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Many people aren’t even capable of using a password manager, forget passwords, and rely on text message authentication to access their accounts. They are not ab
by simple-thoughts 4y ago
Many people aren’t even capable of using a password manager, forget passwords, and rely on text message authentication to access their accounts. They are not able to remember a private key or store it with backups, as hard to believe as that might be. So they expect exchanges to manage their keys for them. These cex scams will not end until there’s better private key management and backup options such as better social recovery.
- throwaway22032 4y agoYeah, then those people will just keep being scammed over and over and over and over and over. Cryptocurrency and custodial legal ownership just doesn't really make sense as a concept. It can be done algorithmically, but if it's done via the legal system, the end result is that they'll be locked down to such a degree that they will not accept censorship-free transfers. At that point you have no value proposition and thus no point in even bothering besides engaging in Ponzi schemes.