just because here are a lot of people new to crypto, I want to share my thoughts. Online wallets are dangerous and defeat the purpose of a blockchain, because theire centralized and following reasons:
single point of failure:
All access the same point, you will need a hell of infrastructure just to run this online wallet, atleast if the coin gets big (which is kinda a joke if you think about that you have a blockchain that allready provide such an infrastructure). Attacks (no matter what type) have a good starting point, with this centralized wallet.
trust:
All your private keys for the blockchain are in the hand of a single company. I know all of you love the ETN team, but one fuck up and all is gone. Think about Mt.Gox or recently nicehash, nothing is 100% secured, so atleast make it hard for the crooks that want your coins. Why is the online wallet not open source ? Why didnt they release the source before going online, so the comunity could figure out holes ? They profit massivly on opensource by forking the work of monero and then decide to close source their wallet. Now its properly to late to publish the source because its to risky.
support:
If somthing is wrong, only the etn team can help you, think about how many users it supposed to get, they will need a huge team. Opensource software for Monero (ETN to come) have a huge comunity (even own stackexchange site) that can help you out.
If you really want to use a online wallet, only put as much coins on it as you willing to loose. I dont get why they would fork monero for "the masses". There aren't any light wallets, and because of the structure of Monero its hard to fasten things up, because their main point is privacy and ring transactions.
A blockchain is unhackable because you have thousands of nodes and its hard to even start an attack, you would atleast find a leak in the node software. There is no authority, that can take your coins away, it's a comunity running system, that is getting more secured with every user. So dont try to centralize a blockchain.
And to all the miners: dont use a pool that is close or even over 50% of the hashrate (IT IS NOT MORE PROFITABLE), it just opens the blockchains for attacks, dont even get me starting on this one.
It is your responsibility to keep your coins safe! Don't let this be the next big Crypto-Breach, because the etn team is great at markting !
Yes I posted similar concerns here recently. I was actually kind of shocked when I noticed that we are supposed to use their online wallet as a real wallet, I thought we would be forced to transfer the ICO coins to a local wallet where we actually control the private keys (like it has been with every other ICO I participated in). Even more shocking, not even the mobile wallet seems to have the option to use an encrypted wallet file stored locally on the phone. As you say, what is the point of using a cryptocurrency if all private keys are being managed by a centralized authority anyway?
