Over and over and over and over again ... I come to the conclusion, that the overwhelming proportion of bitcoin-users and bitcoin-startups do simply miss the basic mental requirements to deal with something like money. Events like this make me missing my good old banker, who is completely incompetent to give any advice but knows how not to rise conflict with the law and give me the security my money stays even when the it-system fails.
Bitcoin has a long long way to go.
By now its at the same stage like the "Piratenpartei" in germany: sympathic, here to change the world, full of great ideas, clever in the system, ready for the future - but in actual reality a bunch of nerds who are unable to act like adult politicians and becomes ridiculous when trying.
Tell me: who of you has any idea how money-business works? Who of you has any degree in economics? Who of you has ever seen a bank-office from the inside?
Don't write a code, go to your local bank, ask for an internship and learn how moneys works.
What an idiot.
Most online banking in US is unsecured without 2FA. Many experts have spoken regarding this. In Europe, many banks give their customers a card reader as a form of 2FA when doing online banking.
Every bank-accont I used for the last ten years uses simple 2fa by sms.
Banks dont give you your money back if your online banking password is compromised ( go read the damn fine print). Your gold old bankers have given you a false sense of security.
They use 2fa. I don't know what's your point.
Same with creditcare "smart" chip, they use it to protect merchants NOT the card holders. Anyone can pick up your card, and somehow guess your PIN (believe it or not, many ppl use their birthdate as PIN) and they can go shopping spree. In the good old days without smart chips, merchant has to check the signature on the back of your card for every single transaction.
If someone uses his birthday as a pin nobody can't help him. And even in this case: One call to your bank (most offer emergency-lines), and the card is closed. Most cards have a transaction limit of 1.500 / day, so the damage is reduced. Often the transaction isn't processed at this moment and will never processed, or it can be chargebacked. My ec was stolen several times and I didn't loose a cent.
Also: every bank has insurances. If their it failes, the insurances gives the customers account. If there are proovable fraudulent transaction, the insurances pay. And so on.
The only risk I know are this stupid shops which accept ec by signature. But even in this case, if someone shops for thousands of euros: if you can prove it was not your signature than the insurance will pay. And you will be able to proove, cause every shop needs to save the bills. If it doesn't, its insurancy has to pay.
In Bitcointalk nearly every day I find a thread about fraud or scam, someone who looses his account on a wallet due to hackers or stupidity. If both happens with a bank in most cases they get their money back. Here I have seen nearly no case that anybody could help them to get their money back. No chance. Who has your private key can transact your money to his adress and there's absoltely no chance you get it ever back.
blockchain.info ist the onliest case I know which replaced the amount, out of their own money. This is the way it has to be, this gives me hope.
The problem is not the code. Bitcoins code is by far better then bankers code. The problem is the organization respectively the lack of professionel organisation. I hope it will come, but by now bitcoin is the most user-unfriendly kind of money ever existed.
My totally incompetent banker offers me a insurance-system and a banking-system and a law-system which was made to protect me as a consumer.
I don't say bitcoin won't have this. I hope it will.
