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Funds of every Trust Wallet browser extension could have been stolen

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Re: Funds of every Trust Wallet browser extension could have been stolen

#121

Post by Analemma_ »

kristianc wrote: post #120

I’m not sure why there is such fascination with this tech when it’s complex to understand and implement, prone to break in a thousand different ways, and has an ecosystem which is absolutely crammed with bad actors. This requires a deep understanding of cryptography to even understand if you’re safe. Why do people take the risk? Is it because they like to feel smart?

Crypto has a one-two punch that causes it to really stick tight in some minds: it's a get-rich-quick scheme (and those have a long history of bypassing the rational parts of the brain), together with ideological appeal: it feels like you're striking a blow against the Man (even though in practice all crypto goes through a small number of centralized actors that the Man can shut down any time he likes).

Re: Funds of every Trust Wallet browser extension could have been stolen

#122

Post by latchkey »

kristianc wrote: post #120

I’m not sure why there is such fascination with this tech when it’s complex to understand and implement, prone to break in a thousand different ways, and has an ecosystem which is absolutely crammed with bad actors. This requires a deep understanding of cryptography to even understand if you’re safe. Why do people take the risk? Is it because they like to feel smart?

Do you have a deep understanding of how the stock market works?

Re: Funds of every Trust Wallet browser extension could have been stolen

#123

Post by latchkey »

toss1 wrote: post #77
pontifier wrote: post #9

At some point there won't be any more suckers left. That's when crypto will really collapse.

Except for: "There's a sucker born every minute" — P. T. Barnum After that 'discovery' in the mid-1800s, there seems to be an endless supply, and at today's higher brithrates and infant survival rates... we can't really expect that they'll ever run out ;-P

"there is no evidence that he actually said it" -- wikipedia

https://en.wikipedia.org/wiki/There%27s_a_sucker_born_every_...

Re: Funds of every Trust Wallet browser extension could have been stolen

#124

Post by hospitalhusband »

justinator wrote: post #78
nintendo1889 wrote: post #62

Earlier quoted context omitted.

Which is why we transfer small amounts to the wasabi hot-wallet, coinjoin, and then spend. Each spend is then joined with another spend to obfuscate every purchase. It requires careful budgeting for future purchases (as the coin-join takes time). Trezor now has experimental support for directly coin-joining bitcoin that is stored on the cold-wallet, but I don't think anyone should trust it.

Not to be snarky, but this sounds real convenient. Why don’t we just admit these tools are just fundamentally broken?

When your funds get low just open your hot and cold wallet apps and type in how much to transfer, wasabi takes care of the rest.

It's easier than merely logging into my bank. Or paypal (which unintentionally locked me out for over a year after a broken tos update that I couldn't accept).

People have had hot and cold wallets forever, they just call them wallets and banks. It is the same workflow, except without:

Driving, operating hours, showing ID (oops my (hot) wallet got stolen/left at home. Now I can't withdraw from my bank until that's sorted.), the horrible password requirements, barely usable websites, and spyware apps that may or may not work on rooted/libre operating systems.

It's the legacy banking system that is fundamentally broken.

Re: Funds of every Trust Wallet browser extension could have been stolen

#125

Post by latchkey »

codedokode wrote: post #116
wingshayz wrote: post #108

Earlier quoted context omitted.

Do you really think inflation is the government's way of stealing from the population?

It's rate is not arbitrary, it is maintained at specific level, as they say, for better economy development. But it is unclear whether you will win from that or somebody else, what is certain that you lose money every year because of this. You had 100 dollars and year later they are only worth 98 dollars. What is it if not stealing?

Those 100 are worth less, not because it was stolen, but because it was devalued / diluted through minting of more magic beans.

Not all loss is theft.

Re: Funds of every Trust Wallet browser extension could have been stolen

#126

Post by latchkey »

SkyMarshal wrote: post #111
surgical_fire wrote: post #34

Earlier quoted context omitted.

> debased by money printing Why is this a bad thing? This is repeated by the crypto people as some kind of root of all evil, and it puzzles me. I see monetary policy - including the ability of devaluing a currency - as a powerful tool central banks have to keep the economy working. I fail to see how "hard money", which normally comes peppered with some vague desire for a deflationary economy as desirable. In my view…

Central banks aren’t needed to keep the economy running, you really just need some areas of law (contract, commercial, etc) and an effective court system for that. The economy ran on its own prior to the Federal Reserve being created in 1913. Central banks may be useful in preventing banking crises every ~20yrs as happened back in the 1700s and 1800s. But even that’s not a certainty since the two most severe banking…

> this website makes a comprehensive case for deflationary money

After the switch to burn a portion of funds on every transaction as well as the switch from proof of work, to proof of stake, Ethereum is now deflationary [0].

Say what you will about the cryptocurrency experiment, it will be fascinating to watch the effect of this over time.

[0] https://ultrasound.money/

Re: Funds of every Trust Wallet browser extension could have been stolen

#127

Post by kristianc »

latchkey wrote: post #122
kristianc wrote: post #120

I’m not sure why there is such fascination with this tech when it’s complex to understand and implement, prone to break in a thousand different ways, and has an ecosystem which is absolutely crammed with bad actors. This requires a deep understanding of cryptography to even understand if you’re safe. Why do people take the risk? Is it because they like to feel smart?

Do you have a deep understanding of how the stock market works?

I understand that anything I buy is backed by ownership in an institution, that there are onerous regulatory and reporting requirements, centralized institutions managing it, ample liquidity if I want to get out at any point at that people get sent to prison if they try to manipulate it…

Re: Funds of every Trust Wallet browser extension could have been stolen

#128

Post by latchkey »

kristianc wrote: post #127
latchkey wrote: post #122

Earlier quoted context omitted.

Do you have a deep understanding of how the stock market works?

I understand that anything I buy is backed by ownership in an institution, that there are onerous regulatory and reporting requirements, centralized institutions managing it, ample liquidity if I want to get out at any point at that people get sent to prison if they try to manipulate it…

Is that a no?

Re: Funds of every Trust Wallet browser extension could have been stolen

#130

Post by alphanullmeric »

vimda wrote: post #85
alphanullmeric wrote: post #58

Earlier quoted context omitted.

https://www.bbc.com/news/world-us-canada-60383385.amp

Soo... Not "the wrong opinion" but disrupting major infrastructure. Im not sure I agree with it, but it's not the laissez-faire process you are implying. It's also pretty trivial to see how they can equally do the same with cryptocurrencies through the major exchanges, given the hurdles or actually using your crypto outside them

It’s the wrong opinion because this is the only protest where such measures have been taken, but not the only protest that disrupted infrastructure.
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