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Who do you trust?

  • 13-12-2020 11:11pm
    #1
    Registered Users Posts: 169 ✭✭ Daithi40
    Registered User


    Evening, was thinking over the last couple of days with the introduction of new Exchanges and in particular new mobile apps that it might be interesting to pool our knowledge about where do you trust to keep your sats safe?

    OK,I have a nano ledger which I use (but not enough, as I'm lazy) and I also have crypto sitting on a few exchanges.... historically most of my stuff sits on kraken, but I also have smaller amounts on coinbase (from free earn cryptos).... however more recently out of ease of use i have about a grand in crypto.com and wirex....

    So, the question is..... would you? do you? where's this going with the improved ease of use on DeFi and staking.... I'm debating how much I trust the likes of crypto.com to set up a weekly or monthly standing order from my sepa a/c, dca and leave it there?

    Thoughts?


Comments

  • Registered Users Posts: 24 ✭✭✭ Lexio7
    Registered User


    I don’t have a huge amount of Btc but all my holdings are kept on my ledger. It would kill to loose my holdings due to a hack, only for them to appreciate in value in a couple of years.


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User




    64e64e5535d2f2e00de5965d9a283d50.gif

    Hmm. Timestamp 2m18s. Boards ignores timestamps? Weird.


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor
    Registered User


    if you plan to hold long term then you cant beat the security of a hard wallet


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat
    Registered User


    Daithi40 wrote: »
    Evening, was thinking over the last couple of days with the introduction of new Exchanges and in particular new mobile apps that it might be interesting to pool our knowledge about where do you trust to keep your sats safe?

    OK,I have a nano ledger which I use (but not enough, as I'm lazy) and I also have crypto sitting on a few exchanges.... historically most of my stuff sits on kraken, but I also have smaller amounts on coinbase (from free earn cryptos).... however more recently out of ease of use i have about a grand in crypto.com and wirex....

    So, the question is..... would you? do you? where's this going with the improved ease of use on DeFi and staking.... I'm debating how much I trust the likes of crypto.com to set up a weekly or monthly standing order from my sepa a/c, dca and leave it there?

    Thoughts?

    The staking returns on binance are insane at the min to be fair.

    Im a hodler so I try to keep my ETH and btc in cold storage.


  • Registered Users Posts: 1,022 ✭✭✭ bfa1509
    Registered User


    I've been reading some horror stories online around crypto loss. Honestly, there is a bigger chance of me losing my cryptocurrency out of doing something idiotic than a hacker stealing it. This is my biggest fear and the reason I leave mine on the exchange.

    What system has the best ratio of idiotproof to security? 2FA? I don't like the idea of Trezor given the age-old notoriety of thumb drives and their ability to go missing!


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  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    bfa1509 wrote: »
    What system has the best ratio of idiotproof to security? 2FA? I don't like the idea of Trezor given the age-old notoriety of thumb drives and their ability to go missing!

    Hmm. Depending on the amount of money, exchanges which insure and guarantee your funds are most idiot proof. Use 2FA. Use multiple similar exchanges if you have a large spread.

    I don't like it, but at least they have a buffer of funds in case of hacks. There is no buffer for you being an idiot on-chain if you think you may be an idiot.

    There is nothing as secure as only-you owning your keys.


  • Registered Users Posts: 1,022 ✭✭✭ bfa1509
    Registered User


    grindle wrote: »
    Hmm. Depending on the amount of money, exchanges which insure and guarantee your funds are most idiot proof. Use 2FA. Use multiple similar exchanges if you have a large spread.

    I don't like it, but at least they have a buffer of funds in case of hacks. There is no buffer for you being an idiot on-chain if you think you may be an idiot.

    There is nothing as secure as only-you owning your keys.

    I thought as much. I have half and half spread over Kraken and coinbase but never looked into if or how much they guarantee. Even the thought of 2FA gives me the sweats as I can picture locking myself out long before a hacker.


  • Registered Users Posts: 279 ✭✭ Mucashinto
    Registered User


    Daithi40 wrote: »
    Who do you trust?

    Sheeeeeeeeit. In this crypto game? I ain't trust no mothafukka.

    :)


  • Site Banned Posts: 113 ✭✭ Dunfyy
    Banned


    Here's how to set up cold storage for your Bitcoin wallet:

    1. Paper Wallet
    The easiest way to take your Bitcoins offline is by using paper and a printer. Yes, really. You'll also need a website that allows you to create an offline Bitcoin address, such as Bitcoin.com or Bitaddress.org. Follow these steps to create a Bitcoin paper wallet:Head to the Bitcoin.com Paper Wallet or the Bitaddress.org page.

    Save the page locally to your computer as an HTML file.

    Next, close the page and disconnect your computer from the Internet.

    Open up the saved local version of Bitcoin.com paper wallet or Bitaddress.org.

    Follow the instructions on the page to create a new Bitcoin address.

    Once you've a pair of keys and QR codes, print the page. Make sure your printer is not connected to the Internet for added security.

    You can now use the new public address/ QR code to transfer Bitcoins from another online wallet.

    The printed page is the most valuable piece of document for your Bitcoin investment. You should ideally store the printed page in a water and fire-proof container, such as a safe. If that's not an option, create multiple versions of it and give it for safekeeping with trusted family, in the case of damage to your version. You could also laminate the page for protection.


  • Registered Users Posts: 2,723 ✭✭✭ stockshares
    Registered User


    I was looking at alternatives to ledger and seen Cobo Air Gapped Hardware Wallets. They are limited by coins available but they will delete your data immediately upon request
    https://www.coingecko.com/buzz/cobo-vault-pro-review-convenient-yet-secure

    I had been thinking of using an Air Gapped method to sign transactions offline by using either an online phone with an air gapped phone in airplane mode or an air gapped PC connecting to an online phone using a Usb stick.

    However even air gapped machines are susceptible to attacks. See below. The attacks are quite ingenious but you would have to be deliberately targeted.
    https://arstechnica.com/information-technology/2018/04/new-hacks-siphon-private-cryptocurrency-keys-from-airgapped-wallets/

    As Grindle said above I'm starting to think leaving it on exchanges is a better option.

    Btw in order to stake coins do you have to leave them on an exchange/network or can you stake them from your offline wallet?


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  • Registered Users Posts: 169 ✭✭ Daithi40
    Registered User


    I was looking at alternatives to ledger and seen Cobo Air Gapped Hardware Wallets. They are limited by coins available but they will delete your data immediately upon request
    https://www.coingecko.com/buzz/cobo-vault-pro-review-convenient-yet-secure

    I had been thinking of using an Air Gapped method to sign transactions offline by using either an online phone with an air gapped phone in airplane mode or an air gapped PC connecting to an online phone using a Usb stick.

    However even air gapped machines are susceptible to attacks. See below. The attacks are quite ingenious but you would have to be deliberately targeted.
    https://arstechnica.com/information-technology/2018/04/new-hacks-siphon-private-cryptocurrency-keys-from-airgapped-wallets/

    As Grindle said above I'm starting to think leaving it on exchanges is a better option.

    Btw in order to stake coins do you have to leave them on an exchange/network or can you stake them from your offline wallet?

    afaik they need to stay on the exchange etc, the ones I have staked do require that I can't take them offline, which makes sense in my head


  • Registered Users Posts: 32,645 ✭✭✭✭ BorneTobyWilde
    Registered User


    Dunfyy wrote: »
    Here's how to set up cold storage for your Bitcoin wallet:

    1. Paper Wallet
    The easiest way to take your Bitcoins offline is by using paper and a printer. Yes, really. You'll also need a website that allows you to create an offline Bitcoin address, such as Bitcoin.com or Bitaddress.org. Follow these steps to create a Bitcoin paper wallet:Head to the Bitcoin.com Paper Wallet or the Bitaddress.org page.

    Save the page locally to your computer as an HTML file.

    Next, close the page and disconnect your computer from the Internet.

    Open up the saved local version of Bitcoin.com paper wallet or Bitaddress.org.

    Follow the instructions on the page to create a new Bitcoin address.

    Once you've a pair of keys and QR codes, print the page. Make sure your printer is not connected to the Internet for added security.

    You can now use the new public address/ QR code to transfer Bitcoins from another online wallet.

    The printed page is the most valuable piece of document for your Bitcoin investment. You should ideally store the printed page in a water and fire-proof container, such as a safe. If that's not an option, create multiple versions of it and give it for safekeeping with trusted family, in the case of damage to your version. You could also laminate the page for protection.




    Whoosh ...


  • Registered Users Posts: 58 ✭✭ Spanishpoint
    Registered User


    Lexio7 wrote: »
    I don’t have a huge amount of Btc but all my holdings are kept on my ledger. It would kill to loose my holdings due to a hack, only for them to appreciate in value in a couple of years.

    Exactly, always holdings in a ledger


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,761 CMod ✭✭✭✭ unkel
    King Elon I


    Exactly, always holdings in a ledger

    The whole world now knows who you are and where you are thanks to the ledger hack :p

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



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