5 ms·

The problem with crypto users "taking the risk they're willing to take" is that there's very little reliable information about which projects have better securi

The problem with crypto users "taking the risk they're willing to take" is that there's very little reliable information about which projects have better security than others. Every project will say that they have great security, but without external validation or regulation, how do you know which of them are mistaken or outright lying.

kranke155 5y ago
There are audits that most projects do with crypto auditing software firms. These are usually announced publicly. That gives you some credibility in the space. IMO security just comes from time spent operating vs amount of hacks. If you've been operating for a couple of years with no known hacks then I trust the team behind the project.
- raesene9 5y ago
  audits are a signal for sure, but can an end-user tell a good audit from a bad audit? Also as monox (who got hacked this week) shows 3 audits this year are no guarantee https://docs.monox.finance/library/audits https://docs.monox.finance/library/audits
  - awr 5y ago
    no audit's going to pick up every possible issue or potential exploit, but it does help weed out the obvious scams. The entry to creating your own token is so low that people with little to no coding experience are attempting to add/modify functionality. Community insistence to get audited is useful to pick up on these.
  - kranke155 5y ago
    I don't know those companies. There are only a few companies I'd trust with crypto audits.
nraf 5y ago
We're working on solving this problem. We've just launched our platform, starting with DeFi tokens (what you could call the Wild West of Crypto): https://app.agentsinu.com/bsc/tokens https://app.agentsinu.com/bsc/tokens If you're interested, here's an overview of the honeypot scam (common with DeFi tokens) and how we're helping alert users to it: https://agentsofinu.medium.com/the-honeypot-scam-what-is-it-and-how-to-avoid-6e089fed4cd2 https://agentsofinu.medium.com/the-honeypot-scam-what-is-it-...

kranke155 5y ago

There are audits that most projects do with crypto auditing software firms. These are usually announced publicly. That gives you some credibility in the space. IMO security just comes from time spent operating vs amount of hacks. If you've been operating for a couple of years with no known hacks then I trust the team behind the project.

raesene9 5y ago
audits are a signal for sure, but can an end-user tell a good audit from a bad audit? Also as monox (who got hacked this week) shows 3 audits this year are no guarantee https://docs.monox.finance/library/audits https://docs.monox.finance/library/audits
- awr 5y ago
  no audit's going to pick up every possible issue or potential exploit, but it does help weed out the obvious scams. The entry to creating your own token is so low that people with little to no coding experience are attempting to add/modify functionality. Community insistence to get audited is useful to pick up on these.
- kranke155 5y ago
  I don't know those companies. There are only a few companies I'd trust with crypto audits.

nraf 5y ago

We're working on solving this problem. We've just launched our platform, starting with DeFi tokens (what you could call the Wild West of Crypto): https://app.agentsinu.com/bsc/tokens https://app.agentsinu.com/bsc/tokens If you're interested, here's an overview of the honeypot scam (common with DeFi tokens) and how we're helping alert users to it: https://agentsofinu.medium.com/the-honeypot-scam-what-is-it-and-how-to-avoid-6e089fed4cd2 https://agentsofinu.medium.com/the-honeypot-scam-what-is-it-...