Considering the potential for severe financial losses due to security breaches in the digital asset sphere, Consensys CEO and Ethereum co-founder Joseph Lubin has labeled crypto as “the hardest thing” in software history with respect to threats, vulnerabilities, and intricacy. During a conversation with ’s managing editor Gareth Jenkinson, Lubin stressed the critical nature of security within the crypto sector and drew parallels between its current state and the early days of banking. He also shared tips on how crypto users can safeguard their digital holdings.
Lubin highlighted that as the crypto industry matures, those involved in it must strive to develop more robust implementations of the technology. He likened the current state of crypto to the banking system over a century ago. “A hundred years ago, bank robbers pointed out security weaknesses,” Lubin noted. “It was a push-and-pull scenario as vulnerabilities were identified and addressed, much like how we now actively engage in identifying weaknesses through bounties and security audits.”
Drawing an analogy to the progression of security measures in traditional banking—from stagecoaches and vaults to modern safes and bank protocols—Lubin suggested that crypto security will similarly evolve over time. As the crypto domain continues to expand, Lubin warned of the need to brace for more substantial threats, as its increasing popularity may tempt more sophisticated malicious actors. “The entire world is transitioning to Web3 frameworks, decentralized protocols, and internet rails,” he remarked. “Consequently, threats will grow larger and more advanced, and we must be prepared.”
On June 6, a developer claimed to have lost approximately $40,000 in crypto within just two minutes after mistakenly posting secret keys on GitHub. Given the prevalence of hackers and scammers lurking to exploit users’ errors, Lubin was asked how people can protect their assets. He advised against accepting financial recommendations from social media and warned against sending funds to any individuals. “Avoid clicking on random links in emails or even on websites, as they can be hazardous,” he cautioned. “Store any digital assets requiring self-custody in cold storage if you plan to engage with anything.”
Lubin also compared the nascent stages of crypto to the early development of the internet. He mentioned that when the internet was first being built, it went largely unnoticed except by a few technologists, and unlike today’s situation, it wasn’t constructed on top of active financial systems. “We are perhaps doing the hardest thing in software history,” Lubin asserted. “The sheer volume of potential threats, vulnerabilities, and complexity is enormous.”
He further emphasized the challenges inherent in prompting a paradigm shift in global organizational structures. Lubin characterized this shift as moving “from a top-down command and control model through trusted intermediaries to a new decentralized trust paradigm where trust is generated from the bottom up.”
This transformation, Lubin noted, is fundamentally altering how trust and security are constructed in the digital landscape. He reiterated that the decentralized nature of blockchain technology, while offering great promise, also comes with its own set of complex problems that must be meticulously managed to prevent devastating consequences.
Lubin’s insights highlight the ongoing struggles and efforts needed to bolster security in the ever-evolving crypto world. This involves not just technological advancements but also community vigilance and adherence to robust security practices to fend off potential threats and safeguard digital assets effectively.
Great to see leaders like Lubin prioritizing security in crypto discussions. We need this kind of focus to move forward safely.
Sorry Lubin, but we need more than just warnings and comparisons. How about actionable solutions for a change? 😒🔓”
Lubin’s remarks seem like an excuse for why the crypto industry can’t get its act together on security. We need more than just historical analogies 📉👎.”
A hundred years ago, banks evolved because they had to. Crypto seems stuck in a perpetual cycle of hacks and scams with no end in sight .
Great analogy to early banking by Joseph Lubin! Crypto definitely needs robust security as it matures.
There’s no comparison between a century-old banking system and today’s crypto environment. Just more corporate smoke and mirrors 🚫🪞.”
It’s easy for Lubin to tell us what not to do, but where are the solid tools and foolproof systems? Advice isn’t enough 💼🔐.”
Gareth Jenkinson should’ve pressed Lubin for more concrete answers on security. Crypto’s vulnerabilities can’t just be brushed aside 🚧❗”
Learning about the dynamic world of crypto can be daunting, but Lubins insights make it clear: security is everything.
Hearing Lubin describe crypto security feels like hes telling us to expect even more catastrophic breaches. Not comforting at all .
Crypto is too risky. Even seasoned developers make costly mistakes almost instantly. $40,000 gone in two minutes? Not worth it .
A tech CEO saying crypto is the hardest thing in software history? That’s not encouraging one bit. More like a bad sign 😶🌫️.”
Interesting insights from the Consensys CEO. Security in crypto is a top priority to protect our assets.
I don’t buy Lubin’s argument that crypto security will evolve like banking did . The complexity and scale of threats are on another level!
This is getting ridiculous. Comparing early banking to todays crypto is like comparing apples to oranges . The stakes are so much higher now.
If crypto is the hardest thing in software history, maybe it’s time to reconsider the whole approach. Sometimes complexity just isnt worth it .
Lubin might be downplaying just how hard it is to safeguard digital assets. It’s way too easy to make a mistake and lose everything .
Thanks, Lubin, for the timely reminder! Security first in the crypto world. Let’s be vigilant out there.
All these warnings make me think twice about investing in crypto. The risk of severe financial loss due to security breaches is too high 😬💸.”
Totally agree with Lubin on the importance of robust security measures. The crypto world is full of possibilities and risks. 🛡️🚀
The comparison to early internet days is so true. We’re in the nascent stages, and strong security measures are crucial!
Absolutely agree with Joseph Lubin! Crypto security is no joke, it’s essential!