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My interest in Crypto has only been of a shallow nature to date, but as market conditions worsen I have to look at things harder and longer.
I like this synopsis on MINA.
There is a lot of things mentioned that would be of concern to many. Looking at the bigger picture I am not so worried. There are other things mentioned though that are of a genuine fundamental concern, that effect all Cryptos.
The Internet was invented by the MIC as a distributed communication network for military purposes. I won’t go into the details other than if the worst happened, humanity would be gone but the communication network would still probably function.
If I go to the best informed, most ardent Crypto enthusiasts out there, Max Keiser springs to mind, the whole concept is that Crypto wealth is independent of Government. Not really true if the Military own the internet... and they do.
The problem with MINA, apart from having technical features that neither I nor "Crypto Guy" yet understand, is that it does have a "single point of failure" from the security standpoint. If the chain breaks down or gets compromised the archived data is kept on Google Cloud. That says it all for me. The Caveat is that a problem known and out in the open is more easily understood and solved. The hidden issues are more likely to trip us up.
There is a procedure for making Mina wallets from scratch which I am looking into using the MINA documentation. It would be nice to see a video on how to do that, but as yet it does not exist far as I can tell. There are some great videos on how to make a secure wallet from scratch on Bitcoin but I don't really want to buy Bitcoins. I may change my mind, but newer technology might be the future. When it comes to "Old Tech" I like cold wallets like gold and silver. Guns and ammo would be a nice security feature but sadly not allowed in the UK. -g-
After reviewing the above "Crypto Guy" video, it will be interesting if Ledger fully approves the MINA crypto or not. I suspect it may take a long time. MINA states that "so far so good" for Ledger, but that is a salesman line. To use Ledger for MINA you need to put it into developer mode as things stand, so your earlier suggestion is using a separate Ledger module for MINA would probably be the best compromise if that solution is chosen.
I fully expect lots of things to be going wrong in Crypto land as it really is in just an early experimental stage. I feel it's important I do pay some attention to it. Getting out of custodial wallets looks to be step one as you and TJ have suggested. If the likes of Coinbase go under though, and into BK land, the valuations of Cryptos may well tank unbelievably of course.
If the 2001 tech bust is anything to go by that is the road ahead. The 2001 tech boom was just a bit early for people and of course Wall Street exploited it like anything. Bubbles are bubbles. However, today, business and the Internet are completely intertwined. I buy stuff from China for pennies, and it turns up like magic a few weeks later. An Incredible financial and logistic journey really.
