☑ [ANN] ☰ [ ICO 06|04|2017 ] ☰ Humaniq

Quote from: mummybtc on March 10, 2017, 08:31:24 AM

Quote from: fennyllywof-7700 on March 09, 2017, 08:45:55 PM

"iamnotback" pointed out that there is a major design flaw in the concept.

So you guys are just going to ignore this and potentially expose millions of your customers to the situation of losing their funds.

It's becoming very obvious that you are only concerned with raising the cash for yourself and don't care about the unbanked because otherwise, you

would have already come up with an answer to his legitimate concerns.

I know there are some things begging for answers from Humaniq team, but ti say they don't care about the unbanked is a flawed argument. The iamnotback you are quoting has is own stance about ICOs and anyone is entitled to his opinion but to come here and make such huge claim is wrong on your own part. It is just like asking a Vegie's view on meat

well they obviously do not care about the unbanked if they are still going ahead with the crowdfunding despite these very legitimate concerns.

"iamnotback" might have his faults but the points he has made need to be clarified because they expose points of failure in humaniq's design which

could result in their customers LOSING ALL THEIR MONEY

quoting "iamnotback":

if that mobile device is lost, stolen, or accessed even momentarily by a hacker (even if they just extract the keys and device ID perhaps even remotely and don't perform the attack over the user's mobile device), then the attacker only needs to fool the face and video identification system in order to steal the user's funds. They could for example exchange them for Bitcoin and be gone.

Secondly, if user loses his device he has lost his keys. So the only way those keys could be recovered (again meeting your requirement that users don't have to ever mess with keys or store them in a paper wallet) is if some centralized service is storing the keys and can perform a recovery process that identifies the user. But again the attacker can game this recovery process, perhaps unless it is administered by a real human interrogator. And the centralized service becomes a huge attack surface for a hacker to steal all the users' keys (Bitcoin exchange failures show it is a serious risk). And of course as you admit on page 20 of your whitepaper, then it means the biometric identification is not decentralized on the blockchain, but a centralized service.

1% or even 0.1% rates of theft would still be unacceptable.

so spare me your indignation, okay mummy.... Roll Eyes