See social recovery wallets, paper wallet isn’t only solution. Masses might prefer a custody on exchange but with that comes risk like in Celsius, FTX. Regulation needed to curb this risk so that those services feel just like the other “safe” CeFi services you are used to.
> In all my years of interacting with private companies they have always protected my money, even when it was taken from me fraudulently.
I was talking about data. On a long enough timeline, all financial services holding user data will be vulnerable to a breach. Money maybe also vulnerable but less so if regulated, I guess you are lucky to be interacting with regulated exchanges.
> If we require legal protections for blockchains what value does that prove over a centralised regulated system?
Regulate the companies, like Celsius and FTX. Users can use these on and off ramps into blockchain with more regulatory oversight and assurances their assets won’t be leveraged without their consent.
Your last point seems like misunderstanding. I say we haven’t yet seen FTX user data and privacy be breached.
> In all my years of interacting with private companies they have always protected my money, even when it was taken from me fraudulently.
I was talking about data. On a long enough timeline, all financial services holding user data will be vulnerable to a breach. Money maybe also vulnerable but less so if regulated, I guess you are lucky to be interacting with regulated exchanges.
> If we require legal protections for blockchains what value does that prove over a centralised regulated system?
Regulate the companies, like Celsius and FTX. Users can use these on and off ramps into blockchain with more regulatory oversight and assurances their assets won’t be leveraged without their consent.
Your last point seems like misunderstanding. I say we haven’t yet seen FTX user data and privacy be breached.