My apologies, I misunderstood that part. My comment was only to remind users who do trust major exchanges or hold them there like I do for trading reasons, that they are covered with regards to the mainnet launch.
I would not trust an Exchange with a significant balance either, but an Exchange like Binance has gained enough trust for me to store smaller balances for trading.
Trusting exchanges is an interesting question and I know many people have fallen foul of misplaced trust in the past. I worked in IT for a major bank for many years and I would trust some organisations that have to comply with the kinds of legislation they have to comply with more than I would a hardware wallet. I am not suggesting Binance do have to comply with those kind of controls, but I would be surprised if most individuals kept backups of their private keys in a firesafe or locked in a secondary location.
PS, you now have a new follower :)
I ran a PCI compliant business for 10 years (FoxyCart), so I do know the value in some regulations that are actually followed. Unfortunately, far too many companies fudge it. The stories I've heard from QSA's is... scary. It's not surprising to me why there are so many hacks out there both with cryptocurrency exchanges and traditional credit card systems.
Thanks for highlighting that option as well. It's possible that hardware wallets can't be trusted, but I've yet to seen anything major in that regards and the same can't be said for exchanges. I was a "paper wallet only" guy for many years.
Thanks for the follow.
My hardware wallet wasn't so much about a hack on a hardware wallet, but ensuring people protect the recovery phrase and wallet in such a way as to ensure they cannot be lost together in the same event, like a house fire (mining anyone?)
Also, I had to update the firmware on my Nano S the other day and it required me to uninstall all the wallets first. That was a scary moment, and the data fortunately remained, but it would only take a botched firmware update without taking the right precautions with your recovery phrase to lose it all.
I've worked for a bank in the UK and they have a lot more than PCI to worry about. The restrictions and regulations placed on EU financial companies like EU 575/2013 on prudential requirements for credit institutions is crazy. I have some currencies with Revolut for that reason because they have to comply with these regulations. I know a Chinese crypto exchange does not have to comply with these laws, but I would expect they have some similar regulations to ensure financial prudence.
Heheheh.
Yeah, I've had a couple freak out moments already with my Ledger Nano S, but over time I've gotten used to how it works and thankfully I've confirmed my seed phrases work just fine (I have a couple different wallets).
The number of regulations coming out now is just ridiculous. They are going to strangle what little life is left in the legacy systems. Everyone's going to move to the blockchain eventually.