Coinomi wallet issues???

[libert19]

I have been using it since when it was launched (~2014), have always worked fine, their support on TG is great too however as mentioned it is closed source now and if they were to put malicious code you wouldn't know until you are wiped out.

I would suggest, use it for small amounts because it's handy.

[1714022884]

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[1714022884]

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[pooya87]

I would suggest, use it for small amounts because it's handy.

There simply is no justification for using such tools if you have other better options even with small amounts.
For example if you are storing bitcoin, you must stop right away and move to a better option such as Electrum. If you are using it for altcoins then you should look for alternatives even if it means buying a hardware wallet and if and only if you exhausted all other options you could use such a terrible tool as Coinomi.

[libert19]

I would suggest, use it for small amounts because it's handy.

There simply is no justification for using such tools if you have other better options even with small amounts.
For example if you are storing bitcoin, you must stop right away and move to a better option such as Electrum. If you are using it for altcoins then you should look for alternatives even if it means buying a hardware wallet and if and only if you exhausted all other options you could use such a terrible tool as Coinomi.

I have observed you are against this wallet every time it's mentioned, except the desktop wallet case, has anybody lost money?

[pooya87]

has anybody lost money?

It doesn't matter if something bad (not just losing money) has happened or not¹, what matters is that don't know what the software you are running on your computer is doing because it's closed source.

¹ Something bad has been happening, they were sending user's seed phrases to a remote server for a long time before it was caught. They may still be doing it covertly.

[o_e_l_e_o]

I have observed you are against this wallet every time it's mentioned, except the desktop wallet case, has anybody lost money?

There's a lot more to consider than "Has this wallet made anyone lose money through no fault of their own" when picking a wallet. But when the answer to that question is "Yes", then that's already a very bad wallet to choose. Perhaps lots more people lost money via Coinomi wallet but were unable to prove it. Who knows, because it is closed source.

But let's consider the other aspects too. For example, Coinomi were not encrypting any of the data their app was sending out, meaning everything you did on it was being sent in plain text to their servers and therefore posing a massive privacy risk. A reputable wallet would have quickly addressed such a problem and thanked the person who pointed it out, right? Coinomi instead denied the problem, deleted the GitHub issues, and attacked the user in question on Twitter. They behaved like a bunch of children, and certainly not the attitude of people I would be trusting to hold my coins. Read the full story here: https://imnotdead.co.uk/blog/coinomi

In addition to that, you are entirely dependent on their servers and their security for your privacy, and you have no way of knowing if your seed phrase is truly random or truly private because again, it is closed source.

So to sum up. Secure? No. Private? No. Open source? No. Verifiable? No. Trustworthy developers? No.

[Pmalek]

For example if you are storing bitcoin, you must stop right away and move to a better option such as Electrum. If you are using it for altcoins then you should look for alternatives even if it means buying a hardware wallet and if and only if you exhausted all other options you could use such a terrible tool as Coinomi.

I think Coinomi's biggest "appeal" (lets call it that) is their multi-coin support, which is also true for all other multi-currency wallets. People who only have Bitcoin are unlikely to use a multi-currency wallet. However, most popular altcoins have their own wallets, either full-node, light clients, or both. No reason to use Coinomi if the alts you are holding can be stored in official open-source wallets (if they in fact are open-source).

I have observed you are against this wallet every time it's mentioned, except the desktop wallet case, has anybody lost money?

You don't lose money until it happens. The same is true for those who lost money on exchange hacks or exit scams. They didn't think it would happen to them until that day came. What we can do is try to minimize our exposure to risks. Not using Coinomi when there are better alternatives lowers the possibility of problems occurring in the future.

[thefirstnamelessdude]

After all what happened in the past, I wouldn't advise to use Coinomi. Having bugs is "normal" but it's how you react that counts. Their team completely failed at that...
The only use case I had for it was when claiming my BTG from my empty BTC addresses. The process was easy and worked correct.

Greets.

[pooya87]

I think Coinomi's biggest "appeal" (lets call it that) is their multi-coin support, which is also true for all other multi-currency wallets.

Unfortunately these bad tools always offer something appealing to attract users. I remember Coinomi gained popularity when people were creating bitcoin copies every week, it was super easy to claim your airdrops in this terrible wallet.

No reason to use Coinomi if the alts you are holding can be stored in official open-source wallets (if they in fact are open-source).

Just want to add that being open source is not enough, they have to be reviewed and the source has to actually be related to the binaries user downloads! Otherwise the same risks could still apply.
For example take Electrum, it is open source, it is popular so the code is reviewed and most importantly it has deterministic builds so if you build it from source code you should get the same exact binaries as the ones they release.

[bitnoon87]

It's just matter of time when they will shut down their servers. It's time to migrate!