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> If hundreds of millions of dollars can be lost by professional crypto firms employing crypto engineers, what hope do Bob and Sally have? Haha I'm pretty pro-
by bavell 4y ago
> If hundreds of millions of dollars can be lost by professional crypto firms employing crypto engineers, what hope do Bob and Sally have?
Haha I'm pretty pro-crypto but "professional crypto firms" almost sounds like an oxymoron...
All Bob and Sally have to do is use a private wallet and store their private keys with redundant backups. Not foolproof but pretty straightforward. The engineers running the exchanges, markets, etc have way more attack vectors and pitfalls to worry about.
- vorpalhex 4y agoAnd how do Bob and Sally use their totally offline cold storage for.. uh.. anything other than paperweights? Oh, right, they need to unfreeze the wallet using something like metamask and then execute a transfer, running against a service they can't audit... and hope there are no scams in that process, and that metamask isn't vulnerable, and that they only click the right authorization prompts.. Of course this assumes they aren't transferring from a known terrorist or a company ignoring KYC laws which might also land them in hot water.