some back doors, just in case something like this happens. I know there is one already, but rewriting the blockchain would not make sense to me either.Thanks for sharing this @zer0hedge. This is one of those cases where the question of full anonymous decentralisation becomes questionable. Personally, I feel like there is a happy medium where cryptocurrencies still run through decentralised nodes, but there are
I think some sort of KYC for all wallets would be good, as hard and flawed as it would be to do Otherwise, hacks like this will keep happening every so often. Even though they could likely be avoided if people were simply more careful, people have a natural tendancy to do whatever is easiest, not whatever is safest.
It's a question which I honestly can't answer well, but I think there needs to be a lot of thought put in to it. Thanks again!
I actually think we are trying to live in both worlds at the same time.
You have the centralization of the exchange which makes it vulnerable to hacks. Anyone breaking into the server(s) can access all the accounts since the keys are there. This is not the case when one is protecting his/her own wallet. Sure one can get hacked (for a large sum too) but nothing like this.
Couple that with the fact that people are trying to decentralize which means that wallets could be anonymous (they arent since most often people enter with fiat meaning there is a KYC). But anonymous wallets with centralized exchanges does not work.
If everything was decentralized, then you have a system where personal responsibility comes in. At this time, a person can do everything right yet still watch the exchange get hacked.
Good point made @taskmaster4450! I didn't think of it that way.
I think OmiseGo could solve this issue with the DEX with a FIAT Gateway, if they get it done properly!
That would be wonderful if they did.
The on/off ramp is under the control of the governments since the exchanges have to answer to them. We saw that with Coinbase even though they did fight a good battle (and even won to a degree). Nevertheless, the government got some of what it was seeking.
DEX with a FIAT gateway would solve a lot of problems...for individuals.
Of course, it would be a nightmare for the governments since it would be a tax haven for...well everyone.
Perhaps starving the beast isnt such a bad thing.
Yeah it would be. And agreed, it would be a tax nightmare! OMG are pretty compliant though. I imagine they are taking so long because they are trying to solve such issues.