THE IMPORTANCE OF SEED PHRASE FOR GAMBLERS.

[Bitco55]

Alot of crypto gambling beginners seem to underestimate just how dangerous & powerful a seed phrase can be. It is the one thing hackers needs and can use to take everything one has earned and saved up. It is literally the entire wallet . Same way fighters protect their jaws, gamblers should protect their seed phrase.

I had this friend one time who apparently lost his entire balance, not from gambling but from a screenshot of his seed phrase which was stored on Google photos. That's how most losses occur, not necessarily out of carelessness but comfort. He was comfortable and ignorant. The accessed account had savings of almost a year and he just woke up one morning, only to notice that it was empty. Everything gone, no refunds. Funny enough, he had been on a hot streak the previous week. Watching him go through all that made me realize the importance of a seed phrase. It is not suppose to touch the internet at all. It stops being yours the moment it enters your cloud storage, email, screenshots, or telegram.

I adopted the one & only old school method that just so happens to be the safest means of storing one's seed phrase. That is, "writing them down" . And not just writing them down carelessly on a sheet of paper or rough notes. Writing them carefully in a jotter that probably or probably don't keep other important stuffs. Keep it locked up in a drawer and avoid taking it outside your house.

Now, whenever I see beginners storing seed phrase in note apps or on their phone galleries, I usually hope they don't learn the hard way.

[cryptomaniac_xxx]

It's obvious that it's a bad practice of taking image of your seed phrase and then storing it in Cloud or even in your phone. Hackers had developed sophisticated malware in the last couple of years that can scan image and see if it has a seed phrase or private key and then extract it to steal your crypto.

Recently, McAfee’s Mobile Research Team uncovered a new type of mobile malware that targets mnemonic keys by scanning for images on your device that might contain them. A mnemonic key is essentially a 12-word phrase that helps you recover your cryptocurrency wallets. It’s much simpler to remember than the typical complex “private key” it stands for.

https://www.mcafee.com/blogs/other-blogs/mcafee-labs/new-android-spyagent-campaign-steals-crypto-credentials-via-image-recognition/

[freedomgo]

You keep that seed phrase away from the internet. Anything online isn’t safe. The whole reason you write it down is so you can access your wallet anytime/anywhere, and only you can see it. For me, I made sure I didn’t attach it to any online device. I might copy a screenshot, but I put it in a flash drive and hide it somewhere safe.

That said, for gambling it’s a bit different. Most of the coins I hold long term, I don’t really touch. When I gamble, I only use an online wallet app. Funds don’t stay there long anyway. If I win, I cash out. If I lose, I cash in. That’s just how I do it.

[rat03gopoh]

OP, your advice is actually universally applicable, whether you're a gambler, trader, bacteria observer or whatever: your seedphrase should be important. Unless you're referring to gamblers who prefer decentralized casinos, for example, if you're describing your findings about web3 casinos that require a seed phrase to log in, that's specific advice.

[mirakal]

Gamblers don’t really care that much about securing seed phrases since most of them aren’t into long-term investing anyway. They just convert crypto to gamble, then sell back to fiat right after. That’s how a lot of them operate. But thanks for sharing this basic reminder anyway as not all gamblers are aware of how to properly secure their assets seed phrase. Still, from a gambler’s point of view, the risk usually feels minimal.

[Charles-Tim]

I had this friend one time who apparently lost his entire balance, not from gambling but from a screenshot of his seed phrase which was stored on Google photos.

Seed phrase should not be stored on phone not to talk of sending it to a cloud. Taking screenshot of seed phrase is also very bad against security. The best is to just write the seed phrase down offline somewhere in two or three locations. I like to use passphrase with my seed phrase also which can help against attacks but the passphrase backups should be in separate locations.

[Wiwo]

In as much as this topic is not related so much with gambling bit on wallet security,  this thread is just a re emphasizing on the need for proper storage of our seed phrase and not to to keep them on online storage or mobile phone's.

What we have to take into consideration again is to educate newbies on the need not to share their seed phrase to anyone,  and how important seed phrase is to the control and ownership of their wallets.

Good one i see that you have another similar thread in gambling discussion board,  you should have include them into one thread to avoid spamming  

[lovesmayfamilis]

OP, your advice is actually universally applicable, whether you're a gambler, trader, bacteria observer or whatever: your seedphrase should be important. Unless you're referring to gamblers who prefer decentralized casinos, for example, if you're describing your findings about web3 casinos that require a seed phrase to log in, that's specific advice.

You can see that everything the OP writes is made up, carefully crafted stories that aren't new to users. He appears on the forum periodically, rushing to unload his writings within two or three minutes. The thread preceding this one was about the importance of separating your cryptocurrency wallets, and a minute later, the OP posted a thread in this section about the importance of seed phrases.


@Bitco55, I hope you have Telegram notifications from your alternative accounts? Why do you write every thread in capital letters? Users aren't on a forum for the visually impaired. Furthermore, posting too quickly risks getting tagged, so keep that in mind. It's easy to see how carefully you prepare your posts to fill your activity in a short time.

[KiaKia]

Believe me when I say that many people still think that their phones are the safest place to hide everything, not even pictures are safe on something ( smartphones ) made to take pictures, I have stopped keeping important files on my phones since I read about the vulnerability of android smartphones.

There are few vulnerability that has everything to do with hackers having access straight into your phone storage, nothing is safe online anymore, the best place to keep things now is offline, get them off your phone storage if you don't want other people to see.

Newbies will learn the hardest way, because many still don't know much about how smartphones can be so vulnerable to attacks, something you used your hardearned money to purchase putting you in more risks is crazy.

[Ronsbit]

This is not only for gamblers alone but for everyone who exists in the crypto space. Your key safety should be taken seriously. Do not trust cloud storage to backup your keys, not even a screenshot to store on your device, because you have no idea the app you have granted permission to access your phone, and so doing, the devs of that app can easily take your information against you even anyone who can access your google account which you use for backup can also access your information. So we need to be careful how we also grant apps access to our details.
Avoid uploading sensitive information to Google Cloud Storage, and do not grant them permission for that.

[Gozie51]

I had this friend one time who apparently lost his entire balance, not from gambling but from a screenshot of his seed phrase which was stored on Google photos. That's how most losses occur, not necessarily out of carelessness but comfort. He was comfortable and ignorant. The accessed account had savings of almost a year and he just woke up one morning, only to notice that it was empty.

I feel sorry for your friend but my suggestion is not to store seed phrase online, it is risky. The reasonable thing is to write it down in a paper and keep in different locations so that even if something happens to one written document in a particular location, you can replace it with another one and keep. I don't advise to keep your seed phrase in your phone because anything can happen and even on google because if you can't access your Google account, you are likely to lose all that you have there.

[Somegory]

I don't understand why this concerns gamblers, do gamblers even need their recovery seed to gamble on any online casinos? Many gamblers don't even care about using their Bitcoin to gamble, the majority of them are using USDT, once they convert their Fiat to USDT o.n a P2P platform or a centralised exchange they will move it to their casino account.

If you are trying to advice people about keeping their recovery seed safe it shouldn't involve gamblers only, that advice is for the general.

[nakamura12]

I don't understand why this concerns gamblers, do gamblers even need their recovery seed to gamble on any online casinos? Many gamblers don't even care about using their Bitcoin to gamble, the majority of them are using USDT, once they convert their Fiat to USDT o.n a P2P platform or a centralised exchange they will move it to their casino account.

If you are trying to advice people about keeping their recovery seed safe it shouldn't involve gamblers only, that advice is for the general.

Maybe the OP's friend is a gambler which is why the title have gamblers in it. It is a good choice to have separate wallet for gambling platforms but the downside is that it is stored in a cloud so it isn't completely safe although if it is a main wallet by OP's friend then it is a bad choice to start with because things that op explained is already an example as the reason why it is not applicable to store wallet backup in cloud storage instead of storing it offline.

[tabas]

I did that in the past when I was still new and it's common for most of the newbies to do that. Each of us have learned it either the expensive way or from someone's experience and that's why if we've heard someone experienced being hacked due to it, I am sure that whoever has read or heard that guy will start deleting the photos they have for their seed phrases or recovery phrases. We don't want to experience to ourselves and so we obey what's being told to us if it's involving the life savings that we have used to save with in crypto.