Is Your Money Safer In Crypto than at the Bank?

[so_stupid]

I believe that it is not safe to keep savings in a bank, but to store savings in a crypto currency is insecure at times! The best investment is business)

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[watchurstep45]

Tim Draper: More Secure in Bitcoin Than the Money Sitting in Wells Fargo

Venture capitalist Tim Draper is bullish on Bitcoin and believes it will reach $250,000 in the next four years.

During a debate hosted by Intelligence Squared and the Adam Smith Society, Tim Draper was asked how Bitcoin compared with his previous tech investments in Hotmail, Skype, and Tesla. He replied bullishly, saying, “Bitcoin will be bigger than all three combined.” However, Draper didn’t leave it at that — he thinks it will be bigger than the iron age, the Renaissance, and the internet and says that the nascent technology will affect the entire world in a faster and more prevalent way than ever imagined.

The Debate: “Bitcoin is more than a bubble and here to stay.”
Backed up by Patrick Byrne (CEO of overstock), Draper took on Financial Times journalist, Gillian Tett, and Professor of Law, Eric Posner, both of whom argued that Bitcoin is indeed a bubble and strongly contested Draper’s claims. Posner and Tett called into question the “strengths” of Bitcoin, arguing that they could be regarded as weaknesses. Posner suggested that the pseudonymization of identity enabled by the technology makes Bitcoin transactions the perfect vehicle for sophisticated criminal transactions. Tett focused on the risk involved with trusting computers with finance as they can be hacked, are prone to faults, and that Bitcoin is a “terrible store of value.”

These arguments won’t be anything new to anyone who has studied the space, and the rebuttals of Draper and Byrne won’t come as a surprise either. The pair acknowledged that Bitcoin was imperfect and drew attention to the fact the technology was designed to be open source so that unforeseen problems can be managed by the community. Byrne also pointed out that although Bitcoin has been “hacked at” more than anything in history, but unlike banks, it has yet to be defeated.

Draper was more brazen in his responses and implored the crowd to use fiat if they were looking to facilitate their own criminal activity as many Bitcoin criminals get caught. The venture capitalist responded to Tett’s admission that she invests in several different fiat currencies by saying, “I’m so much more secure in my Bitcoin than I am in the money that’s sitting there in Wells Fargo.”

Who is right?
The short answer is it’s far too early to tell, but it is good to see the subject being discussed in this manner. Before the debate, Gillian Tett remarked that if both sides of an argument aren’t heard in the same room, on the same day, then the conversations can “go past one another.” It’s probably safe to say she’s right here because, although there is no shortage of media on either side of the argument, real debate on the subject can be difficult to find.

If crypto is going to head down the road Draper expects, its advocates need to be able to argue their case outside of the crypto community, and debate should be welcome as it not only gives both sides the ability to speak but also the ability to listen.

Draper’s comments are to be expected
As crypto enthusiasts, it’s easy to agree when figures like Draper sing the praises of Bitcoin, but we shouldn’t let confirmation bias get in the way of the issues. Draper is a successful investor, and he hasn’t arrived there without making mistakes. He could be wholly right, wrong, or somewhere in between — the latter is most likely. Draper allegedly owns 30,000 BTC, so he has a vested interest in Bitcoin’s success. That does not mean he is wrong, but it does mean his comments should be taken with a pinch of salt. Well-reasoned arguments are far more convincing than hype and chest beating because they allow people to make up their own minds.

The emergence of DLT might eclipse the impact of other innovations, but for now, the emphasis is not on critics to prove the crypto community wrong. It’s up to those who champion DLT to convince the world they’re right.

Originally published at cryptodisrupt.com

i think much safer in the bank thats an absolutely easy question, where in crypto is more risky and there is posibility that your money get lost . so i prefer you ro use your bank but in crypto you may gain more your money by investing,hodl and trading.

[steveabrahams]

I think it's obviously at the bank but if you want to get some profit you can put it in cryptocurrency, if that cryptocoins price increase, you will get profit there but you also can get lose there, so if you want to be safer just put it at the bank.

[Tiklohor]

it is safer to keep money in the Bank. in crypto currencies, no one knows what will happen tomorrow.

[lili song]

It depends. As far as I believe in the long-term growth of crypto I prefer it. However, the risk of some force-majeure pertains. In case of banks, funds below certain level are usually insured so you can still return them if the bank fails. but certainly a lot of different opinions, but if you want to invest dicrypto will be more promising buy altcoin which has prospects for growth. and rest assured that investment will provide income.When our money is lost in the bank, the bank will replace it. But if our token is lost in our wallet, then we can only let it go.

[starplaks]

Of course, it's safer in the bank to keep it safer, but the problem is that it's more profitable to invest them in the crypto currency!

[anglosaxon]

If you take the necessary and routine security precautions, I think crypto can become as safe as banks. In my opinion, the popularity of crypto is rising day by day and I think this situation can make crypto more selectable than banks in the future.

[lancer10]

everything is very approximate. Because much depends on which bank to hold the money in and in which coin you have invested.

[Profuter]

It is not safe to keep money in the Bank, as your funds can be frozen at any time and there can be many reasons for this.

[Denlv]

In my opinion i feel safer if my money is in bank,u know all and see what happens with crypto now prices is falling,bad news everywhere,ban in China,mtgox,whales,banks,goverment......all this persons control crypto.Crypto will always dancing for the peoples with money,or power,crypto is not stable as the fiat....

[ololajulo]

Any one who says his money is safer with crypto than bank is not saying the truth. Even the exchange owners and wallet dont claim responsibility at any hacks. Coin owners bear the loss every time.

[LesterD]

Any one who says his money is safer with crypto than bank is not saying the truth. Even the exchange owners and wallet dont claim responsibility at any hacks. Coin owners bear the loss every time.

many people are saying that their money is much safer than banks because they are the one who handles their own wallet, so they think that its better than putting the safety of their money on the hands of other people.

[Bit-Tech]

Looking from which side to look. In the bank they will be saved, but in the crypto currency you multiply the amount several times if you invest in a good coin.

[venlo]

It looks presently that your money is safer in the bank but when you look at the capitalization of these banks and there debt profile, you will realize that things are not the way they seem! Having control and custody of your fund is safer than having your fund with third party!

[Allura74]

Any one who says his money is safer with crypto than bank is not saying the truth. Even the exchange owners and wallet dont claim responsibility at any hacks. Coin owners bear the loss every time.

many people are saying that their money is much safer than banks because they are the one who handles their own wallet, so they think that its better than putting the safety of their money on the hands of other people.

Usually the bank that we used to do investment is a centralized system and there are third party that we can rely on if ever there are not good things happen but in terms of profit ability bank is not much effective than crypto currency investment. I think that is only the cons of crypto currency by being decentralized so only the holder are all responsible for its assets since no other party involve and in terms of profit it has x10 or more chances profitable compared to that conventional bank investment.

[Aggioni]

Keeping money in cryptocurrencies have some advantages, especially that you have full control. But if something goes wrong, no one will help you (

[zoom_rich]

I don't think a person's money is safer in Bitcoin than in a bank. So many bad things can happen to if you're not a computer savvy person, and even if you are. The bank offers some protection, insurance. Like if somebody stole it from you.

[costgranda]

In my opinion the cryptocurrency doesn't bult such ezopasny and stable as banks in the nearest future. Crypto are the most unstable investments. In this market everything can be lost very quickly or on the contrary - to get big profit. Therefore such type of investments will suit not all.

[ofeefee]

Any one who says his money is safer with crypto than bank is not saying the truth. Even the exchange owners and wallet dont claim responsibility at any hacks. Coin owners bear the loss every time.

many people are saying that their money is much safer than banks because they are the one who handles their own wallet, so they think that its better than putting the safety of their money on the hands of other people.

No, you have it all wrong. It is a lot better to keep your savings in a bank where your money are protected by laws, than put it here when they can disappear overnight. I am talking about savings, investment funds is totally different story.

[kodtycoon]

No, I do not think if saving money in crypto will be safer than at the bank. Quite the contrary, I would be more comfortable saving money in the bank, the crypto quite a few only and can be regarded as an investment for the long term. Because in the world of the internet anything can happen like the theft of self data etc. Therefore I always make it as comfortable and safe as possible. Fluid in the internet world should be careful because all vulnerable to hack attacks.