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Exodus Bitcoin Wallet: $490k swindle

popey.com

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Re: Exodus Bitcoin Wallet: $490k swindle

#211

Post by thelastparadise »

cassepipe wrote: post #209
wenebego wrote: post #197

Earlier quoted context omitted.

Great idea, but its inconvenient when you need liquidity but the bank doesnt have it. We should let the bank lend out more money than they actually have, and if there's a run the public can just bail them out

Ok I am triggered. I am rather ignorant on the matter but indeed I don't like that some things/people are too big too fail in the system. On the other hand, isn't that established that banks being allowed to issue more money than what is backed by their assets is universally recognized as "good" as in allowing for previously unseen economic development that benefits everyone (but not equally...) ?

What you're referring to is leverage. It's a multiplier.

The issue is malinvestment and misallocation of resources.

Leverage up on malinvestment (which is what most of the central banks and governments are doing) and it's the fast path to hell.

A fixed supply neutral third party money adds a sort of safety barrier against this leveraged malinvestment.

Re: Exodus Bitcoin Wallet: $490k swindle

#212

Post by popey »

jstanley wrote: post #8

One point I would make: > it connects to some API at https://www.exchangerate-api.com/ This is not necessarily right. The exchangerate-api.com site is hosted behind Cloudflare, so I don't know where it's actually hosted, but the IP addresses shown in bandwhich could be unrelated. You also said: > Visiting one of those IPs redirects to https://www.exchangerate-api.com/ It is common for malicious sites to redirect to l…

I further thought about your feedback and the comments from the owner of exchangerate-API and have removed that section from the blog and mentioned it in a follow-up post.

I appreciate your comments, as they made me think more about that topic.

Re: Exodus Bitcoin Wallet: $490k swindle

#213

Post by louwrentius »

woah wrote: post #19
louwrentius wrote: post #7

[flagged]

Cryptocurrency is the only place where regular people use cryptography that they control in a way that matters enough for someone to attack it. Of course we will see mistakes being made. Covering your ears and singing "lalala crypto bad" instead of trying to learn how to make cryptography easier to use is boring.

Crypto will never ever be mainstream because it doesn’t solve a problem normal people have.

It will be forever relegated to pump & dump schemes.

Crypto is for people who don’t understand how societies work.

Re: Exodus Bitcoin Wallet: $490k swindle

#214

Post by sjducb »

cassepipe wrote: post #210
vmoore wrote: post #156

The operational security measures one has to take these days to secure crypto is insane. You have to build your own mini intelligence agency just to protect your digital crypto assets. You have to do: - Principle of least privilege. - Zero Trust. - Compartmentation. - Hardened Operating Systems with no malware and strong endpoint defense. - Firewalls that whitelist only your IP and disavow everything else. - 2FA/MFA/…

Well maybe if you have 500000 dollars worth of bitcoin you can invest some of it in good security practices and products ?

How do you find products to trust?

Re: Exodus Bitcoin Wallet: $490k swindle

#217

Post by troupo »

jakupovic wrote: post #120
cypherpunks01 wrote: post #88

Earlier quoted context omitted.

I don't recall ever reading about a tulip ETF, though, that could be kind of interesting

Lol. HN is stuck in "CRYPTO BAD BOOO, We don't need no reason. We know", in the voice of HN group think.

No, "crypto bad boo" is precisely because the HN crowd doesn't ignore the history of anything that crypto pretends it's disrupting. Instead all the clueless crypto bros in the crypto space end up slowly, and often painfully, re-discovering all this history and the reasons why things are the way they are.

Re: Exodus Bitcoin Wallet: $490k swindle

#218

Post by lottin »

joncrocks wrote: post #175
lottin wrote: post #145

Earlier quoted context omitted.

> The base rule in crypto has always been “not your keys, not your coins” This is because blockchains have no way of enforcing laws, including property rights. Therefore it comes down to this. Imagine that whoever got hold of your car keys, automatically became the owner. This is what "not your keys, not your coins" means.

It's a bit more like 'possession is 9/10 of the law'. The "not your keys, not your coins" is more the fact that someone else holding your stuff happen to them and your stuff goes away. Or they never had it to start with. i.e. Counterparty risk. `Cash` doesn't inherently have any mechanism for enforcing rights either. The difference is that real-world identities are easier to establish in situations where cash transac…

Indeed, physical cash has similar limitations. Everybody understands that it's inherently unsafe. Yet crypto-currency advocates are advising people to keep a large part of their savings as an asset that's even less safe than physical currency, which is absolutely crazy.

Re: Exodus Bitcoin Wallet: $490k swindle

#219

Post by lottin »

TimeBearingDown wrote: post #170
lottin wrote: post #145

Earlier quoted context omitted.

> The base rule in crypto has always been “not your keys, not your coins” This is because blockchains have no way of enforcing laws, including property rights. Therefore it comes down to this. Imagine that whoever got hold of your car keys, automatically became the owner. This is what "not your keys, not your coins" means.

“Enforcing laws” with regard to what? Censoring transactions? Freezing accounts? If people want a system where this as well as excessive inflation are close to impossible, they now have an option, with the clear caveat of that ownership. It’s not like there aren’t other options to choose - custodial services and multi-signature wallets. Banks are custodial services too, and that’s fine.

If you want lawlessness go ahead, but don't come crying when someone steals your riches or punches you in the face.

Re: Exodus Bitcoin Wallet: $490k swindle

#220

Post by lucw »

vmoore wrote: post #156

The operational security measures one has to take these days to secure crypto is insane. You have to build your own mini intelligence agency just to protect your digital crypto assets. You have to do: - Principle of least privilege. - Zero Trust. - Compartmentation. - Hardened Operating Systems with no malware and strong endpoint defense. - Firewalls that whitelist only your IP and disavow everything else. - 2FA/MFA/…

use a hardware wallet, engrave your bip39 recovery seed on a titanium plate, practice recovery, you're done.
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