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Author Topic: Do you still think your wallet is safe? - London fire takes Bitcoin  (Read 710 times)
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June 14, 2017, 05:31:07 AM
 #1

Is your wallet really in a safe place?  These guys thought so too.  Residents of this horrible London fire have already reported a HUGE bitcoin loss.  1,734 bitcoin on a paper cold wallet were destroyed today.  Make certain you have smart backups. 




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June 14, 2017, 05:36:22 AM
 #2

This is why we always say, make duplicate copies of your paper wallets/cold storage and store the other copy in a different location. I store 3 copies at 3 different locations, but I am a bit paranoid when it comes down to backup and redundancy. Use a safe deposit box at a bank or you can store it underground in a time capsule, if you cannot trust your bank. < I have seen reports where banks are raiding people's safe deposit boxes > ^shocking^

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June 14, 2017, 06:02:41 AM
 #3

You should be perma banned for opening a topic like that  Angry

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June 14, 2017, 06:04:09 AM
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This is why we always say, make duplicate copies of your paper wallets/cold storage and store the other copy in a different location. I store 3 copies at 3 different locations, but I am a bit paranoid when it comes down to backup and redundancy. Use a safe deposit box at a bank or you can store it underground in a time capsule, if you cannot trust your bank. < I have seen reports where banks are raiding people's safe deposit boxes > ^shocking^

There`s no 100% safety, even thought i think that a bank deposit box is the safest way to store paper wallets.Using a time capsule and hiding btc like a treasure (and forgetting about the place where it`s hidden) is a stupid plan.
I wish there were insurance companies that cover the risk of losing/stealing/destroying our paper wallets,but i
don`t think it`s possible.




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June 14, 2017, 06:12:31 AM
 #5

Is your wallet really in a safe place?  These guys thought so too.  Residents of this horrible London fire have already reported a HUGE bitcoin loss.  1,734 bitcoin on a paper cold wallet were destroyed today.  Make certain you have smart backups. 





I really need to understand the source of the information of this because there is a  calamity that has befell people and the only thing you can think of is the amount of bitcoin lost and aside that how are you sure that they didn't back up elsewhere in this 21st century where you can print your private key in PDF format then scan and send to your mail. Its so far simple as that for anyone who is very serious about keeping investment.
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June 14, 2017, 06:14:08 AM
 #6

islam is not the reason about what just happend

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June 14, 2017, 06:14:40 AM
 #7

that sucks, but it is strange that someone with 1700+ bitcoin didn't think of a better way of storing them and keeping additional backups some place else!
i mean that is already 4-5 million dollars you think they keep a backup in a bank's safety deposit box...

anyways do you have any source for this news

Buying the dip...
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June 14, 2017, 06:14:54 AM
 #8

This is why we always say, make duplicate copies of your paper wallets/cold storage and store the other copy in a different location. I store 3 copies at 3 different locations, but I am a bit paranoid when it comes down to backup and redundancy. Use a safe deposit box at a bank or you can store it underground in a time capsule, if you cannot trust your bank. < I have seen reports where banks are raiding people's safe deposit boxes > ^shocking^

There`s no 100% safety, even thought i think that a bank deposit box is the safest way to store paper wallets.Using a time capsule and hiding btc like a treasure (and forgetting about the place where it`s hidden) is a stupid plan.
I wish there were insurance companies that cover the risk of losing/stealing/destroying our paper wallets,but i
don`t think it`s possible.

Excuse me, : " a bank deposit box is the safest way to store paper wallets " HuhHuh?

http://www.telegraph.co.uk/news/uknews/crime/12094884/Hatton-Garden-jewellery-heist-verdicts.html

http://www.dailymail.co.uk/news/article-1362561/Bank-gangsters-Police-open-7k-safety-deposit-boxes-discover-50m.html

http://www.internationalman.com/articles/the-end-of-the-safe-deposit-box-for-wealth-storage

The only stupid plan will be some idiot who cannot remember where he buried his time capsule, not the plan. Paying some insurance company to refund you for lost coins, will eat away your profits from your coins over the duration that you would be paying for this service. ^now that would be stupid^

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June 14, 2017, 06:23:45 AM
 #9

This is why we always say, make duplicate copies of your paper wallets/cold storage and store the other copy in a different location. I store 3 copies at 3 different locations, but I am a bit paranoid when it comes down to backup and redundancy. Use a safe deposit box at a bank or you can store it underground in a time capsule, if you cannot trust your bank. < I have seen reports where banks are raiding people's safe deposit boxes > ^shocking^

There`s no 100% safety, even thought i think that a bank deposit box is the safest way to store paper wallets.Using a time capsule and hiding btc like a treasure (and forgetting about the place where it`s hidden) is a stupid plan.
I wish there were insurance companies that cover the risk of losing/stealing/destroying our paper wallets,but i
don`t think it`s possible.

Excuse me, : " a bank deposit box is the safest way to store paper wallets " HuhHuh?
[collection of tabloids/poor newspapers]
Bank deposit boxes aren't the safest things in the world but they're pretty good.  This is about a jewellery heist, which was quite hard to operate/unusual and it still robbed less than a tenth of the boxes there.

You just have to tread a thin line between too many places (risk of theft), and not enough places (risk of destruction/loss).

Ideally I'd have a seed with passphrase protection, so that thieves couldn't access my wallet if they just took the paper wallet itself.

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June 14, 2017, 06:26:24 AM
 #10

You should be perma banned for opening a topic like that  Angry
Says the creepy guy with a clown in his avatar.

OP you could tell the residents they shouldn't have Bitcoin in the first place if they didn't know how to handle private keys, rip millions of dollars.

That is really an unfortunate event. best thing to do is to always have a copy in cloud storage.

Now they brought Islam into lost Bitcoins, that's just sad mate.
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June 14, 2017, 06:33:27 AM
 #11

This is why we always say, make duplicate copies of your paper wallets/cold storage and store the other copy in a different location. I store 3 copies at 3 different locations, but I am a bit paranoid when it comes down to backup and redundancy. Use a safe deposit box at a bank or you can store it underground in a time capsule, if you cannot trust your bank. < I have seen reports where banks are raiding people's safe deposit boxes > ^shocking^

And then your parents house gets robbed and the thiefs run away with one of your cold wallet backups..

This is a very sad example of losing a lot of bitcoin and something that you can unfortunately not be insured against.. No way to prove you didn't have another backup.
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June 14, 2017, 06:37:40 AM
 #12

If I had that amount of bitcoins, I would have made a better judgment in storing and backing up my wallets. 1,700 bitcoins (if what OP said is true) is quite a lot and will now be joining the lost coins forever, if indeed the owner never had a back up.
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June 14, 2017, 06:39:08 AM
 #13

Is your wallet really in a safe place?  These guys thought so too.  Residents of this horrible London fire have already reported a HUGE bitcoin loss.  1,734 bitcoin on a paper cold wallet were destroyed today.  Make certain you have smart backups. 

I doubt this news story is real.

If they reported 1,734 bitcoin destroyed in a fire they wouldn't have insurance to cover it & the government would likely require them to pay taxes for it even if all of it was destroyed.

Says the creepy guy with a clown in his avatar.

Its not a clown.

Its Charles Manson.

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June 14, 2017, 07:06:06 AM
 #14

Excuse me, : " a bank deposit box is the safest way to store paper wallets " HuhHuh?

http://www.telegraph.co.uk/news/uknews/crime/12094884/Hatton-Garden-jewellery-heist-verdicts.html

http://www.dailymail.co.uk/news/article-1362561/Bank-gangsters-Police-open-7k-safety-deposit-boxes-discover-50m.html

http://www.internationalman.com/articles/the-end-of-the-safe-deposit-box-for-wealth-storage

The only stupid plan will be some idiot who cannot remember where he buried his time capsule, not the plan. Paying some insurance company to refund you for lost coins, will eat away your profits from your coins over the duration that you would be paying for this service. ^now that would be stupid^
Arguably, they aren't the safest place to store valuable items if they can be cracked open. However, if you can encrypt a paper wallet with BIP38 with a strong password, it isn't easy at all to crack it. Bruteforcing it is out of question, the use of scrypt makes it very hard to get the process to continue at a fast rate.

Just stick a tamper proof paper on it and you're good to go.

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June 14, 2017, 07:06:27 AM
 #15

Excuse me, : " a bank deposit box is the safest way to store paper wallets " HuhHuh?

yes it is the safest place to store your paper wallet encrypted backup if you have a very large amount of bitcoin.
the examples you included are rare cases and even if it happens you are storing an encrypted backup which is a piece of paper which most probably theives won't even know what it is! and even if they do, a strong password can not be broken.

Buying the dip...
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June 14, 2017, 07:25:51 AM
 #16

Excuse me, : " a bank deposit box is the safest way to store paper wallets " HuhHuh?

yes it is the safest place to store your paper wallet encrypted backup if you have a very large amount of bitcoin.
the examples you included are rare cases and even if it happens you are storing an encrypted backup which is a piece of paper which most probably theives won't even know what it is! and even if they do, a strong password can not be broken.

Iwe should really put extra careful and as much as possible find more suitable storing app or sites that can make our btc safest, having all that we can use , in paper ,in card or through encryption.

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June 14, 2017, 08:07:11 AM
 #17

Excuse me, : " a bank deposit box is the safest way to store paper wallets " HuhHuh?

yes it is the safest place to store your paper wallet encrypted backup if you have a very large amount of bitcoin.
the examples you included are rare cases and even if it happens you are storing an encrypted backup which is a piece of paper which most probably theives won't even know what it is! and even if they do, a strong password can not be broken.

They will force you to reveal the password of the encrypted wallet:

http://www.outsidethebeltway.com/court-rules-defendant-must-reveal-computers-encryption-password/

http://falkvinge.net/2012/07/12/in-the-uk-you-will-go-to-jail-not-just-for-encryption-but-for-astronomical-noise-too/

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June 14, 2017, 08:34:44 AM
 #18

You should be perma banned for opening a topic like that  Angry
F-U dipshit.  I am helping bitcoiners protect themselves by reminding them to be safe.  I don't give a fuck about the result of that fire - I didn't set the fucker. 

That's what you get these days, some politically correct guy telling you you can't talk about something.  This idea that we can say things because somebody will get offended is screwing up the world.  We need to get rid of these assholes who get offended about everything. 


that sucks, but it is strange that someone with 1700+ bitcoin didn't think of a better way of storing them and keeping additional backups some place else!
i mean that is already 4-5 million dollars you think they keep a backup in a bank's safety deposit box...
Just a few months ago, it wasn't worth so much.  We always think we will finally get to doing it right.


You should be perma banned for opening a topic like that  Angry
Says the creepy guy with a clown in his avatar.
I know - right?  wtf?


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June 14, 2017, 11:34:26 AM
 #19

I don't know if this is true, but if it is, then its a lost if they don't have a backup. But I personally, do believed that those bitcoin bagholders have a backup somewhere. Also, they are not stupid, they know how to invest in bitcoin and they know how to protect it just like a casual investor like us or even holding a few bitcoins. 

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