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Author Topic: What will happen if a site like MyEtherWallet close?  (Read 398 times)
tamango
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November 27, 2017, 09:53:12 PM
 #1

Maybe it's a stupid question but... if a wallet like MyEtherWallet decides to close... what will happen to my wallet that I have in MEW?
I can have access in another way?
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kahc
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November 27, 2017, 09:56:50 PM
 #2

Maybe it's a stupid question but... if a wallet like MyEtherWallet decides to close... what will happen to my wallet that I have in MEW?
I can have access in another way?

Nothing that will affect your wallet.
You can download the whole webpage from https://github.com/MyEtherWallet
yannick225
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November 27, 2017, 10:35:04 PM
 #3

It's not a web wallet where you put your Ether and we store them for you. You don't have a login and nothing ever gets saved to our servers. It is simply an interface that allows you to do things you normally would do via command line so, if MyEtherWallet goes down, you would have to find another way to do what theyare doing. But you wouldn't have to "get" your ether out of MyEtherWallet because it's not in MyEtherWallet. It's in whatever wallet your generated via the site.
Titanos
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November 27, 2017, 10:38:10 PM
 #4

Nothing is going to happen. You have your private keys and you can have access to your fund in many other places.
MiningSensei
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November 27, 2017, 10:51:32 PM
 #5

This is the same that happens with the paper wallets, only that it is on Ethereum.

A lot of people are afraid of what can happen to theirselves if their wallet from MEW gets compromised if they shut down the site, obviously that nothing is going to happen to their eth's, because we all know that it has only been generated based on a paper wallet.

And you can even print that wallet and keep it for the rest of your life, if i am not wrong, the same happens with the blockchain.info wallet, you can still access to your funds using another wallet and exporting your private key, so yes, there is no way that they can stole your funds if they decide to close their doors.

Hello
Johnnywelsh
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November 27, 2017, 10:54:32 PM
 #6

Worst case scenario would be if the page ever got owned and someone hijacked it with a little javascript keylogger. Only then would you see a whole world of pain in the crypto sphere.

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November 27, 2017, 11:04:45 PM
 #7

Maybe it's a stupid question but... if a wallet like MyEtherWallet decides to close... what will happen to my wallet that I have in MEW?
I can have access in another way?
My thought that you can try to still use your privatekey from my etherwallet. At least you can still use it and try to sync it into the decentralized market just like etherdelta and you can still make any transaction with all of your amount. That's the alternative scenario in my opinion. At the same time etherdelta give a guarantee about your amount.
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November 27, 2017, 11:05:19 PM
 #8

With my etherwallet you are in control of your keys so nothing.

tamango
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November 27, 2017, 11:12:25 PM
 #9

Thanks everyone for quick but exaustive answers!
So is always preferable to choose wallets that I can have the privatekey, isn't it?
crypto-curious
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November 27, 2017, 11:20:28 PM
 #10

Print out a paper wallet for safe keeping in case you cannot access your account, your coins should be safe this way..
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November 27, 2017, 11:20:34 PM
 #11

Only wallets you should be using where you don't have the private key is exchanges and then only temporarily whilst you buy or sell whatever you need to then get it back into your own wallet. E.g. bittrex

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November 27, 2017, 11:28:56 PM
 #12

Your coins are stored on blockchain not on the website, so if it closes you can access your wallet anywhere else if you have your private key
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November 27, 2017, 11:34:14 PM
 #13

thats the cool thing about blockchain!  Grin its not saved on an account on myetherwallet servers, but on the blockchain! as long as you have your private key and adress boom u cannot lose it. so before theyre able to scan your thoughts, the best way to secure ur coins is to have the wallet in your brain, memorize the key etc
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November 28, 2017, 12:06:44 AM
 #14

We just don't know if when it will happen that myetherwallet will close and I think that this will never gonna be happened anyway because this is a stable network now and more people are using this especially smart contracts of the ICOs.

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November 28, 2017, 07:54:16 AM
 #15

when that happens then all the results so far will disappear, but I think that incident will not happen because there are still many users in myetherwallet.
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November 28, 2017, 07:56:21 AM
 #16

That wont happen,and your wallet is safe if you have the private keys so dont worry.

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November 28, 2017, 02:08:37 PM
 #17

What would happend if a more profitable coin that bitcoin comes out to be mined?

ghost424
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November 28, 2017, 02:25:52 PM
 #18

That would be a huge loss in the cryptocurrency industry because a there are a lot of users in bitcoin that uses MyEtherWallet and it is providing a great job for keeping alternate coins. If this happens, i guess there might be a better company that will run like MyEtherWallet so they might have a few precautions before closing but they should not close because it is very helpful for now.
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November 28, 2017, 02:43:54 PM
 #19

Worst case scenario would be if the page ever got owned and someone hijacked it with a little javascript keylogger. Only then would you see a whole world of pain in the crypto sphere.

That is the issue so it is always better to download this website and run offline, that may really happen and it would be very painful. I am going to download the website now

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November 28, 2017, 02:49:03 PM
 #20

If you have your private keys, you have your coins/funds.
Myetherwallet is most famous ether wallet but you can use any ethereum wallet, i am sure that there are a lot of them.
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