I know this might sound a bit scary, but some blockchains have actually frozen funds to protect against hacks and shady transactions. This has raised some serious questions about how transparent and decentralized these systems really are.
Currently, there are 16 major blockchains that can do this. Plus, there are reports that another 19 are planning to implement similar features.
So what's your take on this? Would you still feel safe investing in these coins knowing they could freeze your funds? Is it a smart move to protect against hacks and fraud?
Blockchains That Can Lock Your Funds
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Similar discussion on two threads already
Warning! 16 Blockchains can freeze your coins!
Unsafe crypto assets
shard_bearMember
Posts: 3 · Reputation: 88
#3Dec 4, 2020, 12:14 AM
They can't free your account or wallet but instead they can lock withdrawal for their community coin or lock withdrawal for any tokens built on that blockchain. When an account is freezen, it means you can not perform any withdrawal from any blockchain on your wallet or account, they don't can freeze account or wallet, they can only lock a specific token or their coins in your wallet so that you won't be able to withdraw that coins, but you can withdraw any other assets you have in your wallet that is not locked.
I'm comfortable to invest on those coins. As ong as those coins were not stolen, they can't just be lock in my wallet without any reason, except if it's an order by the government to lock the coins of every holder, that's the risk.
If you are looking for real decentralized network that won't lock your coins, Bitcoin ans monero won't.
Thanks for this, I will have to lock this thread