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The difference here is that if I fail to secure my wallet only I loose my money, but if the bank fails to secure their database, all its customers loose their m
by freech 9y ago
The difference here is that if I fail to secure my wallet only I loose my money, but if the bank fails to secure their database, all its customers loose their money.
- skybrian 9y agoDo you know an example of a bank that lost its customers' money due to being hacked? On the other hand, plenty of crypto exchanges have been hacked.
- rrecuero 9y agoA centralized crypto exchange is as centralized as a bank. Both have the same security risks. What cannot get hacked in the same way are decentralized exchanges like RadarRelay
- skybrian 9y agoI guess, but looking at RadarRelay, apparently you can't trade anything except Ethereum-based tokens, so that's barely an exchange.
- CryptoPunk 9y ago92 of the top 100 tokens and something like 40 of the top 100 crypto assets (tokens and coins), by market capitalization, are Ethereum-based tokens, so that is a substantial potential market.
- skybrian 9y agoThat's okay as far as it goes but it's very limiting. Everything that really matters in life and nearly all possible investments are not on any blockchain. Even for crypto coins, the most important trades are for things not on a blockchain.