MyCrypto Raises $4 Million and Does Not Care About Your Data

Giacomo Leo
Sep 1, 2018 · 2 min read

Even if Twitter shouts all the day about Ethereum capitulation and “ICO consultants” are nowhere to be found, it is news of yesterday that MyCrypto has raised $4 Milion to “make crypto easier”.

I started to follow Mycrypto since the February fork from MyEtherWallet and I appreciated the team and the CEO Taylor Monahan for their customer centric and caring attitude to users, old and new, compared to the general “it’s your f** business” approach of the other similar services.

Of the the most impressive thing MyCrypto does is that it does not collect users’ data.

From “The Blockchain and the Big Brother”:

MyCrypto doesn’t have analytics on any of our sites. This wasn’t an oversight — we decided not to implement them early on. […] To build a decentralized product and then throw a centralized, third-party analytics provider on it goes against what the blockchain is. The blockchain is about aligning incentives and decentralization. It’s not supposed to have central parties collecting all of your personal information. It is about breaking down walls and empowering the individual. It does this partially by making otherwise proprietary data (like financial transactions) public and verifiable, not by hoarding data and building moats.

I suggest everyone, blockchain product managers and not, to read the whole article.

The main points are: Why do we collect all this data? Do I need to know everything about my user to improve my product? How can I protect my user data?

A cryptocurrency wallet is one of the product most sensitive to security pitfalls, but that does not mean we should not taking into account those considerations when building other services.

As users we must also understand how the products we use exploit our data and act accordingly, instead of crying when companies behave in the way they warned us.

At the end of the article you can find some tools to protect yourself, but I reccomend a July article by the same author:

MyCrypto’s Security Guide For Dummies And Smart People Too

If you have nothing to do this weekend and you want to take your data security seriously, I suggest you to follow al the instruction. It should be more than enough for 99.9% of you.

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