so, what happens to stable coins if the net goes down, or your on line account gets hacked? ***
From my limited understanding... the stable coins, no matter which one, or which corresponding blockchain they use, would still become unavailable for purchase, sell or trade if the net goes down, since any one of the blockchains is dependent upon the net in order to be accessible and usable.
If you store your coins in an exchange account (see coingecko.com for an exhaustive list), who knows what could happen in the nano seconds before and after the internet goes down. And then when it comes back up. It seems to me that with all the hacking that goes on today, there would be a way for them to be stolen. Some hacker somewhere is waiting to try out his new attack.
If you store your crypto in a hard wallet (like Ledger or Trezor) vs. storing them in an exchange account, what you have should be there when the net comes back up. Supposedly, the unique 24 word key used to set up the wallet will protect your investment as long as you never give out the key and never put it online (even a part of it here and there). The idea is to write it down and store it safely offline.
From what I've understood, I wouldn't store my hard-earned investment in ANY exchange. Tons of assets have been lost that way -- never to be recovered.
However. (Isn't there always an 'however'?) The folks that do staking would need to hold the crypto they'll use for staking in an exchange account.
Some really smart folks have the skills to set up an uncommon operating system (like UNIX) in their home that they can alter with their own code, put in fail-safes and setup their own servers, etc., to protect themselves against hackers. For the rest of us... well...
I remember watching X22 Report and listening to Bitcoin Ben. He used to sell a laptop that was supposed to be very hack proof. I don't know if he still does or how good it is. He has a youtube channel and a club.
I'd welcome any comment that would enhance or correct what I've shared. I've looked into it, but haven't continued to add to what I know. However, the time seems close to very much NEEDing to getting a better handle on these matters.
You know how if you go to places like a farmers' market, the vendor will sell you something by whipping out his device that reads your cc on the spot? When that starts happening with a crypto reader, well... if Mastercard and Visa have been setting themselves up to process crypto buys, then it seems like the little vendor machine can't be far behind.
I do know that finding Bitcoin Depot in my neck of the woods has certainly piqued my interest.
Oh, and then there is Dr. Kirk Elliot on And We know, who talks a lot about precious metals.
Whew. What a world we are headed into!
I do know that finding Bitcoin Depot in my neck of the woods has certainly piqued my interest.
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I’ve been on the road most all day today & ran across my 1st bit coin ATM at a fuel stop.
Took a quick glance at the machine & noticed a streamer across the bottom of the screen with conversion quotes on various coins
As I was checking out I ask the clerk on the cash register “what’s the deal on tvat bit coin ATM?”
She allowed she “didn’t really know, but it could make you rich”
So, there you go