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I think that feature could be summed up as: With criptocurrencies, if your software and opsec are good, you're a lot less vulnerable to identity theft and over
by emiliobumachar 9y ago
I think that feature could be summed up as:
With criptocurrencies, if your software and opsec are good, you're a lot less vulnerable to identity theft and overcharges.
- DennisP 9y agoYes, and with a hardware wallet, opsec is trivial. In my ideal world everyone has one in their leather wallet or on a keychain, and also uses it for secure 2FA on websites.
- notyourday 9y agoThis is laughable. An investment of $700 (http://www.gunbroker.com/item/696279983 http://www.gunbroker.com/item/696279983) makes content of one's hardware wallet non-recoverable. Right of redress does not help as the transaction is not reversible.
- speakeron 9y agoHardware wallets use a seed to generate key pairs using a cryptographic random number generator. The seed is usually a sequence of words which you backup on a piece of paper. If the hardware wallet is destroyed you can simply generate the keys again with either a new hardware wallet or a software one.
- DennisP 9y agoRead up on hardware wallet passphrases. You can have as many wallets on your hardware wallet as you like, and there's no way to tell how many there are. The hidden funds certainly won't be vulnerable to a fast mugging. And of course, if you have a large amount of money you probably shouldn't put it on the hardware you carry around anyway. Apply a little common sense and put it in a safe deposit box.
- notyourday 9y agoOh no, your attacker will point a Desert Eagle at your head and you will unlock all your wallets. After the money is transferred you won't be able to recover it. The reason why currency in current form is so interesting is that it is not easy to move massive amounts currency into a form that can be easily consumed. Even uncut diamonds is a small market so in event crime happens the proceeds of crime will likely be recovered given determined tracking party (i.e. nation state) and returned to the victim of the crime. This, essentially, is the single most important part of the non-crypto currency UX. I can provide you with an example another extremely popular ( much more popular than BitCon ) currency that does not have such UX - it is cocaine. I think we all can agree its main UX property is violence.
- DennisP 9y agoThe attacker would need to spend significant time on that. It'd work in a home invasion, but street muggings are over fast. And again, safe deposit box for large amounts, spendable money in the portable. With a simple smart contract you don't even need to go to the bank to refresh small amounts every few days.
- emiliobumachar 9y agoYou're trusting your hardware provider similarly to how I trust my bank. They need to opt out of attacking you, and prevent rogue employees and suppliers from being able to attack you.
- AgentME 9y agoIf my bank was open source, modifiable, and runnable in a private instance on my own hardware, I might trust banks more. (Ignore that it might not be right to call it a bank at that point...)
- gersh 9y agoWhat happens when you lose your wallet, or someone steals the peace of paper with your private key? Credit cards and atms get stolen all the time.