Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[lucky_scrote]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

[RobM]

Crypto and security

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

All good advice, thanks. I've actually gone a step further with this part and split the Nano recovery key in to 3 parts where any 2 can make up the whole. This way if 1 person loses their copy (house robbery/fire/general loss) you still have the full code. Three parts being 8 words each broken down to 1+2, 2+3 & 1+3. None of the 3 parts kept in same location as the actual device.

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised.

Hmmm - I actually didn't do this. I purchased from a company called Cryptomaan. However the box came sealed and I was reassured by a note from Ledger inside the packaging which read:

'Did you notice? There is no anti-tampering sticker on this box. A cryptographic mechanism checks the integrity of your Ledger device's internal software each time it is powered on. The Secure Element chip prevents any interception or physical replacement attempt. Ledger devices are engineered to be tamper-proof.'

I guess it's better to be safe than sorry though!

[lucky_scrote]

If someone loses one of the password sheets you give them then you just need to be sure they tell you. If that happens then simply transfer your crypto somewhere (ideally another cold wallet) and reset your current ledger. You will get a new recovery seed and your old passwords are rendered useless.

[pleno1]

Nice post Dan, good job.

[nirvana]

If someone loses one of the password sheets you give them then you just need to be sure they tell you. If that happens then simply transfer your crypto somewhere (ideally another cold wallet) and reset your current ledger. You will get a new recovery seed and your old passwords are rendered useless.

Out of interest, do you give all the info to at least one person you would want to have it if you died like

[bergeroo]

Great post - I never even considered steel sheets!

[lucky_scrote]

Nice post Dan, good job.

Cheers me dears

Out of interest, do you give all the info to at least one person you would want to have it if you died like

I was thinking about this the other day and haven't come to a practical solution. Someone gave me an unpractical solution of sending out instructions via email to those in control of your steel plates that has a 6 month timer on it. You just have to remember to reset the timer every now and then, I can also think up some scenarios where this wouldn't work. Is it possible to have these things written into a will? Perhaps I can punch into the steel instructions of some sort? Toughie.

Great post - I never even considered steel sheets!

I came up with steel because it should be resistant to a house fire and isn't too easily tampered. Our family home burned down when I was 14 and the playstation still had it's serial code on it despite being in the room of the source of the fire.

There is actually a device you can buy for about £100 that is made of steel digits that you lock into place for crypto passwords. £100 though ffs...

[buffyslayer1]

If someone loses one of the password sheets you give them then you just need to be sure they tell you. If that happens then simply transfer your crypto somewhere (ideally another cold wallet) and reset your current ledger. You will get a new recovery seed and your old passwords are rendered useless.

Out of interest, do you give all the info to at least one person you would want to have it if you died like

I have a copy of my seed in a security deposit box, the content of which goes to my wife along with an instruction sheet and links to you tube videos of how to use the ledger in case something should happen to me.

[buffyslayer1]

Further to the PSA this was in the news recently. I am sure most of you saw it

https://cointelegraph.com/news/life-savings-stolen-from-second-hand-ledger-hardware-wallet

Just echoing what Dan said always buy from source basically.

[lucky_scrote]

I have a copy of my seed in a security deposit box, the content of which goes to my wife along with an instruction sheet and links to you tube videos in case something should happen to me.

That is absolutely disgusting.

[doubleup]

I have a copy of my seed in a security deposit box, the content of which goes to my wife along with an instruction sheet and links to you tube videos in case something should happen to me.

That is absolutely disgusting.

 

[TightEnd]

Click to see full-size image.

[acegooner]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

[RED-DOG]

This poker lark is bloody risky too, I can't tell you how often I've found myself struggling to get my investment back.

[bergeroo]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?