The founder of the Onchain Capital/CNBC CRYPTOTRADER host, Ran NeuNer comes back taking yet another shot at the current banking system stating it as downright “menial work”. NeuNer suggests that it takes a simple eye to judge the clear difference out of the two contestants to be decided as the primary monetary worth around the globe. This race will continue till the cryptos come up with something revolutionary to such an extent that the traditional banker minds change. NeuNer states that on his recent visit to a bank, the elaborate thing to note was the non-technicality hence the lesser efficiency of the current banking system. BlockPublisher in a conversation with NeuNer strived to turn the discourse towards his visit and was able to etch out the plot, provided from the man himself.
People usually put scale measuring the feasibility of a possible switch away from incumbent that the latest trend must be 10x better. The hassle and the menial work at the bank was enough to remind me that we have that 10 times better thing with us already, Bitcoin.
Though this may be the Cryptotrader’s take out of the entire situation, people also bring the discussion that why switch to a thing 51% more susceptible to outside attacks, merely to avoid everyday hassle. This is fairly a good point that all the “menial” and the dull tasks and the tedious forms to fill, make up for a much secure system. Even, the creator of Litecoin, Charlie Lee ponders over the very matter as clear from his recent statement.
This is a thought-provoking observation. By definition, a decentralized cryptocurrency must be susceptible to 51% attacks whether by hashrate, stake, and/or other permissionlessly-acquirable resources. If a crypto can’t be 51% attacked, it is permissioned and centralized.
Switching to other tactics to avoid such disaster is another option for us to acquire but that does weigh lower over the pros section as Changpeng Zhou or CZ Binance suggests.
Even hardware wallets are not completely secure. You still need to guard against losing it, by keeping the seed safe (multiple encrypted backups or physical hard to destroy backup that no one can access). Still pretty difficult to achieve total security.