You're right that a lot of the risks are due to holding in a central website. Bu... | Hacker News

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		Thorrez on Nov 12, 2022 \| parent \| context \| favorite \| on: FTX faces potential hack, sees mysterious outflows... You're right that a lot of the risks are due to holding in a central website. But cryptocurrency in a central website is more risky than fiat in a central website, because if a central website gets hacked and the hackers steal fiat, generally those transactions will be reversed, whereas if the hackers steal cryptocurrency, generally those can't be reversed.

peyton on Nov 12, 2022 [–]

What do you mean by stealing fiat currency from a central website? How would a website custody fiat?

Thorrez on Nov 12, 2022 | | [–]

I do an electronic transfer from bank A to bank B. I have a balance in bank B. Bank B then gets hacked.

polygamous_bat on Nov 12, 2022 | | [–]

Paypal?

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