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RE: Two big issues that are plaguing Steem from an Investors POV & a proposed solution
This is very true. I never thought of this. Maybe someone could put a lock on their account of x amount of days if they know they won't be trading. However, you are right, it would decrease security. Maybe we can have a withdraw password or even 2fa on Steem? That would be amazing.
2FA would be a great addition. But I think for security reasons, instant withdrawal should never be possible. I am okay with 5-7% burn for a 2 week powerdown. 1 week is not much time to notice that you have been hacked. What if you are on vacation (usually without your active key in pocket)
Recovering your account is kinda useless, if the STEEM is already gone...
Maybe only let mater key use for this operation.
What do you think about "Great idea, but I want a 1 week lockdown option or a whitelisted powerdown withdrawl address incase someone steals my keys." - @abitcoinskeptic said this above.
One week probably would be too long of a time to wait for 5% burn fee. Because of the volatility in the markets, one might deem not worth losing 5%, since the opportunity sought may not exist in a week.
In combination with the whitelisted account if instant transfer to that account is allowed it could work. But now it complicates things a bit with too many operations.
I think there could be simpler solutions. 1) Users can enable/disable this feature on their account where changes apply after a certain period of time - 3 days to a week. 2) Power down the funds to savings, which is locked to 3 days by default.
I am sure devs can come up with much better solutions.
2FA would be nice.
Yes we could create a window really and from this window there could be something like a 2fa system which could prevent thieves from stealing funds to account
Yeah, instant power downs would be a serious security risk. That's always been one of the selling points of Steem, that you can recover your account with funds intact if it gets hacked due to the long 13 week power down period. I've seen it in action with @surfermarly, her master key was phished, but she was able to recover her account in time with no monetary losses. So this needs to stay.
But you could add to it, like an option to enable an instant power down if you're willing to take the risk. That would have to take some time as well though, like a month. That's plenty of time for someone to return from a vacation and stop any hacker activity. 2fa wouldn't hurt either in enabling this feature.