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> Nobody in Web3 is suggesting you hold all of your assets in a single private key that you physically carry to a restaurant I'm not suggesting that, either. I

> Nobody in Web3 is suggesting you hold all of your assets in a single private key that you physically carry to a restaurant I'm not suggesting that, either. It's a metaphor. In the metaphor, we're not talking about crypto wallet keys, we're talking about actual, physical keys which open doors. But many people do of course keep all their crypto keys in a single, vulnerable location, or hand the contents of their wallets over to another wallet for some other purpose such as lending - typically this is on centralized exchanges or defi markets and platforms, for example Celsius - which I haven't checked in a while but can only assume is still in business, doing well and allowing customers to access their funds.

zeroclip 4y ago
You did suggest that, even concluding with “That's the world of cryptocurrency” to re-affirm the equivalency of the comparison. This framing is disingenuous. Crypto proponents do not suggest holding all assets in a single key and leaving it in a vulnerable location. It would be like suggesting that investing in fine art is futile because investors might accidentally drop their Picasso painting on the way to the restaurant. Many outspoken proponents advise against “CeFi” including centralized lending services like Celsius. Meanwhile with Aave, which is analogous to Celsius and is actually DeFi, the protocol is still doing fine and the users still have access to their funds. This goes against the general tone of your statements, and is an example of Web3 product that is actually continuing to demonstrate its effectiveness.