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«systems in place to detect / prevent / insure against loss» Yes the systems are nice. In theory. But when they cause more problems than they solve, that's not
by mrb 9y ago
«systems in place to detect / prevent / insure against loss»
Yes the systems are nice. In theory. But when they cause more problems than they solve, that's not "working well". Bitcoin's systems to prevent loss are hardware wallets, and multisig addresses (eg. requiring 2-of-3 wallets/persons/automated systems to approve a transaction).
«Now you have to restore from backups»
The backup is simply a list of 12 words. Write it somewhere safe. Split the list. Memorize it. Hide it. Store it via steganography in an image in your email account. Whatever. It's easy to hide and have it accessible 24/7.
- TheSpiceIsLife 9y ago> But when they cause more problems than they solve I'm willing to bet traditional payment card anti-fraud and consumer protection systems are solving more problems than they cause. So you have been inconvenienced by them on occasion. That says nothing for the frequency these systems work as intended. > The backup is simply a list of 12 words. I wasn't aware of that, thanks for clarifying.