Submitted by fudge_u t3_yrzmif in technology
Pontus_Pilates t1_ivx8s0s wrote
Good thing these crypto markets offer people real freedom outside of onerous banking regulations. This truly is the future of finance where the unbanked finally have a voice. And the power to unleash their potential to lose all of their money in a pyramid scheme.
flyingkiwi46 t1_ivyik2i wrote
Storing your crypto inside a centralized exchange goes against everything crypto stands for...
There is a reason the phrase
"not your keys not your crypto" Is very popular in the crypto community and thats because of the shenanigans centralized exchanges pull
Hopefully in the future people will finally learn not to trust centralized exchanges to hold their cryptos and instead store them in a wallet
Policeman333 t1_ivyrfai wrote
And then when people do that and hackers get access to their wallet, they’re blamed for not having the best security measures possible. People will make an analogy like “that’s like leaving your money under your bed, of course that’ll happen!”
They’ll be told instead to put it in a secure cold wallet that is never connected to the web.
Then when that device inevitably breaks, is stolen, is destroyed in a fire, someone mistakenly throws it out, or whatever else people will get blamed for not regularly backing up, maybe somewhere on the web, or perhaps letting a central exchange store it for them. And then the cycle of blame repeats.
No matter what you do with crypto, cryptobros will always blame people instead of acknowledging the huge flaws in the system they advocate for.
flyingkiwi46 t1_ivywhv1 wrote
>And then when people do that and hackers get access to their wallet, they’re blamed for not having the best security measures possible. People will make an analogy like “that’s like leaving your money under your bed, of course that’ll happen!”
-
buy a cold wallet
-
write down seed phrase from cold wallet on a piece of paper or stamp it into a metal card/sheet
>They’ll be told instead to put it in a secure cold wallet that is never connected to the web.
You can connect the cold wallet to the web safely just dont sign random smart contracts from questionable sources when you're using the ethereum blockchain
Its the same process you do when you're casually browsing the web
I.e - not download questionable files from questionable sites.
>Then when that device inevitably breaks, is stolen, is destroyed in a fire, someone mistakenly throws it out,
Is doesn't matter if your device get broken/stolen/lost as long as you have access to your seed phrase you will be fine.
you can use your seed phrase on any wallet to gain back access to your crypto it doesn't even have to be a cold wallet
>whatever else people will get blamed for not regularly backing up, maybe somewhere on the web
You should NEVER put your seed phrase anywhere online or even locally on your pc thats the most common way people get "hacked "
>No matter what you do with crypto, cryptobros will always blame people instead of acknowledging the huge flaws in the system they advocate for.
While crypto has its flaws keeping your crypto safe is easy since its literally a 2 step process
Policeman333 t1_ivyynco wrote
>write down seed phrase from cold wallet on a piece of paper or stamp it into a metal card/sheet
It gets lost, thrown out, your neighbors house catches on fire leading to a housefire in your own house, you forgot where you put it, tornado/hurricane, etc.
How did you gloss over that? No matter how you spin it, its a huge security flaw. If a single point of failure is all it takes for you to lose everything, it's a shit system.
flyingkiwi46 t1_ivz021a wrote
Thats the responsibility of the user to store the phrase in a safe place tho...
If you can't find a safe place to store your stuff then crypto is the least of your concerns
I mean if you're invested in physical gold I doubt you will "lose" it or store it in the open so why not treat your seed phrase the same way?
As for the fire you can use a stainless steel case if you're that paranoid lol
For reference
Policeman333 t1_ivzqkyj wrote
Alright, now try a hurricane hitting your town. What excuse are you going to come up with now? Just don't live in a place that gets hurricanes? Create a second copy of your catchphrase a million miles away?
Like I said:
>No matter what you do with crypto, cryptobros will always blame people instead of acknowledging the huge flaws in the system they advocate for.
No matter what precautions you take, even in a fire you guys come up with "just use stainless steel". You guys can sit and type out essays about all the problems with fiat and banks, but refuse to even acknowledge the most basic of flaws with crpyto.
>I mean if you're invested in physical gold
Cryptobros and the people who think investing in gold is smart are the same people.
flyingkiwi46 t1_ivzvqcr wrote
>Alright, now try a hurricane hitting your town. What excuse are you going to come up with now? Just don't live in a place that gets hurricanes? Create a second copy of your catchphrase a million miles away
Yeh..it seems like it doesn't matter what I reply with you will just come up with another imaginary scenario on why its not possible to safely store your crypto so its pointless to argue any further
>No matter what precautions you take, even in a fire you guys come up with "just use stainless steel". You guys can sit and type out essays about all the problems with fiat and banks, but refuse to even acknowledge the most basic of flaws with crpyto.
I already acknowledged that there are flaws in crypto but keeping your crypto safe isn't one of them
>Cryptobros and the people who think investing in gold is smart are the same people.
A well diversified portfolio is a healthy portfolio that means holding cash along with gold/stocks/crypto/bonds & real-estate
darth_aardvark t1_ivziuya wrote
>I mean if you're invested in physical gold I doubt you will "lose" it or store it in the open so why not treat your seed phrase the same way?
Yeah that's why i'm not fucking invested in physical gold
3tothethirdpower t1_ivyox21 wrote
Be your own bank! Lol
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