- Oct 30, 2005
- The Dreaming Spires
I guess there are questions about the magnitude of risk of losing your key/seed to a fire or rubber hose decryption or whatever compared to bank scams, but there is a lot of room for improvement.
Crypto seems to require choosing between keeping your key in physical form, thereby getting you all the vulnerabilities of the "cash in the mattress" approach, and keeping it purely in your head. Which is where the perennial news stories of "I have a fortune in Bitcoin but since I've forgotten the password it's worthless because there are literally no recovery options" come from. And that's before we get onto the technical side of what software you're actually putting that key into, and the blockchain behind it. I don't pretend to be an expert on any of that, which is why I recognize it would be stupid for me to take sole responsibility for all security issues there.
Of course if you want to play with smart contracts and trying to make money with speculation that is going to be a lot harder. I am not at all sure I have seen a good use case for that frenzy of speculation.
Ah yes, smart contracts. Another example that bad ideas are disproportionately likely to have the word "smart" in the name. I have just enough experience coding, and having code behave in ways other than I intended, to find it horrifyingly hilarious when people say "the code is the law" like that's a good thing...