How bad do you think the SIM swapping debacle will be for Friend.Tech?
The app was widely lauded for it's ease of onboarding users but as we now see that's actually come at the price of gapping security holes. Log in with just email also has potential issues and given the same team ignored a well known security flaw as goes the SIM exploit then chances are they don't have great (or any) security for email either. Expect more users to be affected soon.
It's annoying for users if they lose their accounts, but losing thousands of dollars is terrible. It's not a good look for the broader space when yet another crypto app loses people's money to hacks.
When is crypto going to wake up and start taking security seriously?
The Avalanche thing is perplexing to me. On one hand you have reports (from insiders) that a large chunk of activity has been bots for longer than most people think.
But on the other hand the tech is there and it works. It seems to offer some sort of different Layer 2 option (via these subnets) to what the various Ethereum rollups do.
And they're less work than building a whole new Layer 1 with the Cosmos SDK.
But will those subnets realistically be more appealing than deploying on something like the "Layer 3" solutions that Polygon or Arbitrum offer and which Optimism is likely going to offer soon? I don't see the use cases yet. Feels like Avalanche need to find those use case very soon.
This interview with some of the core team at Avalanche is more worrying than reassuring. Whilst the interviewers don't try to pin them on the issue, they repeatedly give them opportunities to talk about use cases for subnets. However they just don't answer the question to start with and then they just gloss over it by suggesting that the use cases are coming or being currently built, but again with no details.
This project has been around for quite a while. The tech has been live for long enough to see apps on here that are getting traction. Maybe we're still early.
How bad do you think the SIM swapping debacle will be for Friend.Tech?
The app was widely lauded for it's ease of onboarding users but as we now see that's actually come at the price of gapping security holes. Log in with just email also has potential issues and given the same team ignored a well known security flaw as goes the SIM exploit then chances are they don't have great (or any) security for email either. Expect more users to be affected soon.
It's annoying for users if they lose their accounts, but losing thousands of dollars is terrible. It's not a good look for the broader space when yet another crypto app loses people's money to hacks.
When is crypto going to wake up and start taking security seriously?
The Avalanche thing is perplexing to me. On one hand you have reports (from insiders) that a large chunk of activity has been bots for longer than most people think.
But on the other hand the tech is there and it works. It seems to offer some sort of different Layer 2 option (via these subnets) to what the various Ethereum rollups do.
And they're less work than building a whole new Layer 1 with the Cosmos SDK.
But will those subnets realistically be more appealing than deploying on something like the "Layer 3" solutions that Polygon or Arbitrum offer and which Optimism is likely going to offer soon? I don't see the use cases yet. Feels like Avalanche need to find those use case very soon.
This interview with some of the core team at Avalanche is more worrying than reassuring. Whilst the interviewers don't try to pin them on the issue, they repeatedly give them opportunities to talk about use cases for subnets. However they just don't answer the question to start with and then they just gloss over it by suggesting that the use cases are coming or being currently built, but again with no details.
This project has been around for quite a while. The tech has been live for long enough to see apps on here that are getting traction. Maybe we're still early.
But we can't be early forever.
https://open.spotify.com/episode/1YFF2TDBAQArvAiJceYW8e?si=3po-rw2WS2SElm72dIpo7w