Technology

Yeah but FDIC insurance goes a long way in people's mind.

My bank has nice plush offices I can burn to the ground if they steal it.

Banks are well established at least.

only

A blockchain doesn't actually provide control over a transaction, it just verifies that it happened. It's supposed to be a long, immutable record of every transaction that has ever ocurred, which is precisely why transactions can't be reversed. The work of verifying those transactions is performing by miners, or some other "proof of" design where you have an authority in the chain that confirms it.

Basically, it's nothing more than a fancy receipt.

Because there is no centralized entity whom you can ask to do that, that's the whole point. Only the change to the community controlled consensus - (most of miners, node runner, validators and users agreeing to it) can achieve that, but there is no interest in that as it would undermine one of the main principals of crypto currency and it's cash like properties - transaction irreversibly.

Something like this happened with Ethereium iirc and the coin split into two. One were the transaction was reverse and the OG one. But they were able to reverse the transaction because all the biggest holders decided to. Not sure if those coins stole from binance are as centralized as Ethereum was at that moment to be able to do it.

Well if you did that, then crypto would cease to be useful as a criminal currency, wouldn't it?

They had access to 6.8, Binance froze over 3 billion

So much for blockchain security and free money. You missed the point, this wasn't supposed to be possible, bro.

they hacked the website. People who use Binance are storing their money there, instead of on a self-custody wallet

No, I think someone obtained one of their employees' credentials via social engineering. It's not that hard to do, you just call someone and tell them you're from IT and their password, or security key, or passkey or whatever is expiring and pretend to set them up with a new one or convince them to let you remote into their PC to make some kind of security update.

That's usually how it happens.

Yes.

You may not like the product but these people still have a reasonable expectation of security, and they should.

I don't care for AI girlfriends, but when they convince a teen to off themselves I still acknowledge that the teen is, objectively, a victim even though the product is unregulated.