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Exodus Bitcoin Wallet: $490k swindle
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Re: Exodus Bitcoin Wallet: $490k swindle
#292[dead]
Re: Exodus Bitcoin Wallet: $490k swindle
#293This is scary and even a hardware wallet might not help. When I create a transaction with Electrum on my computer, I use a hardware wallet to sign the transaction. When I sign the transaction, the hardware wallet shows the amounts, and the output addresses. But if my copy of Electrum was backdoored and smart about what it did, it could use an output address for the remaining amount that went to another wallet. And si…
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Re: Exodus Bitcoin Wallet: $490k swindle
#294The 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/…
Yes, and this will finally bring banking to poor peasants in the third world!!111!! /s
Seriously, the idea that crypto (with its concomitant key management problems) is a solution for the challenges facing the poor in badly governed countries is rather absurd.
Re: Exodus Bitcoin Wallet: $490k swindle
#295Earlier quoted context omitted.
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...) ?
In banking terms, the main assets are the outstanding loans. Fractional reserves (deposits as a percentage of loan balances) are no longer very relevant to modern banking. The limit in the USA was cut to zero in 2020. https://www.federalreserve.gov/monetarypolicy/reservereq.htm The focus is now more on capital for assessing bank health.
Just to add, what's called "capital" in banking is basically the bank's equity. And there are proposals to force banks to carry a lot more equity (even if, my god, that reduces the return on equity earned - with a concomitant reduction in risk, though, thus making the equity no less valuable, theoretically speaking).
See for example The Bankers' New Clothes: What's Wrong with Banking and What to Do about It (2014) by Anat Admati and Martin Hellwig.
Re: Exodus Bitcoin Wallet: $490k swindle
#296The 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/…
The best part about crypto is that it is always your fault. Set up your own wallet and lose access? YOUR FAULT, DUMMY Use an exchange and get hacked? YOUR FAULT, DUMMY Use an exchange and they scam you? YOUR FAULT, DUMMY Fall for a spearphishing email? YOUR FAULT, DUMMY A flaw in the implementation that leads to an exploit? YOUR FAULT, DUMMY Fail to maintain an EAL7-certified computing environment using only FIPS 140…
Dude, do your own research. /s
Agreed, the extent of victim blaming in crypto is mind blowing.