4 ms·

There’s a group of people in the cryptoasset space who hold their own assets, understand how the system works, and know how to secure their own funds. Then the

There’s a group of people in the cryptoasset space who hold their own assets, understand how the system works, and know how to secure their own funds. Then there are people who don’t care about decentralization and flood every discord server asking “wen token” and are just around to make free money and would happily do it on a centralized platform. The second group has grown in size over the last few years and will put money into things that are clearly scams in hopes of a payout, and will click “sign transaction” anytime they’re prompted. This is why the UX for blockchains needs to improve. There’s no reason that tooling can’t warn people when they’re authorizing funds to an unknown address. There is at least one hardware wallet that’s building out visualizations to help users understand what they’re doing.

nraf 5y ago
Yeah, it's a massive problem. We're working on a tool to solve that in the DeFi space: https://app.agentsinu.com/bsc/tokens https://app.agentsinu.com/bsc/tokens Just launched a week ago and there's a ways to go yet but we're working on things like honeypot detection, dodgy tax fees, issues & changes of contracts, etc. The amount of scam tokens out there and unscrupulous tactics is outstanding (though unfortunately not surprising).
jollybean 5y ago
"understand how the system works, and know how to secure their own funds." "don’t care about decentralization and flood every discord server asking “wen token” and are just around to make free money a" Please ... both groups are rife with hustlers and pyramid scammers. Crypto as an asset class is entirely a grift irrespective of the few 'legitimate backers' beliefs or actions. If it were not for the big pile on of grifters, crypto would not have inflated prices and would therefore be the purview of a small number of hobbyists. Finally, the notion that people should have an advanced understanding of computing, crypto, security and the various pitfalls, would imply technology is accessible to less than 0.01% of the planet who have both the will and ability to do so, thereby rendering the nill as any material opportunity for true 'decentralization'. If people had to live in that world, they would be begging for some trusted institution in which they could safely place those funds, which are called 'banks'. Anyone can found one so long as they follow the regs, and those regulations are fully open and transparent. It represents just thee right amount of 'decentralization' necessary to keep a system with very high integrity afloat.
- lottin 5y ago
  It's always been like that. Using a blockchain securely requires expertise in computer security and this excludes at least 99.9% of the world population. Everyone else has to use "trusted intermediaries".
  - hamilyon2 5y ago
    Why is that? What is the risk using standard bitcoin client on any regular OS?
    - lottin 5y ago
      The user is exposed to huge operational risks, such as losing access to their keys, having their keys stolen, irreversibly transferring the wrong amount of tokens or mistakenly transferring the tokens to the wrong address, with no recourse.

nraf 5y ago

Yeah, it's a massive problem. We're working on a tool to solve that in the DeFi space: https://app.agentsinu.com/bsc/tokens https://app.agentsinu.com/bsc/tokens Just launched a week ago and there's a ways to go yet but we're working on things like honeypot detection, dodgy tax fees, issues & changes of contracts, etc. The amount of scam tokens out there and unscrupulous tactics is outstanding (though unfortunately not surprising).

jollybean 5y ago

"understand how the system works, and know how to secure their own funds." "don’t care about decentralization and flood every discord server asking “wen token” and are just around to make free money a" Please ... both groups are rife with hustlers and pyramid scammers. Crypto as an asset class is entirely a grift irrespective of the few 'legitimate backers' beliefs or actions. If it were not for the big pile on of grifters, crypto would not have inflated prices and would therefore be the purview of a small number of hobbyists. Finally, the notion that people should have an advanced understanding of computing, crypto, security and the various pitfalls, would imply technology is accessible to less than 0.01% of the planet who have both the will and ability to do so, thereby rendering the nill as any material opportunity for true 'decentralization'. If people had to live in that world, they would be begging for some trusted institution in which they could safely place those funds, which are called 'banks'. Anyone can found one so long as they follow the regs, and those regulations are fully open and transparent. It represents just thee right amount of 'decentralization' necessary to keep a system with very high integrity afloat.

lottin 5y ago
It's always been like that. Using a blockchain securely requires expertise in computer security and this excludes at least 99.9% of the world population. Everyone else has to use "trusted intermediaries".
- hamilyon2 5y ago
  Why is that? What is the risk using standard bitcoin client on any regular OS?
  - lottin 5y ago
    The user is exposed to huge operational risks, such as losing access to their keys, having their keys stolen, irreversibly transferring the wrong amount of tokens or mistakenly transferring the tokens to the wrong address, with no recourse.