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For mass adoption of cryptocurrencies, we need a choice between reliable custodians, or software that mimics reliable custodians. The “private key” user interface, while teaching you about crypto, is inconvenient and horrible at preserving wealth for an organisation or a family. https://twitter.com/NickSzabo4/status/1098367003289563136 …
Better key management is needed, not giving up control over one's wealth to strangers. We already have an economy full of financial instruments you can do that with, if that's what you want you don't need cryptocurrency.
So you’re saying organisations/families shouldn’t use crypto? Or must engage in “key management”? Private keys are a technology, they should be hidden under a UX functionality layer, or paid reliable service, with proper security and support for use cases like employee turnover.
Seems to me, for those uncomfortable or unwilling to store their keys, a custodial solution that offers insurance would help. This is already available at an institutional level, for examplehttps://coingape.com/hyperblock-launches-insured-cryptocurrency-custodial-services-strengthen-institutional-offering/ …
I’m point was that “holding a key” is a bad interface that should be hidden behind a better UX model, like user accounts. Then, you can either keep them yourself, or pay someone for a service and insurance.
For mass adoption of cryptocurrencies, we also need to separate the technology and UX from the ideology. For organisations for example, the argument about “giving up control over wealth to strangers” is secondary to feudatory duties and practical business needs.
Who has control over one's wealth is not a mere matter of ideology you ignoramus. Blocked.
a future with people holding their bitcoins in custodian banks sucks, how are we even different than the current system then? totally agree that better key management is the need of the hour
We're not. It's a very naive rookie way to use this technology.
Sorry, this is bullshit. A specialist custodian with well enforced processes and procedures will always do a better job than the vast majority of individuals could themselves. Not using one (and losing your private keys as a result) would be a rookie mistake.
So you mean a bank that holds your money for you? Don’t we have that already? Why add crypto?
Yes. Good question. I don’t know. Because you believe in the economic design of BTC as a currency? (I don’t think that’s very popular either btw)
If you’re point is that Bitcoin is only really of practical use to a very small subset of people that can adequately protect their private keys then I agree. I think that is a massive problem. It’s why I moved on. I want to make something people can actually use. So does the OP.
Ok. But just to be clear you are moving on from cryptocurrency? The OP said this is what cryptocurrency should be... the banking system exactly as it was, recreated
Yes, I had same observation as OP fairly early on but realised (as you and Nick have pointed out) that this renders cryptocurrency a massive waste of time apart from possibly (if it’s design is right) as an effective store of wealth.
What do you mean by better key management? Do you mean user skills, Bitcoin ecosystem, infrastructure, or the software itself?
I was about to tip you, but you don't have a http://Tippin.me account yet :) #LightningNetwork #TippinTwitter
That, and privacy/fungibility would be my 2 highest priorities for Bitcoin.
(That’s what most people want Nick)
100% agree to that. Have been working on a secret sharing implementation inside a non-custodial crypto wallet, @CoinsafeApp that allows one to recover their keys in case of loss. The UX is similar to custodial services but users still hold their own keys.
Centralization is necessary evil, one does not simply claim decentralization then become opportunistic hypocrite like @VitalikButerin @bytemaster7 We have adaptive centralization: insurance/conflicts of interest/liability by design. If banks misbehave take out the pitchforks.
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