If you care about crypto adoption, ‘not your keys, not your coins’ is a disaster


Eagle, CO

Last updated on Jan 24, 2024

Posted on Jan 24, 2024

I agree entirely with the author of this piece.

There's an old saying in marketing. It goes like this:
"You can change someone's behavior, but not their thinking".

In other words you can me to buy another brand of toilet paper. But you're never going to get me to believe I don't need toilet paper.

Same goes for crypto. You can get me to use ETH for buying things. But you're never going to get me to believe I should be the sole custodian of my financial accounts.

From the piece:
"The industry either needs to come up with ways to slow the spread of scams and hacks or they can expect regulators to get involved with poorly thought-out solutions. Politicians, legislators and regulators already advocate that crypto is synonymous with fraud, and their responses to date have involved restricting crypto. The answer isn’t to clamp down, but to find ways to ensure that the least sophisticated users are protected. 

"Whether we like it or not, the foundational tools that we use in crypto require trust — trust that other people have done their job correctly. 

"If we want to bring a billion users into crypto, every player in the industry has to acknowledge that we should be doing more to make “not your keys, not your coins” a description of the bad old days rather than a prescription for the future".

tty next time,

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