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RE: Strategy to Store Wealth in Cryptocurrencies

in #howto8 years ago

I don't think that is how we should look at it. I think we certainly need 1 crypto that will be extremely secure, and simple, no extra features, just P2P cash system like satoshi wanted.

The problem with Steem is that it will never be as secure as a dedicated cryptocurrency, because it carries on a social media on top of it. So the number of attack vectors will always be higher than for a simple coin. Which elevates the risk.

So some people might be confident storing larger amounts here, but what if you were to store 100-200 billion dollars, and the worlds most intelligent and best funded hackers will try to steal that. It could be a disaster.

Also Steem to my knowledge doesn't have an offline wallet generation software yet, nor an offline signing software. And we know that online wallets of any kind are not reasonable secure.

Keyloggers everywhere, javascript injection malware, and such. I would certainly not hold large amounts in Steem until these issues are addressed.

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Hodl and steem on.agree. Steemit is social network and Steem is rather it's shares than currency. Same is many other ICOs on Ethereum today. I personally support Steemit for the sake of ending FB parasitizing on people's content and take all profit for itself. @jerrybanfield brought me here and I believe his intentions are similar. Steemit is new economy movement already in practise.