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Author Topic: If you get misleaded it's your fault  (Read 456 times)
Moreno233
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Today at 09:13:23 AM
 #41

Those who are ignorant and naive would also most likely do the same too. Sometimes people become too lazy to manually write out their phrases and so they decide to either screenshot it (for wallets that supports it) or just take another of their device and take a picture of it and just leave it lying around their device, and some would even feel like backing it up on the cloud space would be the best for them, how ignorant people can really be.
This practice is very wrong because it is the same thing as storing the seed phrase in their phones or PC that is constantly connected to the internet. We all know that the safest way is to store them in a device or place that is not connected to the internet, but like you said, some people are lazy to do this simple thing.

Sometimes I feel that some people deserve to experience some of the security threats we are discussing here so that they can learn from experience because the experience of others, which are shared in this forum for people to learn, seems to not be enough to teach some people. I have made some mistakes in my cryptocurrency journey, so I don't joke with any security warnings. Security is everything and anything that does not give you full custody of your money is never secured and should not be trusted.











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tech30338
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Today at 09:40:33 AM
 #42

Those who are ignorant and naive would also most likely do the same too. Sometimes people become too lazy to manually write out their phrases and so they decide to either screenshot it (for wallets that supports it) or just take another of their device and take a picture of it and just leave it lying around their device, and some would even feel like backing it up on the cloud space would be the best for them, how ignorant people can really be.
This practice is very wrong because it is the same thing as storing the seed phrase in their phones or PC that is constantly connected to the internet. We all know that the safest way is to store them in a device or place that is not connected to the internet, but like you said, some people are lazy to do this simple thing.

Sometimes I feel that some people deserve to experience some of the security threats we are discussing here so that they can learn from experience because the experience of others, which are shared in this forum for people to learn, seems to not be enough to teach some people. I have made some mistakes in my cryptocurrency journey, so I don't joke with any security warnings. Security is everything and anything that does not give you full custody of your money is never secured and should not be trusted.
We are giving new people information about what to do and what is not by sharing our experience but sometimes their ego is bigger and they thought they can learn on their own, so they learn it in the most expensive way possible losing their money because they ignore security, which the most important if you have a wallet with big funds, which newbie have, funds that they have go to waste, and now they starting over, sometimes it could happen to them multiple times before they learn.

 
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Lida93
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Today at 12:42:03 PM
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 #43

Cloud storage is a wrong place for your recovery seed, do not be misleaded by centralised crypto companies who are acting like they know what's best for everyone.

Let skip the idea of getting your coins stolen by the company as an intermediary-base platform itself by assuming they have strong integrity, and let look at the other disadvantage of a possible hack. Centralized platforms are not completely safe from hack despite their security layers, and any hack exposes all bitcoin wallets seed phrase that has being backed up into the system.

The setup that a centralized platform is more trusted by people more than they trust themselve to safely protect their asset is what I don't seem to understand.

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Mame89
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Today at 04:46:05 PM
 #44

Cloud storage is a wrong place for your recovery seed, do not be misleaded by centralised crypto companies who are acting like they know what's best for everyone.



It's silly if you store everything online. It's better to store it using Trezor software and others. Another simple option is, for example, writing it on paper or a durable metal medium, and keeping it in a safe place. Some crypto companies offer cloud backup features or recovery services. These features might make things easier for some users, but they also add parties you need to trust and can increase the risk exposure. So, make sure you understand exactly how the system works before using it.
Yes, I agree with you. Storing seeds online is reckless especially if you store them in the cloud using a wallet feature. If your cloud account is compromised or hacked your assets are immediately lost. Many cases like this occur because people don't want the hassle and choose the easy route, even though the risks are significant. For them, perhaps writing them down on paper and storing them in a safe place is a hassle or they even think they still have few assets. This mindset is wrong in fact with small assets we must learn to practice safe storage.

So, my advice for beginners is to prioritize wallet security and avoid storing seeds online. A little hassle at first is far better than losing money by choosing the easy route. So, starting with writing them down on paper and a hardware wallet is the best combination for wallet security. Better hassle and security than quick and loss.

 
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Big Dirams
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Today at 05:30:52 PM
 #45

Once its related into security of your wallet this requires an offline saving of your seed phrase that you are the only one who knows where it is, but of course because its being a physical copy this now prone to natural occurrence and damages so having a multiple copies is a must to avoid ended up losing your seed phrase and your money.
Circumstances can absolutely occur so it smart to have several copies stored in separate locations and very secured locations not just anyhow places. Storing our private keys online can be very risky, a lot of fraudulent activity are always online and things keeps getting advanced so even if maybe some scammers don’t get a hold of our private information right now who knowns where technology would grown and advanced to in the next coming years so we shouldn’t risk it at all.
our private keys should be store offline and kept in safe locations for security reasons, even the offline locations should also be secured.

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Today at 05:55:18 PM
 #46




According to the image above, Robinson was not asking anyone to backup their seed phrase to Robinson's cloud. It was a misunderstanding from the end of Op. They are actually providing alternative for the users to backup their seed phrase through their drive.

Although that is also a terrible idea. I'll not recommend that for anyone, but the trend now is about convenience over security.

Correct me if im wrong but it seems this feature is allowing you to link with your Google drive and letting you save into your cloud.

That is exactly what the feature meant. It could be that Op's friend understood it more than him, the reason why he insisted in proceeding.

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Today at 06:21:19 PM
 #47

If no one is talking about this I will.
This is becoming a virus that's starting to affect many beginners in this crypto space.

I was sitting with a neighbour who is also into digital assets and he made mention about how good Robinhood platform as gotten.
He said he wanted to invest through them even though he has some Bitcoin.

I just advice him to not invest more than he can actually afford to lose, fast forward to this morning, he came back and show me this



Robinhood is now allowing recovery seed backup into their cloud he said, and when I checked I got angry 💢.
It's not even Robinhood owns cloud service.

I had to lecture this guy to never give in to any cloud storage backups, even if Robinhood own the cloud storage this is wrong.
To confuse him I had to tell him about what happened to me in the past storing recovery seed in a cloud account.

He was willing to take the risk simply because it is Robinhood, they are big he said again, but there is no such thing as been big when it comes to your recovery seed I told him, I think this will probably safe one or two beginners on here too.

Cloud storage is a wrong place for your recovery seed, do not be misleaded by centralised crypto companies who are acting like they know what's best for everyone.

It will not be surprising to me to see people choose convenience over security. People are making this security mistake alot like it doesn't matter how they choose to backup their seeds, as long as there is a more convenient way to do it. Everyone should know the danger behind cloud storage, it is never the best alternative they should go for.

It is not everyone who has lost his bitcoins before that was misled, some of them purposely walked into their own misfortune just by making the wrong choices and by refusing to learn more about how to secure their bitcoins. If your friend chooses cloud storage over manual storage, then he is really his own problem.

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Today at 06:38:41 PM
 #48

~snipped~
That is exactly what the feature meant. It could be that Op's friend understood it more than him, the reason why he insisted in proceeding.
Even at that, I still believe manual storing of seedphrases is a safer approach in safekeeping of one's wallet(s). I know some of these features are to aid "lazy" users who are often in a hurry while activating apps. I rather did it myself manually by writing such down on a piece of paper or I don't activate it at all. That's my position.

It's the same way I find it risky when I find people use password suggesting sites. What the heck? Are people now that lazy and complacent that they can't even generate a simple thing as passwords for whatever sites they're getting subscribed to?

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Today at 06:45:12 PM
 #49

Many people find backing up their seed phrases online helpful, but they often don't realize that it's one of the worst ways to back them up. Even if they say the backup is encrypted, it's still insecure because you're relying on the security of a third party instead of maintaining complete control yourself. You never know when a leak or security breach could expose your seed phrase.
Backing up manually is better than storing it online, even if the backup is encrypted. It may require a bit more effort, but it gives you complete control over your seed phrase.

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