The Problem With Crypto, Is, Well....Crypto.
The Problem With Crypto, Is, Well....Crypto.

By CryptoKeeper | Cryptokeeper | 24 Apr 2019

$0.74 tipped


The recent bitcoin rally, and overall bullish nature of the crypto market heralds another moment of prosperity, which will inevitably lead to another crypto winter bear market. You would think, that there would be more aggressive, solid changes made to the overall structure of the crypto markets, especially with the recent streak of high profile hacking of exchanges, fake ethereum giveaways, ico scams, etc. Now, I don't mean government regulation, I mean the market itself, the people involved in crypto from every aspect taking charge and making bold moves. I'm seeing lots of innovation of the block chains themselves, but despite increased, and sometimes burdensome security measures on exchanges, even some of the largest exchanges are not immune to hacking. 

 

Privacy coins are all the rage, anonymity, security, cryptographic algorithms stacked on top of each other in unspeakable ways, yet people are still getting robbed every day. There are simply too many gaps in security for it to work effectively. Part of the problem is probably due to bad code in these exchanges; or new hacks and exploits that no one has seen, so can't provide a fix for, the other half is user error(what IT guys refer to as an ID10T error.) I've done this myself. Left a copy of a private key file somewhere on a cloud service, or maybe setup a wallet on my phone, and just copied the keys to a text file on the phone. This is how you get robbed.

 

Even having your home computer locked down tight behind a firewall is a potential risk, ao what can be done to solve these problems? Frankly, I don't really know, I'm familiar with netowrk security, but not familiar with all the nuances of how things operate in the cryptosphere. I do know that there are very talented people out there who know how to comabt these things, but they don't come cheap, and many projects, even some big ones, have a small team, and not enough resources to hire the kind of guys who secure the networks for Microsoft, Google, SUN, Adobe, Merrill Lynch, Goldman Sachs, etc. Or maybe they just don't want to bother, thinking instead, that they can solve all of their problems themselves.

 

I would really love to see(and please point them out to me when you see them) more emphasis on exchange side security expert course, and also, just better trained people, or better documentation for end users when it comes to securing their wallets. One of the biggest blockades to mass adoption is the lack of point and click easiness. When you tell someone who has no crypto experience at all, and isn't even that computer savvy that all they have to do is ...navigate to the folder with the wallet and run the daemon, now wait 5 days for the blockchain to sync, then open up the wallet file and type account new....blah blah blah, now write down these impossible strings of numbers and letters, or try and figure out how to copy something out of a command prompt....you've have now lost just about everybody. But should the newbie overcome this obstacle, there's still the possibility that they will do something stupid and expose themselves or their crypto assets to every greedy mook with a laptop, sitting in a puddle of sweat and old coffee at his run down flat in Stalingrad just waiting to pick up some free coins.

 

Don't get me wrong, I don't think any of you are stupid, but a fraction of you might need to take a class on this stuff. So yeah, why aren't crypto classes more of a thing? The coinbase stuff doesn't count, because most of us will be waiting for a bed to open up in hospice before we get the email saying it's our turn.And for the love of Jesus, goat herder of Indiana, why isn't there a whole series of crypto for dummies books? (Again, if there are let me know, I'll post links to them.)

 

My point(I think) is that the crypto markets really aren't maturing, and while I'm not complaining, I love living in a wild west of possibilities on the world wide web, but some folks are not pioneers, frontiersman, adventurers, explorers, or madmen, so they will absolutely need some help in navigating this digital wilderness. If we ever hope to acheive mass adoption, and put a real hurt on the banks and government issued fiat currency, we're going to need a much bigger scope, and a better game plan.

 

Honestly this rant is the result of the hilarious bit of internet serendipity I found, and have used as the title pic of this article. Enjoy the hilarity of it all.

 

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CryptoKeeper
CryptoKeeper

Blogger. Crypto Investor/Miner. Computer Services Owner.


Cryptokeeper
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