I don't follow the automatic assumption that giving the info to centralised entity like a bank is bad? What is that you are fearing? And why is that more likely than Crypto sinking or going to zero, you losing your wallet key or someone hacking your wallet? Code is law - so you're left with nothing.
My point is that the current financial system is not secure in any sense. Why would i have to give you my entire credit card information to make a payment. Why are you 'pulling' money from my account instead of me sending it to you. Why have we failed to implement a public/private key relationship with our financial data?
>giving the info to centralised entity like a bank is bad?
Well my first and prime example would be to talk to any greek citizen during 2008. The goverment took a percent of all the citizens money to pay their debts. Countless credit card scams have happened because i am trusting all of my data on the cybersecurity of (Upwork, linkedin, outlook, google, tinder, etc. etc.) as you go down the list of entities with your full name, address, & credit card information you start to realize that you have lost control of your financial self-sovernty.
I've played this game with my friends and it's a fun one; Give me your full name and i can buy your information on the darknet, including current/ past credit card info, Social Security number, past addresses, past-employers, tax information, etc.
My question to you is: what's the problem? On the few times I've lost money to online fraud, the bank returned it to me.
Why does having a huge public web of transactions on the slowest ledger ever created help? What happens to your "sovereignty" when everyone can see your purchases patterns? What happens when grandma loses her wallet key?
top comment:
"How fantastic to let this man expose how incredibly dangerous governments are, without him even realizing [he's] doing it."
Also, the entire time he seems to conflate crypto with CBDC which are nothing alike.
>what's the problem? On the few times I've lost money to online fraud, the bank returned it to me.
How is that not a problem?! I really don't understand this sentiment. There is hundreds of millions of fraud occuring on these systems that employ thousands of people for flagging, eliminating, and reimbursing people due to it being a fundamentlly flawed system. Pull vs. Push here is an important distinction. Having a public private key, even within the current financial system (Not talking crypto here) would be an order of magnitude improvement and would eliminate all of this.
I think you're right about online fraud being much reduced with public private key tech, but if it's such a good idea why has no one been able to do it?
the IMF has no incentive to change the way it's doing things & would require a 'rewrite' of the current infrastracture. Also, public/ private key encryption is not quantum-safe, so eventually we need another way. (There is ton of research being done on quantum-safe cryptographic proofs)
History shows systems rarely 'change'. More likely than not they are replaces. That's what BTC is an attempt at.
To be honest - and this is to my detriment; I have no idea how much crypto i have/ what it's worth at any given moment. So... no haha.
I participate in 30 different defi pools across tons of different protocols, have money in various excahnges, run like 10 different nodes on Eth, BTC, Sol, Filecoin, etc.
I was lucky enough to get into crypto in 2014 and treated it like a game. Started mining from my gaming rig and have been addicted since. I haven't put any money into the ecosystem besides harware (My filecoin node as $12k, gaming rig is $25k, bought 2 helios miners, bought some NGX chips for ZK's, etc.)
I used to love runescape. I would love waking up, checking my flips in the grand exchange, running dailys like farming and checking my ales, etc. As i got older, i discovered blockchain has similiar mechanics. Now it's one of my favorite things in the world to check the various defi pools available, read about different projects, leveraged trading, 'daily's and is just a distraction from my real life. work.
So in short, crypto is a game. As long as people keep taking it too seriously, they will lose the game.
In the current financial system i give you ALL of my info and hope you don't rob me blind.
In crypto i sent you money.
Small distinction, but one that will be increasingly more important as we modernize.