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Same with anything really. If you know my password everything in my bank account is yours too. A private key is simply a very complex password. Unfortunately c
by chrismeller 8y ago
Same with anything really. If you know my password everything in my bank account is yours too. A private key is simply a very complex password.
Unfortunately crypto’s greatest strength (that it’s akin to cash) is also it’s greatest weakness. There’s no way to set up 2FA like I can with my bank and there’s no fraud protection, etc.
Edit: doesn’t mean he’s not a thief, btw.
- simonw 8y ago"If you know my password everything in my bank account is yours too." That's not true. Bank transactions are reversible. The legal system has your back. https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-money-back-after-i-discovered-an-unauthorized-transaction-or-money-missing-from-my-bank-account-en-1017/ https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-mon...
- chrismeller 8y agoAnd... I addressed that?
- sandos 8y agoI thought 2FA or similar was "just around the corner" for bitcoin?
- thinkmassive 8y agoHardware wallets have been used for years. 2FA should be enabled for any centralized accounts, like exchanges, but there’s no authority who could require a second factor for a real Bitcoin wallet. Edit: multi-sig has been available for a while, so I suppose that could almost be considered 2FA
- drexlspivey 8y agoYou can set as many devices as you want in a M-of-N multisignature address where M out of N devices have to sign in order to move funds
- chrismeller 8y agoAnd how many people do that? Is there an organized process for advocating that? I guess what I’m really asking is: does Coinbase do this? Because honestly, if Joe User doesn’t know to do this and it’s not made available through the most popular consumer interface... it doesn’t matter.