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Normal individual transactions are secure. I can send money to Bob without worry that someone is going to somehow use the data in that transaction to steal my
by Sohcahtoa82 5y ago
Normal individual transactions are secure. I can send money to Bob without worry that someone is going to somehow use the data in that transaction to steal my entire wallet.
The "rug pulls" you see are from contracts written maliciously. DeFi is a ponzi scheme written into a Smart Contract, but some of them have an extra function that allows the creator to instantly steal all the money out of it.
- BoppreH 5y ago> Normal individual transactions are secure. For a very narrow definition. You still need a way to get Bob's wallet address, and to secure your own wallet. Just look around and you'll see plenty of experts failing to do that correctly. > The "rug pulls" you see are from contracts written maliciously. And the contracts, being from DeFi land, are immune from chargebacks or legal prosecution. Regular old fraud, made exponentially more damaging because of cryptocurrencies.
- Sohcahtoa82 5y ago> For a very narrow definition. You still need a way to get Bob's wallet address, and to secure your own wallet. Just look around and you'll see plenty of experts failing to do that correctly. Fair enough. A transaction is secure, but the wallets might not be. If you rely on a 3rd party to host your wallet (ie, Coinbase), then you risk your money being stolen when they get hacked. If you host it yourself, then you risk losing the keys unless you make a backup, and the backup could get lost, or if you store it in cloud storage, it could get stolen there. Credit cards are harder to secure than wallets IMO, but at least with CCs, you have recourse in the case of fraud.