Since one of the original veteran bitcoin developers claims a hacker stole his assets, the cryptocurrency community does not understand how “regular people” can secure their own bitcoin (BTC).
In a recent thread, Luke Dashjr claimed that suspected attackers had somehow accessed his pretty good privacy (PGP) key.which is from an encryption program that creates cryptographic authentication.
Members of the crypto community raised concerns about how a bitcoin developer who is known for being security conscious could be compromised.. Some believe this makes it harder for normal people to adopt or secure their Bitcoin.
In a post, one Twitter user was shocked by the news, believing that not many would be able to help the developer and that “there is little hope for most”. He tweeted:
You’ve definitely been one of the most security conscious folks I’ve known in this space, so this is a little shocking. I’m not sure many would be able to have useful insight, unfortunately.
If this can happen to you, there’s little hope for most people, sadly.
—Jason Hughes (@wk057) January 1, 2023
You’ve definitely been one of the most security-conscious people I’ve met in this space, so this is kind of impressive. I’m not sure many would be able to get useful insight, unfortunately.
If this can happen to you, there is little hope for most people, unfortunately.
Other community members echoed the sentiment and stood out that if it could happen to Dashjr, there would be no “hope” for his grandmother. A Twitter user also brought mass adoption into the conversation. believe that if a top bitcoin developer can’t keep their wallet safe, mass adoption is a “pipe dream”.
In the meantime, bitcoin analyst Namcios believe that these feelings are not a fair assessment of the situation. The analyst highlighted that although Dashjr has a high level of Bitcoin knowledge, this does not mean that it cannot make mistakes.
1/ This is not a good take. And CZ retweeting it is bad.
It *sucks* this happened and I feel very sorry for Luke.
But it’s not black & white like that.
There are levels to #Bitcoin security and often we grant on the convenience trade off.
It seems… pic.twitter.com/jYcKEtTlUm
— Namcios (@namcios) January 1, 2023
1/ This is not a good opinion. And that CZ has retweeted it is bad. It sucks that this happened and I feel so sorry for Lucas. But he is not black and white. There are levels of security in bitcoin and we often compromise on the trade for convenience. It seems… pic.twitter.com/jYcKEtTlUm
The CEO of Binance, Changpeng Zhao, too answered to Dashjr’s twitter thread: asked the developer if there is anything the crypto exchange can do to help. Zhao also promised that his security team would monitor the assets and freeze the BTC if any of it was deposited on his crypto exchange.
On Nov. 14, the Binance CEO recommended self-custody only with small amounts, as mistakes could become “very costly.”. Zhao described self-guarding as a fundamental human right and urged the community to make sure they do it well. In addition to Zhao, MicroStrategy President Michael Saylor also discussed the advantages of self-custody amid the FTX collapse. Saylor said custodians “accumulate too much power” in a system where there is no self-custody.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.