The Dogecoin saga continues as Freewallet responds to Musk’s claim that their app “sucks” because they don’t provide users with private keys
Freewallet talks Musk with Invezz
In an interview with Invezz, Freewallet have answered to Musk’s claim that their app “sucks” because they do not provide users with private keys.
Freewallet’s Head of PR, Solomon Brown, claimed that Musk was actually talking about “all hosted services” — which is certainly one way of interpreting the tweet.
On the issue of private keys, Brown said that “When you look at all the money that has been lost forever due to forgotten keys and other human errors, we think that it is pretty clear that there is a need for the convenience and security a service like ours provides”.
There is something to be said for this when you consider all the stories of wallet users accidentally locking themselves out of encrypted devices or losing their private keys, such as the programmer that has two guesses left to access his wallet of 7,000 bitcoins.
Freewallet added that, “It is unfathomable that over 20% of the total Bitcoin supply has been lost due to avoidable things, but that is the reality. Hosted wallets are not for everybody, but that is a decision that users should make for themselves.”
On the other hand, Musk’s argument stems from the fact that many in the crypto community are skeptical of centralising critical user information, such as private keys. The argument goes that holding your own keys makes you your own bank — and not having exclusive access to these puts this idea in jeopardy.
How it started
The argument began yesterday after Musk responded in
