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Author Topic: Is the hardware wallet really safe?  (Read 1496 times)
serech (OP)
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December 05, 2019, 11:19:27 PM
 #1

1. Now Myetherwallet was hacked by random password algorism.
2. It is possible to pass the Ledger nano's recovery sheet.
3. Hacker can buy another ledger nano wallet.
4. They can put the hacked recovery word to the new wallet.
5. Our asset is stollen easliy.
6. Paper wallet( Bitaddress ) is also same above.

Am I much strict?
I dont know how I can keep my coin perfectly safe.
I know there is no perfect about anything in the world.
But can you notice the best way to keep the coin safe? 
Or can I make the hardware wallet only for me?
I can do programming and machining material because I am a engineer.
Thank you for reading my long question.
Have a nice day Smiley
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AB de Royse777
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December 05, 2019, 11:34:32 PM
 #2

1. Now Myetherwallet was hacked by random password algorism.
2. It is possible to pass the Ledger nano's recovery sheet.
3. Hacker can buy another ledger nano wallet.
4. They can put the hacked recovery word to the new wallet.
5. Our asset is stollen easliy.
6. Paper wallet( Bitaddress ) is also same above.

If you give access to your online bank account or authorize someone to take your bank balance then who is responsible in here. Your ignorance of course.
The same is here. If you are too naive to keep your seed of a hardware wallet safe then you deserve someone to steal your fund. Your scenerio is not very practical to me.

Quote
I can do programming and machining material because I am a engineer.
You could be an engineer ( not sure in which sector) but your basic is very poor I think. Don't overdo anything. Being an engineer I hope you know "KISS" is something to find a solution.

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serech (OP)
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December 05, 2019, 11:54:24 PM
 #3

1. Now Myetherwallet was hacked by random password algorism.
2. It is possible to pass the Ledger nano's recovery sheet.
3. Hacker can buy another ledger nano wallet.
4. They can put the hacked recovery word to the new wallet.
5. Our asset is stollen easliy.
6. Paper wallet( Bitaddress ) is also same above.

If you give access to your online bank account or authorize someone to take your bank balance then who is responsible in here. Your ignorance of course.
The same is here. If you are too naive to keep your seed of a hardware wallet safe then you deserve someone to steal your fund. Your scenerio is not very practical to me.

Quote
I can do programming and machining material because I am a engineer.
You could be an engineer ( not sure in which sector) but your basic is very poor I think. Don't overdo anything. Being an engineer I hope you know "KISS" is something to find a solution.

Thank you for your detail and perfect answer.
What is KISS ? I'm Korean. Google say KISS is Korean journal. Is right? Or can you explain it?
1. Now Myetherwallet was hacked by random password algorism.
2. It is possible to pass the Ledger nano's recovery sheet.
3. Hacker can buy another ledger nano wallet.
4. They can put the hacked recovery word to the new wallet.
5. Our asset is stollen easliy.
6. Paper wallet( Bitaddress ) is also same above.

If you give access to your online bank account or authorize someone to take your bank balance then who is responsible in here. Your ignorance of course.
The same is here. If you are too naive to keep your seed of a hardware wallet safe then you deserve someone to steal your fund. Your scenerio is not very practical to me.

Quote
I can do programming and machining material because I am a engineer.
You could be an engineer ( not sure in which sector) but your basic is very poor I think. Don't overdo anything. Being an engineer I hope you know "KISS" is something to find a solution.
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December 05, 2019, 11:59:40 PM
 #4

But can you notice the best way to keep the coin safe? 
If you are looking for the best to keep your coin safe hardware or cold wallet is the best option.

Ledger nano S and Trezor is the best hardware wallet nowadays.

Or can I make the hardware wallet only for me?
Yes, if you don't want to spend to buy a hardware you can try cold wallet like Electrum wallet you can install Electrum on Android mobile and keep it offline as your hardware wallet if you want to make a transaction you need to make a raw and sign transaction with your Electrum cold wallet and then broadcast it to any broadcasting sites.

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bL4nkcode
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December 06, 2019, 01:12:34 AM
Merited by Reid (2)
 #5

I dont know how I can keep my coin perfectly safe.
A hardware wallet with proper saving the recovery seed will give ease for the safety of your funds. I'm using a hardware wallet since 2016, and there's no single case of me related to hacking or losing funds because someone got access to my seed(s) or private keys.

Take note that only use and buy a hardware wallet which is used and proven for its reputation since there are to many company released and made there own HW, only use such as Ledger (nano s) and Trezor (all model).

For the safety of your wallet, don't ever save it to any online drive, emails or whatsoever connected on the internet, not unless it's protected with a strong password, write it on a piece of paper and store it somewhere safe on your place.
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December 06, 2019, 01:27:21 AM
 #6

The whole point of hardware wallet is that the private keys are held by a separate device and malware can't steal them. Like you are saying, hardware wallets don't guarantee perfect security, there still can be bugs, tampering and forgeries. But with same reasoning, no wallet setup is 100% safe, and in the end it largely depends on the skill of a user.

If you personally don't trust hardware wallets, you can just get an old laptop or computer, remove the hard drive and use it as cold storage by running Linux from USB stick and never connecting this system to the Internet.

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serech (OP)
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December 06, 2019, 02:17:01 AM
 #7

The whole point of hardware wallet is that the private keys are held by a separate device and malware can't steal them. Like you are saying, hardware wallets don't guarantee perfect security, there still can be bugs, tampering and forgeries. But with same reasoning, no wallet setup is 100% safe, and in the end it largely depends on the skill of a user.

If you personally don't trust hardware wallets, you can just get an old laptop or computer, remove the hard drive and use it as cold storage by running Linux from USB stick and never connecting this system to the Internet.

Thank u for best answer.
How I can make USB wallet by myself?
Can I get detail way about that?
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December 06, 2019, 02:21:12 AM
 #8


Thank u for best answer.
How I can make USB wallet by myself?
Can I get detail way about that?

Calling it "USB wallet" is not correct, it's not like a hardware wallet, it's just having a dedicated computer for running Bitcoin wallet without any Internet connections - you sign transactions on that computer and then broadcast them from some other device. Electrum has a good guide for it: https://electrum.readthedocs.io/en/latest/coldstorage.html

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December 06, 2019, 03:24:44 AM
 #9


For the safety of your wallet, don't ever save it to any online drive, emails or whatsoever connected on the internet, not unless it's protected with a strong password, write it on a piece of paper and store it somewhere safe on your place.


Yes, this will be your best answer.
Seeds and private keys are always unique so you are already safe. Now, how to keep it. Like what he said. Paper. Go old school. Jot it down.
That is the safest unless your wife knows about crypto currency too.  Grin


Am I much strict?
I dont know how I can keep my coin perfectly safe.

This is money related discussion so it is really good to be strict about it. Next to God is always money.  Grin
You may continue your questions and there will be a lot of good people here that will answer you.
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December 06, 2019, 03:29:50 AM
 #10

You don't need to be afraid or paranoid about saving your coins in the hardware. As long as you can follow the procedure for storing your coins, you don't have to worry about the bad things. There is no 100% guarantee for feeling safe for anything in this world, but we can prevent and minimalize from those bad things so you can access your wallet every time you want. The only way you will be saved is to moves your coin in the wallet, keep it in a deposit box, don't connect that hardware wallet to the internet for a long time. But the matter is, can you do that for yourself? I guess you don't. So you don't have to be scary for the wrong things because you will save if you can make sure if it is safe.
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December 06, 2019, 03:36:41 AM
 #11

You don't need to be afraid or paranoid about saving your coins in the hardware. As long as you can follow the procedure for storing your coins, you don't have to worry about the bad things. There is no 100% guarantee for feeling safe for anything in this world, but we can prevent and minimalize from those bad things so you can access your wallet every time you want. The only way you will be saved is to moves your coin in the wallet, keep it in a deposit box, don't connect that hardware wallet to the internet for a long time. But the matter is, can you do that for yourself? I guess you don't. So you don't have to be scary for the wrong things because you will save if you can make sure if it is safe.
Yes, since hardware wallet is the safest wallet we can use to store our funds.
There is no guarantee for its safety but it all depends on how we keep it. The security of hardware wallet begins with its user. There is no need to worry about how long you will keep using it as long as you are using it on your own personal computer, also, it automatically disconnect if the user is inactive in using it.

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December 06, 2019, 04:05:40 AM
 #12

If you are deeply concerned on such cases just go for those wallets that are proven wiser and defensive.

Such as Trezor where it has a high positive and deniable feedback of getting hacked or anything like scams going on with other wallets manufacturer.
Just do not store your private keys, passwords on anything with internet access specially due to keyloggers or data extraction from your pc.

Nothing to see here
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December 06, 2019, 06:58:19 AM
 #13

1. Now Myetherwallet was hacked by random password algorism.
2. It is possible to pass the Ledger nano's recovery sheet.
3. Hacker can buy another ledger nano wallet.
4. They can put the hacked recovery word to the new wallet.
5. Our asset is stollen easliy.
6. Paper wallet( Bitaddress ) is also same above.

Am I much strict?
I dont know how I can keep my coin perfectly safe.
I know there is no perfect about anything in the world.
But can you notice the best way to keep the coin safe? 
Or can I make the hardware wallet only for me?
I can do programming and machining material because I am a engineer.
Thank you for reading my long question.
Have a nice day Smiley
How did the hacker get access to your recovery seed? The chances of that happening are really low! If you've been careful enough in storing your recovery seed, there's no way a hacker could get to it. Use a good hardware wallet, and a good recovery seed storage solution to store your mnemonic. There is CryptoSteel, BillFold, Cobo Tablet - so many options.
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December 06, 2019, 09:58:08 AM
 #14

How did the hacker get access to your recovery seed? The chances of that happening are really low! If you've been careful enough in storing your recovery seed, there's no way a hacker could get to it. Use a good hardware wallet, and a good recovery seed storage solution to store your mnemonic. There is CryptoSteel, BillFold, Cobo Tablet - so many options.
It's possible that OP accidentally leaked any information of his wallet without him knowing. Chances are low but once any information has been leaked, your money will be gone so easily. Using a good hardware like trezor or ledger will be a big help, I've been using my ledger since 2017 and I have never encounter any difficulties or being compromised.


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December 06, 2019, 10:14:45 AM
 #15

I guess you could ask the veterans here.

If it is not safe then they won't be staying here anymore.
There is not much of a choice into where you could store your bitcoin after that.
Of course not exchange, they could just vanish easily with your coins in it.
Not the centralized wallets too. They might say they got bankrupt and that is it. Goodbye bitcoins.

Hardware wallets had been used for a long time and there are living proofs here.  Grin
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December 06, 2019, 10:29:46 AM
 #16

Thank u for best answer.
How I can make USB wallet by myself?
Can I get detail way about that?

Here's a tip. If you don't know how to make a "USB wallet" a.k.a. your private keys are saved on a flash drive, I really suggest that you do not do it. It can be easy to do it, but it's going to take a good amount of knowledge to make one in a secure manner.

Seriously, just go the easy route and purchase a reputable hardware wallet, and just don't save your recovery seed digitally, and you're going to be mostly fine.

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December 06, 2019, 10:32:09 AM
 #17



Hardware wallet is considered to be on the top list when we talk about the safest way to secure cryptocurrency but of course one of the biggest problems is when holders are not so careful with the necessary information to be able to use the wallet. I was once a victim of phishing because I was not aware of it before, those days of my naivety. At all times, we have to be always informed of the latest developments pertaining to hacking and how we can all avoid them and not become part of the victim statistics. This is one hell of an industry where a concentration of hackers, phishers and scammers is quite high.
Leonardo7
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December 06, 2019, 10:41:40 AM
 #18


Yes, if you don't want to spend to buy a hardware you can try cold wallet like Electrum wallet you can install Electrum on Android mobile and keep it offline as your hardware wallet if you want to make a transaction you need to make a raw and sign transaction with your Electrum cold wallet and then broadcast it to any broadcasting sites.

This is interesting, so I can store my bitcoin on my android phone using the electrum cold wallet without having to buy any hardware wallet. I am just thinking about how safe this will be! With your explanation. I just need to disconnect the phone from the internet to making it a true cold storage.
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December 06, 2019, 10:50:18 AM
 #19

I saw few responses that question the hacking, none of the hack is as easy as being put there. Most can be more from someone close, and if one is not safe the close relatives with its cryptocurrency the hardwallet system cant be safe also. I also think storage of cryptocurrency for altcoins is usually as long as being put, experienced investor always look for the exit price. Hardwallet does not make it as accessible for sale as when due

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December 06, 2019, 11:24:22 AM
 #20

Basically for me, the problem to that particular solution will rely not on the technical side of being responsible or keeping your ledger safe. I see, you have your phrases getting accessed by a hacker. That is the simple thing you need to focus on. If you want to secure your funds in ledger nano, then you should follow their instruction. Do not post or type your phrases electronically. I rather suggest not writing it to the main paper they've provided because people would already know that it is from a ledger's account. What if you write it to other piece of paper and make it look like a sentence?
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