Regulators: are you able to protect effectively ... your private keys?

OgNasty

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Leading Crypto Sports Betting & Casino Platform

Quote from: mynonce on April 02, 2022, 05:45:15 PM

Be ready to lose all your money in crypto, EU regulators warn
https://www.reuters.com/technology/be-ready-lose-all-your-money-crypto-eu-regulators-warn-2022-03-17/

Here is the ESMA press-news:
https://www.esma.europa.eu/press-news/esma-news/eu-financial-regulators-warn-consumers-risks-crypto-assets
The European Supervisory Authorities (EBA, ESMA and EIOPA – the ESAs) today warn consumers that many crypto-assets are highly risky and speculative. The ESAs set out key steps consumers can take to ensure they make informed decisions.

https://www.esma.europa.eu/sites/default/files/library/esa_2022_15_joint_esas_warning_on_crypto-assets.pdf
1st page, last point:
Are you able to protect effectively the devices you use for buying, storing or transferring crypto-assets, including your private keys?

-> own your keys ... even they know it.

Nothing wrong with them warning people about the dangers in cryptocurrency. I imagine they probably get a lot of reports about scams and hearing from people who have had their lives negatively effected by crypto scams due to their lack of knowledge. It would almost be irresponsible not to issue warnings. They've taken it a step further by providing educational material to help people mitigate the risks and protect their investment. Seems like a positive approach to crypto to me. I don't think anything they're saying is crazy or fearmongering. Just warning about the dangers so that people can be better prepared when they walk down the rabbit hole.

avikz

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I do agree with the risks. Crypto assets are highly risky and this market is infested to multiple scammers. We have already seen a lot of incidents of scamming, hacking, ransomwares etc. So it's not a surprise that ESMA is trying to warn people about the risks. Every day we are seeing new cryptos getting launched, gaining 2000% within an hour and then next day, it is all dead. That's not good for a market. The pancakeswap looks less like a swap provider and more like scammer's paradise to me! Absolutely nonsenses are happening there!

noorman0

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[Nope]No hype delivers more than hope

Even before they warned, bitcoin folks had a lot to say about crypto asset risk warnings years ago. If we take it, it means we are ready to accept the consequences even without demanding regulatory responsibility.
But, it doesn't matter if the government puts more emphasis on users in this kind of official statement. It will be more and more people will discover methods of securing their crypto assets over time.

Leviathan.007

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Leading Crypto Sports Betting & Casino Platform

The title of being ready to lose all the money you invested in is kinda true about any market and just bitcoin and cryptocurrencies, everyone who enters the investing markets should always be ready to lose or win, and having a proper risk management plan can save the issue, but regarding the things you mentioned about bitcoin regulations and ESMA, that's not new and the rest is really known about the centralized investing assets, while if you hold the assets in some wallet where you can save your seeds and private keys to your wallet you won't have any of these problems.

Lucius

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It is an old worn-out method used by the centralized system for years to "warn" people not to invest in cryptocurrencies, or to put it the right way - to discourage them from becoming financially independent in any way. This concrete announcement came only as a continuation of the policy that the EU wants to implement, and they think that all this will help them with the sanctions they have against Russia and Belarus, as if cryptocurrencies will be a key tool to avoid them. Hypocrites who say such things at the same time continue to trade with those same countries buying oil and gas, and who knows what else.

However, I have to agree that people should be warned about the risks, because most people do not understand what they are investing in and become victims of scammers. But, there should be a clear distinction between a well-intentioned warning and the creation of public opinion that money should still be invested elsewhere, preferably in stocks or kept in banks.

mynonce

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Be ready to lose all your money in crypto, EU regulators warn
https://www.reuters.com/technology/be-ready-lose-all-your-money-crypto-eu-regulators-warn-2022-03-17/

Here is the ESMA press-news:
https://www.esma.europa.eu/press-news/esma-news/eu-financial-regulators-warn-consumers-risks-crypto-assets
The European Supervisory Authorities (EBA, ESMA and EIOPA – the ESAs) today warn consumers that many crypto-assets are highly risky and speculative. The ESAs set out key steps consumers can take to ensure they make informed decisions.

https://www.esma.europa.eu/sites/default/files/library/esa_2022_15_joint_esas_warning_on_crypto-assets.pdf
1st page, last point:
Are you able to protect effectively the devices you use for buying, storing or transferring crypto-assets, including your private keys?

-> own your keys ... even they know it.

Topic: Regulators: are you able to protect effectively ... your private keys? (Read 165 times)