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Phew... what an eventful month for crypto, and one that got a little bit more interesting as were accused by the US SEC of being unregistered security platforms. Well, was definitely accused a bit more than that...
Anyway, it is just accusations at the moment, and so things will still need to play out in court... but it did lead to a great deal of panic yesterday as crypt prices dropped and then recovered... and we a large outflow from as well, which was covered. And if I have to be perfectly honest, I was part of the outflow by moving a lot of things that I had been meaning to move out for quite some time. This just gave me a bit of a kick in the arse to move it to self-custodial wallets. Most of what remains on is now the BNB token which will dive if dives anyway...
So, I had moved some of it into the Ambire smart wallet... a hopeful sign of account abstraction that will come to Ethereum in the near future.
In other news, Ledger Nano S/X had their problems with users discovering how hardware wallets interact with their firmware... and Atomic wallet seems to have had some security holes which resulted in stolen funds and drained wallets.
So... exchanges are risky, self-custody is also risky... where is a risk-averse persons supposed to turn to? Well, this is the absolute critical problem in crypto at the moment... and one that will be solved in the coming year or two... account abstraction, threshold signatures, and that sort of thing promise to abstract key and seed management away from the user and lay down a better basis for security that doesn't leave critical wallet infrastructure (seeds and keys) up to the user to handle.
It does seem like a bit of a dark month for crypto... wallet providers are not what they seem, or are not as secure as we thought, exchanges are under attack...
... but in the end, it might not really matter that much. Sure, meaningful regulation is probably a good idea, and at some point you will need to trust someone somewhere in the infrastructure stack... and these things are evolving. But at the end of the day, crypto is like water... you can punch it, but it reforms and pops up elsewhere. I don't think that the powers that be have cottoned onto this fact and they are fighting the war of the past... things now have worth because a decentralised network of users think it has worth, not because it has been decreed by a higher power. This is an interesting thought...
I can also be found cross-posting at:
Publish0x
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