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I'm not convinced crypto is inherently less secure; I'd argue it's more secure on average. Data breaches happen every day; whether in financial services or not.
by dannyw 3y ago
I'm not convinced crypto is inherently less secure; I'd argue it's more secure on average. Data breaches happen every day; whether in financial services or not. The difference is that a breach is catastrophic for crypto; but just bad for most businesses.
- lxgr 3y agoHave any of these catastrophic failures happened due to client/wallet-side user confusion, though? I'm not a big fan of many things in crypto, but what I've seen in terms of "what you see is what you sign", clear user interfaces, secure user verification and confirmation etc. in some popular wallets is something that many existing banks could take a lesson from.
- rdl 3y agoA lot of them -- the whole "phishing" thing happens to crypto users with regularity, and often for surprisingly large amounts. Usually not the single-victim/cause $100mm+ hacks, but lots of $1-5mm losses. The "new" fun thing is creating spoofed addresses where first 4 and last 4 characters match a target, but are controlled by attacker, but variations on getting users to initiate transfers to the wrong address are pretty common. Crypto gets a few things really right, and can do some things which can't be done by tradfi, but has a huge number of problems which need to be solved (some are "open problems" which don't really have solutions yet; some are taking what the top 0.1% of people or what people do some amount less than 100% of the time and making it universal, which is mostly what I am doing now as CSO at a crypto insurance company.)