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RE: Why Steem offers one of the most secure wallets in Crypto

in #security3 years ago (edited)

If someone else has a copy of them or you are storing them on another site such as exchanges then they are never truly yours as they can be stolen or hacked at any time. This is why many only "hodl" their coins and don't trade with them on a daily basis - this is also a big reason for the ridiculous volatility we have been seeing in prices as only a minority trade actively with their coins.

Actually the vast majority of Bitcoin and other crypto users store their coins on exchanges (even if they're not actively trading), and this is a massive problem.

This is a conclusion of basic math (historic number of transactions vs. exchange accounts as well as amounts held in known exchange addresses).

I would also note that account recovery applies even if you weren't registered via @steem. For example I onboard people using steeminvite.com. If you look at the accounts I created such as https://steemd.com/@one-person, they have 'demotruk' registered as recovery account. Thus if @one-person ever got hacked, they could contact me, I could investigate it and help them recover if I am confident they are the real deal.

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That's really surprising that they do that... its like they want another gox to happen.

It's the perfect weak point for the "powers that be "to sieze in the night. I feel like that's one of the few options they have left to stop this thing

And they are most certainly planning that..

It's like 90%+ are total newbies who have never been exposed to much of Bitcoin's history or philosophy.

Can the average person understand the concept of steemit? I don't think so. My wife uses Facebook and she has no idea how steemit works. She's also not interested in knowing how. Aren't most of the people like her? With Facebook, there isn't much to figure out.

Do you have to understand it to use it though? I think we make a mistake of trying to explain everything up front. It's a blogging site that let's you get paid, and your votes are money. Enough said, it works, we don't have to convince everyone of how it works in a more technical or detailed way. You'll come to understand it better as you use it anyway.

Does your wife actually know how Facebook works?

We use lots of things without knowing how they work. I flew to Lisbon on a plane and don't know how they work.

Posting and commenting is how Steemit works, you just get rewarded for posting content instead of Facebook. If you can text a message you can blog.

Dont need any markup language on Facebook.

Steemit is very very simple to use, but definitely way too complex for average FB user.

Need to go even lower down the ease of use ladder to pull in FB users.

I've never met anyone under age 65 that cant figure out FB, and 50% of 65+ yr olds can also use FB.

No way steemit is that easy

You don't have to use mark up on Steem.

The only complicated part of Steem that is necessary is the long passwords, which I admit is a hurdle.

That's how i am getting into it now... just ground and pound. Figure it out as you go and always get better.

Good point. She often asks how Facebook has made so much money since it's "free". So, for starters, I told her look how much people pay for Facebook Ads. That money goes to Facebook. Then, she kind of understood. So, you're right. As long as blogging makes you money, then that's probably all most people would care to know.

NiceHash just happened...

Was just going to post this, 60 million $ got stolen.

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