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Comment by Gareth321 | Hacker News Reader

Here I am using an iPhone app like I have been for a decade, feeling safer than ever. I'm really glad I didn't jump on the hardware wallet trend.

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It always depends how much money you got in the wallet. People in the crypto space go super paranoid, 2-of-3 signing schemes with top-notch security, hardware legers, metal-plated keys that are burried in the woods etc, and in the end they hold less than 1000$ in the wallet... All safety measures should be chosen relative to the amount you are actually securing.

How about a bank vault? 500 year old tech that is still safe.

In many places, there are no safety deposit boxes (vaults) available to regular people anymore. In my country, there are zero options and the only recommendation is to put your valuables in a safe in your home (which has a completely different security model than a bank vault).

How do you put bitcoin in a bank vault?

You create your seedphrase - the famous 12/24 words, print them on a piece of paper and put it in the bank vault. Ideally some sort of fireproof container/envelope around it, and if you plan on long-term storage rather write them down manually with long lasting ink pen.

He’s saying put regular money in the bank vault, why complicate with crypto.

You buy a little bit of titanium sheet and some alphanumeric punches and you punch your seed phrase into it. It won't matter if the bank burns down or gets flooded, your plates will be fine.

Even iPhone apps:

https://www.reddit.com/r/Bitcoin/comments/1x46gnh/a_fake_cry...

That app did not have nearly the effort put in, compared to the subject of this article.

That poster didn’t even prove the fake wallet app stole his bitcoin (in the sense required in a court of law). Presumably it wasn’t worth the effort because their money was gone and not coming back, but still.

Can't believe people who went to the trouble of figuring out a hardware wallet are getting robbed just as badly as my naïve ass, who just held all my crypto at FTX

As I understand, they recovered quite a lot in the FTX bankruptcy. The guy running it now ( John J. Ray III ) is a bankruptcy legend. What was your recovery rate(%)?

And at least you know who stole from you (SBF)

Not sure if your comment invalidates the context: your iPhone app (or hardware or iOS, etc) could have a bug that was not discovered yet. It's all about attack vectors, and opponent motivation and resources.

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