> Cash can also be stolen if someone takes your wallet, leaving you no recourse except the law
replyThe issue that is often raised with Bitcoins and other cryptocurrencies is that not even the law can help you in case of theft. Now, it's true that the police wouldn't bother helping me recover a wallet with 100€ into it, but things change if someone steals millions or even billions like in this case.
You steal billions, you just pay the police 100000000 to look away.
replyOk, so you are saying this is business as usual, and the theft is exactly what one should expect, as with any other store of value.
replyI find something odd about this, because it seems to contradict some of what I understand of the arguments for bitcoin.
However, there is merit to your point, and if something is working as intended, then nothing was attacked in the first place.
The argument for bitcoin being secure is more along the lines of "if you store your own bitcoins securely nobody can take them from you". Storing them securely is easy in principle (just keep them on an airgapped computer, or write the key down on paper, then "just" do physical security well) but hard in practice (major security-convenience tradeoffs). However, storing your bitcoins with a major provider like binance has a terrible track record and not something the hardcore bitcoin advocates actually recommend
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