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Wouldn’t you lose control over your own money if you lost your private key?
by sakjur 3y ago
Wouldn’t you lose control over your own money if you lost your private key?
- lkirkwood 3y agoThe point is you have total control over your key. You don't control the banks and there's no guarantee you can always get your money from them.
- rjmunro 3y agoWhat if you get Dementia (or even die) and forget the password? It's possible to have set up a second password with a trusted third party, but then you have to trust that entity the same way you trust the bank - not just against them stealing your money, but against other parties hacking their systems and recovering your keys.
- nsvd 3y agoAt this point in my life, it's much more likely that a bank will lock down my funds than that I will get dementia and lose access to my keys.
- barnabee 3y agoIt’s also possible to split your seed phrase into n pieces, requiring m of them to recover it, and give those pieces to third parties. You don’t need to trust any individual or entity, but together they can get your keys if you lose them or die. Various other approaches exist, too.
- herbst 3y agoI know nothing in IT is certain. But I am pretty sure anyone can come up with a simple (or complex) backup solution that suits them and is 99.99% safe.
- mcv 3y agoIt's always about that 0.01%. And expecting people to come up with their own solutions for problems that banks struggle to solve, is going to be a recipe for disaster for 99.99% of the people.
- makapuf 3y agoCouldnt that 0.01% be solved by coming physically with a photo ID card or a passport and legal papers to some trusted employee ?
- DougN7 3y agoAnd we’re back to where banks are today. Stopping fraud is a very tough problem to solve remotely.
- tazard 3y agoThe optimal amount of ....... is non zero