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> almost everyone deposit them in institutions Why do you think so? Of course, we all hear about people who lose it all in crypto exchanges. But how would we h
by golergka 2y ago
> almost everyone deposit them in institutions
Why do you think so? Of course, we all hear about people who lose it all in crypto exchanges. But how would we hear about the ones who don't?
- lukevp 2y agoAs I understand it, the software surrounding and managing the wallets is always what’s compromised, right? So it’s really the exchanges are the only place that the money is being lost, because the protocol itself is sound.
- FabHK 2y agoYes, it's always the user's fault if they lose their crypto, because crypto outsources the hard parts, such as key management, to the user.
- stouset 2y agoCountless amounts of money has been lost off-exchange. The entire reason people use exchanges is because holding your own crypto is laughably hard. Forgot your password? All your money is gone. Hard drive crashed and no backups? All your money is gone. Accidentally installed malware? All your money is gone. Spouse or parent with all the coins died? All the money is gone. Fat-finger a value in a transaction? Lots of your money is gone. Yes there are “solutions” to all of these problems. All of them are Rube Goldberg contraptions themselves and have their own failure modes.
- Hamuko 2y agoYou mean like the stories of people who lost their crypto because they lost the HDD they were stored on?
- gloomyday 2y agoSorry, I wrote this, but it is just a guess. I say that because of the size of exchanges, and I know most people are in this because they think they can sell for a profit later (both amateurs and professionals). The truth is hard to know. I wonder how many people lost their coins to the ether by losing their keys or sending to the wrong wallets.
- snailmailstare 2y ago> But how would we hear about the ones who don't? I hear stories about them and whether the con-artist got access to their digital wallet, whether they made it to a safe room in the home invasion and, of course, whether they got rights to mine the dump.