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> It requires human intervention to access the cold wallet (to replenish the internet-facing "hot" wallet), but that is what you want! Am I the only one who fi

> It requires human intervention to access the cold wallet (to replenish the internet-facing "hot" wallet), but that is what you want! Am I the only one who finds it a bit amusing that an e-currency bank needs people to physically move the bullion from one vault to the other?

tlrobinson 11y ago
On the contrary, I think it's pretty neat you can implement a variety of security schemes depending on your risk tolerance and convienence requirements. Some of the parameters you can pick from:online vs offline ("cold"), hosted vs not, SPV vs full node, multisig, dedicated hardware wallet, etc. And you can combine them in various permutations: e.x. offline + multisig is just about the most secure thing you can imagine.
- forgetsusername 11y ago
  >I think it's pretty neat you can implement a variety of security schemes depending on your risk tolerance and convienence requirements. Can you tell me the last time some you know had money go missing from their bank account?
  - doppel 11y ago
    Lots of people lose money because of scams, cards getting stolen/scanned/photographed, etc. - in a lot of cases, the banks just cover the cost and can rollback transactions because everyone has agreed that's how the system works. It is not because people do not have money stolen from their bank accounts due to various breaches.
  - npongratz 11y ago
    My understanding might be wrong, but I believe during the 2013 Cyprus bail-in, all Cypriot depositors had money missing from their bank accounts: they lost 9.9% of funds above the insurance ceiling, 6.75% of funds below the ceiling: http://www.economist.com/blogs/schumpeter/2013/03/cyprus-bail-out http://www.economist.com/blogs/schumpeter/2013/03/cyprus-bai...
jacquesm 11y ago
Airgaps are standard fare in very high security environments, e-currency is no different in this respect if the amounts get high enough.
Animats 11y ago
That's a serious problem. Controlling access to the vault, when it's being accessed frequently, is hard. It's even harder for Bitcoin, where the threat is someone copying the data. You can have your original data and not have the assets it represented. Question to ask Bitcoin exchanges: are your people bonded, and who's the bonding company. If they answer "What?", they're clueless about vault operations.

tlrobinson 11y ago

On the contrary, I think it's pretty neat you can implement a variety of security schemes depending on your risk tolerance and convienence requirements. Some of the parameters you can pick from:online vs offline ("cold"), hosted vs not, SPV vs full node, multisig, dedicated hardware wallet, etc. And you can combine them in various permutations: e.x. offline + multisig is just about the most secure thing you can imagine.

forgetsusername 11y ago
>I think it's pretty neat you can implement a variety of security schemes depending on your risk tolerance and convienence requirements. Can you tell me the last time some you know had money go missing from their bank account?
- doppel 11y ago
  Lots of people lose money because of scams, cards getting stolen/scanned/photographed, etc. - in a lot of cases, the banks just cover the cost and can rollback transactions because everyone has agreed that's how the system works. It is not because people do not have money stolen from their bank accounts due to various breaches.
- npongratz 11y ago
  My understanding might be wrong, but I believe during the 2013 Cyprus bail-in, all Cypriot depositors had money missing from their bank accounts: they lost 9.9% of funds above the insurance ceiling, 6.75% of funds below the ceiling: http://www.economist.com/blogs/schumpeter/2013/03/cyprus-bail-out http://www.economist.com/blogs/schumpeter/2013/03/cyprus-bai...

jacquesm 11y ago

Airgaps are standard fare in very high security environments, e-currency is no different in this respect if the amounts get high enough.

Animats 11y ago

That's a serious problem. Controlling access to the vault, when it's being accessed frequently, is hard. It's even harder for Bitcoin, where the threat is someone copying the data. You can have your original data and not have the assets it represented. Question to ask Bitcoin exchanges: are your people bonded, and who's the bonding company. If they answer "What?", they're clueless about vault operations.