One bad egg doesn't equals the the rest

[Lontor]

If everyone is scared of hardware wallet as their safety option and self custody option who wins? Who benefits the most from this? I guess the centralised entities and the banks.

What if this is it? What if the goals of these people is to strike fear in the mind of holders that giving up their Bitcoin to custodial entities is the only way forward?

I know what many people will say, that I am just scared because one hardware wallet got ruined, ColdCard as the main example, but before you said this few people surrounding myself have already started to show this sign.

It's what made me think this way, my friends are already complaining that hardware wallets aren't safe anymore, one fell and others are already looking like spoilt eggs.

Is there any evil agenda behind this or it's just normal human reaction?

[ColdLava40]

Is there any evil agenda behind this or it's just normal human reaction?

We cannot overlook the fact that no one method of storing your coins is 100% secured.

Since coldcard, we have been on many news involving hardware wallets or just regular wallet vulnerability been discovered.that is enough to prove your point.

Many people will surely loose hope in hardware wallet, but there are still other more reliable means of storing your coins that are much preferable than hardware wallet.

So like you, one bad event shouldn't spoil that fact. People just need to look outward.

[legiteum]

Most average people don't want self-custody, which is why most Bitcoin investors use a centralized mechanism like CoinBase or Robinhood.

A well-known and insured exchange is by far the safest way to keep your Bitcoin. These large companies are extremely secure, and they are insured if they get hacked, so you will never lose money no matter what.

Self-custody is only a good idea for amounts under say a few hundred dollars--the amount you could afford to lose. Keeping your life savings on your physical person is completely nuts, assuming you don't have some legal reason to do so, i.e. that your money was obtained illegally and you fear prosecution, or you are trying to evade taxes.

[MarryWithBTC]

I will rather say that the coldcard event was a call to increase awareness and consciousness rather than a fear towards self custody. There's no sign of conspiracy anywhere...

The message is; self custody isn't safe haven... Yet, if not your Keys, it's not your coins...

[stadus]

Hardware wallets aren't actually safe 100%. There are some circumstances that beyond our control, but one failure of a hardware wallet does not justify the future of the rest of the hardware wallets.

Its normal to develop fear but compare to the high risk trusting centralized exchanges over hardware wallets, there is higher risk to lose our bitcoin there because of the inside jobs.

Centralized exchanges do not exist to favor us, but this is business, they will do everything to make the most of advantage when it comes to our bitcoin. That's why I prefer to be with my own bank with bitcoin rather than trusting those centralized exchanges that slowly stealing our bitcoin.

[Aanuoluwatofunmi]

It's what made me think this way, my friends are already complaining that hardware wallets aren't safe anymore, one fell and others are already looking like spoilt eggs.

Should we now because of one hardware wallet called cold card that has been compromised and treat every other hardware wallet the same way?.

We only have to be well informed so as to prevent us from going for any other wallet than me have risk or bridge, which may signal risk to us, the essence of this platform is to pass across information to every member that willing to learn and also discourse about the current emerging trends on bitcoin safety and recommended wallet to use furthermore.

[freedomgo]

Instead of getting fear trusting a hardware wallet, just consider the Coldcard incident as a warning that being cautious and strict discipline is the safest option so that you won't fall to another hardware wallet negative experience. Hardware wallets have still lapses, as it isn't build through perfection, but if you know the risk involved in keeping your bitcoin in a centralized exchange, you would not want to save there but have your own hardware wallet where you can make the highest form of safety and security.

One mistake is not mean to discourage us, but it serves as a good warning so we can all be responsible on our part as bitcoin holders.

[coinlary]

If everyone is scared of hardware wallet as their safety option and self custody option who wins? Who benefits the most from this? I guess the centralised entities and the banks.

It's okay to be scared, specifically if you don't  know much about something and that's  the  category most average users falls in .

What if this is it? What if the goals of these people is to strike fear in the mind of holders that giving up their Bitcoin to custodial entities is the only way forward?

It has always been their goal, they don't  like what they can't control and self-custody is part of what they can't  control and the fact that Hardware wallet  are making it easier to do is more disturbing to them. So , they hijack the show  

I know what many people will say, that I am just scared because one hardware wallet got ruined, ColdCard as the main example, but before you said this few people surrounding myself have already started to show this sign.

Like i said,  It's  normal. Self custody popularity is expected to reduce overtime and its all because of government.

[alani123]

When even ledger with billions in RnD does shit like leaving compromised servers out for anyone to get and having backdoors, I am certainly not trusting any hardware wallet.

Cryptography and physical security principles in combination with being discreet  beat everything. Nothing else has stood the test of time.

[Accardo]

Multi-sig is the best option to tackle issues like what happened with the coldcard bug, the pain you get from your friends is expected because these people did the right thing, they stored their btc in a cold wallet like every expert will advise but still lost their bitcoin. Truth be told this didn't happen to move people to centralized platform or orchestrated by centralized bodies to attract buyers to give them custody, it was only a bug issue on the coldcard's developer's end, they were careless about this bug which has been there for five years.

[cryptoaddictchie]

Its not the other way around. Anyone can still do self custody without being a victim of these news like hardware wallet compromise or noncustodial exploit. It depends on how a user able to protect himself from the dangers outside of his wallet. If youre a guy who has a alot of activity and transactions, make sure to be cautious at anything you do and connect with the wallet to avoid this mess and potential nightmare.

I dunno but its always safer to be the one controlling your own fund rather a 3rd party custodian.

[Alvin_talk]

If everyone is scared of hardware wallet as their safety option and self custody option who wins? Who benefits the most from this? I guess the centralised entities and the banks.

Individuals who are experienced around the bitcoin space are not scared of Hardware wallets, influencers and inexperienced newbies are the ones spreading the FUD. But the irony here is that exchanges gets hacked and compromised almost all the time (even worse when compared to Hardware wallets). It is only reasonable that people do not risk to patronise unreliable Hardware wallet like Coldcard, but generalising the whole thing is a bit off in my opinion. We still have good Hardware wallets out there. So long as you maintain recommended security practices, the vulnerability of your Hardware wallet narrows down drastically (I'm not saying it is impossible but chances are low).

[bhadz]

If everyone is scared of hardware wallet as their safety option and self custody option who wins? Who benefits the most from this? I guess the centralised entities and the banks.

How do the banks win here? Most of the banks are not involved in crypto, and so there's no issue for them, whatever happens to the hardware wallets. And about the fiasco with coldcard, the banks also have their own hacking incidents and I won't go far because in my country there's plenty of it, and it has become common knowledge.

What if this is it? What if the goals of these people is to strike fear in the mind of holders that giving up their Bitcoin to custodial entities is the only way forward?

I know what many people will say, that I am just scared because one hardware wallet got ruined, ColdCard as the main example, but before you said this few people surrounding myself have already started to show this sign.

It's what made me think this way, my friends are already complaining that hardware wallets aren't safe anymore, one fell and others are already looking like spoilt eggs.

Is there any evil agenda behind this or it's just normal human reaction?

From the very start, there have been FUD that have been spread towards bitcoin and it's not only with the hardware wallets. We've been fed with this and I can remember when I was still new back then. There's no 100% safe and secure and that's why there's a consistent update from these hardware wallets for its software to maintain security if a flaw has been found. Your fear is valid but there's no control to it so, let's start by being proactive.

[Floczy]

Yes custodians benefits when we use them to secure our coins but that doesn't mean they want us to believe that hardware is not safe, there is genuinely know evidence back in that up. No wallet is 100% safe but for me I will personally prefer the hardware wallet

Because your hardware is broken doesn't mean your bitcoin is gone as long as you still have your backup seed phrase you can still get another hardware wallet. What is important is to keep your seed phrase safe.

[Maslate]

If majority will stop trusting the hardware wallet, then expect that will be more reported incidents of losing their bitcoin due to exchange hacks or freeze platforms. Self-custody is no longer there as everything is already in the custody of the centralized exchange, so they can do all their future plans for our bitcoin because the full control is all theirs.

But we don't want this to happen so we wont fall on this kind of trap. The best thing is to secure more our hardware wallet and never let those scammers and hackers, or centralized exchanges to steal our bitcoin.

[Sandra_hakeem]

When even ledger with billions in RnD does shit like leaving compromised servers out for anyone to get and having backdoors, I am certainly not trusting any hardware wallet.

Cryptography and physical security principles in combination with being discreet  beat everything. Nothing else has stood the test of time.

So we could store our Bitcoins on an exchange and it's far more safer than in a non-custodial hardware wallet? I'm not trying to argue whether it's the right thing to do or not, I'm just surprised because what we thought was the best "your custody" offline storage for private keys has given us a strong signal that it's nowhere near safe.

No wallet is 100% safe but for me I will personally prefer the hardware wallet Because your hardware is broken doesn't mean your bitcoin is gone as long as you still have your backup seed phrase you can still have another hardware wallet. What is important is to keep your seed phrase safe.

What are you talking about?? By "broken", do you mean physically destroyed or compromised? The case of the Coldcard incident which, I believe is the reason behind this thread involved a firmware bug that compromised wallet seed phrases.

[jossiel]

Is there any evil agenda behind this or it's just normal human reaction?

Exploits do happen, the only evil agenda there is with these greedy and lazy cons who took the hard earned money of people trusted them.

If majority will stop trusting the hardware wallet, then expect that will be more reported incidents of losing their bitcoin due to exchange hacks or freeze platforms.

This is true and I think if we're near to that scenario, we'll see more signs that it's the exchanges or whoever is behind them want us to trust more custodial platforms than being non custodial.

[Russlenat]

Its not the other way around. Anyone can still do self custody without being a victim of these news like hardware wallet compromise or noncustodial exploit. It depends on how a user able to protect himself from the dangers outside of his wallet. If youre a guy who has a alot of activity and transactions, make sure to be cautious at anything you do and connect with the wallet to avoid this mess and potential nightmare.

I dunno but its always safer to be the one controlling your own fund rather a 3rd party custodian.

There is no doubt that self-custody is always better than trusting the exchanges and rely the future of your bitcoin to them. But the problem is, not every holder of bitcoin is responsible enough to execute self-custody over their coins. And some don't want to stress themselves on how to protect their coins 24/7 so they will choose reputable exchanges over their hardware wallet.

We all have different reasons and preferences when it comes to saving our bitcoin. But one thing is certain, if you want to provide the highest form of security to your coins, you must at least highly responsible and knowledgeable to protect your coins on your own hardware wallet. Its hard and stressful, but the outcome is worth the risk.

[PrivacyG]

Is there any evil agenda behind this or it's just normal human reaction?

I consider it even a healthy human reaction.  It means people still have a functional brain and see what went wrong and what could go wrong.

While this event was the worst fear of all victims involved in it, it was on the other hand a good thing for the people who previously considered Hardware Wallets to be an impenetrable, always secure way of holding your Bitcoin with close to zero effort.  The reality is a lot worse than that and Hardware Wallets are still people relying on Third Parties, some thing we were not really supposed to do.

Do not get me wrong.  I like the idea of Hardware Wallets.  Hell.  I like some of these products a lot.  But no thing can beat a classic airgapped setup on which you can install and run what ever Bitcoin Software you want.  I do not really know how many people are auditing every single new Electrum release but I can only guess there are at least a few of them.  And with the age of 'AI' where you can drop a source code in it and ask it to analyze what may be malicious or unsecure in it for you, it is even easier to have 'a second opinion'.

[retreat]

Just because a brand experiences issues doesn't mean self-custody is bad. That's important to understand because self-custody is the best way to secure your Bitcoin, and there's no compromise on that. It's just that people need to be more selective in choosing their wallets, as not all of them can really secure your assets. Sticking with open source is a good option, although it doesn't necessarily mean it's more secure, but at least public can verify the source code of the wallet.