This has always been my biggest concern with cryptocurrency. We talk about banks being evil, yada yada yada... but most people need banks to look after them.The vast vast vast majority of people cannot be trusted with their own money. They will have their private keys lost or stolen, and have no way to get their life savings back when it's gone.They need institutions like banks to keep their money 'safe' and refund them when they get phished/hacked/scammed/whatever.The only way I can imagine normal people safely using crypto is through a BTC/ETH/etc account with a regular old bank... which is ridiculous, as that's no change from how things are now.So.... how does crypto move forward and overcome this?Obviously we can have great phone apps that use biometrics, passwords, etc to access accounts... but the PKs still need to be stored somewhere, and people cannot be trusted to store this safely. Where/how will they be able to store them, and recover them if they forget/lose everything? If you can get it back by showing sufficient ID, that's an avenue for people to have their identity stolen and used to get their PKs.
Submitted May 04, 2019 at 12:05PM
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