I hate when people do this, just say it.
> safer
?????
If hundreds of millions of dollars can be lost by professional crypto firms employing crypto engineers, what hope do Bob and Sally have?
Got the money back in full.
God bless the fiat system.
Haha I'm pretty pro-crypto but "professional crypto firms" almost sounds like an oxymoron...
All Bob and Sally have to do is use a private wallet and store their private keys with redundant backups. Not foolproof but pretty straightforward. The engineers running the exchanges, markets, etc have way more attack vectors and pitfalls to worry about.
Oh, right, they need to unfreeze the wallet using something like metamask and then execute a transfer, running against a service they can't audit... and hope there are no scams in that process, and that metamask isn't vulnerable, and that they only click the right authorization prompts..
Of course this assumes they aren't transferring from a known terrorist or a company ignoring KYC laws which might also land them in hot water.
With crypto you still need to trust someone: the blockchain owners, as they can always do a rollback at any time, as happened with the DAO.
People talk about the DAO thing as if it was just a matter of calling some people and ask them to refund everyone, as if history could be reversed. What happened was a fork, and the decision on what fork to go on still required consensus building: those running ethereum nodes and who were against the DAO fork stayed on their paths and went on to call it "Ethereum Classic".
As for gas prices: https://l2fees.info/ will show you that transfers can easily be done with a few cents, and Raiden is (finally!) live and able to do sub-cent transactions (https://medium.com/raiden-network/the-raiden-network-now-liv...)
Yes, but the people you need to trust are self-selected, anonymous, distributed, and unaccountable, which is, apparently, better somehow.
Does it? You have the technical hurdle of securing your own wallet, the technisocial challenges of constant scams, the inability to exchange to and from fiat without major, centralized, unregulated exchanges, and even worse than inflation a completely random value story which is somehow "inexplicably" also tied to the fortunes of the markets.
Should you try to work around some of these risks by just using an exchange, you're equally finagled in fintech, and overall I just find it impossibly hard to imagine crypto is actually saving anyone from brutal financial conditions in spite of all these claims.