JimboToronto
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You're never too old to think young.
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May 09, 2017, 04:05:23 AM |
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Don't use bank safe deposit boxes for long term storage, get a good fireproof safe for your home
I strongly recommend multiple off-site backups. As long as the storage is strongly encrypted, your "paper" wallets will be safe. It's a good idea to not keep any unencrypted keys. Don't even keep encrypted keys at home in case you get doxed or if someone else figures out you may hold bitcoins. If you were home-invaded they can't torture the encryption key out of you if they can't find the storage device. Some might call this paranoia. I prefer to call it due diligence. Remember, "paper" just an expression. Scan the keys and QR codes and then destroy the actual paper after making copies. I also recommend splitting your coins into many small paper wallets. When the time comes to break the paper, dealing with smaller wallets will lessen the risk of having to expose a large amount of coins to a hot wallet until they're reassigned. Hardware wallets may be convenient and "cool" but they are still a point of vulnerability. Multiple encrypted copies of paper wallets are much safer. Yes, they may be less convenient but they're much more secure.
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bitserve
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Activity: 1848
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Self made HODLER ✓
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May 09, 2017, 04:06:32 AM |
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Is there any other exchanger like poloniex with btc lending option, that has identical rates? fucking polo is getting too scary.. every day they have problems.
https://cryptolend.net/rates.html
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droizs
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May 09, 2017, 04:12:39 AM |
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Is there any other exchanger like poloniex with btc lending option, that has identical rates? fucking polo is getting too scary.. every day they have problems.
https://cryptolend.net/rates.htmlthanks, I heard of bitmex before, but didn't know they had lending option until now. I will switch my coins to there.
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bitserve
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May 09, 2017, 04:15:10 AM |
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Is there any other exchanger like poloniex with btc lending option, that has identical rates? fucking polo is getting too scary.. every day they have problems.
https://cryptolend.net/rates.htmlthanks, I heard of bitmex before, but didn't know they had lending option until now. I will switch my coins to there. Not that I am recomending any site for lending... but you should already know the risks of lending. That website is good because if you are gonna lend... at least get the most out of it. It is a real time comparison.
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bitserve
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May 09, 2017, 04:28:10 AM |
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Hardware wallets may be convenient and "cool" but they are still a point of vulnerability. Multiple encrypted copies of paper wallets are much safer.
Jimbo, all the advices you give about paperwallets are really good, but I think probably have a misunderstanding about current hardware wallets: What is the point of vulnerability you are refering to? I mean, you say as if they had a con in comparison to paperwallets... which is it?
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JimboToronto
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Activity: 4186
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You're never too old to think young.
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May 09, 2017, 04:47:14 AM |
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Hardware wallets may be convenient and "cool" but they are still a point of vulnerability. Multiple encrypted copies of paper wallets are much safer.
Jimbo, all the advices you give about paperwallets are really good, but I think probably have a misunderstanding about current hardware wallets: What is the point of vulnerability you are refering to? I mean, you say as if they had a con in comparison to paperwallets... which is it? Lack of redundancy. If you lose your hardware wallet or it's stolen or destroyed by some calamity aren't you out of luck? Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations? Edit: While I was typing this, I see we just hit yet another ATH.
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Elwar
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Viva Ut Vivas
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May 09, 2017, 04:48:47 AM |
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Hardware wallets may be convenient and "cool" but they are still a point of vulnerability. Multiple encrypted copies of paper wallets are much safer.
Jimbo, all the advices you give about paperwallets are really good, but I think probably have a misunderstanding about current hardware wallets: What is the point of vulnerability you are refering to? I mean, you say as if they had a con in comparison to paperwallets... which is it? Lack of redundancy. If you lose your hardware wallet or it's stolen or destroyed by some calamity aren't you out of luck? Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations? For hardware wallet you need only keep a copy of the seed.
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JimboToronto
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You're never too old to think young.
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May 09, 2017, 04:54:52 AM |
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Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations?
For hardware wallet you need only keep a copy of the seed. Cool. So you can obviously encrypt the seed and store it in multiple locations. Will this seed work with another physical hardware wallet if the original is destroyed?
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AlexGR
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May 09, 2017, 04:56:11 AM |
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Just got home from the ballpark to see that both my teams won tonight. Jays 4-2 and a Bitcoin ATH of $1685USD (Bitcoinaverage). Life is good. Coinmarketcap has BTC @ $1742.27 (+6.44%). I think it factors volume, including btc/alts, but excluding zero-fee trading.
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bitserve
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May 09, 2017, 04:56:49 AM |
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Hardware wallets may be convenient and "cool" but they are still a point of vulnerability. Multiple encrypted copies of paper wallets are much safer.
Jimbo, all the advices you give about paperwallets are really good, but I think probably have a misunderstanding about current hardware wallets: What is the point of vulnerability you are refering to? I mean, you say as if they had a con in comparison to paperwallets... which is it? Lack of redundancy. If you lose your hardware wallet or it's stolen or destroyed by some calamity aren't you out of luck? Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations? This is exactly what I thought. You have same misunderstanding I had before being sold on the concept. Why do you think I am almost beating everyone to buy one? When you first configure your device a seed will be generated (you can modify it if your are fucking paranoid) the same as with software wallets. YOu can write down that seed (24 word list) the same as you would do with a paperwallet, you could configure a second device with the same seed.... you could do whatever you want the same as you would do with a paperwallet. But the plus is, when you USE it, all the signing of transactions is done inside the device so you will never expose your private keys to a computer as you would have to do with a paperwallet when you decide to "claim it". Look, you have a bunch of bitcoins (WAY more than me), don't be cheap and buy one now, it's less than 100 bucks, try it, play with it for a while.... even if only for some little part of your stash (sorta warm wallet, because its a secure as a cold wallet, but as convenient as a hot wallet), and I am sure you will love it. Trust me.
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JimboToronto
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You're never too old to think young.
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May 09, 2017, 05:11:26 AM |
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Lack of redundancy. If you lose your hardware wallet or it's stolen or destroyed by some calamity aren't you out of luck?
Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations?
This is exactly what I thought. You have same misunderstanding I had before being sold on the concept. Why do you think I am almost beating everyone to buy one? When you first configure your device a seed will be generated (you can modify it if your are fucking paranoid) the same as with software wallets. YOu can write down that seed (24 word list) the same as you would do with a paperwallet, you could configure a second device with the same seed.... you could do whatever you want the same as you would do with a paperwallet. But the plus is, when you USE it, all the signing of transactions is done inside the device so you will never expose your private keys to a computer as you would have to do with a paperwallet when you decide to "claim it". Look, you have a bunch of bitcoins (WAY more than me), don't be cheap and buy one now, it's less than 100 bucks, try it, play with it for a while.... even if only for some little part of your stash (sorta warm wallet, because its a secure as a cold wallet, but as convenient as a hot wallet), and I am sure you will love it. Trust me. Thanks for the detailed explanation. One more question. If you have multiple hardware wallets with the same seed, do they all update when you perform a transaction on one of them? Or if you have multiple copies of the seed, do the transactions travel with the seed in case your original hardware is destroyed and you have to rebuild on new hardware with the same seed??
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bitserve
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Activity: 1848
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Self made HODLER ✓
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May 09, 2017, 05:12:09 AM |
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Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations?
For hardware wallet you need only keep a copy of the seed. Cool. So you can obviously encrypt the seed and store it in multiple locations. Will this seed work with another physical hardware wallet if the original is destroyed? YESSSSS, it will even work in a BIP39 compatible software wallet (but the point is to avoid software wallets).
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2017Bubble
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May 09, 2017, 05:15:19 AM |
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looks like another round of up
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CoinHoarder
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In Cryptocoins I Trust
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May 09, 2017, 05:18:04 AM |
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It looks like the weak hands are slowly but surely being weeded out. The dumps are becoming less and less (as far as the amount dumped.)
It looks like $2k is a realistic near term possibility?
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bitserve
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May 09, 2017, 05:19:24 AM |
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Thanks for the detailed explanation. One more question.
If you have multiple hardware wallets with the same seed, do they all update when you perform a transaction on one of them?
Or if you have multiple copies of the seed, do the transactions travel with the seed in case your original hardware is destroyed and you have to rebuild on new hardware with the same seed??
First question: Yes, of course. It's basically the same as if you have your software wallet in multiple computers. Second question I don't understand it well. If you want to have access to the same addresses you had you need to rebuild another device or a software wallet with the same BIP39 seed. Also, you can configure the device with a different seed if you want. And there's much more to it.... you can establish a passphrase (besides the regular pin) that depending on which one you enter it will access a different set of addresses (as if it had a different seed... plausible deniability, etc...) Really, just buy one, it's a good thing.
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rpietila
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May 09, 2017, 05:20:11 AM |
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[#301]
Cohiba Behike 54: *****
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BlindMayorBitcorn
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May 09, 2017, 05:21:27 AM |
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[#301]
Cohiba Behike 54: *****
Finally snapped?
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Biodom
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May 09, 2017, 05:34:54 AM |
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what's up with the price...too fast...are we about to go supra-exponential for a short time? $3000-3500 in a mo, than sharp down to $1100?
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rpietila
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May 09, 2017, 05:35:48 AM Last edit: May 09, 2017, 06:14:47 AM by rpietila |
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[#301]
Cohiba Behike 54: *****
Finally snapped? N'ah. 5/5 is not the highest grade[: ******* Singularity ****** Atm, I can't think of much better happening to me. ***** MINDFUCK>=3 COMAND RESULTS:
Mindfuck=3 (or higher, if Possible=1).
**** Unique Experience *** Attribute=3 (time paused if CAN; goes MAD((== ( Sane=0))) about the sole thought ( FUCK) of THIS [IS] HAPPENING) ** If this CAN be done ( FUCKED 1 []), I wont care about (*) shit.* * GIVE FUCK 1(-) GIVE FUCK 0* Referring to the grading of State (/GIRL/WINE/etc(x5)) (as explained in this post).]
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JimboToronto
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You're never too old to think young.
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May 09, 2017, 05:42:23 AM |
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Thanks for the detailed explanation. One more question.
If you have multiple hardware wallets with the same seed, do they all update when you perform a transaction on one of them?
Or if you have multiple copies of the seed, do the transactions travel with the seed in case your original hardware is destroyed and you have to rebuild on new hardware with the same seed??
First question: Yes, of course. It's basically the same as if you have your software wallet in multiple computers. Second question I don't understand it well. If you want to have access to the same addresses you had you need to rebuild another device or a software wallet with the same BIP39 seed. Also, you can configure the device with a different seed if you want. And there's much more to it.... you can establish a passphrase (besides the regular pin) that depending on which one you enter it will access a different set of addresses (as if it had a different seed... plausible deniability, etc...) Really, just buy one, it's a good thing. Thanks again. I guess I'll have to read up on BIP39. As long as I don't have to trust any hardware manufacturer and (or anyone else besides the Bitcoin network) and my coins are secure in the case of hardware loss, I'm all for it. You're convinced me enough to buy one (or two) just to use as a landing place when I break one of my older multi-coin paper wallets to reassign the coins. That will give me a chance to experiment with worst-case scenarios after I've drained it of all but a few satoshis. As you said, the cost of a Trezor is negligible compared to the coins it holds at today's prices.
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