Re:The "email is authentication" pattern
by generic92034 on Sunday September 08, 2024 @12:05PM
(#41481191)
I might be mistaken, but are not several "traditional" banks offering crypto wallets for customers? Is there a realistic chance this kind of bank is going to steal their customers' crypto and going (at least, next to criminal investigations) bankrupt over it?
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Re:The "email is authentication" pattern
by Djdjur7373bb on Sunday September 08, 2024 @12:36PM
(#41481361)
Sure, they could. Would that be any different from how a bank could steal funds from a traditional deposit account?
By making a bank the custodian of your crypto wallet, you're placing your trust in them and should have similar legal recourse you would have had with a fiat deposit.
Re:The "email is authentication" pattern
by generic92034 on Sunday September 08, 2024 @12:46PM
(#41481405)
I am not sure if you are objecting. Definitely you need to trust your bank if you are going store your crypto with them. I just do not see any large traditional bank stealing their customers' crypto and hoping to get away with it.
As far as I know all the cases of stolen crypto have been newly founded companies with their only business being your crypto. That is quite unlike the other kind of bank.