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As long as users don't care about security, the exchanges won't care as well. Once users care enough, then the exchanges will. I think crypto exchanges are de
by BearGoesChirp 9y ago
As long as users don't care about security, the exchanges won't care as well. Once users care enough, then the exchanges will. I think crypto exchanges are demonstrating a flaw in our society's approach to security where people have been conditioned into seeing hacks as inevitable and being taught to expect to live with the outcome and have ways to dampen the impact (credit monitoring, credit cards that detect and auto block fake transactions, etc.). The problem is that, at least for now, there is no dampening impact with crytocurrency. One hack and you lose everything, with nothing to reduce damage.
- volent 9y agoCashing out is a great way to reduce damage as a user. Don't hold coins/fiat you're not willing to lose in an exchange.
- gst 9y ago> One hack and you lose everything, with nothing to reduce damage. Exchanges can mitigate this by storing the majority of their funds in multisig cold wallets. Users can mitigate attacks against exchanges by never sending all of their coins to an exchange. For cashing out I recommend to 1) send a small number of coins to the exchange 2) wait until those converted USD arrive in the bank account 3) go back to step one.
- vincnetas 9y agoExactly what this exchange has done : "The exchange added that the hackers did not manage to steal all the digital cash it held because a lot was lodged in a "cold wallet" - a secure store used to hold the assets that were not being traded."