There is a difference between safe and safe enough and there another difference between save enough + regulated and insured.
Do I think Coinbase / Gemini are unhackable? Not at all, but I do think that since they are US based regulated businesses one of which is trying to get listed on a stock exchange that they have done a lot more work on their systems. And if the security fails they have insurance to cover losses.
Looking at places like Binance and other large exchanges, are they secure not as much as those.
Looking at smaller exchanges, not secure at all.
-Dave
Topic: Mt. Gox and Bitcoin Exchanges: Did You Know? - page 2. (Read 308 times)
And technology illiterate, they usually assume technology is very safe.
Pretty much, and I don't really blame them. People just have been so accustomed to having intermediaries and having central entities holding their hand and helping them when they mess up that now people in general are having trouble grasping the concept of trustlessness and decentralization. Like when people ask me about Bitcoin and I tell them that no one controls it, like 80% of the time they're skeptical if I'm telling the truth. Having a decentralized asset is just so foreign to them.
I don't think people have the idea that the biggest exchanges are unhackable.
Oh man, you don't underestimate how clueless a lot of people are. Even here on Bitcointalk, I'm still seeing a good number of people using exchanges like Binance because it's "SAFU" *shudders*. And don't even get me started with people on social media sites.
I don't think people have the idea that the biggest exchanges are unhackable. Because with the current technology, it is impossible to prevent hacks at 100 percent rate and maybe it will be like this in the future too. Besides, we also saw that one of the biggest crypto exchanges, KuCoin got hacked some time ago.
Did You Know?
Mt. Gox, one of the first Bitcoin exchanges, was once a leading Bitcoin exchange that apparently handled 70% of all bitcoin transactions, remained one of the most trusted and reputable exchanges for 4 solid years.
-until they got hacked at 2014, with approximately 850,000 bitcoin stolen, leaving their customers with empty *bitcoin* pockets.
If you think current big exchanges such as Binance and Coinbase are "unhackable", you might want to rethink this out.
Not Your Keys, Not Your Coins.
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