I mean if you could lose your wallet and it had $265m of yours and other people’s money in it, okay (Costanza would be jelly). Otherwise it’s pretty different affair. My man forgot a password.Losing the key to your crypto wallet is the same as losing your physical wallet in real life.
That being said - losing assets due to losing a password is one of the obvious weaknesses of the technology.
As is the nature of blockchains, which means, if you transfer money to a wrong account because you mix up a single digit of the recipient's wallet address, there is no way to recover the money, because transactions cannot be undone.
The crypto tech community is well aware of this, and working on solutions.
If I understand correctly, the reasoning behind using a blockchain vs. something like a conventional database (which allows to delete records and reverse transactions) is to keep it decentralised, and have a single global currency.
If you buy something online in places like Amazon etc., the underlying tech you see most often is an Oracle database, with SAP software on top. Transactions, even on a global level, are by default much, much faster than on a blockchain. And SAP is extremely sophisticated when it comes to adapting to financial laws in different countries.
To come anywhere near matching that in efficiency and reliability, crypto has a long way to go...
But I agree… I PMd infrastructure builds underpinning SAP HANA (primarily for a big red soda company’s logistic database schema). Absolutely… crypto has a ways to go, particularly because the energy, literal and figurative, is being put into making more bitcoins vs making them easier to spend/use. And that’s why the coin part of the name doesn’t really work for me… it’s not exactly money, or it’s one of the world’s most useless forms of it.
Anyway, long but salient imo if someone hasn’t posted it here already. Made just before the recent bloodbath began. Covers the beginnings of btc in the aftermath of 2008 up to today.