alt Hacker NewsThe financial system has evolved over 5000+ years and is like an endless series of Chesterton's Fences at this point. Here we find another: the ability for a regulator or a bank to freeze assets is once again proven to be a feature not a bug.
Managing a wallet where there is no recourse if your wallet is compromised is simply too difficult when even crypto exchanges get hacked and otherwise sophisticated people get compromised when taking cautious measures (eg [1]).
Crypto really is and always was a race to the rug pull.
[1]: https://www.straitstimes.com/singapore/about-3-5-million-los...
Replies
Yeah but what if I hacked that money fair and square? Why should anyone have the right to block my hard earned not-cash?
Frozen assets are still a wallet with no recourse.
You know what isn't a Chesterton's fence? Payment processors being able to dictate what I can or can't spend my money on.
This by itself is a reason to push for more crypto acceptance, in my eyes.