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  1. #21
    GamblingFreedom is offline Public Member
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    I use Atomic Wallet for desktop.

  2. #22
    Malikbhai is offline Public Member
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    Atomic wallet has its links to Charlie Shrem. A known convict who did time.

    https://www.coindesk.com/charlie-shr...o-years-prison

    Though he did go there for sh8t reasons.

    Unless, it's a licensed bank, I'd personally never leave BTC at an exchange/hot sexy wallet, whatever the fancy name for it is.

    Keep it cold, say like Electrum, and then move over to exchange or P2P for fiat.

  3. #23
    Mozzi is offline Brand New Member
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    Default how to be safe with hot wallets if you're a newbie?

    Hey there, kinda new so I've been reading up a lot on cold and hot storage and it seems that they have a lot of vulnerabilities, especially hot ones. Any thought? Which one do you use and why?

  4. #24
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    universal4 is offline Forum Administrator
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    Read this thread for suggestions

    Rick
    Universal4

  5. #25
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    Sherlock is offline Public Member
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    Quote Originally Posted by Mozzi View Post
    Hey there, kinda new so I've been reading up a lot on cold and hot storage and it seems that they have a lot of vulnerabilities, especially hot ones. Any thought? Which one do you use and why?
    There are not hot and cold ones. There are just wallets. (The same wallet can be used as hot and cold.) The ones used as hot have indeed more vulnerabilities, because that is the reason why they are used as hot. Because there is a trade-off between usability and security.

    You can like sports cars are fast drive on highways. But when driving through off-road mountains, you go with pick-up 4x4 low wheel drive. And you should know why.

    ++++++++++++++++++++++++++++++

    And there is more. At least one more tradeoff.

    Even the most safe cold wallet (paper wallet or so) is totally unsafe, when user does not know what he is doing or if he is not doing it exactly they way is must be done.

    This is why some technically less safe wallets are in fact safer for most people. Because most people are dumb. Most people do not have dedicated computer. Most people do not know how to handle linux. Most people do not know how to produce randomness.

    And most importantly: most people do not know how to securely store and/or produce a seed. And any wallet has a seed (the safest wallets are the seed itself). The seed is point of failure of all wallets. So even if you choose or you are advised to get the optimal wallet for you, you always must know how to handle, store and backup the seed and that is the same job for all kinds of wallets.

    +++++++++++++++++++++++++++++

    When I see people doing anything, like driving a car, picking an affiliate program, choosing a medication or choosing if they can go for a walk during Coronavirus etc. I see people behaving quite stupid in binary world. Either something is good or bad. Something is completely safe or unsafe. Society is encouraging such behaviour. Law is binary. Either something is allowed or it is forbidden. Either you are allowed to go out or not. You can drive 130 km/h on highway but not 131 km/h. Many talks here are about good and bad affiliates programs.

    In normal reality this approach is sub-optimal but it is not usually deadly or not in short term. Behaviour following binary advices like good-bad is leading to average life, when person probably survives and just later in life - if enough self-critical - realises that life is not black and white. In business it is more problematic: examples. Recently from new players I am making majority of money from programs considered bad.

    But with cryptography, just mildly sub-optimal decisions lead to fast "death". The path that is safe to walk is not just very narrow, but sometimes it is completely lost. There are no experts, who can tell you what is approximately the safe path. E.g. 130km/h on highway is more or less safe speed for all pensioners, cars old 40 years, occasional animals (yday at night I met a deer on fenced highway it was fun) etc. With cryptography the person itself must understand that life is just a game of probabilities. For example:

    You can write down your seed in your normal computer as plain text marked as "seed". The probability that you will lose the coins in next 5 years is maybe 20%. (If you have no firewall it can be 35%. If you are connecting to unsafe wi-fis it can be 45%.)

    But you can write it down to offline computer (never connected to internet). The the probability that the coins will be hacked goes from 20% to 0.1%. And most likely the thief will be your relatives (so you might recover them). If you choose a strong password, the probability of hack goes to 0.001% (someone must spy on you with camera or so while you input the password.), but, depending on your memory/age, the probability that you will forget the password in 5 years is maybe 10%. So what looks like 0.1% vs 0.001% is in fact 0.1% vs 10.001% in favor of less "safe" solution.

    So this is it. To be able to use cryptography, you are never 100% safe. And you must start thinking in probability terms and you must estimate the probabilities by yourself.
    Last edited by Sherlock; 21 May 2020 at 3:12 am.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

  6. The Following 2 Users Say Thank You to Sherlock For This Useful Post:

    MMM (15 June 2020), universal4 (21 May 2020)

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