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Author Topic: What are thoughts on Multiwallets (Exodus, Jaxx, etc)  (Read 383 times)
UpsilonTrooper
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November 28, 2017, 05:37:47 PM
 #1

I'm not talking about exchanges like Bittrex, Bitfinex, etc. I'm talking about local wallets like Jaxx where you control your own private keys and stuff. Are there any specific things I need to be aware if I use these? Do I need to worry about safety or anything?

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November 28, 2017, 06:49:46 PM
 #2

You definitely need to worry about safety. These wallets may give you control over your private keys but can you know for sure what are they are not storing the same keys on their servers? You don't because the wallet is not open source so It's not really suggested to use them for storing large amounts.

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November 28, 2017, 07:23:09 PM
 #3

You definitely need to worry about safety. These wallets may give you control over your private keys but can you know for sure what are they are not storing the same keys on their servers? You don't because the wallet is not open source so It's not really suggested to use them for storing large amounts.

Wait so none of the "multi" wallets are open source? That makes them seem super sketch now that I think of it

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November 28, 2017, 07:53:04 PM
 #4

You definitely need to worry about safety. These wallets may give you control over your private keys but can you know for sure what are they are not storing the same keys on their servers? You don't because the wallet is not open source so It's not really suggested to use them for storing large amounts.

Wait so none of the "multi" wallets are open source? That makes them seem super sketch now that I think of it
All the major multi wallets are closed source (Exodus, Coinomi, Jaxx...);

Actually, I don't know any multi wallet that is open source. Maybe the Waves client and the Ledger Nano S and Trezor hardware wallets.

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November 28, 2017, 08:33:30 PM
 #5

They hacked me in Jaxx, I do not recommend it at all.

Use Ledger or Trezor.
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November 28, 2017, 08:34:42 PM
 #6

You definitely need to worry about safety. These wallets may give you control over your private keys but can you know for sure what are they are not storing the same keys on their servers? You don't because the wallet is not open source so It's not really suggested to use them for storing large amounts.

Wait so none of the "multi" wallets are open source? That makes them seem super sketch now that I think of it
All the major multi wallets are closed source (Exodus, Coinomi, Jaxx...);

Actually, I don't know any multi wallet that is open source. Maybe the Waves client and the Ledger Nano S and Trezor hardware wallets.

Isnt Coinomi an online wallet? Do you hold the private keys? Also Ledger code is public?

They hacked me in Jaxx, I do not recommend it at all.

Use Ledger or Trezor.

How?

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November 29, 2017, 03:47:10 AM
 #7

You definitely need to worry about safety. These wallets may give you control over your private keys but can you know for sure what are they are not storing the same keys on their servers? You don't because the wallet is not open source so It's not really suggested to use them for storing large amounts.

Do you have any proof on that? You should also be more specific which wallets are not open source and not lump all of them in one category.

I also believe being a staff member in the forum should make you choose your words more wisely. The newbies, the real ones, look up to you and some take your word as "truth" without debate.


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November 29, 2017, 01:14:20 PM
 #8

You definitely need to worry about safety. These wallets may give you control over your private keys but can you know for sure what are they are not storing the same keys on their servers? You don't because the wallet is not open source so It's not really suggested to use them for storing large amounts.

Do you have any proof on that? You should also be more specific which wallets are not open source and not lump all of them in one category.

I also believe being a staff member in the forum should make you choose your words more wisely. The newbies, the real ones, look up to you and some take your word as "truth" without debate.
What do you mean? Everything he said is true.

What kind of proof do you want? Don't you have Google?

Jaxx:
Quote
Jaxx is not open source, although the full code (minus UI) is visible on the website.
https://decentral.zendesk.com/hc/en-us/articles/217877528-Is-Jaxx-Open-Source-

Exodus (and Eden):
Quote
Exodus is NOT 100% open source.
http://support.exodus.io/article/89-is-exodus-open-source

Coinomi:
Quote
Coinomi (android wallet) is not opensource anymore and they havent pushed any source code updates for about a year now. Use with caution.
https://www.reddit.com/r/Bitcoin/comments/6rbzwm/just_noticed_coinomi_android_wallet_is_not/

Please link me one multi-coin wallet that is 100% open source.

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November 30, 2017, 08:12:59 AM
 #9

You are right. Sorry about that. But is there any reason to doubt the intentions of the developers of those wallets? I believe it will hurt them more than us if they engage in fraudulent activities.

But yes, I change my stance. If there is anything that we should be careful of, it should be technical in nature. Partially open sourced and close sourced wallets should not be fully trusted.


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