Wallet and POS

[gamatt]

Wondering if it is safe to leave your wallet online for staking coins?

[Tristan1337]

If you have a long complicated password you should be fine.

Your wallet should only be unlocked for staking only.

Which means it can't send any coins. 

[gamatt]

thank you, appreciate the reply.  I am concerned, since I read it is safer to keep a large amount of coins in cold storage etc, and for worthwhile POS you need fairly large amount in the (hot) wallet, thus perhaps those coins are more at risk?

[Tristan1337]

Yes, they will be at increased risk of getting stolen. But if you have a long alpha numeric password, with uppercase/lowercase and special characters about 30 characters long. Plus have a wallet backup and have a good antivirus/firewall installed. This will have minimized the risk as much as possible.

This way if someone would steal your wallet they would have to try to brute force your password, which would be almost impossible.

The other risk would be that you get a virus with a keylogger that could steal your password when you type it in. So it's necessary to have a good firewall/antivirus.

Even still, the chances are still small that anything would really happen. But it's best to be prepared just in case.

 

[gamatt]

Thanks, I don’t have enough coins for staking to seem worthwhile anyway.  Either way, good to employ the safeguards you mention.   These new intel bugs prove everything is hackable for a determined entity.

[flip4flop]

Some coins have an option where you can unlock your wallet for staking only but it will not allow you to send your coins anywhere without entering your password or fully unlocking your wallet.  Should be more common for PoS coins.

[retampan]

Many people in this thread saying that if staking coins will get you in danger if you not set up any password, may I know how it is? I haven't set up a password in my PoS coin wallet and its staking for about 1 month with no problem, my wallet is super safe and my coins are still there.

[Tristan1337]

Many people in this thread saying that if staking coins will get you in danger if you not set up any password, may I know how it is? I haven't set up a password in my PoS coin wallet and its staking for about 1 month with no problem, my wallet is super safe and my coins are still there.

Yes they're in danger, because if someone steals your wallet or gains access to your computer they can easily send the coins anywhere they want with nothing to stop them.

[gamatt]

some wallet have the encryption option greyed out...can't get it to become active

[Knightly]

Ensure:

- Strong password;
- Wallet is unlocked for staking ONLY (if possible);
- Strong firewall/anti-virus installed (and scan on a regular basis); and
- Don't do anything dodgy on that PC (such as porn site).

I have a separate older PC I run for staking coins only.

Be safe.

-Knightly