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Funds of every Trust Wallet browser extension could have been stolen

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Re: Funds of every Trust Wallet browser extension could have been stolen

#61

Post by tremon »

nailer wrote: post #30
Robotbeat wrote: post #25

Earlier quoted context omitted.

Money is fundamentally community based. It is based on exchange with your neighbors and colleagues and peers and anyone you do business with. You’re not getting away from the entity representing that community from exerting some control over it. Precious materials like gold are probably the best you can get as the material itself has some value.

Why do precious metals have value?

Because the community believes their value will outlast the currency system. People have believed the same thing about tulips, peppercorn, wine, and buildings (or rather, land).

Re: Funds of every Trust Wallet browser extension could have been stolen

#62

Post by nintendo1889 »

krono wrote: post #46

> Creating good randomness is a daunting task - Ledger devices rely on dedicated silicon logic in our certified smartcard chips that have been the gold standard of secure industries for the past 40 years to guarantee high quality randomness and tamper resistance. Which is worthless and entirely irrelevant when they keep leaking their customers' personal and purchase data (which they claimed not to collect or keep, an…

Which is why we transfer small amounts to the wasabi hot-wallet, coinjoin, and then spend. Each spend is then joined with another spend to obfuscate every purchase.

It requires careful budgeting for future purchases (as the coin-join takes time).

Trezor now has experimental support for directly coin-joining bitcoin that is stored on the cold-wallet, but I don't think anyone should trust it.

Re: Funds of every Trust Wallet browser extension could have been stolen

#64

Post by api »

tyingq wrote: post #12
pontifier wrote: post #9

At some point there won't be any more suckers left. That's when crypto will really collapse.

I don't know...multi-level marketing still seems alive and kicking.

... as are casinos.

I don't think it will collapse. It has found product-market fit: mostly gambling, some money laundering and crime, and some legitimate use for international wires and payments under oppressive political conditions (this last part is the smallest amount by volume).

There will occasionally be attempts to pump some new use case (e.g. NFTs), but these are just casino advertising. They'll draw in some new suckers/players and the cycle will repeat.

The maximalist cult will continue to exist as well, patiently awaiting the coming of the space brothers in the form of a massive economic collapse causing Bitcoin to "moon" and become the new global reserve currency. This is identical to the goldbug cult of previous generations and involves many of the same types of people. Apocalyptic cults can exist for a long, long time and failed prophecies do not deter true believers.

Re: Funds of every Trust Wallet browser extension could have been stolen

#65

Post by nintendo1889 »

surgical_fire wrote: post #51
Mistletoe wrote: post #39

Earlier quoted context omitted.

https://fred.stlouisfed.org/series/BOGMBASE Does this seem normal to you? Imagine you are a patient and you took data like this to your doctor. Would he say you are healthy after having such a gradual rise all your life and then complete chaos? If things have been going great the past few years I’d say maybe it doesn’t matter, but things don’t seem to be going great for anyone except the wealthy (those by nature clos…

> Does this seem normal to you? Yes. Currency is a mean of exchange, nothing more. Economy is essentially how to satisfy the needs of its participants with the limited resources available. For the graph that you linked in a somewhat alarmist fashion to make sense, you need to compare it with a plethora of other information for it to make sense. What is the productivity of people and corporations? What are the level o…

Bitcoin will be the poor man's inflation hedge. Eventually others will wake up- see bhutan quietly mining it, and even family and private wealth offices (traditionally very conservative investors) are buying it.

Re: Funds of every Trust Wallet browser extension could have been stolen

#66

Post by conceptme »

surgical_fire wrote: post #34
Mistletoe wrote: post #17

Earlier quoted context omitted.

I feel exactly the opposite- “At some point there won't be any more suckers left. That's when banking will really collapse.” The news every day sends the message more urgently that a global hard money that can never be debased by money printing and that is free from the whims of governments and dictators is sorely needed.

> debased by money printing Why is this a bad thing? This is repeated by the crypto people as some kind of root of all evil, and it puzzles me. I see monetary policy - including the ability of devaluing a currency - as a powerful tool central banks have to keep the economy working. I fail to see how "hard money", which normally comes peppered with some vague desire for a deflationary economy as desirable. In my view…

Because you probably live in a nice country without hyperinflation.

Re: Funds of every Trust Wallet browser extension could have been stolen

#67

Post by JumpCrisscross »

Mistletoe wrote: post #39
surgical_fire wrote: post #34

Earlier quoted context omitted.

> debased by money printing Why is this a bad thing? This is repeated by the crypto people as some kind of root of all evil, and it puzzles me. I see monetary policy - including the ability of devaluing a currency - as a powerful tool central banks have to keep the economy working. I fail to see how "hard money", which normally comes peppered with some vague desire for a deflationary economy as desirable. In my view…

https://fred.stlouisfed.org/series/BOGMBASE Does this seem normal to you? Imagine you are a patient and you took data like this to your doctor. Would he say you are healthy after having such a gradual rise all your life and then complete chaos? If things have been going great the past few years I’d say maybe it doesn’t matter, but things don’t seem to be going great for anyone except the wealthy (those by nature clos…

> imagine you are a patient and you took data like this to your doctor

As someone who knows a doctor or two in the Bay Area, where it's apparently common for self-diagnosed charts to be texted in panic by clueless patients at 2AM, this analogy is apt.

Re: Funds of every Trust Wallet browser extension could have been stolen

#68

Post by aww_dang »

bo1024 wrote: post #18
mike_hearn wrote: post #15

I was writing about this exact problem of bad RNGs in web cryptocurrency wallets a ~decade ago. It is profoundly depressing that so little has changed: https://medium.com/mike-hearn/type-safety-and-rngs-40e3ec71a... Browsers have a number of problems that make it difficult to build wallets, but I’m not going to try and convince you to stop making them here. Suffice it to say there are alternatives for writing cross p…

This is very interesting and I agree about all the upsides of desktop apps. However, in web3, people’s blockchain credentials could be used to interact with many different websites. This seems hard to reproduce with desktop-based apps, right?

NEAR Protocol is interesting in this regard. Wallet users opt-in to create separate key pairs for each application. Key pairs are limited to specific contract addresses, function calls and gas limitations.

The traditional Web3 model is too open to abuse. It is as if they took the old "allow this Java applet outside of the sandbox? y/n " dialog and added banking.

Re: Funds of every Trust Wallet browser extension could have been stolen

#69

Post by surgical_fire »

conceptme wrote: post #66
surgical_fire wrote: post #34

Earlier quoted context omitted.

> debased by money printing Why is this a bad thing? This is repeated by the crypto people as some kind of root of all evil, and it puzzles me. I see monetary policy - including the ability of devaluing a currency - as a powerful tool central banks have to keep the economy working. I fail to see how "hard money", which normally comes peppered with some vague desire for a deflationary economy as desirable. In my view…

Because you probably live in a nice country without hyperinflation.

Oh, I come from a poor country that had its hyperinflation issues.

Hyperinflation is bad, but there are ways to solve it.

Deflation is potentially worse.

Re: Funds of every Trust Wallet browser extension could have been stolen

#70

Post by jonkho »

surgical_fire wrote: post #34
Mistletoe wrote: post #17

Earlier quoted context omitted.

I feel exactly the opposite- “At some point there won't be any more suckers left. That's when banking will really collapse.” The news every day sends the message more urgently that a global hard money that can never be debased by money printing and that is free from the whims of governments and dictators is sorely needed.

> debased by money printing Why is this a bad thing? This is repeated by the crypto people as some kind of root of all evil, and it puzzles me. I see monetary policy - including the ability of devaluing a currency - as a powerful tool central banks have to keep the economy working. I fail to see how "hard money", which normally comes peppered with some vague desire for a deflationary economy as desirable. In my view…

Would you be annoyed if you owned shares of a company and the company prints new shares to dilute the value of your holdings?
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