One of the definitions of an oracle is “A person or thing regarded as an infallible authority or guide on something.”
In a town, a man walks his dog at 9:00 AM every morning. No matter what. His dog-walking schedule is so consistent that the townspeople rely on it to know what time it is in the morning. If the man is walking his dog, it must be 9:00 AM!
This man, whether he knows it or not, is an oracle.
How reliable is this man as an oracle? What if he gets sick, the dog runs away, or it rains? These could all interrupt his schedule and no longer make him a source of truth for when 9:00 AM is. …
When CryptoKitties launched back in late 2017, I bought a handful of kitties (seven or eight, including a rare Generation 0 kitty — our most beloved) with an address that we used for development and testing purposes. In hindsight, I don’t know why I used this address — I might have just been scrambling to get my hands on some kitties while the hype was real.
Months later, I decided to move those CryptoKitties to a newer address.
The original address held all the CryptoKitty NFTs but there wasn’t any ETH to transfer the kitties out. So, I sent .1 ETH to the address for the purpose of using it as gas to get the kitties out, assuming everything would work as expected. …
TL;DR: A USB drive can only act as storage for your keys and leaves you open to attack whenever you access it. A hardware wallet has your private key within it, never exposes that key, and requires physical confirmation to send a transaction.
Oftentimes you’ll see myself, another MyCrypto team member, or just some random person in the industry telling you to get a hardware wallet.
And oftentimes we hear the following:
Some of you might be fine without a hardware wallet. And that’s okay if you’re okay with putting yourself at risk. But sometimes risk turns into actual loss — we’ve spoken to plenty of people who opened up their wallet one day to see that their life savings turned into no savings. And a lot of times it’s because they stored their cryptocurrency improperly. …