imagine using a chrome browser extension to do anything involving money/finances
Funds of every Trust Wallet browser extension could have been stolen
91–100 of 186 posts
Re: Funds of every Trust Wallet browser extension could have been stolen
#92Earlier quoted context omitted.
But for that, general population to be able (and willing!) to manage secret keys properly is sorely needed.
Yes, handling private keys is very inconvenient. I also can’t imagine my mother (although rather tech-savy for her age) handling all her financials with crypto wallets. However, one of the next Ethereum upgrades (ERC-4337) will make it possible to safely recover wallets without a key seed phrase. Its implications seems to be huge but I am not deep enough into it to explain how exactly it is going to work. Perhaps som…
You can't eat your cake and have it too: Either you are the only party controlling access to your accounts – which then necessarily includes the possibility of losing everything – or you don't, in which case somebody else does.
This isn't a tradeoff unique to cryptocurrencies: Cash works exactly the same way (qualitatively, if not quantitatively, in terms of the risks of losing access to it) – if you store your life savings under your mattress, they can be stolen easily or burn down together with your apartment.
Re: Funds of every Trust Wallet browser extension could have been stolen
#93Earlier quoted context omitted.
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.
Not to be snarky, but this sounds real convenient. Why don’t we just admit these tools are just fundamentally broken?
Because people are still HODLing their dIaMoNd HaNdS.
Re: Funds of every Trust Wallet browser extension could have been stolen
#94Thank god, now the scam emails i've been getting about this exact scenario every day for months are finally true!
Re: Funds of every Trust Wallet browser extension could have been stolen
#95Earlier quoted context omitted.
They're relatively useless for other purposes. Eg, gold is rare, heavy and malleable. In situations where you need those qualities other options exist, like lead. It has the advantage of not oxidizing, so it makes for great jewelry. But all of that is extremely contextual. If it turns out there's a huge reserve of it somewhere, it will crash in value. Or if things crash badly enough there may be other things to worry…
Gold is far from useless - I’ll wager whatever hardware you typed that comment on is made up in small part with gold.
Only a tiny amount of gold is used in electronics. Also, this doesn't explain why people were greedy for gold thousands years before.
Re: Funds of every Trust Wallet browser extension could have been stolen
#96At some point there won't be any more suckers left. That's when crypto will really collapse.
> At some point there won't be any more suckers left
As long as there is survivorship bias I think it will survive. Can think of it more as a poverty tax, like the lottery.
When there is a possibility of easy money, people will overlook every kind of red flag and inconvenience.
Re: Funds of every Trust Wallet browser extension could have been stolen
#97Earlier quoted context omitted.
That kind of argument can be applied to any value-based systems. s/crypto/ with /banks/, /religion/, /houses/. No. False equivalence. The other examples have a long history of applications that add value to people's lives (as well as disbenefits depending on your viewpoint and ideology). Crypto-currency has never yet demonstrated any significant value to normal people, though plenty of the latter.
I believe that is wrong. If you keep your money as cash or in a bank deposit then you lose several percents every year because Western governments maintain a certain inflation rate. But inflation is basically stealing from everyone who has cash or bank deposits. You had 100 dollars and next year they become equivalent to 98 dollars. Cryptocurrency is different. No government is able to steal your Bitcoins by printing…
As opposed to having 100% stolen by poor security - the subject of this discussion - or fraudulent exchanges, or heavily pump-and-dumped new coins, or... the list goes on.
Re: Funds of every Trust Wallet browser extension could have been stolen
#98Earlier quoted context omitted.
Why do precious metals have value?
They (i.e. materials like gold/silver) have inherent value as being relatively difficult to obtain without significant work and being useful in creating valuable objects. Because of those properties they become a store of value (representing the work and rarity) which then makes them a useful proxy for trading that value, which increases their rarity/value by taking it out of circulation when used as a store of value…
Can we conclude that gold is similar to cryptocurrency because of this?
Re: Funds of every Trust Wallet browser extension could have been stolen
#99Earlier quoted context omitted.
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).
Land is still very valuable today, especially if it is a land in the center of a city.
Re: Funds of every Trust Wallet browser extension could have been stolen
#100Earlier quoted context omitted.
Why do precious metals have value?
A metal such as gold has both intrinsic and extrinsic value from the time of antiquity to modern day. For one, gold, enables the electronic device you used to post your comment.
Then why did it have value before semiconductor manufacturing?