Why Your ETH Is Not Safe Anywhere Now
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In this video, I discuss why the complexity of Ethereum's smart contracts make it impossible to hold your ETH safely either on an exchange or on a hardware wallet.
Ethereum smart contracts are so complex, that they are impossible to fully inspect or verify on the screen of a hardware wallet. When you sign an ETH transaction, you may be inadvertently putting into motion a smart contract that will steal your ETH.
By contrast, Bitcoin possesses a much more stripped-down and hence more safe base layer, that includes multisig which ETH does not have.
Not investment advice! Consult a financial advisor.
ETH complexity and hardware wallets:
https://x.com/adam3us/status/1893880497429684605
https://x.com/Leishman/status/1893534874314608683
Bybit hack:
https://www.blockaid.io/blog/how-to-prevent-the-next-15b-bybit-hack-a-strategic-approach-to-solving-blind-signing
ETH hacks have been happening for years:
https://medium.com/free-code-camp/a-hacker-stole-31m-of-ether-how-it-happened-and-what-it-means-for-ethereum-9e5dc29e33ce
https://rekt.news/
Ethereum's complexity is the enemy of security:
https://x.com/adam3us/status/1893224607622000740
Bybit technical debt joke:
https://x.com/allenf32/status/1892990319144136752
For the longest time Ethereum didn't even have a checksum for its addresses, so you could typo an address and Ethereum would flush your money with no hesitation:
https://x.com/notgrubles/status/1893730132730286209
The best way to secure ethereum is to sell it for bitcoin & store it in multisig:
https://x.com/parkeralewis/status/1892977246719107130
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#Ethereum
#SmartContracts
Disclaimer
Neither Matthew Kratter's Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky. Receive SMS online on sms24.me
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