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Honestly I wouldn't put too much trust into a SEO blog article. A better title would be. "If you get drugged and use Casa, you will be able to save your money"
The writer is Jameson Lopp. There's good solid advice in there for anyone, not just crypto holders, yes he's promoting his own company but it's a big stretch of the imagination to say the bloke is some SEO spammer.
But if you don't have the keys to move your money, it becomes a lot less useful as money. It's still like gold though, something that you have a sort of vault that you rarely visit. If you got drugged and someone took your phone to do a bank transfer, I would imagine there would be some hope of reversing the transfer, with a whole lot of painful steps. With crypto it's pretty futile if they manage to move it. Also th…
I suppose you can have a spend wallet and a net worth wallet.
Crypto just doesn't work. It's far more harm than good. Every time a weakness is unveiled, we get hand waving from those most invested.
It's bad for the environment, bad for crime, bad for laymen, undemocratic (vote with money), no knobs to adjust monetary/fiscal policy, and it poses as an alternative to government institutions that serve society with things like roads and health care.
Why are we propping up the crypto whales to enable this trash fire?
"Not your keys, not your Crypto" is good advice, but I personally prefer to leave my wallet in the hands of a trusted large exchange like Gemini, Coinbase, or Kraken. Not only do they have better security than I do, they also have a whole slew of extra barriers in the event a malicious actor wants to drain my funds. I can freeze withdrawals, whitelist specific addresses, and put time/wait barriers to all of these thi…
What if any of those exchanges get hacked or exit? Store offline.
https://www.youtube.com/watch?v=70ZMzE-wQOQ&t=80s
Now it's funny because it's true!
Download to Papa. Yoink-dot-adios-backslash-losers.
But if you don't have the keys to move your money, it becomes a lot less useful as money. It's still like gold though, something that you have a sort of vault that you rarely visit. If you got drugged and someone took your phone to do a bank transfer, I would imagine there would be some hope of reversing the transfer, with a whole lot of painful steps. With crypto it's pretty futile if they manage to move it. Also th…
Tell them to give them back to you if you ask in person only.
Suddenly its much harder for the attacker...
To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a compensating transaction) and finally the chargeback and legal recourse.
Bear in mind that each of the business process of the current payment systems exists for a reason. They are the result of decades of learnings and trial and error.
Are there plans to build equivalent features on Blockchain for crypto currencies? Or do their users have to go through the same painful failures?
Honestly I wouldn't put too much trust into a SEO blog article. A better title would be. "If you get drugged and use Casa, you will be able to save your money"
I'll note that we have seen several folks report being victims of similar attacks since we published this article.
https://twitter.com/Disruptepreneur/status/14131498654759075...
If the money were in a bank or investment account, the worst this guy would have to deal with (in the US) is a little aggravation when getting the fraudulent transactions reversed. Personally I wouldn't reveal to strangers that I'm into crypto. It's like broadcasting the fact that you've got thousands of dollars of cash in your pocket.
I got roofied once in a bar and the next thing I knew I was going back to my place in the back of a car. They gave me weed, too. You are completely out of it, you will say whatever they ask you. This is how truth serum works, at its core. So, the girl(s) called Chase posing as my wife and transferred $500 out of my account. A nice chunk of cash, but not too greedy so I could let it go and not pursue it any further. Y…
I've been working in the payments industry on and off for 15 years. I am yet to work with a payment method that does not support reversal (except for physical cash). As a last resort victims can file chargeback with their issuers or police. To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a comp…
The entire plan of crypto is to not ever allow that. That's the big innovation.
I've been working in the payments industry on and off for 15 years. I am yet to work with a payment method that does not support reversal (except for physical cash). As a last resort victims can file chargeback with their issuers or police. To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a comp…
No, transactions are irreversible by design.
If you want this, what you need is an escrow service. Escrow services can conduct transactions in bitcoin or other cryptocoins. I don't know of one, but I believe that they may exist.