I certainly agree that it is baffling how carelessly users leave large chunks of their crypto on exchanges. People seek comfort, I guess.
Why should we create a worse customer experience and include features nobody values? Those users who want to take responsibility are already doing it. Those who YOLO it will keep doing that, regardless of what we do.
I am aware why savings accounts were created. Obviously, almost nobody needs that feature. And it adds extra confusion.
Security features we have:
- powerdown period: 13 weeks
- account recovery: 30 days
- withdraw from savings: 3 days.
It is a mess, inconsistent and cumbersome compared to other blockchain projects.
3 days is quite short: it takes me that long to move money internationally
Bank settlement duration has historic reasons. If we want to be compared to banks, we should be better and more convenient. Paypal can clear international settlements in no time. Of course, banks and Paypal have the ability to mitigate human error or fraud in certain cases. It is a deliberate choice with blockchains to sacrifice certain capabilities to offer more interesting solutions.
The addition of savings account is a useful feature. So is account recovery. And they were added in part to address some of the shortfalls associated with a blockchain account versus a traditional bank account.
And I don't think the times for these need to be the same. Practically speaking, I don't think it will be confusing to anyone who actually decides to make use of a savings account, that the time is different than either powerdown time or account recovery time.