decentralized systems vs centralized systems

virendarnagpal

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Quote from: pooya87 on May 01, 2018, 10:35:25 PM

Quote from: Yle725 on May 01, 2018, 05:28:08 PM

Centralized systems can offer security measures that are currently impossible or not implemented for decentralized ones.

How about, for example, the daily limit? If a thief steal me my credit card, even under threat I reveal him the code, he would be able to get a little piece of the cake, and I will be able to protect the rest easily... Hw wallet could implement this feature looking at block number, but it is not that easy, and yet no one offer it.
This is only an example of many other mechanism

to put what Franky said in a different way, with a bank you can have one or two account and put your money all there. you can't have 10 of them for example. but with bitcoin you can have thousands of wallets and addresses and use each for a different purpose!!! of course in reality you use one for cold storage, one for hot wallet and they are separate. the cold is a paper and hot can be your cell phone. the cold contains $10 million but your cell phone has $500 in it.

also as for your example, you will also encounter that limit. meaning you yourself aren't going to be able to cash out more if you needed it. so it is not always all good.

Resolution has been provided. Though no one is expected to comment any more on this post because complete resolution already provided. Silent participation many times remains without any gains, because we forget many times. After involvement and participation the subject discussed goes deep into the memory of mind. Having multiple wallets one being used as locker mail (cool) account (used for storing the entire funds) and others being used for daily usage with small funds is the best solution provided.
So using bitcoin or crypto currency via more than one wallets can be very safe.

pooya87

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Quote from: Yle725 on May 01, 2018, 05:28:08 PM

Centralized systems can offer security measures that are currently impossible or not implemented for decentralized ones.

How about, for example, the daily limit? If a thief steal me my credit card, even under threat I reveal him the code, he would be able to get a little piece of the cake, and I will be able to protect the rest easily... Hw wallet could implement this feature looking at block number, but it is not that easy, and yet no one offer it.
This is only an example of many other mechanism

to put what Franky said in a different way, with a bank you can have one or two account and put your money all there. you can't have 10 of them for example. but with bitcoin you can have thousands of wallets and addresses and use each for a different purpose!!! of course in reality you use one for cold storage, one for hot wallet and they are separate. the cold is a paper and hot can be your cell phone. the cold contains $10 million but your cell phone has $500 in it.

also as for your example, you will also encounter that limit. meaning you yourself aren't going to be able to cash out more if you needed it. so it is not always all good.

vibingpositively

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We could all cherry pick some examples that help make our case but I will make a general example. With decentralized systems you need not worry about one single point of attack or failure, but with centralized systems this is the case. I would rather have my security be slightly weaker on a personal level but gain the security on a whole system than my security be tighter on a personal level and the whole system be a weak point. I hope that made sense, I basically said why centralized systems are crap because they have a single point of failure.

aitrading

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Crypto need more development, for sure. And it will happen. But about centralized systems can offer security measures? No hope there.

TepungBeras

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Presale is live: BitPenta.com

If there is such an application system, I would love it and it is very good for us to implement, and it is also very good for the security of crypto we have.

Hydrogen

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Quote from: Yle725 on May 01, 2018, 05:28:08 PM

How about, for example, the daily limit? If a thief steal me my credit card, even under threat I reveal him the code, he would be able to get a little piece of the cake, and I will be able to protect the rest easily... Hw wallet could implement this feature looking at block number, but it is not that easy, and yet no one offer it.

Not a good comparison.

Credit cards normally have millions of breaches, this is a major problem for them and so they desperately need that system in place(which doesn't work btw as breachers only have to drain the entire account to avoid having the remainder of a balance be limited). Crypto doesn't have this problem. You will never hear of cases that are similar and so there is little demand or incentive for developers to provide those features to its user base.

Credit cards also have many security flaws such as the vulnerability where key information can be stolen via palm scanner when credit card RFID support is active.

"Would you feel safer having $1 million dollars stored in bitcoin or as a credit card balance." That would make for an interesting poll btw.

javadsalehi

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This is what can be implemented in a new cryptocurrency in future. But the problem is how it can be implemented in a decentralized system?
If implementing this leads to a centralized system, better not to be implemented.

franky1

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bitcoin has solutions already

using a wallet that has a HD seed

take the 12-24 words(depending on wallet). and use that for your main hoard/savings

then the easy part.. change the final word
now you have a fresh wallet aswell. get the address of the new wallet and fund a small 'daily spend' amount on that new wallet seed address

then if under threat give him the 12-24 words where the final word is the new word..(dont give the main(original) word seed)

or if you are using the old legacy private keys. just have 2 private keys. one for main hoard/savings.. one for daily spend/small risk amount

more technical:
time locks do exist. multisigs too.
you can set funds that can only be spent in 10 days time using 1 key... but spent any time using 2 keys
but this is alot more involved in you having to do stuff to set it up and maintain the security (depending on how short the time locks you put on it)

so first idea is easier to implement, by just having 2 addresses. one with a small disposible amount your willing to disclose under threat

Yle725

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The future is your Genome

Centralized systems can offer security measures that are currently impossible or not implemented for decentralized ones.

How about, for example, the daily limit? If a thief steal me my credit card, even under threat I reveal him the code, he would be able to get a little piece of the cake, and I will be able to protect the rest easily... Hw wallet could implement this feature looking at block number, but it is not that easy, and yet no one offer it.
This is only an example of many other mechanism

Topic: decentralized systems vs centralized systems (Read 177 times)