/biz/ - Business & Finance

[Anonymous No.52617531]

self custody is scary as fuck. if you use 3rd party wallets, you have to afraid of back doors to your private keys, or virus and keyloggers stealing your keys. If you make a paper wallet, you have to make sure it’s safe and you copied the private key correctly. If you use ledger, you have to make sure your stick doesn’t die. if you leave coins on an exchange, the exchange might rug.

air gapped paper wallet is the best, but you need to make sure your private key is correct and safe. Also you need to copy the private key to a hot wallet and then it becomes vulnerable.

[Anonymous No.52617542]

>>52617531
Just don't be a retard

[Anonymous No.52617592]

>>52617531
>If you use ledger, you have to make sure your stick doesn’t die
no you don't. you can throw it in fire if you wnat

at this point you all have to be baiting with such retarded bullshit, hardware wallets aren't that complicated

[Anonymous No.52617596]

>>52617592

>muh magic stick is indestructible

kys

you are fucking retarded if you don’t use paper wallets

[Anonymous No.52617662]

>>52617592
closed source backdoor exploits are what i worry about with ledger

[Anonymous No.52617691]

>>52617531
>use hardware wallet
>keep seed words stored safety in a bank safety deposit box

wow so hard

[Anonymous No.52617959]

>>52617592
Ledgers are an absolute meme for retards unaware of crypto's original purpose. If the this last year has proven anything, it's that trusting centralized institutions of any kind to take care of your assets is absolute mongoloid-tier.

[Anonymous No.52618025]

>>52617691

>stores his crypto in a bank

[Anonymous No.52618103]

>>52617691
>trusting the bank to keep your crypto safe
one of the most ngmi things I’ve read on this board

[Anonymous No.52618120]

Just memorize your private key wtf brain wallet is best wallet

[Anonymous No.52618129]

>>52618025
>>52618103

>not storing valuables in a facility literally designed to store valuables

your loss I guess, enjoy the next CEX hack

[Anonymous No.52618146]

>>52618129

how is handing your keys to bank any better you fucking idiot?

I would literally drain your wallet if I worked at the bank

[Anonymous No.52618177]

>>52618129

how is handing your keys to bank any better you idiot?

[Anonymous No.52618182]

>>52617531

>Didn't lock it in with a Trezor.

[Anonymous No.52618205]

>>52617592
Ledger is basically the crypto equivalent of a guy who designs locks and safes but leaves his house everyday with the windows open and doors unlocked. They've made this allegedly secure product meanwhile their website has been absolutely ran through by hackers for the last 5 years. There's not one piece of user data they've been able to secure. They suck

[Anonymous No.52618217]

>>52618177
your seed phrase is kept safe in a place literally designed to keep valuables safe as opposed to kept in some drawer in your own home

i'd much rather keep my hardware wallet and seed phase completely separate so that even if my house burnt down or some shit i'd still have my seed phrase safe. the bank isn't going to rob what little crypto I have

[Anonymous No.52618234]

>>52618217
>>i'd much rather keep my hardware wallet and seed phase completely separate so that even if my house burnt down or some shit i'd still have my seed phrase safe.
That's why I use KeePassXC to store my seed phrases and store copies of the encrypted-with-strong-passphrase DB file on computers thousands of miles away from each other. My entire state could get wiped out by volcanoes and my crypto wallets would survive assuming I did.

[Anonymous No.52618257]

>>52617531
Wait i want to add on to your parade of imaginary horribles, a tidal wave might hit earth from neptune, an asteroid might you in the face, biden might launch a tungsten rod of god into your back yard. you might get aids from fucking too many homosexuals. keep going

[Anonymous No.52618263]

>>52618120
> gets hacked by a mind reader
Ngmi

[Anonymous No.52618290]

hOW AM I SUPPOSED TO SCALP with this retarded shit.

hodlers are pathetic.

[Anonymous No.52618304]

there absolutely, sure are an overwhelming amount of case studies of legder accounts being drained. feel free to post them here so newfags can learn

[Anonymous No.52618457]

>>52618290
kek swingies

[Anonymous No.52620099]

>>52617691
I still see this as something for boomers, wanting to keep everything in a safe is still a old fart thing
I don't see myself trusting my holoclear bags in shit that can literally break with a stomp lmao

[Anonymous No.52620808]

>>52617531
>self custody is scary as fuck.
Start with a small amount to get comfortable then.

> if you use 3rd party wallets, you have to afraid of back doors to your private keys, or virus and keyloggers stealing your keys.
What is a "3rd party wallet"? Do you mean "a wallet"? All those concerns are true for your Coinbase or whatever account too. Only twice, because you have to trust YOU don't have a keylogger on AND Coinbase employees don't either.

> If you make a paper wallet, you have to make sure it’s safe and you copied the private key correctly.
That's why we have been using seed phrases for a number of years now. Very easy to copy by hand.

> If you use ledger, you have to make sure your stick doesn’t die.
No, you don't. That's the point of paper seed backups. If your ledger, trezor or whatever dies, you can get a new one and restore from the seed backup. Or you use an airgapped computer with Electrum or Sparrow Wallet to recover, if you can't get a hardware wallet or don't want one.
> if you leave coins on an exchange, the exchange might rug.
True. Luckily self custody is really easy. If you can produce your birth certificate from your "important documents binder", you can self custody bitcoin.
>air gapped paper wallet is the best, but you need to make sure your private key is correct and safe. Also you need to copy the private key to a hot wallet and then it becomes vulnerable.
Both are wrong. First, paper wallets with individual private keys suck. Seed phrases are better, because they are easier to write and read for humans. But neither have to be exposed to a hot machine for spending. You can import either into Electrum running on a permanently airgapped computer.

[Anonymous No.52621503]

>>52617531
Pick a famous book and use words from the book as your seed phrase eg the first word from each chapter of John Steinbeck's 'The Grapes of Wrath'. Then you don't have to write it down anywhere and if the HW is lost/damaged you can go to a bookshop and retrieve your seedphrase. Easy.

[Anonymous No.52621657]

>>52621503
Great way to lose your stack. People, don't event your own crypto (as in cryptography)! You suck at it!

> Just lost 4 BTC out of a hacked brain wallet. The pass phrase was a line from an obscure poem in Afrikaans. Somebody out there has a really comprehensive dictionary attack program running.
>
> Fuck. I thought I had my big-boy pants on.

> https://www.reddit.com/r/Bitcoin/comments/1ptuf3/brain_wallet_disaster/

[Anonymous No.52621745]

>>52618234
You typed your seed on a computer? RIP

[Anonymous No.52621785]

>>52617531
You're just too retarded to pull it off. There's nothing scary if you do it right, but it's not easy and it takes time to learn.

[Anonymous No.52621823]

>>52617531
get an apple mobile device, literally unhackable by non-state actors

[Anonymous No.52621860]

>>52617691
>crypto
>bank
Anon, you're kind of missing the point here...

[Anonymous No.52621903]

>>52617531
how about airgapped cold wallet that uses QR codes to sign transactions, so you dont have to risk getting keylogged by opening a hot wallet?

[Anonymous No.52621958]

>>52617531
Create a mnemonic rule to encrypt your paper wallet with a substitution cypher.

You could create however many abstraction layers as you like but keep it simple.

Shift all letters to the next character and convert them to their corresponding number +1

So b=4 where j=11

[Anonymous No.52622095]

>>52617531
I just cant relate to any of these wallet scare. I have my assets on Railway private wallet with balance shielding feature, private Txns and anonymity.

[Anonymous No.52622177]

>>52617691
The bank can seize the contents of your box at any time.

[Anonymous No.52622188]

But all you need is a ledger and to keep your phrase safe

[Anonymous No.52622280]

lmaoing hard at the retards in this thread who actually think that breaking a ledger equals losing your keys

based retards

[Anonymous No.52622458]

>>52622188
>>52622280
>sirs plese bui legend very good wollet!

[Anonymous No.52622909]

>>52621958
this is extremely easy to crack
just use a passphrase wallet as your main, so even if someone got your seed words, they'd still need your passphrase to steal your coins

[Anonymous No.52622915]

Use ORE ID. You don't have to worry about multiple keys if you can encrypt them into a single PIN with no custodial risks.

[Anonymous No.52622918]

>>52622188
ledger conducts mass surveilance on users by gathering their public keys and addresses, so when their data gets breached again youll probably get wrenched

[Anonymous No.52622938]

>>52617691
A non-custodial wallet with a key management system shouldn't be hard

[Anonymous No.52622995]

>>52617596
>muh magic stick is indestructible
OP confirmed witmidget. Your wallet is the seed phrase, not the fucking usb stick.

[Anonymous No.52623138]

>>52621823

Just download Railway private wallet from the Appstore and thank me later.

[Anonymous No.52623210]

>>52617531
Yes this is why this whole crypto retardness was complete bullshit from the get-go.
Imagine losing all your wealth because your USB key died or because you lost a post-it. And that's best case scenario. The others two being : getting hacked or your shitcoin getting rugpulled.

[Anonymous No.52623443]

>>52622188
Looking forward to Railgun's Ledger support. IMO, safety is not complete without some privacy.

[Anonymous No.52623612]

>>52622915
A single PIN to access multichain is quite innovative.

[Anonymous No.52623631]

>>52622938
There are a number of identity management products out there that can be integrated with wallets to manage keys and seedphrases.

[Anonymous No.52623645]

>>52617531
here is the idea, make a paper wallet but find a way to apply encryption of any type to the written down word/letters ... , this way someone can steal the paper as long as he doesn't get the phrase right you are safe.
(probably improvable idea.)

[Anonymous No.52623659]

>>52623210
Nothing is completely fail prove kek.

[Anonymous No.52624012]

>>52623645
>forgets your makeshift encryption used
>forgets your key used in encryption
a great, novel idea

[Anonymous No.52624151]

Three lawyers on separate continents have 1/3 multisig that decodes 1 of a 3/4 multisig.
Another set of three lawyers for signature 2.
Two other keys are engraved slightly hidden on family heirlooms.

I haven't spent enough time thinking about this, there are way too many options.

[Anonymous No.52624178]

>>52617531
Don't put your crypto on your gay little gaming PC. Set up dedicated, OpenBSD server with your crypto.

Do you think FTX is secure? What do you think the morons at these exchanges do? They're all midwit engineers who are probably even worse at computer security than you are.

[Anonymous No.52624182]

>>52617531
Write it down and buy a gun retard. You can manage your funds better than a globohomo corp, you just have to be smarter than the average fucking retard.

[Anonymous No.52624198]

>>52617592
this, if you can't figure out a hardware wallet you're below average intelligence and probably have much bigger problems

[Anonymous No.52624212]

>>52617691
Good quality bait 8/10

[Anonymous No.52624318]

>>52617542
Im just clumsy, I always make retarded mistakes.

[Anonymous No.52624344]

>>52624318
Also, all “hardware wallets” are made by centralized institutions you have to rely on

[Anonymous No.52625392]

>>52617531
I've been literally using metamask web wallet for 6 yrs and nothing happened, just don't be a retard

[Anonymous No.52625639]

What surprises me is that hodlers aren't regularly reporting that their cold storage wallet empited by a brute force attack.
State actors with unlimited resources must be running brute force on 12/24 word combos constantly to see if that gains them access to a wallet.

[Anonymous No.52625698]

>>52617531
Arculus.

[Anonymous No.52625733]

>>52625639
>unlimited resources
Is not a helpful simplification.
>I spent $100 in energy to get $1 using my nation state tier powers
>yay, let's scale this up!

[Anonymous No.52625758]

>>52625733
I know, but we're betting that nothing super efficient/advanced is out there. You think the NSA or CIA wouldn't empty a wallet they hacked into?
It's interesting that this doesn't appear to be happening. Or maybe it is

[Anonymous No.52625818]

>>52625639
>>52625758
Only feasible with a quantum computer, and if they have that, then they might as well be cracking billionaire and trillionaire bank accounts since they're lower hanging fruit than some baggie's ledger desu.

[Anonymous No.52625833]

>>52625758
Governments are behind technologically. Bell Labs and all that is long dead. The big defense contractors make the dumbest shit.

[Anonymous No.52625842]

>air gapped paper

[Anonymous No.52625914]

>>52617596
Paper wallets leave you vulnerable to keyloggers. A ledger can safely be used on an infected computer because the seed never leaves the device.

[Anonymous No.52625926]

>>52617959
Using a ledger doesn't mean trusting a centralized institution. The company can go bankrupt + your ledger can be destroyed and you still don't lose anything as long as you have your seed. Why is everyone too dumb to understand how hardware wallets work?

[Anonymous No.52625961]

>>52625914
>paper wallets
>keyloggers

>paper

[Anonymous No.52625967]

>>52625961
oh wait they can keylog you typing in the 12 words

nvm

[Anonymous No.52625995]

>>52625926
Because the schizos think there is a backdoor sharing additional information with the company.

Wouldn't be surprised considering the backdoors integrated in CPUs too, but that's also why you're never getting away from that fear.

[Anonymous No.52625999]

>>52625961
How do you plan on using a paper wallet without exposing it to a virus that reads everything on your computer?

[Anonymous No.52626017]

>>52625995
No need to be suspicious when you can monitor all outgoing network requests yourself.

[Anonymous No.52626867]

>>52624318
>Im just clumsy, I always make retarded mistakes
You'd be great politician then

[Anonymous No.52628804]

>>52617531
>If you use ledger, you have to make sure your stick doesn’t die
not true at all but yeah keep fudding lol

[Anonymous No.52628907]

>>52626017
high IQ answer I am ashamed of never having thought of
if they were doing this im sure some autist would've found out.
though they also could've killed said autist and covered it up

[Anonymous No.52629028]

>>52618025

[Anonymous No.52629075]

>>52617531
Air gapped with a dedicated crypto computer that you never daily drive is best. Stick the paper wallet in a safe.

If you want to go further buy yourself a small laser engraver and etch it into a piece of metal. Or buy those metal wallets that lets you piece your phrase together.

Have your wallet encrypted by embedding it into other text is another layer of security.

[Anonymous No.52629176]

>>52617691
But if the hardware wallet gets destroyed, how do I recover my crypto, even with a seed phrase?

[Anonymous No.52629213]

>>52617531
Sure sounds safer and more secure than gold, the indestructible and non-reactive metal that was used as money for thousands of years. The same material that if anyone dug up a coin of it they would know they stumbled upon a windfall.

Thank god for scamco- I mean cryptos!

[Anonymous No.52629378]

>>52617596
anon, a lot of people don't even understand how paper wallets work because they don't understand how blockchain technology works nor do they know how cryptocurrency even gets its name.
don't be so harsh, the instructions suggest stepping into the world of paranoid schizophrenia just to even start with confidence.
then, when they want to make money off it like day trading stocks they have to abandon all that and succumb to a cc platform that requires direct bank account access just so they can invest in cool shit like shibu and banana.

[Anonymous No.52629420]

>>52620099
>trusted institution
>leave keepsake inheritance
>family member grows up
>old enough to access box
>untraceable assets
safety deposit boxes are dope.

[Anonymous No.52629793]

>>52628907
There's a remote possibility if it's a government backdoor in the hardware that they piggyback outgoing data on something else so you don't detect it. It's so remote most would say it's impossible but it's still more plausible than the idea that they kill everyone who knows how to monitor network traffic.

[Anonymous No.52629832]

>>52617531
who the fuck does self custody? were here to get rich. if coinbase or binance go down it doesnt matter where you custody your self that shit will be worthless even if its in your usb stick

[Anonymous No.52629839]

>>52618257
Kek'ing

[Anonymous No.52629920]

>>52617542

This.

Get a fireproof safe and put your critical info inside.

As a backup you have a safe deposit box at a bank. You put a dictionary into the box. highlight the words that make up your seed phrase. Then keep a code somewhere that matches up the page numbers of your seed phrase word, with the order they go in.

Etc.

It's something you only do once, and you do it carefully.

[Anonymous No.52631146]

>>52617531
Just punch your seed phrase into a chunk of metal, cut up an old baking sheet. Make a couple copies as well.

[Anonymous No.52631948]

>>52617596
>these are the retards giving advice on /biz/
The world would be a better place if fucking faggots like you learned your place and would just shut the fuck up over topics THAT YOU DON’T UNDERSTAND.

[Anonymous No.52633149]

>>52629832
I'd rather have self custody and my private keys under my control and watch it go to zero than getting rugged by some retard.

[Anonymous No.52633249]

>>52629176
Just use ORE ID to manage your keys and you are cool. Getting your wallet back shouldnt be too much hassels.

[Anonymous No.52633332]

>>52625392
Up your security by connecting to a privacy protocol like Railgun, might be helpful.

[Anonymous No.52634232]

>>52633149
Easier said than done, newfag. Unless of course, you use key management tools.

[Anonymous No.52634245]

>>52629832
There's no point getting rich if you lose it all in a day you dumbfuck. Self-custody should be the standard

[Anonymous No.52635142]

>>52633332
Sounds gay and infantile so no.

[Anonymous No.52635213]

>>52618205
I've bought 2 Nanos over the years. I spent a week in an Airbnb each time. Not having some cyptonigger with a wrench break MY door down. Just the little old lady's flat down the road. It's all good.

[Anonymous No.52635329]

>>52617531
Question: If I'm holding tokens on Coinbase Wallet app, what happens if CB goes bankrupt?
No one seems to know.

[Anonymous No.52636335]

>>52635329
If you have more than 4 figs on that wallet I wouldn't risk it. Get a trezor instead, much better than a ledger since it is open source.