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Agree with you in one sense of being responsible for your own security, but by this logic I should keep all my money under the mattress instead of the bank, no?

nvk 12y ago
Yes we do, keep millions for our customers too; Bitcoin company here. :)
- sooheon 12y ago
  Ah, in your case, only because your customers aren't smart enough to keep theirs under their own mattresses.
  - nvk 12y ago
    In our case customers don't need to trust us, they can generate their own keys offline. Big fan of customers having a way out and not have to trust the service provider.
sarciszewski 12y ago
I know you're being facetious, but the answer is possibly yes, depending on your threat model. If you have great physical security at your home and don't trust the banks (e.g. their fee schedules), it might be a safer decision. For most people, it's not.
- jfroma 12y ago
  Or if you experimented an economic measure that froze your account like this one [1]. They froze all accounts and they even threatened the population with opening the safe deposit boxes. [1]: http://en.wikipedia.org/wiki/Corralito http://en.wikipedia.org/wiki/Corralito
deleted 12y ago
[deleted]
enraged_camel 12y ago
Not the same thing. Banks are insured against robbery and theft, so if something like that happens, customers don't lose their money. In addition, there's an insane amount of fraud protection in the banking industry, and billions of dollars of vested interests to make sure criminals are caught and prosecuted. Can you say the same about cloud services?
- programmarchy 12y ago
  Good point. Even in the worst case scenario, banks can fail and get bailed out by the public. But once information leaks, there's no "bail out" remedy possible... you can't really put the "information" genie back in the bottle.
orthecreedence 12y ago
> but by this logic I should keep all my money under the mattress instead of the bank, no? More like "by this logic I should keep all my money under the mattress instead of in a jar in my cousin's pantry, no?" Slack isn't a secure vault for data, it's a communications tool. They obviously have some amount of security but that's not their purpose, whereas a bank is intended to store money. I think running your own IRC is a perfectly acceptable solution if you value your data.

nvk 12y ago

Yes we do, keep millions for our customers too; Bitcoin company here. :)

sooheon 12y ago
Ah, in your case, only because your customers aren't smart enough to keep theirs under their own mattresses.
- nvk 12y ago
  In our case customers don't need to trust us, they can generate their own keys offline. Big fan of customers having a way out and not have to trust the service provider.

sarciszewski 12y ago

I know you're being facetious, but the answer is possibly yes, depending on your threat model. If you have great physical security at your home and don't trust the banks (e.g. their fee schedules), it might be a safer decision. For most people, it's not.

jfroma 12y ago
Or if you experimented an economic measure that froze your account like this one [1]. They froze all accounts and they even threatened the population with opening the safe deposit boxes. [1]: http://en.wikipedia.org/wiki/Corralito http://en.wikipedia.org/wiki/Corralito

deleted 12y ago

[deleted]

enraged_camel 12y ago

Not the same thing. Banks are insured against robbery and theft, so if something like that happens, customers don't lose their money. In addition, there's an insane amount of fraud protection in the banking industry, and billions of dollars of vested interests to make sure criminals are caught and prosecuted. Can you say the same about cloud services?

programmarchy 12y ago
Good point. Even in the worst case scenario, banks can fail and get bailed out by the public. But once information leaks, there's no "bail out" remedy possible... you can't really put the "information" genie back in the bottle.

orthecreedence 12y ago

> but by this logic I should keep all my money under the mattress instead of the bank, no? More like "by this logic I should keep all my money under the mattress instead of in a jar in my cousin's pantry, no?" Slack isn't a secure vault for data, it's a communications tool. They obviously have some amount of security but that's not their purpose, whereas a bank is intended to store money. I think running your own IRC is a perfectly acceptable solution if you value your data.