Comment on Is the blockchain an interesting innovation, aside from cryptocurrencies ?
dragontamer@lemmy.world 1 year agoAnd… where does FTX and Celsius come into the mix? Because in practice, that’s where people lose $8 Billion overnight.
Comment on Is the blockchain an interesting innovation, aside from cryptocurrencies ?
dragontamer@lemmy.world 1 year agoAnd… where does FTX and Celsius come into the mix? Because in practice, that’s where people lose $8 Billion overnight.
manitcor@lemmy.intai.tech 1 year ago
That’s a different conversation isn’t it? shifting from technical capabilities to what people do with them, we have a number of technologies in society that deal with this issue. Important to note that every form of messaging and storage tech ever conceived has likely or is capable of facilitating large scale fraud.
I understand wanting to point the anger, as someone who sat this tech out until I saw the govt take it seriously, I’d say collectively every government and municipality slept on this, which surprises me, I expected this to get killed long before it capped at 2T in value.
Also important to note that cryptocurrency technology was not central to the failure of these orgs as the vast majority of thier holdings never left the exchange. They bascially setup shop claiming to have the tulips everyone was raging for in full warehouses when they didn’t even have seeds. I’m angry at the abject greed as well, however if we apply the current thinking im seeing toward crypto tech as it would logically extend, get ready to throw out all the tech in your house, a surprising amount of it can be used to manipulate and defraud you. Most of FTX’s messaging went out over traditional communication channels, controlled by our governments and endorsed by broadcasters.
dragontamer@lemmy.world 1 year ago
You’re saying a lot of words and not addressing the hardware cryptocoin wallet problem I outlined above.
Lets focus on that. How do you know that a hardware cryptocoin wallet truly emits random numbers that aren’t being hacked? The trust problem in this cryptocoin world is horribly, horribly unsolved despite 15+ years.
That’s why these scams keep coming up. Because the “oh just trust the cryptocoin” approach doesn’t work. You need to think from the perspective of a security researcher.
manitcor@lemmy.intai.tech 1 year ago
you are talking to someone whos been doing cryptography since the 90s, the answer hasn’t changed since then, you cant. the ONLY was you can be sure is with old school means or controlling your own lithography system.
most people just pick what level of trust/control/effort they are most comfortable with and go with that. the more your life ends up under these keys the more youll want to move to physical storage, multiple cold wallets, etc etc.
This usability nightmare is part of whats hurt crypto’s adoption imo.
Why are insecure devices allowed to be sold? I don’t know, why do we let comcast sell routers with known firmware vulnerabilities that gets a large chunk of them infected with malware? Why do we only deal with dangerous things after they become dangerous and hurt people, esp when the danger is so damn obvious? I don’t know.
Is there a hardware wallet I like that I believe is secure? No
Do i use them? Well of course, insurance companies love them…sigh.
Do I use them for my personal stuff? No, the vast majority of my holdings are stored in physical cold wallets.
dragontamer@lemmy.world 1 year ago
So we can’t trust hardware wallets then. Isn’t that… a problem? Something that needs to be solved?
This is pretty fundamental to the entirety of blockchain. If we can’t trust that Alice is truly Alice, then where the hell is everything else built on top of this crap?
Why do you trust that cold wallet? Are you sure they didn’t leak the key somehow? We’ve already established that there’s no trust or reason to trust them.