The Fund Password Charade: Another Useless Security Layer?

Question

So they're peddling this new "Fund Password" feature, claiming it's gonna make your crypto transactions faster and safer. Let me tell you what I really think about this so-called "improvement" from my own experience.

I've been trading peer-to-peer for years now, and honestly, I'm skeptical of these constant "security upgrades." This new password feature is supposedly letting users complete transactions under $500 without SMS or Google authentication. Great, one more damn password to remember!

They're marketing this as some revolutionary solution to delayed authentication messages. Really? How about fixing your SMS system instead of making us create yet another password? And let's be real - if someone gets access to your device, this "Fund Password" becomes completely useless anyway.

I tried setting this up yesterday on my trading platform's app. The process was annoying - navigate through multiple menus, accept their fear-mongering risk warnings, and create a password with arbitrary requirements. Why eight characters with one capital letter and number? These arbitrary password rules don't actually improve security!

What they don't mention is how this could actually create MORE security problems. Users will inevitably reuse passwords from other services or write them down somewhere. This isn't enhancing security - it's security theater designed to make it look like they care about user protection.

The worst part? They limit this to transactions under $500. So I still need the regular 2FA for larger trades! Now I'm juggling multiple authentication methods depending on transaction size. How is this simpler?

P2P trading is supposed to cut out middlemen, but these exchanges keep adding layers of control while claiming it's for our "protection." I'm not convinced. If they really cared about security, they'd invest in better fraud detection systems rather than pushing responsibility onto users with yet another password.

I'll probably enable it because sometimes SMS authentication is painfully slow, but I'm under no illusion that this is some major security breakthrough. It's just another Band-Aid on a system that needs fundamental improvements.