idiotsecant

To be fair, it's not even playing ground, security-wise. There is no mechanisim by which a bank can be compromised this quickly and completely, much more of the transfer process is permissioned.

Crypto 'banks' need orders of magnitude more security and it's not a trivial problem.

The article is about using your phone in airplane mode for 100 days...

You do a huge disservice to the technology stack that is Ethereum - it's not crass and shallow, it's really quite an elegant system

technocratic governments are great when a strong leadership is present that also listens to the technocracy. But it's important to realize that technical skill does not correlate with political skills like consensus building, horse trading, compromise, etc that make governments actually work.

What will happen here will strongly depend on how good these people are at actually playing the game of politics. I don't have any particular reason to be more or less optimistic than any regular slate of politicians.

I sincerely hope this is what is actually happening behind the scenes

Sometimes less is more

It might be decentralized in terms of infrastructure, but the more precise property is that it is permissioned. Permissionless stablecoin exist - see DAI, etc, but USDT is absolutely not one of them. It is the worst parts of cash and the worst parts of crypto put together into one unholy pile of suck.

I think the point is that you stop caring about the fiat part of it at all. Government ownership of fiat currency is not a natural feature of the universe, it's just something we did for a little while.

How do you do the math of generating the wallet keys with a piece of paper? Such a thing is technically possible but you wouldn't want to.

It's not an enormous error prone hassle there are third parties that make it pretty intuitive. Just because you don't know how to do something doesn't mean it is impossible.

It's not at all like storing gold, since you can have multisig wallets. You can make it arbitrarily difficult to lose or get stolen, depending on how thinly you want to slice your secrets and how many friends you have.

It's bizarre how this is the new thing everyone has to echo whenever they see a crypto thread.

You can store crypto with zero risk of electronic access just using offline wallet generation and an offline wallet. It's not even hard.

Trivially. You can simply read the keys on the offline machine with your eyeballs and set up a software or hardware wallet elsewhere to access the account.

You literally made a reply to a person making this exact point ...

No. Permissioned cryptocurrency is all the horrible parts of cash and all the horrible parts of crypto put together with none of the advantages of either.

I want crypto because I don't trust nation states with the leverage and dials of fiat currency. All we've done is replace government with trusting whoever made a particular stablecoin.

Permissionless crypto is the only real crypto.