OpsSec is and should always be part of the vocabulary for anyone dealing with crypto seriously and they should know that they need to have a plan for the inevitable. Also, more and more smart wallets are implementing solutions that allow for social recovery of keys.
> Compare the reprocussions of that with the traditional system.
> OpsSec is and should always be part of the vocabulary for anyone dealing with crypto seriously and they should know that they need to have a plan for the inevitable.
So, this is just for someone who is already part of the technological and economic elite? Things like "how do your heirs recover the appropriate access to your wallet upon your death" is something that someone should think about before they buy their first bitcoin?
The thing that keeps turning me off of cryptocurrency is the appearance that a small and vocal group of people are trying to set up an alternate libertarian fantasy economy that only benefits the upper echelon of society that are educated enough in the nuances of the technology so that they don't encounter any number of foot guns and irrevocable and anonymous scams that is founded the fancy technology equivalent of a "name that star" catalog (with all of the associated competing ones that can name the same star too).
So, how is the average person supposed to take advantage of the cryptocurrency economy if they're the type that forgets their passcode on their phone where their wallet is stored and have found it easier to buy a new one? Or for the grandmother who kindly helps out the county password verification agency who calls up to check on if her bank account is secure enough?
How is cryptocurrency better for these people than the already existing banking systems and title transfer system where the system itself has human checks in it and can reverse things when a scam or fraud is discovered?
Again, what is with this mentality that can only think in extremes? No, someone who is just starting with crypto should not be thinking about estate management. But someone just starting with crypto should not be putting so much money into it to even worry about that. They are - by definition - just starting.
So how does the average person buy a house where the title is managed on the blockchain with a significant portion of their life's savings and a mortgage from a bank?
... Or is this something that is not possible?
If this is not possible, is this economy inherently excluding the average person?
No, it's not possible (yet?) to have a financial system on the blockchain that maps 1:1 to the existing financial system.
> So how does the average person buy a house where the title is managed on the blockchain with a significant portion of their life's savings and a mortgage from a bank?
The average person won't buy a house and will not have a mortgage, unless your idea of average person is of the average American.
But you know what any average person can do? They can put their capital (no matter how little) in a money market [0] where the lending rates are higher than what any other bank will offer them. They can stick only with stablecurrencies to avoid price volatility. If they do want to take on risk, they can speculate in the derivatives market [1]. They can get together with other "average people" in participate in a distributed capitalization lottery [2] and participate in a no-lose game.
With DAOs, they can profit even from being "share holders" in a system. Again, let me use ENS [3] as an example which is a good example of a project that has a "real business" with a clear business model. They just released their governance token, and it is quite possible that in the future this will become a vehicle to have a revenue share where token holders get to receive a dividend.
> Compare the reprocussions of that with the traditional system.
It's a hedge. It works both ways.