Ledger’s CEO said on Bloomberg: Everyone will get hacked sooner or later. Ledger is no exception.
A bunch of people called him defeatist. I actually think it’s the most engineer-like thing a hardware wallet maker has said this year.
People who write code assume servers will go down, so they have backups;
People who manage risk assume employees will get phished, so they separate permissions;
People who run banks assume vaults will get broken into, so they have insurance and recover stolen assets.
“Impossible to hack” is a sales pitch. “How much is left after a hack” is the design metric.
An exchange getting hacked is like a bank getting robbed. Binance just had an incident, and some people started shouting that it was going under, while others said freezing stolen funds was too centralized. The same people have never demanded that banks shut down after a robbery, or criticized the police for freezing stolen assets. Their double standards are remarkably consistent.
Good design means hot wallets only hold amounts you can afford to lose, large sums are kept separately with multiple signatures, and losing any one key isn’t fatal.
So when a beautiful woman asks me for my private key, I can be generous. A single key shouldn’t be worth much anyway.
Which side are you on: does getting hacked mean it’s no good, or is it how they handle the aftermath that shows whether it’s any good? Let’s argue in the comments.
$BNB
A bunch of people called him defeatist. I actually think it’s the most engineer-like thing a hardware wallet maker has said this year.
People who write code assume servers will go down, so they have backups;
People who manage risk assume employees will get phished, so they separate permissions;
People who run banks assume vaults will get broken into, so they have insurance and recover stolen assets.
“Impossible to hack” is a sales pitch. “How much is left after a hack” is the design metric.
An exchange getting hacked is like a bank getting robbed. Binance just had an incident, and some people started shouting that it was going under, while others said freezing stolen funds was too centralized. The same people have never demanded that banks shut down after a robbery, or criticized the police for freezing stolen assets. Their double standards are remarkably consistent.
Good design means hot wallets only hold amounts you can afford to lose, large sums are kept separately with multiple signatures, and losing any one key isn’t fatal.
So when a beautiful woman asks me for my private key, I can be generous. A single key shouldn’t be worth much anyway.
Which side are you on: does getting hacked mean it’s no good, or is it how they handle the aftermath that shows whether it’s any good? Let’s argue in the comments.
$BNB