How does someone with a single wallet with 30k coins not feel vulnarable?

[MNDan]

Think about it. 30,000 coins. A public key that everyone knows about now. And perhaps 10,000 computers guessing at the private key? I'd feel vulnerable.

that is all

[cuddaloreappu]

that is the power and security of cryptos

[spooderman]

How does someone with a single wallet (with all their coins in) not have an address that starts with a fucking 3? That's what I want to know.

[Remember remember the 5th of November]

Think about it. 30,000 coins. A public key that everyone knows about now. And perhaps 10,000 computers guessing at the private key? I'd feel vulnerable.

that is all

10,000 computers and still billions(or if not, then millions) of years away before they may hit a key.

[1000000]

[Nurbal]

If I wanted to steal these 30k, I would not try to brute-force this address. I would simply try simple and efficient techniques like, say, home-jacking, kidnapping or some other "traditional" techniques. These old-fashioned methods work even on cold storages !

The main threat against one's wallet is a matter of pure common sense.
Did you use an online computer to generated your keys ? Or even worse, a website ?
Where do you store them ? Who knows where they are ?
Are they stored in a way they cannot be altered by the years ?
Even better: does someone KNOW you own these BTC ?

Personally, if I ever had to store such a fortune, I would have generated the private/public keys with an offline computer (without network hardware), wrote it down by hand (or engraved on metal or even stone, whatever...) double-checked, triple-checked, then destroyed the computer used to generate the key and hidden the keys in a safe place. A really safe place. Not my pocket, nor a safe in my house. And I would never, ever talk about it to anyone until I decide to spend it...

[RoadStress]

No offense, but the title and the thread is simply stupid. He is a well known and successful investor/business man with a lot of money even prior to bitcoins. Now he has part of the money stored in bitcoins. Nothing special. Why would bitcoins make him more vulnerable than before?

[runam0k]

How does someone with a single wallet (with all their coins in) not have an address that starts with a fucking 3? That's what I want to know.

^ This.

There's a wallet file somewhere and you have to wonder how secure it is and how many people potentially have access to it.  It's one thing money going missing from your bank account, it's quite another if bitcoins get moved.  Zero chance of ever getting them back and no real way of ever proving who has access to the destination wallet.

Obviously the OPs "what if it gets brute forced" is not a concern.

[Bitblue]

@OP: If you are talking about the 1a8LD address then there have been no outgoing transactions from that address so the public key is not known. Only when there is a spend transaction will we learn the public key.

[franky1]

How does someone with a single wallet (with all their coins in) not have an address that starts with a fucking 3? That's what I want to know.

multisig is for corporations, board members and other groups.

i dont trust anyone else with my hoard, so why would i give 2 other people the ability to play with my coins behind my back..

as for the vulnerability.. id feel more vulnerable holding a debit card with $18mill and a driving licence in my back pocket.. its easy to forge a driving licence if you have a real one to copy the details and just put the thief's face into the picture area.. then just stroll into a bank...

i feel more secure holding a bitcoin privkey
 

[fryarminer]

If I wanted to steal these 30k, I would not try to brute-force this address. I would simply try simple and efficient techniques like, say, home-jacking, kidnapping or some other "traditional" techniques. These old-fashioned methods work even on cold storages !

The main threat against one's wallet is a matter of pure common sense.
Did you use an online computer to generated your keys ? Or even worse, a website ?
Where do you store them ? Who knows where they are ?
Are they stored in a way they cannot be altered by the years ?
Even better: does someone KNOW you own these BTC ?

Personally, if I ever had to store such a fortune, I would have generated the private/public keys with an offline computer (without network hardware), wrote it down by hand (or engraved on metal or even stone, whatever...) double-checked, triple-checked, then destroyed the computer used to generate the key and hidden the keys in a safe place. A really safe place. Not my pocket, nor a safe in my house. And I would never, ever talk about it to anyone until I decide to spend it...

This.


But even still, I wouldn't put all the 30k in one wallet. I'd divide it up fairly small, just in case I were to lose a private key or something. That would make for a bad day. 

[franky1]

If I wanted to steal these 30k, I would not try to brute-force this address. I would simply try simple and efficient techniques like, say, home-jacking, kidnapping or some other "traditional" techniques. These old-fashioned methods work even on cold storages !

The main threat against one's wallet is a matter of pure common sense.
Did you use an online computer to generated your keys ? Or even worse, a website ?
Where do you store them ? Who knows where they are ?
Are they stored in a way they cannot be altered by the years ?
Even better: does someone KNOW you own these BTC ?

Personally, if I ever had to store such a fortune, I would have generated the private/public keys with an offline computer (without network hardware), wrote it down by hand (or engraved on metal or even stone, whatever...) double-checked, triple-checked, then destroyed the computer used to generate the key and hidden the keys in a safe place. A really safe place. Not my pocket, nor a safe in my house. And I would never, ever talk about it to anyone until I decide to spend it...

This.

in short, this:

[jonald_fyookball]

How does someone with a single wallet (with all their coins in) not have an address that starts with a fucking 3? That's what I want to know.

multisig is for corporations, board members and other groups.

i dont trust anyone else with my hoard, so why would i give 2 other people the ability to play with my coins behind my back..

as for the vulnerability.. id feel more vulnerable holding a debit card with $18mill and a driving licence in my back pocket.. its easy to forge a driving licence if you have a real one to copy the details and just put the thief's face into the picture area.. then just stroll into a bank...

i feel more secure holding a bitcoin privkey
 

You won't be able to withdrawal $18m at a bank.
I doubt you could even get $250,000 in cash,
and that amount would be FDIC insured.
Debit card thefts could be reimbursed by the bank.

What's safer about Bitcoin, is that the bank itself
or the government, can't freeze your funds or
give you a "haircut".

[Ron~Popeil]

How does someone with a single wallet (with all their coins in) not have an address that starts with a fucking 3? That's what I want to know.

multisig is for corporations, board members and other groups.

i dont trust anyone else with my hoard, so why would i give 2 other people the ability to play with my coins behind my back..

as for the vulnerability.. id feel more vulnerable holding a debit card with $18mill and a driving licence in my back pocket.. its easy to forge a driving licence if you have a real one to copy the details and just put the thief's face into the picture area.. then just stroll into a bank...

i feel more secure holding a bitcoin privkey
 

You won't be able to withdrawal $18m at a bank.
I doubt you could even get $250,000 in cash,
and that amount would be FDIC insured.
Debit card thefts could be reimbursed by the bank.

What's safer about Bitcoin, is that the bank itself
or the government, can't freeze your funds or
give you a "haircut".

Exactly. You really do own your currency with bit coin. You also own the responsibility for keeping it safe. This makes a lot of people nervous.

[jonald_fyookball]

How does someone with a single wallet (with all their coins in) not have an address that starts with a fucking 3? That's what I want to know.

multisig is for corporations, board members and other groups.

i dont trust anyone else with my hoard, so why would i give 2 other people the ability to play with my coins behind my back..

as for the vulnerability.. id feel more vulnerable holding a debit card with $18mill and a driving licence in my back pocket.. its easy to forge a driving licence if you have a real one to copy the details and just put the thief's face into the picture area.. then just stroll into a bank...

i feel more secure holding a bitcoin privkey
 

You won't be able to withdrawal $18m at a bank.
I doubt you could even get $250,000 in cash,
and that amount would be FDIC insured.
Debit card thefts could be reimbursed by the bank.

What's safer about Bitcoin, is that the bank itself
or the government, can't freeze your funds or
give you a "haircut".

Exactly. You really do own your currency with bit coin. You also own the responsibility for keeping it safe. This makes a lot of people nervous.

Heck, it makes me nervous and i know what i'm doing , most of my coins are in cold storage.
We grew up our whole lives with banks taking care of our money for us.

But this is the new age of responsibility.  I think in the future, people will generally store
some of their coins with trusted institutions (like coinbase vault) and some they will take
personal ownership of.  Kind of spreads the risk around a bit.

[newIndia]

Think about it. 30,000 coins. A public key that everyone knows about now. And perhaps 10,000 computers guessing at the private key? I'd feel vulnerable.

that is all

Do u feel vulnerable living without an oxygen cylinder ? All the air may get concentrated in one corner of the room suffocating u to death.

[Lauda]

You hire someone who's job is to keep those coins safe.
Problem solved.

[jonald_fyookball]

You hire someone who's job is to keep those coins safe.
Problem solved.

I would hire Mark Karpeles.  He's very experienced.

[PolarPoint]

If I have that much, I would split them up and store them in a dozen addresses in smaller amounts. The keys will be safe guarded in different locations. It is not a matter of trust in the bitcoin security, it's physical thief I am worried about.

[Ron~Popeil]

How does someone with a single wallet (with all their coins in) not have an address that starts with a fucking 3? That's what I want to know.

multisig is for corporations, board members and other groups.

i dont trust anyone else with my hoard, so why would i give 2 other people the ability to play with my coins behind my back..

as for the vulnerability.. id feel more vulnerable holding a debit card with $18mill and a driving licence in my back pocket.. its easy to forge a driving licence if you have a real one to copy the details and just put the thief's face into the picture area.. then just stroll into a bank...

i feel more secure holding a bitcoin privkey
 

You won't be able to withdrawal $18m at a bank.
I doubt you could even get $250,000 in cash,
and that amount would be FDIC insured.
Debit card thefts could be reimbursed by the bank.

What's safer about Bitcoin, is that the bank itself
or the government, can't freeze your funds or
give you a "haircut".

Exactly. You really do own your currency with bit coin. You also own the responsibility for keeping it safe. This makes a lot of people nervous.

Heck, it makes me nervous and i know what i'm doing , most of my coins are in cold storage.
We grew up our whole lives with banks taking care of our money for us.

But this is the new age of responsibility.  I think in the future, people will generally store
some of their coins with trusted institutions (like coinbase vault) and some they will take
personal ownership of.  Kind of spreads the risk around a bit.

I am the same way. I get nervous even with small transactions. I have spent a ton of time double checking addresses etc. I suppose the nervousness is a good thing because mistakes can be rather costly.