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Author Topic: Proof of Keys Event for a Beginner?  (Read 677 times)
very_452001
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January 06, 2019, 12:06:32 AM
 #1

What about the hodler who has a portfolio of lets say for example 25 different cryptos/altcoins spread between dozens of centralized exchanges.

How does this person withdraw all of the 25 cryptos balances for the sake of proof of keys? Is there a easier convenient way to do this inconvenient task?

Also does every crypto has its own wallet to accomplish the above task? If so the person has to download 25 different wallets which is another inconvenience and hassle. Is there a user friendly way?

Finally what about cryptos/altcoins that due for a coin swap to the new chain or version decided by the development team? On centralised exchanges you should get a notification of this in advance by email so the person can make preparations to prevent hodling useless worthless obsolete coins. If the person downloads 25 different wallets then will he/she be notified of possible coin swaps for each wallet? Is there a user friendly way of doing this for sake of proof of keys?

I already understand bitcoin and other alts like ripple and ether are popular and most wallets supports these or all 3 at the same time and because they are popular any future news regarding these popular coins will be on the mainstream crypto news any way. However I am talking about for an example above 25 alts that may not be popular like bitcoin, ripple and ether.

Centralised exchanges seem easier and convenient otherwise can someone explain to me a easy or convenient way for what mentioned above?
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January 06, 2019, 01:18:53 AM
 #2

How does this person withdraw all of the 25 cryptos balances for the sake of proof of keys? Is there a easier convenient way to do this inconvenient task?

Also does every crypto has its own wallet to accomplish the above task? If so the person has to download 25 different wallets which is another inconvenience and hassle. Is there a user friendly way?

No. You can use multcurrency wallets.


For newbies, I can suggest you download coinomi wallet. It has an Android and iOS version. Download it on the official Google/Apple store.

There all your 25 coins, or most them, will be supported.

You just need to be sure if they are coins or tokens. Tokens are usually erc-20, those can be sent to Your ethereum addresses within coinomi.

Use this proof of keys days to educate yourself about the coins you have.

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January 06, 2019, 04:40:15 AM
Merited by suchmoon (7), o_e_l_e_o (1)
 #3

What about the hodler who has a portfolio of lets say for example 25 different cryptos/altcoins spread between dozens of centralized exchanges.
there aren't really "dozens" of legit exchanges to use and most traders only use 2 exchanges tops. and if you are using an exchange then you can't call yourself "holder", you are a trader and you need to act accordingly meaning you are not "storing" coins on exchanges you are keeping them active meaning you buy and sell these coins constantly. and if you are doing otherwise then there is something seriously wrong with your strategy.

additionally i would like to point out that holding 25 altcoins is a terrible decision because they are all moving down with bitcoin and rarely move back up with it.

Quote
How does this person withdraw all of the 25 cryptos balances for the sake of proof of keys? Is there a easier convenient way to do this inconvenient task?
no you should not move your coins because of a silly thing such as "proof of keys" that is running on social media. you should however withdraw them if you are not trading as i explained above. exchanges are not meant for storage.
and if you are planning on holding 25 then you also have to accept the difficulties of doing so. you can't expect easy money with easy security. it is tough to stay secure.

Quote
Also does every crypto has its own wallet to accomplish the above task? If so the person has to download 25 different wallets which is another inconvenience and hassle. Is there a user friendly way?
as other user said there are multi-currency wallets although they are new and some of them have had bad bugs.

Quote
Finally what about cryptos/altcoins that due for a coin swap to the new chain or version decided by the development team? On centralised exchanges you should get a notification of this in advance by email so the person can make preparations to prevent hodling useless worthless obsolete coins. If the person downloads 25 different wallets then will he/she be notified of possible coin swaps for each wallet? Is there a user friendly way of doing this for sake of proof of keys?
all your arguments are the same. if you want to bag hold a lot of them then you also have to accept the difficulties! and if you find it tedious then you have to think about not doing it! or at least reduce the number to something more manageable.
not to mention that a coin that has the risk of becoming obsolete overnight is not worth bag holding!

Quote
Centralised exchanges seem easier and convenient otherwise can someone explain to me a easy or convenient way for what mentioned above?
yes they are easy but you are giving up safety and in a blinking of an eye you can go to zero if the exchange decides to scam you. which has happened thousands of times already.

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January 06, 2019, 06:13:48 AM
 #4

Firstly newbies need to understand that it isn't mandatory to participate in the Proof of key event,  it's a choice and shouldn't be done if it'll inconvenience you. But you should understand that anything that make the blockchain technology stronger should be encouraged. Early January last year I had 25 different altcoins on binance and truly speaking if there was a proof of key then I would  had participated too.  It's a one day event so after the event is over you can send your tokens back to the Exchange and continue your trading.

This is what proof of key is all about
Trace Mayer is suggesting that everybody who has coins deposited with an exchange should withdraw them to prove that the exchange actually own coins to cover the deposits.
it should be a welcome development and just as jet cash suggested it should be a one week event not one day event. Also if you aren't a trader don't store bitcoin on exchange it's just foolishness




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January 06, 2019, 04:13:20 PM
 #5

Firstly newbies need to understand that it isn't mandatory to participate in the Proof of key event,  it's a choice and shouldn't be done if it'll inconvenience you. But you should understand that anything that make the blockchain technology stronger should be encouraged. Early January last year I had 25 different altcoins on binance and truly speaking if there was a proof of key then I would  had participated too.  It's a one day event so after the event is over you can send your tokens back to the Exchange and continue your trading.

It's definitely not mandatory, and it's definitely a choice; and yes, leaving funds on exchanges are definitely far more convenient. But if your exchange account gets hacked or the exchange itself gets hacked? Don't go crying on Reddit or any bitcoin/cryptocurrency-related forum like you didn't see it coming. I honestly couldn't comprehend why some people leave hundreds of thousands of dollars worth of cryptocurrencies on exchanges. Heck, I'm not even comfortable with leaving $500 worth of funds on exchanges(that are not used for trading).

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January 06, 2019, 09:07:14 PM
 #6

additionally i would like to point out that holding 25 altcoins is a terrible decision because they are all moving down with bitcoin and rarely move back up with it.

Not only that, but there is zero chance you can keep track of what is happening with every coin. If, as OP says, he can't even keep track of which ones are launching their own blockchain and performing a token swap (arguably the biggest event possible for an ERC20 token), then how is he going to keep track of things like technical developments, issues, hacks, news, wallets, team members, etc, that may affect a coin's performance or use. Not to mention the fact that there aren't 25 altcoins with an actual real world use.


leaving funds on exchanges are definitely far more convenient.

This is it in a nutshell. You are trading your security for convenience. It would be more convenient to just leave you front door unlocked and not have to worry about carrying your keys around all the time. It would be more convenient to just use the password "123456" for everything, and then you don't have to bother with remembering complicated passwords or using password managers or any of that stuff. It's more convenient to just leave your coins on the exchange after you've bought them, and not waste time setting up your own wallet or securing your own keys. However, these are all equally terrible ideas. There are far too many things that can happen to exchanges (as history has shown us) that will leave you unable to access your coins. If you aren't actively trading, transfer to your own wallet.


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January 06, 2019, 09:47:58 PM
 #7

leaving funds on exchanges are definitely far more convenient.

This is it in a nutshell. You are trading your security for convenience. It would be more convenient to just leave you front door unlocked and not have to worry about carrying your keys around all the time. It would be more convenient to just use the password "123456" for everything, and then you don't have to bother with remembering complicated passwords or using password managers or any of that stuff. It's more convenient to just leave your coins on the exchange after you've bought them, and not waste time setting up your own wallet or securing your own keys. However, these are all equally terrible ideas. There are far too many things that can happen to exchanges (as history has shown us) that will leave you unable to access your coins. If you aren't actively trading, transfer to your own wallet.



People never heard of mt gox? It may happen again, even with binance or coinbase.

Exchanges are a huge attack vector. Thousand of hackers are daily trying to hack them to withdrawal the funds you leave there.
The geniality in blockchain protocol is that the private keys can be hold offline (unhackable). Not in a online exchange.

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January 06, 2019, 09:58:41 PM
 #8

no you should not move your coins because of a silly thing such as "proof of keys" that is running on social media. you should however withdraw them if you are not trading as i explained above. exchanges are not meant for storage.

This is the key right here. Nobody should be using exchanges to store funds. They aren't wallets. Any coin you want to hold long term should be held in a secure wallet where you control the private keys. Day trading or running trading bots requires keeping funds on exchanges, but one should always withdraw any excess funds that aren't being used for trading.

This goes for fiat money as well -- there's no reason to hold USD on an exchange for months at a time. People should withdraw to their own bank accounts in case their exchange suffers hacks, legal problems, or in case they exit scam.

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January 07, 2019, 03:20:33 AM
 #9

leaving funds on exchanges are definitely far more convenient.

This is it in a nutshell. You are trading your security for convenience. It would be more convenient to just leave you front door unlocked and not have to worry about carrying your keys around all the time. It would be more convenient to just use the password "123456" for everything, and then you don't have to bother with remembering complicated passwords or using password managers or any of that stuff. It's more convenient to just leave your coins on the exchange after you've bought them, and not waste time setting up your own wallet or securing your own keys. However, these are all equally terrible ideas. There are far too many things that can happen to exchanges (as history has shown us) that will leave you unable to access your coins. If you aren't actively trading, transfer to your own wallet.



People never heard of mt gox? It may happen again, even with binance or coinbase.

Exchanges are a huge attack vector. Thousand of hackers are daily trying to hack them to withdrawal the funds you leave there.
The geniality in blockchain protocol is that the private keys can be hold offline (unhackable). Not in a online exchange.

Yeap. This is what boggles me. There has already been a good number of exchange hackings in the past, that it's expected for people to already be cautious. Unfortunately and apparently, people don't do their research; which is honestly no surprise as if everyone was actually doing their research then we should have no investors/speculators in EOS and a good number of other alts in the first place. 🤷‍♀️

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January 07, 2019, 11:45:41 PM
 #10

Ok I agree its best to withdraw however one thing worries me when it's withdrawn and that is not being notified of possible coin swaps/coin moving onto new chain in future while im hodling the old chain in my own wallet for example for 5 years and there's usually a deadline to do the swap or it's too late! Deadline is usually just weeks.

Just to confirm does coinomi wallet notify the hodler of coin swaps/new chains?

Does multi currency hardware wallet like ledger nano s support multiple ethereum addresses like coinomi and does ledger nano s also notifies hodler of coin swaps/new chains?

How many ethereum addresses I can have on coinomi and each ethereum address can be used for any erc-20 token?

Coinomi is the best multi currency wallet?

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January 08, 2019, 12:07:02 AM
Merited by pooya87 (2)
 #11

-snip-

To answer all your questions one by one:

If you can't even keep track of when a coin is launching its own blockchain, then you definitely can't keep track of the more nuanced and less advertised developments for said coin. You should definitely reduce the number of coins you are invested in.

No, Coinomi does not provide notifications for token swaps. As far as I know, no multi-coin wallet does, and why should they? You should be able to keep an eye on your own coins.

Yes, Ledger Nano S supports multiple ethereum addresses. No, it does not notify you of token swaps.

As many as you want. Each address can hold ERC20 tokens.

Coinomi is a widely used multi currency wallet. There is no such thing as the "best" wallet.

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January 09, 2019, 01:25:37 AM
 #12

Ok in regards to getting notifications of coin/token swaps I thinks its a good idea to withdraw 99% of the balances from centralised exchanges to my own multi wallet leaving just 1% leftover balance on these centralised exchanged for the sake of getting email notifications from these exchanges in regards to possible future coin swaps.

Im happy to risk 1% for the notifications. Its a price worth paying for I guess. Notifications should be free but due to the only circumstances available to us crypto hodlers this is the only idea available at the moment which seems primitive and non user friendly in this day of age and technology.

The more coins and diverse your investment portfolio the more higher chance of being striking rich if lucky. Hodling a less manageable number of different coins is easier however less chance of becoming rich.

Unless someone can invent a private wallet that obtains notifications from the coin/token developers servers. That will be the first step to user friendliness  Smiley
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January 09, 2019, 04:55:04 AM
 #13

No. You can use multcurrency wallets.


For newbies, I can suggest you download coinomi wallet. It has an Android and iOS version. Download it on the official Google/Apple store.

I wouldn't want to store my wallet on a computer or phone honestly.  I would suggest hardware (such as Ledger Nano) or paper wallet.  Your machine/phone can be compromised and your coins stolen.
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January 09, 2019, 09:00:37 AM
 #14

No. You can use multcurrency wallets.


For newbies, I can suggest you download coinomi wallet. It has an Android and iOS version. Download it on the official Google/Apple store.

I wouldn't want to store my wallet on a computer or phone honestly.  I would suggest hardware (such as Ledger Nano) or paper wallet.  Your machine/phone can be compromised and your coins stolen.

That's right, it's much better to use a hardware wallet.
Ledger offer support to a lot of coins and all tokens.

However this event is about removing your coins from the exchange. Using any kind of wallet is a great step already, even a mobile wallet

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January 09, 2019, 09:54:05 AM
 #15

However this event is about removing your coins from the exchange. Using any kind of wallet is a great step already, even a mobile wallet

Absolutely. Mobile wallets aren't great, but they are still better than an exchange wallet. Just don't transfer to a web wallet - they have all the same problems as exchanges do. Software wallets are ok (mobile or desktop), hardware, airgapped, or paper wallets are better.

Coinomi have also just launched their multicoin desktop wallet, if anyone is thinking of going down that route. It's technically still in beta, but it looks pretty slick from what I've seen of it: https://www.coinomi.com/en/downloads/

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May 21, 2019, 06:28:04 PM
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Coming back to this thread is Coinomi still the recommended wallet?

I also have hardware ledger nano s, how many coins can I have on it?
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May 21, 2019, 06:34:58 PM
 #17

Coming back to this thread is Coinomi still the recommended wallet?

Depends on to whom you asked this question? Coinomi have good reputation which build for years, but  :
1. it's closed source
2. they're trying to underplay the risks of vulnerability which send mnemonic seed (plain text, not encrypted) to google spell-checker service.

I also have hardware ledger nano s, how many coins can I have on it?

Installed application? ± 5 application

Total coins you can use/store? As many as total of cryptocurrency that Ledger Nano S support.

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May 21, 2019, 06:45:19 PM
 #18

Coming back to this thread is Coinomi still the recommended wallet?

Depends on to whom you asked this question? Coinomi have good reputation which build for years, but  :
1. it's closed source
2. they're trying to underplay the risks of vulnerability which send mnemonic seed (plain text, not encrypted) to google spell-checker service.

I also have hardware ledger nano s, how many coins can I have on it?

Installed application? ± 5 application

Total coins you can use/store? As many as total of cryptocurrency that Ledger Nano S support.

Ok is there anything better than coinomi?

Ledger nano s supports 5 coins only?
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May 21, 2019, 06:49:05 PM
 #19


Ok is there anything better than coinomi?
Yes, ledger nano.

Quote

Ledger nano s supports 5 coins only?
No. It supports dozens of coins.
However you can't have all of them installed at the same time. Delete the software if your ledger is full (about 5seconds to uninstall) and install the new one you need.  You can delete and install new wallets as much as you like and that doesn't compromise your balance.

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May 21, 2019, 06:51:18 PM
 #20

Ok is there anything better than coinomi?

Ledger Nano S you already have. If you need to manage your coin, you can use Ledger Live or Electrum.

Ledger nano s supports 5 coins only?

No, what i meant are :
1. Ledger Nano S support many cryptocurrency, you can check it at : https://shop.ledger.com/pages/supported-crypto-assets
2. You only can use 5 application (1 application may support more than 1 coins) at same time. So you can't plug your Ledger Nano S and manage 1000+ coins without repeating install and uninstall application cycle.

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