this post was submitted on 02 Nov 2023
49 points (94.5% liked)
Monero
1664 readers
19 users here now
This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
Wallets
Android (Cake Wallet) / (Monero.com)
iOS (Cake Wallet) / (Monero.com)
Instance tags for discoverability:
Monero, XMR, crypto, cryptocurrency
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Something is seriously wrong. There's a reason decentralisation is important. Anonymity or not, you never put all your eggs (digital or physical) in one basket for precisely this sort of reason. Once the wallet size reached a certain threshold (say 100 or 500 XMR), a new wallet should have been created for subsequent funds and the previous wallet should be in a hardware or paper wallet with a different trusted person ideally multisig. If funds were stolen via hack or the police forces the wallet holder to give up the keys, only a fifth (for a 500 XMR wallet) or a twenty fifth (for a 100 XMR wallet) of the amount would have been lost. If multisig is buggy, it need be ready for Seraphis. If it's just a matter of UI, then it needs to made usable and widely adopted. Remember, one of the key advantages of Monero is that it make privacy easier. You can try use Bitcoin and go through a lot of hoops to get privacy and forever stay vigilant, or just use Monero. Multisig and managing multiple accounts should be at most as difficult as Bitcoin.