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Digital Domain - Goodbye, Passwords. You Aren’t a Good Defense. - NYTimes.com
Passwords aren’t really that bad. The good thing about passwords is that you can seperate access to services by having different passwords for each service. The problem with any kind of Single Sign On system especially one that involves certificates is that when you login to your email at that internet cafe you’ve now given the admin of that computer access to every other service that to auth to that uses that same certificate.
The major problem with security is that it always relies on something that is unique to you, but nothing is totally unique.