Post
Topic
Board Announcements (Altcoins)
Re: [ANN] [BLRY] **BILLARY COIN**| Multi Service Payment Solutions |
by
djslick
on 15/01/2017, 18:01:42 UTC
Please send request to ispace for POS mining

I like the idea of this service, however I am not convinced it is worth the security risk. Let me tell you why.

All services which require you to deposit and hold coins in their online wallets usually have a net benefit for the service to not run off with your coins. ie. an exchange can make more money from the trading volume on your account, than just shuttering their doors and running off with the money. That being said, I do like ispace, they were an early pool partner. However my business-sense gut is telling me that it's not a good idea to give up control of your coins for a service which doesn't have any big incentive to not just run away with the coins. At the end of the day, the whole revolution that crypto has brought to the people is the decentralized nature of currency. Once we voluntarily give that up to a 3rd party centralized entity, then we've lost the most important aspect of cryptocurrency: The ability and responsibility to maintain your own coins securely.

That being said, if there is a significant outcry from the community, I will contact ispace about the PoS online wallets. It is a convenient service, but ultimately not required or necessary, and the little convenience it offers comes with greatly lowered security for the user by letting someone else manage your wallet for you. Call me old fashioned, but I don't give out my private key, it's bad form in crypto!