Quote from: dan9575 on June 04, 2013, 05:42:40 PM

Quote from: davecoin on June 04, 2013, 03:57:07 PM

Account > Google Authenticator > Scan the QR > type in the time sensitive code

methinks.

ahhh 2 factor authentication, now i understand the abbreviation. thank you. i've already got that, seems like 2.5 btc is a little low for a 24 hour period.

Look at it like a bank might. Do they put their entire cash reserve into the drive-thru ATM? Or do they put a fraction of their cash reserve in the ATM and then allow $200 - $300/day out of it per account?

It's the same concept. We don't want someone to drive up, attach a tow hitch, and drive off with our entire cash reserve. (hack the wallet)

Instead we keep it locked up inside. Where if you go inside and talk to a teller (manual withdrawal) you can take out however much you need, with slight inconvenience.

Trust me, this system isn't there because it's convenient for us. It's a huge PITA to keep on top of it. It's there for you, to protect your coins. In BTC-land there's no FDIC equivalent, and no reasonable place for us to go to get insurance. We have to do absolutely everything we can to protect everyone involved. In fact, (and this is me on my soapbox, no doubt) I would very closely scrutinize any site that does not have similar procedures in place. Ask yourself "what happens when they get hacked?".

Cheers.