/biz/ - Business & Finance

>>25446499
If you use the 25th word feature, yes 100% fine.
The problem with the 25th word is that it may lock you out of bithomp as I had issues generating addresses with bithomp using the 25th word feature of hardware wallets.

This means, if you lose your ledger/trezor, you cannot access your ledger/trezor wallet through bithomp.

But keeping the 24-word seed generated by ledger/trezor puts you at risk that ledger/trezor has ways of generating wallets, and that their algorithm isn't as random. This is pure trust in these companies.

Hence the need of tails/airgapped laptop and bithomp method.

So, realistically it's about how much you trust these companies on doing the right thing on the greatest and possibly *last* wealth transfer in human history.

Would people throw their reputations out in the trash to cash out at this perhaps once in history of humanity opportunity?

Your call. If you believe XRP will reach high amounts eventually, then you can never be skeptic or paranoid enough.

>>25341537
In case you're ever asked to hand away your crypto if it is discovered you have a ledger, you can have just a little bit on it and give it to the criminal while having most of the funds on the bithomp wallet.

Remember, the bithomp method works exactly the same as the ledger method, where your private keys are completely offline. You sign the transaction offline, and simply "broadcast" the transaction online. This is totally safe and done in electrum as it does not expose your private keys whatsoever.
To watch the funds of your wallet just go to bithomp.com/explore/(public address), and favorite that page.

>>25341562
You can but there are a few things to consider
1 - Ledger's randomly generated seed that you're using may not be entirely "random" and they may have ways to generate wallets. You simply cannot completely trust the way they generate the ledger
2 - The best way to mitigate this, is to generate your own per advice here >>2534150 (using keypass or dice method to generate entropy) and generate your own seed, and attach your own seed to the ledger

This will allow your seed to be compatible with bithomp in case you lose your ledger.

But note the advice above. I am definitely having a ledger but for some spare funds or for convenience funds.

The main one is fully airgapped away and, let's say, "with many backups and out of sight".

I paid $75 on my ledger, but who knows if I will not just throw it away after it moons...I'd prefer if no one ever knew I dealt with crypto.

But if you still trust ledger, and you're comfortable with all of the above, even letting them generate your own seed, then do what you feel it's best and appropriate.

For the largest wealth transfer in history, no amount of paranoia may be enough.

>>25341359
My friend, you have no idea.
We will be incredibly rich.

I sincerely suggest /xsg/ to hold their coins in a wallet using the bithomp method I explained a few threads earlier.

>>25310190
It's not as hot, but I would say anything that has private keys exposed to the internet (like when you're recovering the wallet) is hot to some extent.
The method with bithomp is very cold.

>>25309055
>>25309044
>>25309027
I would not leave any high amounts on a hot wallet. I would bet 25% of all my XRP at 2kish that shady shit will happen.

Yes airgapped laptop (or tails) + scan QR code with bithomp tools is safest way to go.

You can favorite the link on your browser (bithomp.com/explorer/(public address)) and use it as a watch wallet.

Btw, to those seeking to build their own cold wallet on an airgapped laptop/tails drive

You can watch the transactions/value of wallet/etc. on bithomp.com/explorer/(public address)

I'd very much suggest you all to do something to this extent. There's no telling the kinds of shady stuff that will happen associated with the sudden rise in price.

>>25303372
If you're going to use a laptop, then all you need is the githubs of bithomp tools, and Ian Coleman.

Generate the wallet on Ian Coleman, and work with the wallet through bithomp tools.
Let me know if you need help.
>>25303367
As far as I understand, most of the hacks occur because of spoofed phone numbers.
And hacks occur all the time.

With this method, the only way someone can get to your seed is if they have physical access to your USB drives/laptop, and even then, they have to crack the encryption or know the password. It's completely offline, and doesn't rely on trusting third parties.

Remember, throughout the rest of all human history, this may be the last wealth transfer.

This may be what will turn people into nobility and into plebs. You either have XRP or you don't.

Having a little bit of paranoia goes a long way in this situation.

A few things:
I prefer a tails USB over a laptop as, once you get through the hassle of installing tails (and it can be tricky for the first time), you can make multiple copies of it very very fast by cloning the usb drive to other drives. This makes it for very cost effective backup at $8 each USB drive, vs a more expensive laptop.

I have a ledger, but I have it for very small amounts of money.
The reason I don't use it, is because: I don't trust the way they generate the seed: you can use the ledger with your own seed generated per advice above, and in case you ever lose your ledger device, you can still access your ledger XRP wallet (with your ledger mnemonic) through bithomp offline, but having a separate bithomp wallet that has no offline access whatsoever for larger funds, and have a ledger wallet for day-to-day emergency funds, and an exodus/xumm wallet for even smaller funds is preferable IMO. You can save all of the mnemonics of the wallets in your tails drive also, and make a physical (metal) backup of them if you'd like.

To be honest with you, if there are rich folks in crypto, they are using methods similar to this, and not a trezor/ledger. I just do what I imagine they do as well.
>>25302262
Oh and here your phone is connected to the internet to sign the transaction, but it is all encrypted and does not have any sensitive information, so you insulate all of that through your tails/airgapped laptop.

If you want to send money while offline, through this wallet.
In Bithomp tools after inserting your seed (while offline), type the receiving address, type the amount, and the fee you want to pay.
Bithomp will generate a QR code, in your phone, get a generic QR code app and scan that QR code. The phone will give you a bithomp link with the transaction signed.
Open it and sign the transaction, and poof! You sent money without ever exposing your private seed to anyone.

The safest wallet:

Buy two or more USB drives.
Install tails on all of them, check tutorials, this or an air gapped, fully offline, never been online laptop is necessary.
Create an encrypted partition on tails on all of these files (or encrypt your laptop with veracrypt). Choose a good password.
Download this https://github.com/Bithomp/bithomp-tools
And save on all your tails drives/laptop
Download this
https://github.com/iancoleman/bip39
And save it to all your tails drives/laptop

Open Ian Coleman's website WHILE OFFLINE on tails, there will be an index.php on the src folder.
While on tails, open KeePassXC, go through the initial setup, and click on the "generate password". Generate a big password of a minimum of 256bit of entropy, by making it long, and complicated, play around a little bit. Copy that password

On Ian Coleman's OFFLINE BIP39 website, click on the box saying "show entropy details" and paste the password generated by KeePass noting how much entropy there is.
Generate your seed. Save it to a note inside tails, and make as many backups of that seed as possible (including physical).

WHILE STILL IN TAILS, OFFLINE Open BitHomp tools, Click Offline, Click Menmonic, paste your Mnemonic, the generated address in blue (on top of sign on behalf of a different address) will be your receiving address. Save that also if you'd like, and send it money as soon as you're ready.
Below you will also see that you're able to do transactions WHILE OFFLINE (this is amazing!) this means you are not required to ever expose your private seed if you want to send money from this wallet.
Cont.