You are viewing a single comment's thread from:
RE: ProBit: On the Security of Crypto Exchanges. (+ Free STEEM)
Is Fido 2 factor authentication more secure than other authentication methods like Authy or Google authenticator? It's good to know that these exchanges are using cold storage, but I find most exchanges (the ones I use) to be secure right now already. Also, regarding your message earlier about Blocktrades...How do we withdraw Steem and sell it on Binance instead of using Blocktrades to convert it to ETH or BTC? I just haven't really spent much time yet trying to figure this out yet.
The fact that you trust your exchange is great! Clearly without the trust of their customers, they could not operate, but Mt Gox seemed secure to most people as well. Storing your coins in the exchange instead of a cold wallet will always represent a higher risk. As long as people are realistically aware of the risk and are willing to accept it, then I think you're fine. 2fa is your best friend, but it sounds like you know that. If you are handling an amount of money that you would be a bit more than upset to see disappear tomorrow, it is probably best to store it offline.
Certainly, exchanges should not be used as banks. However, the point being made is that 95% of coins deposited for the purpose of trading will be placed in cold wallets. The focus is on the security of traded assets.
Nice post. 👍
good
@the4thmusketeer
This will help you.
Fido 2 is the back-end of 2FA; Authy is the front-end users utilize. As for the security factor, a large portion of exchanges keep a limited number of Crypto in cold wallets and that places those coins/tokens at risk.
absolutely