Author: Justus Ranvier 2015-01-20 17:47:23
Published on: 2015-01-20T17:47:23+00:00
The discussion is centered around how to prevent losses through malicious auto-updates in the wallet business. The best advice given is to create systems where as many people as possible have to sign off and review an update before it has the opportunity to spend user funds. It’s also suggested that companies should not be located in the same country as their users, or users should strongly be encouraged to get their wallet software from companies not located in the same country as them. Furthermore, one of the consequences of a custodial relationship is that some legal authority might try to force you to seize user funds. Authorities may use that power in the future if it’s made easy for them to meet those demands. Thus, it’s important to make sure that the process by which an update happens is controlled by more than one person and there are mechanisms in place to create good audit logs of how exactly an update happened. Finally, StrongCoin made it 100% clear to authorities that they and sites like them are able to seize funds at will.
Updated on: 2023-06-09T15:39:50.515231+00:00