Query on "do not keep your money in online accounts"

[UmerIdrees]

In a message by Theymos Reminder: do not keep your money in online accounts, i  have few questions.

If you have a large variety of different crypto assets that you need to store, there's Unstoppable wallet

I never use this unstoppable wallet but i use trust wallet. Is unstoppable wallet better than a trust wallet ? Also theymos did not mentioned to use the most popular trust wallet 

If you have never used your own trustless wallet before, using a mobile app is probably safer than using a desktop app.

Which wallet is meant by "Trustless here "?  And how the mobile app is more safer as the chances of getting malware is similar on mobile or desktop ?

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[AverageGlabella]

Be better asking here https://bitcointalk.org/index.php?topic=5420870.0 because that is where the discussion for it is 'better' is probably going to be debated to as it comes down to personal opinion. If you own the private key and trust the developers behind the wallet software I say keep to what you are used to if you are not using a open source software then you should change.

if not read the FAQ of unstoppable https://unstoppable.money/faq trustless means you own the private key and the software is open source and has been verified by you

[Z-tight]

I never use this unstoppable wallet but i use trust wallet. Is unstoppable wallet better than a trust wallet ? Also theymos did not mentioned to use the most popular trust wallet  

The problem with trust wallet is that it isn't an open source wallet, and since the warning reads "do not keep your money in online accounts", it will be kind of an irony to recommend a wallet that is owned by one of the "online accounts" we are warning people to take their money away from, because Binance crypto exchange are the owners of trust wallet.

Which wallet is meant by "Trustless here "?

Wallets that the users own and are in control of their private keys.

And how the mobile app is more safer as the chances of getting malware is similar on mobile or desktop ?

I think Theymos' idea there was that since the message is for newbies, they may find a mobile app more convenient, less complicated to use, more accessible and less likely to make a mistake with them for a first timer, not that it is technically safer from malware that can steal funds.

[OgNasty]

It really isn't brain surgery and you don't need a hardware wallet or special software to safeguard your funds.  That's literally what the blockchain exists for.  Get your private keys, keep them safe.  It's that simple.  You don't have to spend any money on hardware or research developers to see how honest they are.  You don't need to trust audits or financial services or look at regulators.  You just need your private key and some acceptance of your responsibility to safeguard your own funds.  The fact that many people are used to handing over their money to others who they trust is a big thing crypto needs to overcome and I think as a result of people not wanting this responsibility, there will always be con artists offering them a simpler solution. 

[shahzadafzal]

Also theymos did not mentioned to use the most popular trust wallet  

https://twitter.com/cz_binance/status/1591688020931248130

He owns it.

Trust CZ, he ain’t SBF!

[libert19]

Whatever wallet, safety boils down to user himself. Unstoppable was likely recommended cos it's open source while trust wallet is not. Desktops are targeted more often than mobiles. However, internet etiquettes like,

1) not surfing scummy websites/porn

2) not clicking shady links

3) not installing shady softwares/games/extensions

..apply to all and should keep you safe for most part.

[BitcoinGirl.Club]

And how the mobile app is more safer as the chances of getting malware is similar on mobile or desktop ?

If you have large amount of crypto asset then invest some money on a hardware wallet. You are in crypto and you do not want to have a hardware wallet is just a stupid thinking. Have one, if you have not yet. Losing even $10k worth of asset for not having a hardware wallet does not make sense. It's the safest.

Desktop, mobile all are for the amounts you need for your weekly or monthly expense. When you are crating a wallet save the seed in the physical form. Use master public key to restore the wallet for checking balance and if you need to send coins then restore the wallet using the seed saved in physical form, once payment sent then remove the wallet. This way you will be able to feel a bit secure in both desktop or mobile wallet. In my opinion both devices are vulnerable.

[Plaguedeath]

Popular wallet doesn't always mean it's safe, similar like Binance even though it's the most popular centralized exchange, but we should need to avoid any centralized exchange.

Look at this three complaint against Trust wallet:
1. [Warning] Trust Wallet bait & switching users when buying Bitcoin
2. Bug on trust wallet
3. Irresponsible trust wallet support

I wouldn't ever want to touch a buggy wallet and has a poor support, because I wouldn't want to have any problem in the future.

The best way if you just use Electrum or Unstoppable wallet or hardware wallet for the better one.

[mk4]

Trust CZ, he ain’t SBF!

While CZ seems to be more trustworthy than SBF(obviously due to recent events concerning FTX/Alameda), I wouldn't blindly listen to him. Time and time again it's proven that we should put too much trust on a single person or entity, because we always know what happens in the end.

[Sandra_hakeem]

Who the heck keeps their money in online accounts, for a long period of time? That should be due to some misinformation --the way I see it .

Trust CZ, he ain’t SBF!

While CZ seems to be more trustworthy than SBF(obviously due to recent events concerning FTX/Alameda), I wouldn't blindly listen to him. Time and time again it's proven that we should put too much trust on a single person or entity, because we always know what happens in the end.

We should? Or we shouldn't? I guess that was a weird typo at the exact point that anyone would choose their verdicts about CZ; and then to SBF, wether or not they'll contend further, knowing that a "trust well built" remains concrete except otherwise?! Rhetorical.
If the fact is well proven that we ain't supposed to trust an entity like CZ's, that has stooped below the trails of unfaithfulness, without wavering, over a good number of years to count then, what are we supposed to trust? Those ass-quackin' deluders? Oh C'monnnn... Is there not a single thing to trust? ....well, I'm not saying things do not happen, it does... (Name 'em for yourself) anything could make 'em turn pegans, yeah.... Buh it's important to know if it were intentional or some chaotic dilemma pushed 'em into it.

Sandra 💇

[NeuroticFish]

Trust CZ, he ain’t SBF!

Why trusting anybody when there are open source wallets that can be properly reviewed by everybody?
Sorry, no, I would not trust Trust Wallet (heh), no matter how much is CZ shilling it (especially as he owns it).

[OgNasty]

The Gemini Earn program by Genesis seems to be the latest victim in this mess that FTX kicked off. They have informed the public that they are “pausing withdrawals” from the program due to a liquidity crunch. As one of the highest regulated exchanges in the US, it’s a bad look that this is happening. Not just for customers, but for the industry as a whole. Make sure to get your funds off of exchanges. Gemini was saying everything was fine up to the end just like the rest of the exchanges. Your funds are not safe. Remove them!

[dkbit98]

While CZ seems to be more trustworthy than SBF(obviously due to recent events concerning FTX/Alameda), I wouldn't blindly listen to him. Time and time again it's proven that we should put too much trust on a single person or entity, because we always know what happens in the end.

Both of them appeared on Forbes headline, they both created bunch of shitcoins and fake bitcoins on their centralized blockchains, they even worked together for a while and wanted to make a deal, so there is no real difference between them.
Nobody should trust someone who is coming from China and having connection with their communist dictatorial regime, who is twisting words and creating their own words like ''safu'', sponsoring closed source wallets like Trust (misleading name) or Safepal (again using words like safe).
Don't forget how CZ wanted to reverse transaction in Bitcoin  and he openly promoted this stupid idea in public.

[virasog]

Trust CZ, he ain’t SBF!

While CZ seems to be more trustworthy than SBF(obviously due to recent events concerning FTX/Alameda), I wouldn't blindly listen to him. Time and time again it's proven that we should put too much trust on a single person or entity, because we always know what happens in the end.

At the moment binance seems more trust worthy than any other exchange but wait, FTX was also considered safe a month ago and no one can dream how things have turned up for FTX with last 10 days or so.

CZ is trusty worthy only till he does not scams or tries to scam. Anyways, mark my words some day, CZ will do the same as SBF did. Also many things are cooking underneath.



https://twitter.com/StackerSatoshi/status/1592849195899441154

[UmerIdrees]

Trust CZ, he ain’t SBF!

Why trusting anybody when there are open source wallets that can be properly reviewed by everybody?
Sorry, no, I would not trust Trust Wallet (heh), no matter how much is CZ shilling it (especially as he owns it).

I knew that trust wallet was owned by binance but now after reading all these comments i do not feel comfortable using trust wallet anymore.
I will move my altcoins including stable coins from the trust wallet to the unstoppable wallet. 
For bitcoin i am already using electrum, for Ethereum, i am using MEW wallet and for the other tokens/coins i will switch my wallet from trust wallet to the open source software that is Unstoppable wallet.

[skarais]

For bitcoin i am already using electrum, for Ethereum, i am using MEW wallet and for the other tokens/coins i will switch my wallet from trust wallet to the open source software that is Unstoppable wallet.

Hardware wallet will allow you to control all assets freely in one wallet, why don't you have one?
I must say that I don't own any altcoins including ETH or USDT at the moment anywhere. So I guess electrum is good enough to be my current storage wallet. But when my bitcoin are getting more and more, the most recommended choice is hardware wallet.

[stompix]

Trust CZ, he ain’t SBF!

Next time add a little "/s" in small font or white color so people get it.
It was sarcasm, right? Right?

While CZ seems to be more trustworthy than SBF(obviously due to recent events concerning FTX/Alameda), I wouldn't blindly listen to him.

Nikkei writes an article about Binance being forced to shut down in Japan, CZ threatens to sue while on a plane fleeing Japan saying everything is fine and they will obtain all licenses.
CZ claims Binance is based in Malta, is registered and fully regulated, turns out it's not, CZ says  Binance is global and doesn't need any kind of paperwork.
CZ claims Binance is establishing a foothold in the US while it's a Delaware incorporated LLC with a virtual office and a trading license for a completely different company, not even a subsidiary.
CZ claimed it followed all the rules in the UK, turns out it didn't follow any of them and is not permitted to undertake any regulated activity in the UK

We should trust this guy?
Because he posts #SAFU twice a week on Twitter?

[BitcoinGirl.Club]

Anyways, mark my words some day, CZ will do the same as SBF did. Also many things are cooking underneath.

Just move the coins anyone have in any exchange to your own wallet. Only send when there needs a trade, once the trade is done, move the coin back to the noncustodial wallet again. That way you are safer unless your luck is so creepy that the day or time you moved your coin to the exchange, the exchange was planning to bite the dust 🤣

CZ will monopoly the centralize crypto exchange ecosystem today or tomorrow. He is doing his home work now.

[UmerIdrees]

For bitcoin i am already using electrum, for Ethereum, i am using MEW wallet and for the other tokens/coins i will switch my wallet from trust wallet to the open source software that is Unstoppable wallet.

Hardware wallet will allow you to control all assets freely in one wallet, why don't you have one?
I must say that I don't own any altcoins including ETH or USDT at the moment anywhere. So I guess electrum is good enough to be my current storage wallet. But when my bitcoin are getting more and more, the most recommended choice is hardware wallet.

You are right and i would love to use a hardware wallet but I live in a country where crypto is in grey areas and not legally accepted. If i order a ledger wallet from their official site, the wallet will reach my country but may be retained at customs and they may start investigating as who order this crypto wallet and that person must be holding a lot of crypto and bitcoin. Due to this, i don't order it online.

There are some local merchants who are selling Ledger wallets locally but i have heard not to trust those hardware wallets from the people who are selling indirectly. For example, buying from Amazon and eBay can be risky too.

[Welsh]

There are some local merchants who are selling Ledger wallets locally but i have heard not to trust those hardware wallets from the people who are selling indirectly. For example, buying from Amazon and eBay can be risky too.

I basically have a rule, if someone else has had physical access to something which I intend to be used for sensitive things i.e storing Bitcoin, and you don't 100% trust either the hardware or the person handling it, you should probably consider it compromised. Now, with certain hardware you can verify or at least undo a lot of that. A hardware wallet would likely be a little more difficult. There's a certain degree of sophistication with these types of attacks though, and they're usually quite rare. However, it can happen. If you're storing a decent amount, yeah I'd absolutely recommend only using official devices, which you know have come directly from either a authorised reseller or from the manufacturers themselves.

However, it would take some decent degree of sophistication to compromise an existing official device, and it'd take some level of sophistication to manufacture a look a like device. So, it entirely depends on the individuals threat model.