They didn’t get their money back. The bank lost money, but they have a lot so they don’t care. In cryptocurrency every sat or Wei is accounted for. You can’t make them up. A loss can never be undone.
People need to look at this as like chartering a 17th century galleon. It sank. Gold was lost at sea, unreachable by todays tech. Maybe in 200 years someone can crack ECDSA and recover it.
Right — however it was always an abstraction. Lose gold at sea? Well just because the bank ignores this event and issues more paper doesn’t mean the ship didn’t sink.
I understand that the concept of reversibility is highly desirable, but that bank can not raise the sunken ship right now. It has to take the loss and not just pretend it didn’t happen. Reversibility is always an illusion. Most things in this universe are actually permanent.
It approximates a different risk game, and as such has a different reward schedule. Some people like to play games on hardcore mode (eg: permadeath, 1 life) too.
Not everything needs to be sanitized for one’s safety.
Well, are you advocating crypto for investing, or for the future of money? If the future of money, then you can't ask everyone in society to "well it's going to be more risky! But it's better!". If it's for investing, go ahead, I can also suggest putting all your money on black and have a 50-50 risk of doubling it or going home empty handed.
