Binance has no proof of reserves for ETH/XRP, inadequate reserves for rest
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Anybody got a nice, fool-proof tutorial/guide I can use to safely generate and manage my own wallet? I’m also open to any additional suggestions/recommendations you may have on how to do that transition.
On screwing anything up: always send a test transaction first, and don't blindly copy paste - always verify the address manually.
It's easier to use than Ledger, has a better history with privacy and the knowledge you get from using it will be good for you in the future.
Under $1000 I use Bluewallet on my phone, the most important is to not click on a scammy ad instead of a real wallet (look at the number of downloads to make sure you don't get scammed).
Besides their products being entirely closed-source, they also managed to leak very detailed customer data (that they weren't even supposed to keep) not once but twice. This lead to several cases of sophisticated and very persistent identity theft, robberies, and even home invasions, which Ledger did not even apologise for in any meaningful way.
https://cointelegraph.com/news/ledger-data-leak-a-simple-mis...
https://www.coindesk.com/business/2020/12/23/from-sim-swaps-...
If the amount of coins is not material I would go with coinbase wallet (non-custodial) if you have an iPhone. If the amount is bigger and it is bitcoin only I would go with the coldcard wallet
Just store your keys I a Keepass file and make multiple copies of it. And maybe maintain a printed copy of your keys.
It will be interesting to see all of the desperate pleas for help and news stories in the coming months and years of a good chunk of these people who’ve moved crypto off exchanges having their own wallets hacked, losing their seed phrases, etc.
To be clear I don’t wish for any of these things to happen but as people our nature is to mess up, lose things, forget stuff, etc. I don’t think many of these people fully realize there’s no “reset password” button or toll free number to call if things go sideways.
People just forget and there’s been enough newbies in the space this run they don’t know.
That said I agree with you it’s tipped further but the vast majority of people playing with crypto don’t stand a chance of securing and maintaining their own wallet. Having a non-custodial wallet also defeats the purpose of crypto for most people - their only use is trading on an exchange.
The average person who got into crypto because they saw a Larry David commercial will almost certainly lose access to their wallet at some point on a long enough timeline. Except this time, with crypto, it’s permanent and the only thing that will happen is people online will tell you it’s a good thing you hopefully learned your lesson.
And, again, not being able to trade completely defeats the purpose of having anything to do with the space for almost all of these users in the first place.
Use open source offsite wallet.
Use steel/titanium plates.
And here is the controversial part: use 1password, you can use it as is or combine it with your own method.
I'm sure if they could do an audit for a full year/quarter, they would. But they didn't, so they can't.
[0] - https://trustwallet.com/
Create a new seed (using your own dice rolls to create good entropy).
Practice recovering your BIP-39 Mnemonic from your SLIP-39 Mnemonic cards.
Print out the cards, and decide who you’ll share them with. Send them.
Then, transfer your Bitcoin, etc. into the address printed / QR-coded on the card.
No hardware wallet required; later, use a hardware wallet to recover the account private keys, and use your coins.
Zhao: Only a 'psychopath' could write that tweet
*Crowd Cheers*
https://www.youtube.com/watch?v=PzGZkPeW_MA
I know what you guys are thinking... this is good for bitcoin.
I thought I'd have to eat crow when Bitcoin hit 60k. At least, theoretically, I still thought it was dumb.
Just a tiny slice of just desserts. Hopefully more to come.
That's like discussing the USD and EUR under an article about Credit Suisse or Lehman.
However, I believe that's not what OG was doing. Coins like the one he mentioned are used for illegal money transfers. So they actually have a use case unlike everything else in Crypto.
The total Monero market cap is too small to make a dent in any nations attempt to get around sanctions, but that would mean even a "small" amount of Monero use would pump its cap. And as its cap went up, its ability to process larger transactions would go up.
[Added] A virtuous (villainous?) cycle!
I still think that is valid long term reasoning, but the crypto market has so many different forces on it, so many hidden dynamics, that it's still better modeled as a casino than tech.