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ArtTimeInvestor 45 minutes ago [-]
Hardware wallets are not a solution to self-custody.
If one would make a list of things that can go wrong, starting from the supply chain that delivers parts to the manufacturer, malicious employees at the manufacturer, mistakes the manufacturer can make, attacks on the delivery chain from the manufacturer to the user, to mistakes the user can make creating, using and storing their keys - the list would contain hundreds of points.
embedding-shape 13 minutes ago [-]
> Hardware wallets are not a solution to self-custody.
Nothing in this world tends to be "the solution", everything has tradeoffs.
Say you want to do self-custody, what is then the best option? "Don't do self-custody" obviously isn't the solution, as the core use case here is self-custody, so what in your opinion is a better way, than hardware wallets?
If there is nothing better today than hardware wallets, then for now, they are "one of the better solutions" for how to do self-custody, even with the current tradeoffs. But again, I'm eager to hear what the alternatives are.
akoboldfrying 22 minutes ago [-]
Yes, but this threat analysis also holds for laptops and phones.
What do you use to access your bank account online? I use my laptop, or my phone.
kasey_junk 18 minutes ago [-]
If your money is stolen from a bank account via fraud you have recourse to get it back, and it’s pretty straightforward to do in most cases.
SXX 14 minutes ago [-]
Very often this is not the case. Debit / credit cards payments are quite reversible, but once a person send $100,000 or even $10,000 to a scammer it can be quite hard to recover.
kasey_junk 43 seconds ago [-]
Caused by an account take over? This is letter of the law stuff and something bank (and other financial firms) employees receive specific training on. The customers loss is capped and their bank is on the hook.
For inter-bank transactions involving a scam that causes the customer to “voluntarily” send money it depends on the rail. But US ACH rules cover reversals due to fraud and have pretty substantial rules about it.
Because the scammers are instructing victims to use methods that are difficult or impossible to reverse, such as gift cards or cryptocurrency.
chinathrow 32 minutes ago [-]
But freedom.
Seriously, that's why we have banks, still.
iammrpayments 13 minutes ago [-]
Good luck trying send money abroad or dealing with a sudden unexplained account shutdown.
chinathrow 2 minutes ago [-]
I have had no problem sending or receiving money abroad, thank you.
Freeaqingme 8 minutes ago [-]
I'm guessing the best way to go about self custody these days is to have a multi sig wallet, based on multiple hardware wallets from different vendors.
chinathrow 47 minutes ago [-]
Exhibit #9387434 for reasons to stay out of crypto.
Neywiny 20 minutes ago [-]
My gut reaction is that a hardware implant would be too costly so there's no way they'd actually do that but I guess when you can steal $92M, anything is possible. They could even fab an esoteric chip and still make a profit.
Cytobit 48 minutes ago [-]
What is the use case of a hardware cryptocurrency wallet besides trapping bitcoins in the Shadow Realm?
numpad0 30 minutes ago [-]
Like any HSMs, to put private keys in it and to let things be signed with it.
mitxela 34 minutes ago [-]
Making sure malware on your PC can't steal your private keys.
dauertewigkeit 12 minutes ago [-]
Funny how all the rules of capitalism break down as you approach really big sums of money.
wartywhoa23 39 minutes ago [-]
Crypto-brwned!
astverskoy 31 minutes ago [-]
Crypto is a gift to scammers: billions stolen, victims left with little recourse, and no effective government oversight.
dgellow 20 minutes ago [-]
And yet on this exact website people critical of the industry were ridiculed with the exact same rhetoric adopted by the AI industry. It was touted by so many as inevitable, and how we will all be left behind if we don’t join the cult
If one would make a list of things that can go wrong, starting from the supply chain that delivers parts to the manufacturer, malicious employees at the manufacturer, mistakes the manufacturer can make, attacks on the delivery chain from the manufacturer to the user, to mistakes the user can make creating, using and storing their keys - the list would contain hundreds of points.
Nothing in this world tends to be "the solution", everything has tradeoffs.
Say you want to do self-custody, what is then the best option? "Don't do self-custody" obviously isn't the solution, as the core use case here is self-custody, so what in your opinion is a better way, than hardware wallets?
If there is nothing better today than hardware wallets, then for now, they are "one of the better solutions" for how to do self-custody, even with the current tradeoffs. But again, I'm eager to hear what the alternatives are.
What do you use to access your bank account online? I use my laptop, or my phone.
For inter-bank transactions involving a scam that causes the customer to “voluntarily” send money it depends on the rail. But US ACH rules cover reversals due to fraud and have pretty substantial rules about it.
Seriously, that's why we have banks, still.