> by hiding the password to your cryptowallet inside a safe, or using one of the various incantations of writing your password on a post-it note.
This is the scariest bit about crypto by far and that I will not deny. This is why whilst I don't trust banks, they do have big safes with locked boxes in. Using these with shamir backups is what protects my assets, and worst case scenario my private key is also split in two and engraved in two seperate countries.
If it's ever at the point where I can't access any of these, there's bigger shit going on in the world.
> Do people who had SafeDollar have control over their own money? Did the people whose money got locked in the DAO because of a software bug have control over their own money?
Nope, because they didn't do their due diligence. Do you deposit your savings to a new bank that's not had a single audit done? Are there any specific banks that you won't do business with? It's the exact same in the crypto sphere.
> Do you in fact do this?
I do indeed. I use it as my daily spending card. Should Contis Financial Services Ltd collapse it'd be a bummer, but I've lost more on a night out by dropping a paper note. I will agree it's not like using a bank card, I should specify more like a pre-paid card.
Whilst you don't get the financial protection that you do with standard institutions it's the price you have to pay to start working towards a different financial future.
There is many other cases for blockchain / crypto technologies far beyond the world of ransomware, extortion, blackmail, money laundering.
> The country will implement a national, blockchain-based student and teacher ID and attainment recording system to digitally verify grades, remotely monitor school performance and boost education and employment nationwide.
> IOHK’s Atala PRISM identity solution will enable authorities to create tamper-proof records of educational performance across 3,500 schools, 5 million students, and 750,000 teachers to pinpoint the locations and causes of educational under-achievement and allocate educational resources effectively.
You've got Walmarts chinese subsidy investing in vechain for logistics:
Then don't put your money in a newly created contract?
You yourself say you keep it in a Chase bank account, you sure as hell wouldn't put your life savings in a newly created bank and trust everything to them would you?
Look at what you put your money into, has it had any audits done (this applies to both tax / financial audits for brick and morter stores, and code audits to smart contracts).
I will never ever invest my money with HSBC, they have shown time and time again to willfully break the law and soley gain monetarily from it, the governments or financial institutions don't do anything about it. Just like I will never ever invest my money into USDT, I think it's a massive scam and don't touch it in the slightest, doesn't stop millions of others investing though.
You can literally say that about cold hard cash. Blackmail? Pay cash. Buying illegal substances? Cash. Gambling? Get your cash out. It's all in how you use it.
Anything is a store of value, wood, gold, water, dogecoin ect. If people want to accept something for something else this is a way of life.
It's just sad that people only see the bad use cases. How about if I transact only in crypto (Monolith card), now every purchase I make is via crypto, nothing different to using a bank card with US dollars backing it, just you have the full control over your own money.
This is the scariest bit about crypto by far and that I will not deny. This is why whilst I don't trust banks, they do have big safes with locked boxes in. Using these with shamir backups is what protects my assets, and worst case scenario my private key is also split in two and engraved in two seperate countries.
If it's ever at the point where I can't access any of these, there's bigger shit going on in the world.