Justus Ranvier [ARCHIVE] on Nostr: š Original date posted:2015-01-20 š Original message:-----BEGIN PGP SIGNED ...
š
Original date posted:2015-01-20
š Original message:-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
On 01/20/2015 03:46 PM, Peter Todd wrote:
> But ultimately we're not going to know until court cases start
> happening. In the meantime probably the best advice - other than
> getting out of the wallet business! - is to do everything you can
> to prevent losses through malicious auto-updates. 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. Not
> having auto-updates at all is a (legally) safe way to achieve that
> goal; if you do have them make sure 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 keep in mind that one of the consequences of a custodial
> relationship is that some legal authority might try to *force* you
> to seize user funds. StrongCoin made it 100% clear to authorities
> that they and sites like them are able to seize funds at will - I
> won't be surprised if authorities use that power in the future. The
> more automatic and less transparent an update is, the higher the
> chance some authority will lean on you to seize funds. So don't
> make it easy for yourself to meet those demands.
One suggestion you didn't mention was jurisdictional arbitrage - don't
be located in the same country as the majority of your users.
Or, from the other perspective, users should be strongly encouraged to
get their wallet software from companies/organizations not located in
the same country as them.
- --
Justus Ranvier | Monetas <http://monetas.net/>;
<mailto:justus at monetas.net> | Public key ID : C3F7BB2638450DB5
| BM-2cTepVtZ6AyJAs2Y8LpcvZB8KbdaWLwKqc
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š Original message:-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
On 01/20/2015 03:46 PM, Peter Todd wrote:
> But ultimately we're not going to know until court cases start
> happening. In the meantime probably the best advice - other than
> getting out of the wallet business! - is to do everything you can
> to prevent losses through malicious auto-updates. 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. Not
> having auto-updates at all is a (legally) safe way to achieve that
> goal; if you do have them make sure 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 keep in mind that one of the consequences of a custodial
> relationship is that some legal authority might try to *force* you
> to seize user funds. StrongCoin made it 100% clear to authorities
> that they and sites like them are able to seize funds at will - I
> won't be surprised if authorities use that power in the future. The
> more automatic and less transparent an update is, the higher the
> chance some authority will lean on you to seize funds. So don't
> make it easy for yourself to meet those demands.
One suggestion you didn't mention was jurisdictional arbitrage - don't
be located in the same country as the majority of your users.
Or, from the other perspective, users should be strongly encouraged to
get their wallet software from companies/organizations not located in
the same country as them.
- --
Justus Ranvier | Monetas <http://monetas.net/>;
<mailto:justus at monetas.net> | Public key ID : C3F7BB2638450DB5
| BM-2cTepVtZ6AyJAs2Y8LpcvZB8KbdaWLwKqc
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