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So to sum up, an organization promising to take people's money and keep it safe can't afford to do it except for people with a great deal of money. However, the

So to sum up, an organization promising to take people's money and keep it safe can't afford to do it except for people with a great deal of money. However, they're still going to accept smaller amounts of money. Did I get that right?

edoceo 5y ago
Unfortunately, yes.
abecedarius 5y ago
When I went looking for an online brokerage in the USA with a reasonable login process (i.e. 2FA, not by SMS ever) it seemed pretty hard to find one. (Maybe that's changed?) These brokerages handle amounts much greater than a software engineer's retirement savings.
- ls612 5y ago
  Fidelity has the option to use OTP only (although its unfortunately a shitty Symantec app)
  - jkepler 5y ago
    But could one simply take the secret when initializing the app and stick it in another, like andOTP? My employer told us that the corporate intranet required we use Google Authenticator, but when I try other OTP apps, it still works.
- wpietri 5y ago
  I think the difference for me is the extent to which transactions are traceable, revertable, and regulated. The median reaction to theft in the cryptocurrency world is somewhere between "caveat emptor" and "ha ha, buddy, you fucked up". For traditional finance, it's pretty different. E.g., "If fraudulent electronic withdrawals are made from your bank or credit union account but your ATM or debit card is not lost or stolen, you are not liable if you write to let the bank or credit union know about the error within 60 days of when they send you the account statement showing the fraudulent withdrawals." https://ovc.ojp.gov/sites/g/files/xyckuh226/files/media/document/idtrightsbooklet.pdf https://ovc.ojp.gov/sites/g/files/xyckuh226/files/media/docu...
- Spooky23 5y ago
  It’s based on risk. TOTP tokens only provide moderate assurance. If you have a lot of money, most brokers will ship you a hardware token.
Consultant32452 5y ago
Depends on how you define "keep it safe". If I give you $100 to keep safe, I don't care how many times you get robbed as long as I get $100 back when I want it. If I can get my money, it's safe.

edoceo 5y ago

Unfortunately, yes.

abecedarius 5y ago

When I went looking for an online brokerage in the USA with a reasonable login process (i.e. 2FA, not by SMS ever) it seemed pretty hard to find one. (Maybe that's changed?) These brokerages handle amounts much greater than a software engineer's retirement savings.

ls612 5y ago
Fidelity has the option to use OTP only (although its unfortunately a shitty Symantec app)
- jkepler 5y ago
  But could one simply take the secret when initializing the app and stick it in another, like andOTP? My employer told us that the corporate intranet required we use Google Authenticator, but when I try other OTP apps, it still works.
wpietri 5y ago
I think the difference for me is the extent to which transactions are traceable, revertable, and regulated. The median reaction to theft in the cryptocurrency world is somewhere between "caveat emptor" and "ha ha, buddy, you fucked up". For traditional finance, it's pretty different. E.g., "If fraudulent electronic withdrawals are made from your bank or credit union account but your ATM or debit card is not lost or stolen, you are not liable if you write to let the bank or credit union know about the error within 60 days of when they send you the account statement showing the fraudulent withdrawals." https://ovc.ojp.gov/sites/g/files/xyckuh226/files/media/document/idtrightsbooklet.pdf https://ovc.ojp.gov/sites/g/files/xyckuh226/files/media/docu...
Spooky23 5y ago
It’s based on risk. TOTP tokens only provide moderate assurance. If you have a lot of money, most brokers will ship you a hardware token.

Consultant32452 5y ago

Depends on how you define "keep it safe". If I give you $100 to keep safe, I don't care how many times you get robbed as long as I get $100 back when I want it. If I can get my money, it's safe.