Quote from: hendra147 on January 23, 2020, 05:08:54 PM

Quote from: buwaytress on January 23, 2020, 06:47:19 AM

I'm with DooMAD here. He's not wrong, in a sense. I used to think it was really strange that the suits I knew who invested in Bitcoin actually didn't own btc. They paid for an amount of Bitcoin, sure, through an app or some other platform that gave them an account with a balance that updated with bitcoin price. Not even an actual wallet, never mind ownership of the private key. I explained this to them. They got it. But they didn't want that. They can't even trust themselves to remember their email password or phone SIM password, why would they want to risk that with money? So leaving it in the hands of a custodial service that protects their money for them, and reminds them of their password if they forget it, makes sense.

To put this in an actual real life example of my own, I gifted two children a small amount of bitcoin some time in 2018. Just recently, curious to see what they'd done (and to show them actually it's worth more than double now), I checked back. Guess what? The older kid, already 16, lost his private keys (printed). So, my lesson was, Bitcoin -- or at least, in the true sense it was meant to be -- isn't for everyone. Or, people aren't ready for it yet and need to be before they use it in the sense it was meant for.

It was, arguably, irresponsible of me to give it to a child and explain he was fully responsible for it without demonstrating the consequence. Perhaps it was the same for Schiff.

it's remaind me when my friends forget his litecoin private key, he mining litecoin in 2014, then giving his computer + hardisk to someone, when he remember his litecoin, the hardisk has been seling to other people, it's a pity .

now I know when you choose to use full controll wallet ( can acces private key ), you must save it carefully, but when you save your bitcoin in exchange or something like thats, you must ready too the service can be like MtGox.

Bitcoin is unregulated asset, also a decentralized asset even though government regulate it, govermant can't recover your funds lost due scam exchange, scam investment etc.

Sure there are legal ways of seizing Bitcoins. We ve been watching such after big crime like Silk Road happened. Why would you guess some of the whales wanted to skew Bitcoin more 'private' ? Surely not for good old Peter or average Joes...