Comment by Havoc
12 hours ago
wow. Naive perhaps but I would have thought that binance and coinbase would have insurance funds equal to the exposure of their hot wallets.
idk to me that just seems intuitively like something you'd need to have to be credible? Cold is a different story...but how can hot not be covered?
It’s what you’d need to be regulated yeah…
Thats been the fascinating part of crypto is watching society speedrun “best hits of financial crisis from history” by ignoring things we already solved.
Crypto is roughly agreeing that the current password rotation practices kinda suck and agreeing that the new way forward is just to have a single plain text file because you’re sure all that overhead was just nonsense
What in the history of crypto let you think any kind of sensible practices are followed? It's been a clown show since it started, and no end in sight...