In other news - "use vault, the regular wallet is insecure".
Yes, there shouldn't be degrees in security - a system is either secure or not.
Coinbase introduces Vault
21–30 of 63 posts
Re: Coinbase introduces Vault
#22In other news - "use vault, the regular wallet is insecure".
Yes, there shouldn't be degrees in security - a system is either secure or not.
Well then nothing is secure.
At least as far as a whole system goes including the soft squishy components designing, developing and operating it.
Even for cryptography the only absolute proven secure method is the one time pad which has very real practical flaws and risks if you try to operate it in the real world.
Re: Coinbase introduces Vault
#23Is this where Tim is going to store his coins?
Re: Coinbase introduces Vault
#24Is this where Tim is going to store his coins?
Obviously not if he bought them to provide liquidity for competitor Vaurum.
Re: Coinbase introduces Vault
#25If it's not insured, what's the point?
Re: Coinbase introduces Vault
#26In other news - "use vault, the regular wallet is insecure".
Yes, there shouldn't be degrees in security - a system is either secure or not.
The threat model here is people leaking their own Coinbase passwords (via phishing, compromised PC, etc.), so the 48-hour delay and out-of-band verification ought to actually help.
Re: Coinbase introduces Vault
#27Earlier quoted context omitted.
Yes, there shouldn't be degrees in security - a system is either secure or not.
The threat model here is people leaking their own Coinbase passwords (via phishing, compromised PC, etc.), so the 48-hour delay and out-of-band verification ought to actually help.
So, 72-hour delay is even more secure?
Re: Coinbase introduces Vault
#28If it's not insured, what's the point?
From a customer's perspective a false sense of security. From Coinbase's point of view, it decreases their need for liquidity and their chances of a run.
Re: Coinbase introduces Vault
#29I'm assuming the vault doesn't improve security at all in the event that coinbase gets hacked and loses all of their btc?
If they truly have cold storage of their btc - yes, this system does improve security, as their cold-storage bitcoins aren't subject to electronic hacking, just physical intrusion. And, the use of encryption and HSMs can mitigate against even a physical intrusion as well.
Sometime in the next couple years, someone is going to come up with a relatively fool proof vault storage for bitcoins, we just haven't see it yet. (And Coinbase isn't sharing enough details yet for us to know whether they've put one together)
Re: Coinbase introduces Vault
#30What's up with the cold storage? That is absolutely no security, it is purely an operational detail on Coinbase's side. You are still trusting them with all your coins. Once they get multi-sig, that might actually be something interesting. For all we know, the "Vault" might just be a new menu item and some css.