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> Bankman-Fried told the Financial Times the $8bn related to funds “accidentally” extended to his trading firm, Alameda, but declined to comment further.
Oh look, $8bn just appeared on the balance sheet. Where did they come from? Doesn't matter, surely they are legit. I mean, I have so many billions, $8bn is pocket change. Lets use the $8bn for trading immediately.
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https://www.crowdsupply.com/sutajio-kosagi/precursor This aims to address these issues. Verifiable hardware and open source OS and wallet.
There is no way a user can verify hardware and software. The only solution is to use multiple air gapped wallets from different manufacturers which use a deterministic algorithm for signatures.
It was all for charity. People are mean. https://twitter.com/The_Prologuist/status/158967849854920704...
Look, I’m a savvy investor who builds marketing teams and would never fall for this, but I think other people will, so I’m going to invest.
There should be more discussion about how to store value without counterparty risk. Most people think it is as easy as ordering a hardware wallet, following the process the wallet software suggests and - hurray! - your keys, your coins! But it is not that easy. You also have to cut the wallet manufacturer and the software developer out of the loop. I have yet to see a description on how to safely create a wallet that…
I'd recommend a PNC checking account. Solves a lot of issues related to storing value without counterparty risk.
And uh, both are FDIC members.
[1] https://www.nerdwallet.com/reviews/banking/charles-schwab-ba...
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There is no way a user can verify hardware and software. The only solution is to use multiple air gapped wallets from different manufacturers which use a deterministic algorithm for signatures.
Did you look at the precursor? They explicit address user verification of the hardware, right down to using simplified translucent PCBs for the keyboard etc. so you can see it hasn’t been tampered, and using an FPGA for the CPU so you know what the processor is doing.
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FTX isn’t a bank. They aren’t supposed to operate as a fractional reserve. Coinbase would be crucified by the SEC if they did this.
FTX US wasn't doing it either. They did it outside of SEC jurisdiction.
There should be more discussion about how to store value without counterparty risk. Most people think it is as easy as ordering a hardware wallet, following the process the wallet software suggests and - hurray! - your keys, your coins! But it is not that easy. You also have to cut the wallet manufacturer and the software developer out of the loop. I have yet to see a description on how to safely create a wallet that…
There should be more discussion about how to store value without counterparty risk. Most people think it is as easy as ordering a hardware wallet, following the process the wallet software suggests and - hurray! - your keys, your coins! But it is not that easy. You also have to cut the wallet manufacturer and the software developer out of the loop. I have yet to see a description on how to safely create a wallet that…
You’re ignoring the largest risk - that your coins become valueless because nobody wants them. This is entirely beyond your control.
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You’re ignoring the largest risk - that your coins become valueless because nobody wants them. This is entirely beyond your control.
That's not counterparty risk.
There should be more discussion about how to store value without counterparty risk. Most people think it is as easy as ordering a hardware wallet, following the process the wallet software suggests and - hurray! - your keys, your coins! But it is not that easy. You also have to cut the wallet manufacturer and the software developer out of the loop. I have yet to see a description on how to safely create a wallet that…
Multisig, with hardware from different companies, no one of which could constitute a quorum of your keys. If you have even just a 2-of-3 keyset with one Ledger, one Trezor, and a Coldcard, none of those companies can screw you by itself. If you go up to 3-of-5, it's even more robust. You can set it up yourself using FOSS like Electrum. Or you can hire somebody like Casa[0] to get it all set up and set up the infrastr…
There are pros and cons vs having a password-protected file that you can at least backup to whatever devices you decide.