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Author Topic: Is it true? (xapo)  (Read 145 times)
Silentsweeper
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April 11, 2018, 11:45:53 AM
 #1

The Swiss have the reputation for the safest bunkers in the world or the security they guarantee. During the cold wars there were many bunkers build to withstand nuclear attacks. The bunker was build in 1947 deep inside the Alps. The bunker was used by Swiss army. The facility have racks and racks of data storage systems and have an electronic security measures  design to avoid attacks as from would be hackers. The most secured information that is kept there is of Xapo the bitcoin wallet company. This is stored inside a cold room.
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April 11, 2018, 11:59:00 AM
 #2

Xapo as a Fort Knox bitcoin storage. if you want to secure bitcoin, then no need to look further than Xapo Vault. Xapo has developed a new standard of bitcoin security and protects your assets in Vault so you are confident that your money is safe and sound.
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April 13, 2018, 03:34:09 AM
 #3

Xapo as a Fort Knox bitcoin storage. if you want to secure bitcoin, then no need to look further than Xapo Vault. Xapo has developed a new standard of bitcoin security and protects your assets in Vault so you are confident that your money is safe and sound.

If you want to store your coins safely then why can't you choose a paper wallet and keep your private keys safely instead of choosing a service provided by the third party?

Once you have given money to others then even though their system is safe but not safe for you because you still need a relay on their system. So choose to control your money by your self instead of giving control to others.

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April 13, 2018, 09:18:44 AM
 #4

I have no means of proving if your statement is true or not but take note that their so called "reputation" doesn't guarantee anything. This reputation is earned through their past achievements, it doesn't decide that the future will always be like that. If I have to word it, it is more like an "expectation"

Ultimately, It is too good to be true and I don't trust such things. Up until now I still don't believe that there is a 100% safe way of storing your coins because even a .0001% chance could always turn the tables.

What minerHQ said is true, Xapo is a third party service provider. Seriously, Would you rather trust these strangers than yourself? SO yes better pick a type of wallet that allows you to fully control your funds.

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April 13, 2018, 09:52:21 PM
 #5

I stop trusting XAPO because my account couldn't login anymore, I'm trying to login with the reset account but it keeps redirect to main page.
So for me they are not safe even the put all the money in the secured room.

Like the other said it always safe if you use a wallet which is you can fully control your wallet that includes private keys and seed phrase.
Because if you don't had them you will never recover your wallet once the company is gone or down.




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April 13, 2018, 11:33:13 PM
 #6

I have read somewhere that xapo is keeping somewhere their cold storage something like what OP mentioned. I don't have proof for it as I can't remember on what article I have read that.

I stop trusting XAPO because my account couldn't login anymore
I didn't stop using and trusting xapo that way. I haven't logged in my account there for years and I don't know if it's available for use.

I stopped using xapo because of high fees and does anyone know if they lowered the fees?

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April 15, 2018, 08:02:51 PM
 #7

Xapo was some time ago my favorite wallet, because it was handy in mobile device, paid transfer fees and was good to recieve small amounts from faucet. I never used it for the reason of secured storing the funds. Third party wallets are never secure, because they can suddenly stop their services and run away with your funds.
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April 15, 2018, 10:36:56 PM
Merited by gentlemand (1)
 #8

The Swiss have the reputation for the safest bunkers in the world or the security they guarantee. During the cold wars there were many bunkers build to withstand nuclear attacks. The bunker was build in 1947 deep inside the Alps. The bunker was used by Swiss army. The facility have racks and racks of data storage systems and have an electronic security measures  design to avoid attacks as from would be hackers. The most secured information that is kept there is of Xapo the bitcoin wallet company. This is stored inside a cold room.

Apparently, yes: https://qz.com/1103310/photos-the-secret-swiss-mountain-bunker-where-millionaires-stash-their-bitcoins/

Just because their data storage facilities are safe, doesn't mean that they are a safe company to deal with or store your coins at. That is a huge fallacy, and can end up with you entrusting strangers whom you have never met with excessive amount of coins.

Understand that the most common issue people have is that exchanges/wallets do not respond to their support tickets once they have a problem, or that their accounts are frozen. Hacks are very uncommon, but you see that exchanges/wallets have issues with customer experience all the time.

Just because your coins are stored safely inside a bunker, doesn't mean that your account won't ever be frozen. Your coins aren't really your coins, it's really an IOU of Xapo to you once you store bitcoins with them.

I don't think that hosted wallets are safe to deal with at all in the long run, they will face regulatory pressure and may shut down your account without warning.

The safest way to store BTC is to hold your private keys yourself, there is no counterparty risk this way. Honestly, I'd trust a simple desktop wallet like electrum with the right security settings way more than Xapo.

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April 15, 2018, 10:41:22 PM
 #9

I don't give a shit how secure their storage is, there's a good chance you'll be caught up in their KYC/AML or unresponsive support hell. That's a far greater risk than them being bombed.

I've also gone through phases of their SMS messages going missing and the app getting arsey. I don't need ball ache like that in my life when we have options to control our own keys.

Now their card has gone I have no use for Xapo. I'm not quite sure what their purpose is and how they make money and them throwing in the towel is yet another risk.

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April 15, 2018, 11:00:56 PM
 #10

I don't give a shit how secure their storage is, there's a good chance you'll be caught up in their KYC/AML or unresponsive support hell. That's a far greater risk than them being bombed.

I've also gone through phases of their SMS messages going missing and the app getting arsey. I don't need ball ache like that in my life when we have options to control our own keys.

Now their card has gone I have no use for Xapo. I'm not quite sure what their purpose is and how they make money and them throwing in the towel is yet another risk.

That's exactly what I'm talking about.

Speaking from experience, Xapo requests you to fill out all your information once your wallet usage volume reaches a certain threshold. Verifying yourself on hosted wallets such as Xapo is a painful experience to go through.

Even if the coins are safely in their custody, so what. 1. You can't guarantee they're not running a fractional reserve. 2. You can't guarantee that their support is going to be responsive. 3. You can't guarantee factors such as regulation won't affect you. Why would you trust someone, as good as their storage facilities are, with your coins when you can store it trustlessly?

This seems like an elaborate marketing stunt, more than anything else.

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April 15, 2018, 11:07:26 PM
 #11

This seems like an elaborate marketing stunt, more than anything else.

They had more of a purpose back in the day when they launched in 2014. There was no such thing as a hardware wallet back then so I can see why some people would've preferred their vault thing rather than make their own paper wallet.

They're going to need to add something along the lines of fiat interfaces to remain relevant from now on otherwise there's no real reason for them to exist any more.

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April 16, 2018, 06:54:13 PM
 #12

yes maybee they have rooms in siwsserland but they also have the highes fees i have ever see on online wallets !



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April 17, 2018, 09:16:03 AM
 #13

They're going to need to add something along the lines of fiat interfaces to remain relevant from now on otherwise there's no real reason for them to exist any more.

They are redundant already. Everything they come up with right now will do nothing more than delay the process of going down, that's it. I am quite certain that they within this year, or just after the next year, will get acquired and pick the fruits of what is left from their almost rotten 'money tree'. It's sad to see of course, but this market is ruthless; if you can't keep up with the rest, you won't exist for long.

If you look through their site ranking, then it has been decreasing for a very long time; even the massive user boost didn't result in much; it only granted them a temporary marginal increase, that later on got dumped down badly. One must question himself; if the insane user boost of last year didn't even do anything for Xapo, it's very safe to say that they are on their way to the butchery. I would do everything to avoid using that service.

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April 17, 2018, 11:42:07 AM
 #14

There has been several hack on exchanges and wallets before, funds from even cold storage with they claim to have high security got drained away. Latest example of this is coinsecure (indian exchange) which many believe is an inside job. So its better to not trust any third party with your valuable coin even if they have big claims like they have stored their cold wallet in bunker or somewhere easily inaccessible.

Anything connected to internet can't be considered as secure, recently a casino got hacked because of electronic fish tank attached to internet despite huge security they have in place for their main system.  Grin

Keep your coins in hardware wallet or paper wallet if you want maximum security.
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April 19, 2018, 08:16:49 PM
 #15

Xapo as a Fort Knox bitcoin storage. if you want to secure bitcoin, then no need to look further than Xapo Vault. Xapo has developed a new standard of bitcoin security and protects your assets in Vault so you are confident that your money is safe and sound.
Are you sure that our money will be safe out there? well they have ultimate control over our money so they can do whatever they want. For your information, my account has been locked due to something that maybe i against their rules (wich i forgot) what I'm trying to say is it's better to have your bitcoin on your pocket rather than trust a company to hold your private key, they can freeze it lock it or even worst.
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April 19, 2018, 08:36:35 PM
 #16

Are you sure that our money will be safe out there? well they have ultimate control over our money so they can do whatever they want. For your information, my account has been locked due to something that maybe i against their rules (wich i forgot) what I'm trying to say is it's better to have your bitcoin on your pocket rather than trust a company to hold your private key, they can freeze it lock it or even worst.

I don't know what the present status is, but at certain points Wences Casares, Mr Xapo, was entrusted with securing the coins of almost all the super rich he got excited in 2011/12 ish. You can imagine how much that's all now worth. It must be, or have been, several hundred thousand coins.

But your point is the main one. All the security in the world is meaningless if they won't permit you to access your own wealth.

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April 24, 2018, 01:01:03 AM
 #17

I don't know what the present status is, but at certain points Wences Casares, Mr Xapo, was entrusted with securing the coins of almost all the super rich he got excited in 2011/12 ish. You can imagine how much that's all now worth. It must be, or have been, several hundred thousand coins.

But your point is the main one. All the security in the world is meaningless if they won't permit you to access your own wealth.

Spot on. If you trust someone to hold a large amount of bitcoins for you in a safe that is isolated from everyone, and has the best security available, it doesn't mean that you will have guaranteed access to your coins.

The most important thing to consider is actually how trustworthy Xapo is, instead of the procedure by which they store your coins.

Because at the end of the day, Xapo owes you the balance you've deposited with them. No matter how securely they store the coins, you still have no direct access to your coins. Getting a offline wallet storage is probably the better option than storage with Xapo, you'll have direct access to your coins at all times.

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April 24, 2018, 10:10:04 PM
 #18

There has been several hack on exchanges and wallets before, funds from even cold storage with they claim to have high security got drained away. Latest example of this is coinsecure (indian exchange) which many believe is an inside job. So its better to not trust any third party with your valuable coin even if they have big claims like they have stored their cold wallet in bunker or somewhere easily inaccessible.

Anything connected to internet can't be considered as secure, recently a casino got hacked because of electronic fish tank attached to internet despite huge security they have in place for their main system.  Grin

Keep your coins in hardware wallet or paper wallet if you want maximum security.

Exactly the point every exchange sites and wallet providers that we have today are the safest until they are hacked whether inside job or their own vulnerability it does not remove the fact that they have stopped being secure and when the bitcoins kept there wants to be stolen, you don't even need a tool as simple as a screw driver to get it done in as much as its not about physical coin.
I don't believe that info about Xapo though because the moment such sensitive information is true and leaked to the outside world, its time to start looking for somewhere else. Just like a bank, if any random person can see where the vault is located in the bank from outside, then its time to change bank as that is the beginning of an heist happening.
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April 24, 2018, 10:21:59 PM
Merited by gentlemand (1)
 #19

Anyone who would entrust their private keys to a 3rd party with a presence on the internet in the name of keeping their bitcoins secure, well, they're just asking to have their crypto stolen. 

When all you need is your private key written down on a piece of paper, there's no excuse not to find a way to keep that piece of paper secure without having to resort to some Swiss corporation that is relatively new and whose reputation isn't established.  When I was new to the bitcoin scene and was still using faucets, I used Xapo for a brief period.  I didn't like their wallet, and that was even before they jacked up the fees to use the faucets.  Never again.

The earlier posts in this thread sound like they were written as a veiled advertisement for Xapo.
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