Yeah, I said it and I will continue to say it and stress about it as long as it will be there.
Many not know me and my presentation was a bit low and I plan to redo it. I came with this statement with a background in Security, I consider myself a white hat hacker, usually whenever I found something, I got people know about the issue so they can mitigate it or didn't do any actual damage to any data. I was young around 15 years old, when I was so fascinated about this hacking/security world.
OK, OK we get it, you know a bit about security, so where is the weakness?
Is not a weakness, they are many weaknesses, here are some of my points of view and where it needs to be worked out.
- Human Element - always unstable.
- Leaving the idea of Decentralization behind. Keeping your assets on their servers, without having the private key. Exchange websites should give each user access to his private key, a backup, anything that will enable the user to take the wallet offline. We do have alternatives but seems decentralized exchanges have a very low success, it needs something to be done about that.
- Giving the power back to corporations. . You do not have the power of decision anymore, they control your coins value and your coins implicitly. You can lose your money, your savings, everything in matter of seconds after a "Board Meeting". I am not against crowdfunding, but the funds raised for development and costs to make a project should be held under timer, each updated on their roadmap would have a codename which will be assigned to their build, whenever that build has a 75% majority the part(%) of funds will be released to the developers. Will be an initial stage of 20% of funding to get it started up, then they will have to work and give performance in order to access more of their funds. That way the power is back into peoples hands and to a fair and decentralized system.
- You got 1000$? 10.000$? 100.000$? And you will keep them on a table around the house for weeks, one day they will be gone without your intervention, yes stolen. So thats bad and awful, right? Well is the same case here, in this eco-system, don't come and cry and tell us that Bitcoin is unsecure, that your Bitcoins got stolen, when you have a passwords similar"letmein123", this is similar to real cash, cryptocurrencies are exactly like physical cash, guard them and threat them like real cash!
- Do not install remote desktop applications for real, don't. If you need it, Team Viewer has the option to Run it and not install it.
- Build communities on platforms like Steemit, that way we will not suffer censorships, some deny it, but for real, we can see that in Bitcoin case, opposite opinions can censored pretty quick.
- This one is a bit weird, but its real. Its a combination of circle jerking(yeah I said that) low technical expertise and rewards. How many of Bitcoin users or cryptocurrency investors ever really, really read the code?. I guess not many even bother or even understand but they are some who don't bother because they aren't rewarded to review. Well fine we make a Github like platform based on Steemit practices, you submit a coin, people like it, you can traction, points on which you can expand your account or sell them for any currency, when somebody reviews it and finds something modifies it and people see it and like it and consider correct, they simply reward the guy who repaired the situation, while each one gets small curator rewards, simple as that. It will bring fresh blood into the field with good experience that will be motivated to take 1-2 hours of its time to take a look, making a code much more secure.
They are many I know and some are practically hard to control, but at least lets mitigate what is upon our power and create this beautiful new layer over the internet, lets move the entire global economy on the blockchain, lets decentralize!
Thanks,
Spiry