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Stolen money, multiple devices, etc...

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Written by   6786
11 months ago

I was reading this this article about a user who lost $0.19 and thinks that we took it.

The user in question @G3ni3r4L asks us: "what happen read cash are you scam now or your not safe anymore?"

This is funny. We have $100,000 in the fund, from which we send out $137 and yet we need to take this user's $0.19...

Let's clarify a few things here.

First of all, we cannot take your money. Your money is protected by your seed phrase. It is generated on your computer or mobile phone and never leaves it. That's why we're constantly telling you that if you lose your seed phrase - your money is gone forever. You can't use it, we can't use it, nobody can use it.

Look at this chart:

This is money in wallets that haven't moved in a week. We have about $2,000 in balances where people either just left or lost access to it.

When you lose your seed phrase - you can forever watch your money sitting idle on the blockchain if you still have your block explorer link or wallet address. That's the proof that we can't take it.

So, where's the money?

Since a user says that he can see the transaction on a block explorer - that means that somebody stole it (or that user tries to make us look bad). Who? Anyone with either access to user's computer or phone or with access to the place where user stored his seed phrase. Just came, pressed a button to send and there, done! Or took a photo of user's seed phrase.

By the way, if you think your seed phrase has been stolen - clean your cookies and ask read.cash to generate a new seed phrase (or go to this article and follow the instructions in the red box at the end). If your old seed phrase is in somebody's hands - they will continue stealing your funds.

Yeah, there is one possibility though where we could take your money, that is if we change the site code. We could, of course, someday say like "hey, let's steal everyone's money" and then publish the code that whenever user logs into the site, his money is sent somewhere. But you can do the same with any wallet or an exchange. The developers are responsible for not stealing things. So, read.cash is no better or worse than anyone here.

We could go even deeper and say that we really don't know what's on the chips that we use everyday. Maybe there's already code that one day will steal everybody's crypto. Far fetched, but it's still possible.

So, in practice we can't take your money exactly in the same way as Bitcoin.com wallet can't take your money.

Why do we then ask you not to keep more than $20 in your online wallet? Because even though we aren't going to take your money, but a talented hacker can potentially inject his own code into read.cash, which will steal your money. In that way, compiled wallets, like Bitcoin.com's wallet are safer.

I mean @MarcDeMesel trusts us with $97,000 (less, since the exchange rate went down) and yet people seriously assume we took somebody's $0.19 to scam them?... People, use your common sense. We give daily more than a few dollars in tips, why would we need somebody's $0.19?

Multiple devices

One more myth: "you can't use your seed phrase on two devices or you lose your funds":

@Jdine is right here. It's totally possible and you don't lose anything. There are many users on the site (including me), who use the same seed phrase on a desktop and on a mobile phone. It's pretty convenient.

If you want to use the same phrase on other device - make sure you have $0.00 (or send it somewhere firsts) on the device where you want to reuse the phrase, then go to this article and follow the instructions in the red box at the end.

UPDATE: User in question has violated rules since this article has been published by insulting a commenter in Tagalog language (and even mocking the user later by mistranslating it) and has been banned for it.

Reminder: if you are ever attacked by other user (insults, name-calling), press "Report it" and explain. This is explicitly forbidden and might result in a ban.

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Written by   6786
11 months ago
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