alt Hacker NewsIf your crypto was stolen in this, it wasn't your crypto. It is simply cryptocurrency that has been reallocated from an exchange to a more competent party, as the free market intended.
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So what happened with all of those with hardware wallets that have been pwned?
There apparently is no such thing as “your crypto” with how many security problems there are.
Code is law!
This is highly insensitive and highly logical. I am very conflicted.
If someone steals your wallet, it wasn't your money, just the free market working as intended.
Controlling your own crypto keys is like having your net worth in cash or gold stored in your house. It could easily be lost or stolen or destroyed in a fire unless you take extraordinary precautions and then it is all gone.
I don't think the security trade-off for most people is clear here.
Given things like the ledger hardware attack[1] I think the time indexed risk of using a centralized exchange is probably lower than doing self-custody.
I understand that many people do self-custody for philosophical reasons, but I think trying to disguise this as a security decision ("If your crypto was stolen in this, it wasn't your crypto.") is arguable at best.
[1] https://www.ft.com/content/70f69253-6017-4259-95c9-48bf0e088...