Post: #1

I noticed that largest trading websites that operated cryptocurrencies 3-4 years ago, were all closed down, ran away with clients' money, or simply dissapeared into the void (btc-e, mtgox, bxcoin, etc)

Is there some straightforward way to be safe and sound in the cryptoworld,
without spending each time 15 minutes of all types of verification whenever
you want to login to your cryptocurrencies wallet?

What do you recommend?

Post: #2

A hardware wallet IMHO is the safest way of storing cryptos, some may say paper wallet but unless someone is pretty computer saavy they are still exposing their keys so for that reason I say hardware in terms of security and ease of use. That said I store money on exchanges and don't lose sleep over it. While it's not the smartest thing to do you can't compare MtGox to a Coinbase or Gemini, it's like comparing like AOL and Prodigy internet to the internet we have today, wierd analogy I guess but the industry as well as cryptos themselves have come a long way since then. Coinbase, Gemini and others are licensed, regulated, insured, in the case of Gemini your USD funds are FDIC insured so were not comparing apples to apples with MtGox versus some of these new exchanges.

That said don't keep huge amounts of crypto on exchanges if your not trading, always use 2FA with Authenticator NOT text, if storing money on Coinase your not trading with use the vault, etc, etc, etc.

I keep some money on Bittrex because when your holding 30 different altcoins and very few wallets hold many altcoins you'd literally have to manage like 20 wallets and to me that's more of a hassle than the security is worth plus I'd probably be more likely to lose access to a wallet myself knowing I"m disorganized, that's more likely than me being hacked IMHO.

Get a Trezor or Ledger though, if your serious about crypto there's no reason not to have one.

Post: #3

(11-10-2017 10:11 AM)kuros Wrote:  I noticed that largest trading websites that operated cryptocurrencies 3-4 years ago, were all closed down, ran away with clients' money, or simply dissapeared into the void (btc-e, mtgox, bxcoin, etc)

Is there some straightforward way to be safe and sound in the cryptoworld,
without spending each time 15 minutes of all types of verification whenever
you want to login to your cryptocurrencies wallet?

What do you recommend?

/thread-65598...pid1677049

Scroll down, whole thread about this... my post is a great head start

Post: #4

Hardware wallets are recommended by almost everyone, the problem is if your expensive hardware wallet gets stolen, you lost all your money just the same as you lost cash.

Plus it is complicated to set up, not accesible to be understood by 99.9% of population

Post: #5

(11-13-2017 08:28 AM)kuros Wrote:  Hardware wallets are recommended by almost everyone, the problem is if your expensive hardware wallet gets stolen, you lost all your money just the same as you lost cash.

Plus it is complicated to set up, not accesible to be understood by 99.9% of population

You realize two people already corrected you on that misconception in another thread a couple of days ago, right?

/thread-65723.html

You don't lose your money if your hardware wallet is stolen (and you haven't thrown out the passphrase seed you need to restore it).

Post: #6

(11-13-2017 08:47 AM)MikeS Wrote:  

(11-13-2017 08:28 AM)kuros Wrote:  Hardware wallets are recommended by almost everyone, the problem is if your expensive hardware wallet gets stolen, you lost all your money just the same as you lost cash.

Plus it is complicated to set up, not accesible to be understood by 99.9% of population

You realize two people already corrected you on that misconception in another thread a couple of days ago, right?

/thread-65723.html

You don't lose your money if your hardware wallet is stolen (and you haven't thrown out the passphrase seed you need to restore it).

Mike is correct and OP your doing a disservice to people steering them away from hardware wallets with this misinformation. If I lost my Trezor today I could buy another Trezor and recover my wallet, and even if I didn't want to buy another one I could recover through Electrum. THere is also no risk to my Trezor floating around lost as without my pin someone could not access my wallet.

Just to be clear it is NOT TRUE that a lost hardware wallet equals lost crypto.

Post: #7

I was asking because I do not have the knowledge and I admit this hardware wallets stuff is difficult to understand/use.

Plus also there is a significant cost of this actual hardware wallet.

And what if Electrum or Trezor decide to just cash out all the bitcoins from the hardware wallets they control/sold?

Post: #8

(11-19-2017 07:20 AM)kuros Wrote:  I was asking because I do not have the knowledge and I admit this hardware wallets stuff is difficult to understand/use.

Plus also there is a significant cost of this actual hardware wallet.

And what if Electrum or Trezor decide to just cash out all the bitcoins from the hardware wallets they control/sold?

They don't have access to your wallets.

Post: #9

So they say, anyway.

Post: #10

(11-19-2017 07:20 AM)kuros Wrote:  I was asking because I do not have the knowledge and I admit this hardware wallets stuff is difficult to understand/use.

Plus also there is a significant cost of this actual hardware wallet.

And what if Electrum or Trezor decide to just cash out all the bitcoins from the hardware wallets they control/sold?

Hardware or Paperwallets if done correctly are the safest way to store your coins. I like the Trezor because it's open source so while I'm not smart enough to examine the code others out there have and sayit's safe. Ledger isn't open source so it's my understanding your kind of trusting them a bit which some people may or may not like.

People who have looked into it and examined it say there's no way for Trezor to access your coins. There have been weaknesses found with the Trezor but the one weakness that was recently patched required someone actually have your device and even then it would take a very bright person to do this, and again since it's been patched. Point being your roomate isn't going to be able to find your Trezor and steal your coins unless he's a computer wiz and now it's been fixed.

Electrum is a pretty good wallet and open source but again Hardware wallets are key.

If your serious about crypto and plan on being in this space for a while, and/or if you have a significant amount of money in crypto it's dumb not to get a hardware wallet. I see people who have 50k in Bitcoin but cheap out on a $100 device to protect it. The Trezor is a little costly but a Ledger is only something like $58 or there abouts.

Also, just to be clear because I know you've worried about this in a few posts. If you physically lose your Trezor your coins are not lost, you can recover them with another Trezor or even a software wallet.

Post: #11

Hardware wallet is safest, get a nano ledger S.

Storing it on an exchange means that the exchange has your private keys, they can just make your crypto disappear...also exchanges can get hacked as we've seen with mtgox

Post: #12

Hardware wallets are just used to sign transactions. The disadvantages of hardware wallets are that you can miss opportunities on trades when you need to be fast. 2 weeks ago BCH was at $2200. I tried selling it but it took 3 hours to send BCH to an exchange. The blockchain was extremely backed up (rumor has it that whales were purposely purposely backing it up with lots of transactions so they could dump). But the time my BCH hit an exchange the price dropped nearly $800. I managed to profit nicely but at an opportunity cost of mid-4 figures profit. Had my BCH been on an exchange already I could have sold at $2200. I'm over this hardware wallet shit. Sick of missing opportunities. You might get hacked if you're on an exchange but you can also miss out on massive opportunities.

Post: #13

(11-13-2017 05:17 PM)jamaicabound Wrote:  

(11-13-2017 08:47 AM)MikeS Wrote:  

(11-13-2017 08:28 AM)kuros Wrote:  Hardware wallets are recommended by almost everyone, the problem is if your expensive hardware wallet gets stolen, you lost all your money just the same as you lost cash.

Plus it is complicated to set up, not accesible to be understood by 99.9% of population

You realize two people already corrected you on that misconception in another thread a couple of days ago, right?

/thread-65723.html

You don't lose your money if your hardware wallet is stolen (and you haven't thrown out the passphrase seed you need to restore it).

Mike is correct and OP your doing a disservice to people steering them away from hardware wallets with this misinformation. If I lost my Trezor today I could buy another Trezor and recover my wallet, and even if I didn't want to buy another one I could recover through Electrum. THere is also no risk to my Trezor floating around lost as without my pin someone could not access my wallet.

Just to be clear it is NOT TRUE that a lost hardware wallet equals lost crypto.

Important post to not miss. ^^

Also if you're serious about your holdings (and talking about it here on a public forum) be sure you're near expert-level knowledgeable in internet security.

Too many idiots out there sharing information about their own holdings and dealings.

Post: #14

(11-19-2017 09:55 AM)SamuelBRoberts Wrote:  So they say, anyway.

Yes, exactly, that's what they claim...