Securing your Cryptos

[P2Pfinder]

User since 2013. No signature campaign. No spamming post: I bet you have more than 3 million $  

Then, buy 1 hardware wallet (ok ledger nano) for each 150K you have.

Being your own bank – the hassle of securing your Cryptos

Let’s say theoretically you have 3 mio dollars in crypto (I don't, but to make this whole thing more pressing).
All your wealth.

[Vod]

I would, however, also look for an insurance company willing to insure the 25% of the funds i keep at home...

Could such a thing even exist?  What would stop you from faking a break in, moving coins to another wallet, and making a claim?

[dogandogru]

I believe hardware wallet is the safest option to keep that much high amount of crypto-currency. Private key wallet like MEW etc are also considered to be safe.

[Roccker]

I believe hardware wallet is the safest option to keep that much high amount of crypto-currency. Private key wallet like MEW etc are also considered to be safe.

Did you read the thread? Because hardware wallet is not even the question, where do you keep your seed safe is the question.



ps, nah i am not rich yet unfortunately (
but hopefully in next 3 years

[zoran.drobnjak]

There are many ways to go about it, but none of them is 100% safe.

What I believe is best - and that works for you only if you absolutely trust yourself and your memory - is to memorize private key and keep it in your head - only secure place where nobody else can access it.

Many memory techniques can help you achieve that, I would highly recommend Vedic math memory technique.

[majest3]

A problem we all wish we had.... Firstly never keep it on the exchange. I can speak from experience, i had 100 ETH on the Gatecoin exchange when it got hacked , lost the lot.

Definitely want to make sure you have a number cold of storage wallet such as Nano Ledger and trezor. Split you coins across them and then store them in multiple safe deposit boxes .

Encrypt your seed phrases in parts and then lock them in multiple encryption vaults. This way no one vault contains the full phrase. Store them in multiple locations.

I think it would be a Lot of work to get to them if you need it in a hurry!!!

This Guy provides some great info on privacy and securing your files https://www.privacytools.io/

[J Gambler]

Being your own bank – the hassle of securing your Cryptos

Let’s say theoretically you have 3 mio dollars in crypto (I don't, but to make this whole thing more pressing).
All your wealth.

Now you can leave it on an exchange, login with your password and 2 factor authentification. See the worth, have all coins nicely together, be able to buy and sell and send.

But everybody says ‘don’t leave it on the exchange’.
Because exchanges get hacked. Or hack themselves. Or get bankrupt (?).
Or something else that is weird.

Let’s say theoretically you have 1 mio dollars in crypto.
How do you secure it?
Concretely?

I guess being your own bank kinda sucks.

I want to find a good security strategy.
Links and tips welcome.


Eg Paper wallets
Nice, but where do you keep the paper?
In a safe? In your house? House burns down?
You remember the seed and check if you remember it every morning?

Ledger / Trezor.. hardware wallet.
Again.. you keep that in a safe?

One multi-coin wallet to rule them all? Where you learn the seed so you can repeat it in your sleep?
One wallet for each coin?
One wallet for about each 20k?

Thanks for comments

I think for security it is best that there are different walkets for every coin. that way if kne can and should be compromised the other wallets still have a fighting chance of not getting hacked or discovered outright. Which is for me a much better option

[jossiel]

If I have that $1M worth of crypto's for sure I can avail the security that I've wanted for the wealth that I have stored in crypto's.

I would purchase a nano ledger s that can keep those crypto's that I have. And those recovery words to make it secure, I would secure my whole room, my bedroom.

I will write down to a bond paper those words and stick it behind the door of my room, isn't it brilliant? And as someone that wants to be secure, I won't allow someone to enter my room without my permission.

And the risk of the house being burnt down, then you should stick it to your wallet(fiat wallet) where you must jumble the words and write it again on a piece of paper.

[RobertoMakeli]

Being your own bank – the hassle of securing your Cryptos

Let’s say theoretically you have 3 mio dollars in crypto (I don't, but to make this whole thing more pressing).
All your wealth.

Now you can leave it on an exchange, login with your password and 2 factor authentification. See the worth, have all coins nicely together, be able to buy and sell and send.

But everybody says ‘don’t leave it on the exchange’.
Because exchanges get hacked. Or hack themselves. Or get bankrupt (?).
Or something else that is weird.

Let’s say theoretically you have 1 mio dollars in crypto.
How do you secure it?
Concretely?

I guess being your own bank kinda sucks.

I want to find a good security strategy.
Links and tips welcome.


Eg Paper wallets
Nice, but where do you keep the paper?
In a safe? In your house? House burns down?
You remember the seed and check if you remember it every morning?

Ledger / Trezor.. hardware wallet.
Again.. you keep that in a safe?

One multi-coin wallet to rule them all? Where you learn the seed so you can repeat it in your sleep?
One wallet for each coin?
One wallet for about each 20k?

Thanks for comments

IF I had 1 mln in crypto, i'd probably divide my funds over the leading brand hardware wallets (trezor, ledger nano S, keepkey, bitbox), over a couple paper wallets, and keep some "change" on an airgapped pc.

I'd collect the seeds and bip38 encrypted private keys (from the paper wallets) on an airgapped pc, and break them up using Shamir's Secret Sharing Scheme https://en.wikipedia.org/wiki/Shamir%27s_Secret_Sharing (for example: http://point-at-infinity.org/ssss/). I'd probably create a 3 out of 4 scheme.

Then, i'd hire a safe deposit box at 3 banks, store 1 set of secrets and 1 hardware wallet in each deposit box, and keep 1 set and 1 hardware wallet at home...
The total cost would be ~$400 for the 4 hardware wallets, ~$250 for a small offline pc and ~$0 for the paper used to print the paper wallets/secrets.

Now IF somebody broke into my home and put a gun agains my head, they'd walk away with 25% of my funds (tops), if the bank got broken into, they'd only have 1 part of the secret, so they cannot recreate the seeds/private keys,...

I would, however, also look for an insurance company willing to insure the 25% of the funds i keep at home...

lol, very detail bro and now I know all your secret and all your action when you have 1 mil $ in bitcoin

[mocacinno]

I would, however, also look for an insurance company willing to insure the 25% of the funds i keep at home...

Could such a thing even exist?  What would stop you from faking a break in, moving coins to another wallet, and making a claim?

You make a solid point there... But i guess it would be the same as taking out an insurance when you keep gold, silver, platinum,... at home. Nothing is stopping you from selling a couple of insured gold bars to a crooked PM blacksmith and afterwards claim they were stolen for insurance purposes. Or burning your house down to make a false insurance claim.

Being your own bank – the hassle of securing your Cryptos

Let’s say theoretically you have 3 mio dollars in crypto (I don't, but to make this whole thing more pressing).
All your wealth.

Now you can leave it on an exchange, login with your password and 2 factor authentification. See the worth, have all coins nicely together, be able to buy and sell and send.

But everybody says ‘don’t leave it on the exchange’.
Because exchanges get hacked. Or hack themselves. Or get bankrupt (?).
Or something else that is weird.

Let’s say theoretically you have 1 mio dollars in crypto.
How do you secure it?
Concretely?

I guess being your own bank kinda sucks.

I want to find a good security strategy.
Links and tips welcome.


Eg Paper wallets
Nice, but where do you keep the paper?
In a safe? In your house? House burns down?
You remember the seed and check if you remember it every morning?

Ledger / Trezor.. hardware wallet.
Again.. you keep that in a safe?

One multi-coin wallet to rule them all? Where you learn the seed so you can repeat it in your sleep?
One wallet for each coin?
One wallet for about each 20k?

Thanks for comments

IF I had 1 mln in crypto, i'd probably divide my funds over the leading brand hardware wallets (trezor, ledger nano S, keepkey, bitbox), over a couple paper wallets, and keep some "change" on an airgapped pc.

I'd collect the seeds and bip38 encrypted private keys (from the paper wallets) on an airgapped pc, and break them up using Shamir's Secret Sharing Scheme https://en.wikipedia.org/wiki/Shamir%27s_Secret_Sharing (for example: http://point-at-infinity.org/ssss/). I'd probably create a 3 out of 4 scheme.

Then, i'd hire a safe deposit box at 3 banks, store 1 set of secrets and 1 hardware wallet in each deposit box, and keep 1 set and 1 hardware wallet at home...
The total cost would be ~$400 for the 4 hardware wallets, ~$250 for a small offline pc and ~$0 for the paper used to print the paper wallets/secrets.

Now IF somebody broke into my home and put a gun agains my head, they'd walk away with 25% of my funds (tops), if the bank got broken into, they'd only have 1 part of the secret, so they cannot recreate the seeds/private keys,...

I would, however, also look for an insurance company willing to insure the 25% of the funds i keep at home...

lol, very detail bro and now I know all your secret and all your action when you have 1 mil $ in bitcoin

Sure... now you only have to find out which addresses are mine, wait untill i have hundreds of BTC, find out my identity, break into my house, rob 3 banks and brute force my bip38 encryption to get your hands on my BTC... Then make sure you sweep all my addresses before i realise you did this, and afterwards make sure you mix those coins so LE doesn't catch you. Good luck...