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Author Topic: Don't store private keys on UBS Safe  (Read 676 times)
kik1977
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September 07, 2016, 01:09:47 PM
 #1

In case any of you is using the service called UBS Safe to store sensitive and precious material on the encrypted UBS servers, please note that at the third point (see image below, unfortunately in Italian), they say that storing private keys of cryptocurrencies like Bitcoin is forbidden, and therefore not covered in case of loss.
Not that I was expecting anything better from a Bank, and particularly from UBS.

EDIT: rough translation of the third point:

Responsibility: UBS is responsible in case of violation of the due diligence obligation. However, UBS is not responsible for the loss of objects with a digital value, for example private keys of cryptocurrencies like Bitcoin, the storage of which is nevertheless explicitly forbidden according to the legal provisions of "Special provisions for the use of the UBS Safe service"


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September 07, 2016, 01:15:02 PM
 #2

Why would you want to store your private keys outside of your house? The point of bitcoin is to control your of money. Putting your private key in someone's else locker is a way to lose your money, just like storing your money in some exchange is.

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September 07, 2016, 01:26:15 PM
 #3

thank you for posting this.

although i don't really understand why people use these kinds of services for storing their sensitive information like bitcoin private key that contains their life savings. (this, coinbase vault, online wallet!!, exchanges!!!,...)

you either have to pay some money and buy a device created for this purpose like Trezor,...
or if you are paranoid and kind of a do it yourself kind of guy, do it all yourself by creating the wallet yourself and encrypting it yourself and backing it up yourself.

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September 07, 2016, 01:32:57 PM
 #4

Why would you want to store your private keys outside of your house? The point of bitcoin is to control your of money. Putting your private key in someone's else locker is a way to lose your money, just like storing your money in some exchange is.

exactly that! it's like giving another person access to your coins. we are in bitcoin because we finally can be boss over our own money. some one storing private keys outside their own environment are simply dumb.
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September 07, 2016, 01:35:19 PM
 #5

I absolutely don't use this service but fair play to you for alerting the community. Very nice of you to care about others potentially losing money.

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September 07, 2016, 02:02:16 PM
 #6

not only the service that you have posted is shady but also every  site which wants you to store  your private keys in it are obviously trying to scam you. i dont understand why do people fall for these traps. i think that these sites are made mainly to target newbies.. private key is a very sensitive data and you should never store it in any site or account over the web if you dont want to loose your hard earned coins. many newbies start using btc without knowing  about the basic things. they just know that btc= extra income. this is the reason  why they become a victim of scams later.
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September 07, 2016, 02:22:19 PM
 #7

Or maybe don't put anything at all in that website or any other website that offers the same service. I always find websites like that as a shady service. You want your data to be safe but you're trusting it to some service on the Internet that can scam you anytime and leave you without a trace.

In any case, you can always keep your data in a USB drive and then put it on a vault. You can also just print out your Private keys and then delete the files on your computer that contains your Private keys.

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September 07, 2016, 02:27:32 PM
 #8

at first look i though it is USB and i though it is a brand of Flash memories for storing encrypted data. because i have seen some USB flash storages with ability to encrypt stuff on them built in.

but this is obviously an online service and it is obviously not trusted, and nobody should even start to think about storing their private keys there as long as there are cloud storages with good reputation are available.

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September 07, 2016, 02:28:28 PM
 #9

The sites that are providing such services are always tricky. You can never be sure whether they are real and legitimate or they are just trying to steal your data. Thank you for the warning.
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September 07, 2016, 02:29:56 PM
 #10

thank you for posting this.

although i don't really understand why people use these kinds of services for storing their sensitive information like bitcoin private key that contains their life savings. (this, coinbase vault, online wallet!!, exchanges!!!,...)

you either have to pay some money and buy a device created for this purpose like Trezor,...
or if you are paranoid and kind of a do it yourself kind of guy, do it all yourself by creating the wallet yourself and encrypting it yourself and backing it up yourself.
as they stated in their homepage of website
Have vital documents, e.g. copies of identity papers, available at all times
i guess UBS working like a cloud storage but have plus point on its security and when people are trying to avoid such inconveniencing thing like carry important documents,they need something like this


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September 07, 2016, 02:32:26 PM
 #11

This cannot be considered storage. If the things you store there are on a live server, than it is a hot wallet. And as said before, this isn't the way to store Bitcoin... Don't expect Bitcoin to be insured.


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September 07, 2016, 05:54:08 PM
 #12

Anything stored online are vulnerable to hack or steal of data and also trusting third party to do so is more riskier. Just putting bitcoin paper wallet generated offline in a safe place in your home or even in a hole putting those paper wallet in a glass bottle could be considered good way to store private keys. Even authorities may not find those grounded private keys in worst case.

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September 07, 2016, 06:08:02 PM
 #13

The only storage you should consider safe is your closet. And even then, someone could steal it. If you live alone, someone could enter your house and steal it. But I think the chances of this happening are lower than a bank stealing your shit.

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September 07, 2016, 06:59:14 PM
 #14

Why would you want to store your private keys outside of your house? The point of bitcoin is to control your of money. Putting your private key in someone's else locker is a way to lose your money, just like storing your money in some exchange is.
thats true, i never store my private keys anywhere too far fro my place and i think that still you should use a hardware wallet for that only and nothing else

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September 07, 2016, 09:39:46 PM
 #15

I would not dream of storing my Privkeys anywhere else other than a safe in my own home and backed up else where, definatley not on some secure server.....
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September 07, 2016, 10:00:41 PM
 #16

I wish someone that is actually storing the private key on this UBS Safe will notice this thread and take an action, as long as it is online we can't be secure that the private key is safe 100%, especially if it saved as plain text (worst case).


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takingthis4
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September 08, 2016, 12:47:17 PM
 #17

Why would you want to store your private keys outside of your house? The point of bitcoin is to control your of money. Putting your private key in someone's else locker is a way to lose your money, just like storing your money in some exchange is.
i dont get it too, in my opinion there is just no need to do that to be honest i think that it is better to just buy a trezor to hold your money
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September 08, 2016, 05:27:10 PM
 #18

Why would you want to store your private keys outside of your house? The point of bitcoin is to control your of money. Putting your private key in someone's else locker is a way to lose your money, just like storing your money in some exchange is.
i dont get it too, in my opinion there is just no need to do that to be honest i think that it is better to just buy a trezor to hold your money

Offsite backups are always a good idea. A fire or a flood can destroy your house and you will lose all your coins. I have a extra copy of my paper

wallets stored in another location. You can store this in a Safe deposit box at a bank or you can even store it under ground, but a single copy of

anything is never a good idea.  Roll Eyes

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lawnmowerIO
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September 08, 2016, 05:47:26 PM
 #19

Interesting that they specifically mention private keys for cryptocurrencies. I wonder what triggered them to explicitly mention that.

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tertius993
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September 08, 2016, 05:52:19 PM
 #20

Interesting that they specifically mention private keys for cryptocurrencies. I wonder what triggered them to explicitly mention that.

Well, UBS is one of the largest banks in the world and is heavily investing in potential uses of blockchain technologies in financial services, so they are rather familiar with crypto currencies in general.

Reading this thread I wonder if (more than) half the posters have the faintest idea who UBS is.
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