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PROVE, AVNT, KTA, 2Z That's a portfolio that will either produce giga-gains or send me to the poor house with no inbetween (probably the latter).
correct. seed phrases composed solely from dictionary terms are relatively low entropy = easy to brute force/rainbow tables, etc. now take the same dictionary terms but switch randomly a few of the letters into alphanumericals, or symbols. then you have actual deep entropy. but that isn't the point I am making. A 24 word seedphrase is exceptionally difficult to hack. A classical computer and schore's (sp?) would take so much energy and time to make it feasible. but then we have something new coming down the road. Quantum computing. Does these things theoretically, with ease...and with relatively far less energy spent. Combine this with AI, super intelligence, and then we find that AI created algorithms are likely to find something far easier than schore's (sp?). and even that isn''t the entire point I am making. Those are risks that may or may not occur in the near future. Certainly we have to assume that the criminals are locking in to what is possible...More to the point, as I have linked a real recent example, even that isn't really necessary. There are in fact many other ways to steal seedphrases. and nothing, and I mean nothing like the proposed security layers this dude keeps listing as methods of securing it are absolute. the central point is very clear. Whereas, just about anything that you own non crypto you have many ways to PROVE that money/property/thing is yours. This is not true with crypto in its current form. For all the intentions made and designed to give it security, it relies solely on one means to prove the thing is yours. The seedphrase. Lose that, forget just one letter, die and forget to tell your wife and family what your seedphrase is...and the funds are gone. Poof. That is a very stupid system. Just about every other thing that you own, you can recover with a myriad of other acceptable and commonly recognized forms of identification are allowed to prove the thing is yours. But not crypto. One thing, and when that fails for whatever the reason is. and the money is gone. gone until you find a way to figure out the exact seedphrase. And if that gets stolen, it's obvious what would happen. That seedphrase would be changed almost immediately. And then gone forever. Done. kaput. I explain these things because its worth considering the risk. This is real money. Your money, my money, hard earned. very few if any regulations..law enforcement and the legal system has not caught up to the task. There is no insurance...nothing really. it's based on blind trust and one single point of failure. not a very good way to protect your money...your things. I remember a few years ago reading how blockchain could be used for lots of other applications to secure "things". and I shudder at the thought. There is a reason why big money corporations with billions and billions of assets and proprietary and intellectual property have not adopted blockchain and seedphrase security. Imagine if the classic banking fiat system used it. One single point of failure. They understand risk...it would be foolish. And this is precisely why we don't see it adopted in the same way as with bitcoin and crypto currency. It would be going backwards in terms of proper security. Right now, ironically, the arguments about crypto replacing fiat on the basis of a security argument continues to be made, yet we find none of the major classic banks have in fact used blockchain in this way. They do it very differently. It's expensive because the risk is very real. one thing you get wrong...for any reason...and that's it. Gone. God Bless America
this brings up a point that needs to be reconsidered ...security and ownership of your bitcoin relies on one single point of failure. In engineering, we call this stupid. that's the actual technical term when someone depends on a single point of failure for an entire system. One mistake...one failed memory. one thing a thief can steal, one thing you can lose...and then poof...gone...forever. no recovery...no backup plan. now compare this a standard bank...credit card...even your auto...just about everything you own, even stocks and bonds. Yes, those things have "primary" passwords for security. But there is also secondary, and usually even tertiary means to PROVE the THING IS YOURS....There is no single point of failure. There are multiple ways to prove the thing belongs to you and furthermore the entire scheme of the security regimes that cover those things require that you use other forms of ownership. SSN, name, address, security questions, MFA, driver license, bills, SSN, birth certificate, title, registration, license plate, home and work address......and the list goes on. And even failing that, you can go into a court and file to prove the things are yours and does not belong to someone else. In almost every single case the court will use those other forms of identitication to serve as proof of ownership. but not crypto. One seed phrase. That's it. are your starting to get the picture? are you starting to wonder why the so called alternative to banking and fiat currency is actually very stupid. Yes, that is the technical term. One point of failure. Stupid engineers do that. are you suspicious, even curious why that is? you should. and don't get me started about a lack of regulation and enforcement...no fdic...no nothing. exchange screws you over, those so called secure cold wallets get hacked...sorry...no one is going to help you. God Bless America