Re: The useful part of cryptocurrency

Martin at clehaxze wrote:

First, most banks (at least in where I live) only provided a single 3D secure auth method. Via SMS. This is unacceptable. SMS have known, wide attack surfaces including fake base stations, social engineering, and the like.

The amount of money that gets stolen daily over crypto is pretty big too. So I’m not super convinced it does a particularly good job in that regard. Like, “it’s more safe and secure” is not the hot take I would’ve expected on the same day that Celsius Network collapsed stealing everyone’s savings.

As we’ve discussed many times before, cryptocurrency is:

inefficent
wasteful
unstable to the point of uselessness for transactions
expensive (gas fees)

And, it requires that I trust all 8 billion people out there so they don’t talk shit about my fam immutably on the blockchain.