Portal Forum General General Discussion Simple Pleasures… Reply To: Simple Pleasures…

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The Rube wrote:

It is very open to hacks, and the lack of insurance is troubling. If FDIC (or similar) gets behind it, that may change my view. It’s just too risky and volatile.

Rube, one of the single biggest things that gives crypto a chance to succeed is because it fundamentally can’t really be hacked. It’s decentralized. There’s not one centralized “system” to hack into.

Can people “hack” individual users’ accounts by cracking their passwords and stealing all their money? Yes. And if that happens, you’re right, it’s not FDIC insured, so you’re bleeped. That’s why you better be damn sure you have a secure password + 2 factor authentication.

So instead of the concern that it can be “hacked”, the concern should be that if you don’t secure your account properly, and someone gets into it, you very likely will be out everything.