Re:More security holes are appearing in cryptocurrency and s...
by exelius on Wednesday March 27, 2019 @10:17PM
(#19508549)
On the other hand, if someone hacks your crypto wallet and cleans you out, there’s no administrative remedy or deposit insurance.
Re:More security holes are appearing in cryptocurrency and s...
by mrb on Thursday March 28, 2019 @12:15AM
(#19509191)
Security technologies can only get better over time. I would argue that with hardware wallets, recovery seed backups well-protected & well-stored, M-of-N signatures, etc, you can get to a level of security that's already far far better than cash, and good enough for 99.99% of use cases.
Re:More security holes are appearing in cryptocurrency and s...
by exelius on Thursday March 28, 2019 @11:08AM
(#19512910)
All of those require me to have air-tight opsec all of the time. One screw-up and you can be totally cleaned out with no remedy other than the courts (which can take years!)
In the real world, I lose my actual wallet every 5 years or so. Worst case, I lose $40 cash and have to spend a couple hours reporting credit cards stolen.
The best feature of a bank is that you can outsource all that opsec to them in exchange for a trust relationship with the bank. The latter is far easier to manage day-to-day.
Our financial system is its own brand of crapshoot. As we speak, I've just issued my 6th chargeback (6th month) to Amazon more an AWS account that someone hacked and changed all my details except for my payment info. I think about this every time I see someone nit-picking some imperfection in cryptocurrencies.
I just want a choice.