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Not your key, not your crypto.
by fallingknife 4y ago
Not your key, not your crypto.
- dboreham 4y agoDefinitely, but why would they not be able to submit a txn to the chain to move a token balance "because bank closed" ??
- vrc 4y agoLikely a lie for less savvy investors. Or they need cash to recapitalize before being able to transfer to wallets. Or people are withdrawing to fiat which would need a bank in many cases. My money is on it being a combination, but that they definitely don’t have reserves to cover a mass run on USDC.
- fallingknife 4y agoBecause the tokens aren't there. The web UI says they are but what's on the chain? You don't know because you don't have the keys. Hence my previous comment.
- vkou 4y agoThis seems like a major bug with crypto. I don't have physical possession of my bed when I get up from it and go to work, but I've yet to come home and discover a grifter, or conman sleeping in it. Likewise, if I lose my car keys, society still manages to acknowledge that I am still the owner of my car.
- nibbleshifter 4y agoThere's a variety of "social recovery mechanisms" being worked on in ETH land, at least.
- fallingknife 4y agoAnd there's the much more important case. What if someone gets your keys? With bank fraud you will most likely get the money back. With crypto, not a chance.