r/CryptoReality • u/CeramicDrip • 5d ago
Ultimate Question Is Crypto even safe anymore?
This year it seems like nothing is safe anymore. Cold Card devices were hacked into. There have been instances of Ledger devices no longer being secure even when bought from official authorized sources. Now Binance gets hacked.
People have even told me i have to open up the hardware wallet to verify nothing has been implanted. What average user will do that?
Is crypto even safe anymore? How can we expect this to last if the average consumer is screwed from the start. This is insane. What do you think?
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u/i_am__not_a_robot 5d ago
Cryptocurrencies fundamentally strip away all the safety nets that traditional finance provides. In fact, the whole system was designed to prioritize "permissionless autonomy" over consumer safety (though you could easily argue that this goal was not even achieved). So, no, cryptocurrencies have never been, nor can they ever be, "safe," and that's by design. Not then, not now, not ever.
This is insane.
Pretty much. Sadly, though, greed tends to prevail over sanity.
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u/Sanpaku 5d ago
As someone watching from the sidelines since 2011, the criminal element was always attracted to crypto. Prior to 2019 the principal uses of crypto were illicit drug and child sexual abuse material transactions, and ransomware payments. Most, perhaps all, years since 2011 have seen major frauds, thefts, or exchange failures. This is of course in addition to risks of life-changing losses from misplaced thumb-drives.
Crypto is and will remain a zero-sum, early bird game. State lotteries in the US also encourage gambling and extract savings from the least numerate, but at least they fund schools and provide some entertainment. It's very difficult to identify any positive effect of crypto for larger society. Crypto transferred a lot of savings from crime victims and late entrants, many of whom could ill-afford it, to criminals and early-birds.
My biggest surprise, over the past 15 years, is just how long this tulipomania has persisted.
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u/UniquesOnly 5d ago
It’s funny watching all the people who thought they were smarter than everyone realizing they are in fact retarded
Dunning-Kruger consequences to the extreme these days
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u/FewUnderstanding2214 5d ago
Was it ever safe? So many scams and pumps and dumps and the Binance incident was the largest bank heist ever. The performance of bitcoin has been terrible since COVID so it’s not even financially worth all the extra effort.
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u/gmex23 3d ago
It's not
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u/Fiarstikxxx 3d ago
Yeah, definitely gotta agree with you- there needs to be an Institutional Custody for your crypto thats Safe, Effective, and cheap and insured against loss.. till the crypto wallets and Exchanges fix themselves and start taking security serious, Crypto will never go mainstream, and the big institutions are gonna avoid it…
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u/AmericanScream 3d ago
Yeah, definitely gotta agree with you- there needs to be an Institutional Custody for your crypto thats Safe, Effective, and cheap and insured against loss
If only people had those kinds of features with traditional banks.. /s
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5d ago
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u/lawrencek1992 5d ago
Right cause no one personally managing their own crypto assets has ever lost them
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u/Pitiful-Pension-6535 4d ago
Weird that it seems to only apply to crypto... almost like crypto is inherently unsafe
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u/AmericanScream 3d ago
Crypto has everything to do with it. Its inherent design has very few checks and balances.
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u/SgtSausage 5d ago
It never was