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Author Topic: Steem... not real sure about the wallet  (Read 394 times)
photonfanatic
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July 18, 2017, 04:05:16 PM
 #1

I like steam and I think its going places. So I want to invest. But it seems they don't have a traditional wallet like you'd expect. Is anyone here familiar with the ins and outs of how they do things? If I buy steem on the exchange, where should I send my steem coins? (no I'm not sending them to you  Grin)

Most people would say "Don't keep your coins on the exchange" but I don't see any clear indicator as to where they should be stored. It looks like Steem wants you to create an account with them, and then put your coins sort of in their website, so you can use them when you're using your steem account. But wouldn't that be just as vulnerable as keeping them on Poloniex? Wouldn't their site be just as big of a target?
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There are several different types of Bitcoin clients. Server-assisted clients like blockchain.info rely on centralized servers to do their network verification for them. Although the server can't steal the client's bitcoins directly, it can easily execute double-spending-style attacks against the client.
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July 20, 2017, 11:42:51 AM
 #2

I like steam and I think its going places. So I want to invest. But it seems they don't have a traditional wallet like you'd expect. Is anyone here familiar with the ins and outs of how they do things? If I buy steem on the exchange, where should I send my steem coins? (no I'm not sending them to you  Grin)

Most people would say "Don't keep your coins on the exchange" but I don't see any clear indicator as to where they should be stored. It looks like Steem wants you to create an account with them, and then put your coins sort of in their website, so you can use them when you're using your steem account. But wouldn't that be just as vulnerable as keeping them on Poloniex? Wouldn't their site be just as big of a target?

This is nothing against the coin this is against you and your level of expertise. Not to be mean that in a mean way but if you are new to Bitcoin in your new this whole system in the steam wallet is just going to confuse you it's just going to make it really complicated for you and you're going to have a lot of trouble start with something else and then move into something like sia or something like that.

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photonfanatic
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July 21, 2017, 03:27:49 PM
 #3

Oh yes I'm absolutely a newbie to this, but learning every day. I appreciate your honesty.

So Steem doesn't actually have a wallet. I do have about $100 worth of sia in a wallet, just for a long term buy and hold. Same with a couple of other coins. Anyone here pretty familiar with the steem platform, who can give me the quick and dirty on how it works? I'm a computer enthusiast and long time geek/techie, so I'll understand it just from a fairly short explanation. I'm asking here because I'd like to hear it from a person, and how their experience went with the buying and storing of their Steem.
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July 21, 2017, 04:59:54 PM
 #4

I bought a few bucks worth of Steem this morning.
Once I set up the account I went to Profile>Wallet
Then click on buy steem. It goes to another page that gives you an address to send whatever you are using to buy with. Did that and it worked no problem. 
godfish
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July 22, 2017, 11:35:06 AM
 #5

Usually once a year Steemit.com gets hacked so I don't leave much in my wallet:

2016:

https://news.bitcoin.com/steemit-hacked-weak-security/

2017:

https://steemit.com/steemit/@noisy/we-just-hacked-11-accounts-on-steemit-1158-sbd-and-8250-steem-is-under-our-control-but-we-are-good-guys-so






I don't think that STEEM allows you to make a paper offline wallet which is the best way to store crypto (everyone agrees that offline cold wallets are the most secure way to keep people from stealing your crypto this is a fact).  If I could make an air gapped off line generated paper steem wallet then I might hold more, but until then....


There already is Steem paperwallet: https://github.com/xeroc/steem-paperwallet/releases/tag/0.3
photonfanatic
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July 23, 2017, 09:41:15 PM
 #6

Are hardware wallets considered cold storage? I really don't see much difference between hardware wallets, and paper wallets. They have about the same downsides. A hardware wallet could experience some type of electronics failure, and a paper wallet is quite frail.
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