35 ms·

Even the most rinky-dink banks have 2FA. Crypto is eventually going to consume itself once enough marks realize they will never make money from it.

latchkey 4y ago
Equating theft with a lack of 2FA?
- freedsoftware 4y ago
  Coins should have 2FA themselves. Without it, theft is obviously far easier.
  - latchkey 4y ago
    Huh? That's like saying USD needs 2FA. Wallets have 2FA, not coins. Wallets are more like banks, except the user owns their own bank. The issue with theft over the last year was primarily from rug pulls, bugs in contracts and things like phishing/domain takeover.
    - rvz 4y ago
      Don’t forget SIM swapping attacks which there are services, banks and crypto exchanges still accepting phone numbers as a 2FA method, which is ridiculous. $3.8B in fraud from crypto out of the over 2 trillion worth of crypto transaction volume is nothing compared to the Zelle and FinCEN fraud with the trillions of illicit transactions allowed by the banks.
    - freedsoftware 4y ago
      Coins could be made to require two different keys to perform operations. Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.
      - latchkey 4y ago
        > Coins could be made to require two different keys to perform operations. That's a function of the wallet, we call it multisig. > Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft. Correct and 2FA would do nothing to stop that. The same problem exists with Zelle in traditional finance. To the point that banks are no longer accepting Zelle. https://www.thestreet.com/banking/zelle-scam-wells-fargo https://www.thestreet.com/banking/zelle-scam-wells-fargo
        freedsoftware 4y ago
        Wallets do not have to have 2fa. A currency could force them to have it. Interestingly enough, one of crypto's biggest critics, Elizabeth Warren, has also been after Wells Fargo for Zelle scams.

latchkey 4y ago

Equating theft with a lack of 2FA?

freedsoftware 4y ago
Coins should have 2FA themselves. Without it, theft is obviously far easier.
- latchkey 4y ago
  Huh? That's like saying USD needs 2FA. Wallets have 2FA, not coins. Wallets are more like banks, except the user owns their own bank. The issue with theft over the last year was primarily from rug pulls, bugs in contracts and things like phishing/domain takeover.
  - rvz 4y ago
    Don’t forget SIM swapping attacks which there are services, banks and crypto exchanges still accepting phone numbers as a 2FA method, which is ridiculous. $3.8B in fraud from crypto out of the over 2 trillion worth of crypto transaction volume is nothing compared to the Zelle and FinCEN fraud with the trillions of illicit transactions allowed by the banks.
  - freedsoftware 4y ago
    Coins could be made to require two different keys to perform operations. Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.
    - latchkey 4y ago
      > Coins could be made to require two different keys to perform operations. That's a function of the wallet, we call it multisig. > Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft. Correct and 2FA would do nothing to stop that. The same problem exists with Zelle in traditional finance. To the point that banks are no longer accepting Zelle. https://www.thestreet.com/banking/zelle-scam-wells-fargo https://www.thestreet.com/banking/zelle-scam-wells-fargo
      - freedsoftware 4y ago
        Wallets do not have to have 2fa. A currency could force them to have it. Interestingly enough, one of crypto's biggest critics, Elizabeth Warren, has also been after Wells Fargo for Zelle scams.