131–140 of 228 posts
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I'm currently building in the ability to inspect a transaction's effects before it is run directly into MetaMask. So... we'll alleviate some of the problem Soon (TM)
Problems that have been solved by regular banking decades ago. Jesus Christ the stupidity of crypto amazes me every day.
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Problems that have been solved by regular banking decades ago. Jesus Christ the stupidity of crypto amazes me every day.
Unless you want to send money to truckers
The only thing I can imagine you’re talking about is when some wannabe domestic terrorists rightfully had their funding declined.
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Maybe you have a good bank. Or maybe I've just received incorrect information about the differences between a credit and debit card.
The difference is with a debit card you are out the money until it gets resolved. With a credit card you aren’t. But most banks will extend the same fraud protections regardless.
So it's safest to just avoid debit cards, unless you know that the issuer has their own legally-binding limits on cardholder liability.
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I'm currently building in the ability to inspect a transaction's effects before it is run directly into MetaMask. So... we'll alleviate some of the problem Soon (TM)
Problems that have been solved by regular banking decades ago. Jesus Christ the stupidity of crypto amazes me every day.
https://www.savings.com.au/news/scamwatch-2021
Australians lost a record $323 million to scams in 2021
--
So glad they solved fraud prevention 'decades ago'.
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It turns out you're not the first person to realize that this is an issue. If you'd actually read up on cryptocurrency wallets before commenting, you might have found there are multiple solutions for this out already, including one of the most popular Ethereum wallets called Argent, which let's you set limits. Basically the fraud described is a twist on the classic "Musk giving away BTC" scam that's all over Youtube…
> smart contract that allows users to set restrictions so that they couldn't take that expensive NFT If they got someone to execute a malicious transaction, couldn’t the scammer just `curl etherscan.io/VICTIM`, get the restriction amount and go just under that? With normal banking, everything is closed so you can’t access that kind of information that easily, but since crypto is so open, isn’t this possible?
Absolutely baffling that the crypto community normalized this process of connecting your wallet to a random website and letting it access all of your money. I see a lot of victim-blaming suggestions that it's the fault of the person who didn't set up a new crypto wallet for every interaction they might want to make and then transfer enough money into said wallet to cover unpredictable gas fees (while also paying gas…
That's not how it works at all. When you connect a wallet, the only unrestricted access it gives the app is the ability to see your public address. The app does not have the ability to sign transactions on your behalf without your explicit approval.
It's used by a lot of DeFi apps, often with an unlimited amount. It doesn't give control of the tokens to a website, but rather to a contract. It's fine if the contract is secure and immutable, but of course that's not always the case.
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Unless you want to send money to truckers
Where have you heard anything about having issues sending money to truckers? The only thing I can imagine you’re talking about is when some wannabe domestic terrorists rightfully had their funding declined.
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Problems that have been solved by regular banking decades ago. Jesus Christ the stupidity of crypto amazes me every day.
> Problems that have been solved by regular banking decades ago. https://www.savings.com.au/news/scamwatch-2021 Australians lost a record $323 million to scams in 2021 -- So glad they solved fraud prevention 'decades ago'.
But in the regular banking system we have decades of experience in how to mitigate the impacts of them e.g. account insurance, MFA for any new transfers or over a certain limit, auditing by independent regulators.
Absolutely baffling that the crypto community normalized this process of connecting your wallet to a random website and letting it access all of your money. I see a lot of victim-blaming suggestions that it's the fault of the person who didn't set up a new crypto wallet for every interaction they might want to make and then transfer enough money into said wallet to cover unpredictable gas fees (while also paying gas…
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Maybe you have a good bank. Or maybe I've just received incorrect information about the differences between a credit and debit card.
I think it depends on whether the PIN was entered if not. If entered, the transaction happens on the Maestro et. al. network and you can’t do chargebacks. If no PIN was entered, the transaction happens on Visa/MC systems and you can chargeback.
Your bank irrespective of whether it's a savings account, credit card etc will almost always insure you against fraud provided you didn't do anything reckless e.g. write your PIN on the card.