I personally like the idea of a brain wallet really very much but in the end Nxt will have to change to a system with a local wallet.dat file because people are obviously too stupid to create save passphrase.
And I think any security that relies on that people can keep a file hidden on their harddrive is bound to fail too.
Consider that someone can steal your bitcoin wallet even in 20 years ... in many cases even some old file you left somewhere. And if you felt safe to use an easy password, then it will be broken in no time.
NXT's system is bad for short term PR, but better in the long term. Just wait for the day when some hacker sweeps all google-drives for wallet.dat's - that will be one big splash of hundreds of thousands of coins stolen.
If it's really just about 3 public cases where likely it was a brute force attack, then it doesn't seem a bad payoff. Time will tell.
Yeah but this starting to be slippery. Keeping all your money under your mattress or in a trash bag is bound to fail too. This is why in the long run crypto currencies, ironically, will probably result in crypto banks and these crypto banks will probably engage in fractional reserve banking (ironically we create these cryptos but end up back at square 1)
yes, i also think that in midle long run "safer" centralized solutions will emerge. but we "linux geeks with keepass installed" will still have option to use decentralized solutions
