has appreciated in value even though I daily it. My hourly wage has almost doubled at work, what else. I live paycheck to paycheck don't give a f*** about money as long as I have a roof over my head, kids are taken care of and foods on the table. I'm that guy that has always worked two jobs and had a side gig. With that being said I feel like a total idiot for not getting in with my buddy was trying to get me to get in on it but I was broke as hell and only had $300 to my name I was like I'm not going to spend all my money on a Bitcoin. I had to eat and pay mortgage with my Bitcoin money.
chances are you would've lost some money if you went down the bitcoin hole, happened to 95% of the people i hang out with that deal with cryptos. if your job provides for you and your family, why bother
I don't get how people lose their seed phrase. Mine is in my fire box along with my social security card, passport, and other important documents.
But if you can't manage that, social recovery wallets exist.
Point blank the banking system revolves around infinite growth on a finite planet that does not have infinite growth, while crypto is straight up like you lost your password those coins are going to sit dormant forever nobody gets them ever ever. That's the only cool thing I like about this. Cryptocurrency is the only thing that has taken an area like in Africa for example that gets cheap hydroelectricity and solar or something and can make it where they can profit off of that because of Bitcoin mining. Nothing like that has ever existed in the world before Bitcoin
I will forever be indebted to you 😇 I was able to build a big income stream during the covid-19 pandemic investing with Mrs. Katherine Foley. You’ve changed my whole life, Thanks so much.
I'm surprised you know her too. I've been making a lot of profits investing with her for a few months now.
Mrs Foley changed my life because of the high profits I got from investing with her.
You invest with Mrs Foley too? Wow that woman has been a blessing to me and my family.
@Paul Durant You can communicate with her on telegam with the user name below
investwithfoley💯
In sometime from now, there going to be comments in this video. I traded with the help of him and bought 7 BTC, blah blah blah
You're too late. Did you not read the comments? The only thread as of now beyond this one that has replies (atm) seems to be holding a bot and spam convention. It's the pre-damage control "don't panic when the value of your investment goes to hell" post.
Keys are not strings of numbers, they’re hexadecimal. Also, losing bitcoin can be a lost key or coins being transferred out of the account.
hex are numbers in base 16 xD
binary, decimal, hex... it's all the same data, just different representations
They are already coming up with backups for private keys. If you had 5 chosen individuals sign a message differently you could recover some stored data. This could put on a smart contract too, although I do not know if it's possible fyi. Solutions are on their way.
We will have to look into it! Thanks for letting us know!
Imagine being the guy who first used bitcoin to buy a 🍕two pizzas with 10,000 bitcoins 😭
I thought crypto was supposed to be inflation proof 🤣🤣🤣
99% of cryptos are trash. Bitcoin is a truly scarce asset, only 21 million total BTC will ever exist. There are way more than 21 million millionaires on earth, which means even if every millionaire wanted a single BTC it wouldn’t be possible! Buying and holding at the very leasts 1% of a BTC would put you way ahead of a lot of people!
Also the what’s up guy is a scammer
That's a crazy expectation to have for an emerging currency (talking bitcoin) that only has a 1-2% global adoption. Give it time.
Asking all the right questions to the wrong person
Spaghetti Balls
Be your own bank by placing your money into digital tokens with no real world value. Fantastic idea.
okay mainstream
and you can't just by milk with it. until you can just use it at the local drugstore crypto is just going to be another form of investment like modern art
@@WeaponOfMyDestructio only good for shady purposes
@@WeaponOfMyDestructio You can buy everything with crypto every day, very easily.
Get your Money out the banks
The oxymoron is strong with this one.
Well, after this piece, I think it's time to unsubscribe. Was it worth it? Why? I wish karma was real and you all get what you deserve.
There are two positive highlights. The beards and that hair color. No, they've nothing to do with the content.
There is some 101 presented, but, as a whole, this video seems to lean towards informercialish "ignore the horror stories, logic and reality and invest in Crypto!"
It seems like an ad so the dude can push some secured hard drives LMFAO 🤣
I felt exactly the same (regarding the unsubscribe anyway). I was watching Motherboard when it was good and I was learning something. How the F is it all about crypto now ?
@@mutmut02_ Crypto isn't going anywhere. Get used to it or get left behind.
This guy went from weed to cryptocurrency, invest in ammo.
Apes strong together
You made the whole video the part I skip every time.
sounds like a scam
Crypto is a scam, it can’t exist without real world money backing it up, this channel has gone downhill.
Don’t waste your hard earned money on crypto, crypto is literally controlled by a handful of billionaires
Like USD's or EURO's inflation rate xD
@@andreujuanc Haha calls crypto a scam while losing 10% per annum as the government inflates their wealth away haha
Crypto is a scam stop trying to make it seem like the billionaires who own banks don’t already own the whole crypto BS.
Right if the last dip hasn't opened people's eyes I don't know what will. Day trading crypto has ruined so many lives in the last couple years. People are losing sleep over it screwing up their real jobs lmfao 😂😂
They are very smart, but not the best speakers IMHO. Plus they are both bitcoin maximalists :/ There is no way a normal person can mine btc anymore why is he taking it on Ethereum? :/
Vice used to be cool.
recycled content from a few weeks ago?
This video is apart of our Roundtable series about Crypto, it is about similar topics but a separate video.
This makes cryptocurrency sound like a bad idea to be honest. Most of us are not sex workers, so PayPal works just fine. I understand that the government or in this case a centralized financial institution like a bank can control how you spend your money because they can freeze your account for whatever reason. That sounds scary, but it’s not really an issue. After all, this system works for 99.9% of people. Unless you’re doing something illegal or shady, your bank is exceedingly unlikely to limit your transactions, they’re incentivized not to do that so there’s almost no chance of that happening.
The real argument for crypto has nothing to do with independence. That is NOT a good reason to adopt crypto currency. In fact centralizing our financial institutions has a lot of perks that help our economy flourish. It’s a lot easier to do business with people if there is an uninterested and relatively unbiased third party making sure that you follow the rules. It means you can have some security trading with people you don’t know. And making trade easier means the economy gets bigger and people can do more. That’s why banks and governments are such good ideas. So crypto isn’t going to do us any favors if it does away with the services and perks of banks and governments. If it did that, it would be a really bad idea to adopt it.
The real argument for crypto was born out of the fact that we haven’t been able to trust that unbiased third party. I don’t mean that they keep denying us the ability to transfer funds. That’s not really a problem. The problem was that they were wreckless with our money, took on too much risk, lost all of it and then were rewarded by the government paying their debts with money that we have to pay for! They were irresponsible, they lost all our money, and then we ended up being the ones that paid for their mistake. The banks and the government did that to us! They lost our pensions and they took our tax money to pay for it. Zero consequences. That’s infuriating, and more importantly, it’s completely dysfunctional. The promise of crypto is that it would do away with the bank while also not getting rid of the perks of a bank. If crypto can make it even easier to trade by doing away with the mediating third party all-together while still guaranteeing that both parties can’t cheat, then we have something worth going for. And that’s what’s great about crypto. We don’t have to trust a bank or a government to mediate our trade. We don’t have to trust anyone. We can trust in the cold, hard, unbiased, and true reality of math and computational work. It means you can do trade with someone with zero trust without relying on a third party to make sure everyone follows the rules. It fills the role of the bank while also doing away with it.
If people have to safeguard their money themselves though, that means crypto hasn’t replaced the bank completely. We may be able to do our transactions without trust, the first main function of a bank, but we can’t safeguard our own money which is a second main function of a bank. What will likely happen is banks will still exist, except they will not need to mediate transactions anymore, only ensure the security of your money. And in that way, we still will have to largely depend on “banks” or in this case, a tech company ensuring the security of your key which means ensuring the security of your money.
Now that I’m thinking about it, this is a MASSIVE problem for the mission of decentralization in crypto. We cannot continue to expect people to safeguard their own money if we are serious about cryptocurrency. That’s ridiculous. The key needs to be as safe as our money is at a bank. And it needs to be safe without us having to keep it safe. That’s a service the bank provides and we really can’t go without it. I mean if people want to keep it a wild-west everyone for themselves type of a system, then they can kiss their dream of decentralization goodbye and crypto will never be anything taken seriously other than a way to make money on a currency index fund. It will not change the world if we can’t solve this problem or are unable to take it seriously.