Topic: are crypto owners naturally paranoid? - page 2. (Read 980 times)
Hacking can happen to an exchange, not just to a cold wallet. I think that's why most exchanges and wallet are tightening their security to prevent the issues of hacking. However, as a user it is imperative for you to keep your password, key phrase safe.
You have total control over your personal wallet and it’s way safer except you’re careless enough to lose your phrases or keys. With exchanges, you can’t completely tell what can go wrong.
I agree that it is better to be safe than sorry. The best thing to do in this situation is to make sure you have a hard wallet so that it is much more secure, because we never know what will happen to your wallet no matter how careless you are. In exchanges, a lot of exchanges that I was familiar with prior to 2016 are currently down, and if I ever had a coin in their website, I'm not sure how I'd go about getting it from now on.
It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?
I was not in favor of exchanges (like binance) and very much supporter of slogan "not your keys, not your coins", until my electrum wallet was hacked and I lost all of my BTCs. The irony is that I cant do anything to recover them. From then onward all my assets are on exchanges and I withdraw whatever is required to my wallets.
I do not think so actually that crypto owners are naturally paranoid.
Bitcoin owners yes,,, but if you take a look at defi and nft and memecoin space which are the most popular now, you see everyone jumping in on new tokens and new defi platforms, and locking tokens here and there, connecting wallets to every site and game.
This is not paranoid behavior at all
Bitcoin owners yes,,, but if you take a look at defi and nft and memecoin space which are the most popular now, you see everyone jumping in on new tokens and new defi platforms, and locking tokens here and there, connecting wallets to every site and game.
This is not paranoid behavior at all
I would rather have to choose to say that crypto owners are well-aware, curious and practiced to keep their assets in a well-safe environment than saying a word paranoid. Maybe to other person they may call us paranoid because we have a fear to lose our assets especially losing it through hacking or scamming or phishing but at least we do know how to protect our assets. Imagine owning a 1btc now, like if I would going to convert it into our fiat currency I am already a millionaire, so I would definitely going to protect it, even if other might say that I am getting paranoid over it.
I do not think so actually that crypto owners are naturally paranoid.
Bitcoin owners yes,,, but if you take a look at defi and nft and memecoin space which are the most popular now, you see everyone jumping in on new tokens and new defi platforms, and locking tokens here and there, connecting wallets to every site and game.
This is not paranoid behavior at all
Bitcoin owners yes,,, but if you take a look at defi and nft and memecoin space which are the most popular now, you see everyone jumping in on new tokens and new defi platforms, and locking tokens here and there, connecting wallets to every site and game.
This is not paranoid behavior at all
You are right Bitcoin owners usually have paranoid behavior, while for newbies who are obsessed with big profits. Then investing in new projects
and meme coins does not show paranoid behavior, even though most newbies do not have knowledge and experience in the crypto world,
but they don't seem to have any fear in them. Even though they all know that the risk of investing in new projects and meme coins is very large.
So not all crypto owners are naturally paranoid, only for people who have had bad experiences in the crypto world, or for people who do know
the worst case scenario that will happen if investing in crypto is more paranoid.
And why even thinking about paranoids? As for me, it is rather the opposite - these are people who are not afraid of risk. For even now, many do not believe in cryptocurrency.
Do you know on what paranoid is? People are way too over protective into something which they do mind off in all sorts of possible ways for them to get scammed or hack thats why we are really are too overprotective into our own wallets which i dont see anything wrong with this behavior.
It is really just normal that we do have those kind of actions and mindset yet everything could be a possible way for you to get scammed thats why whenever we do deal up with things then it would really be a normal behavior of ours.
It is the correct use and maximization of the technology to which you have access not only for the simple daily use, but for all the benefits associated with the bitcoin architecture. That said, the security and control of your assets are intrinsic to bitcoin.
So, if you abandon those premises of bitcoin for your own decisions and consistent with your financial priorities, it does not matter, if it is what is convenient for you, you do it, but if you go to an exchange out of fear in the belief that if I lose my keys or get hacked, etc.then you consider it safer, It's not right, it's not the right thing to do.
BTW it is not about mental problems or giving ratings to users who rely on the security that bitcoin offers.
So, if you abandon those premises of bitcoin for your own decisions and consistent with your financial priorities, it does not matter, if it is what is convenient for you, you do it, but if you go to an exchange out of fear in the belief that if I lose my keys or get hacked, etc.then you consider it safer, It's not right, it's not the right thing to do.
BTW it is not about mental problems or giving ratings to users who rely on the security that bitcoin offers.
And why even thinking about paranoids? As for me, it is rather the opposite - these are people who are not afraid of risk. For even now, many do not believe in cryptocurrency.
True version of the question is that are non-crypto owners naturally paranoid? There is a spesific reason of reality. Software, open source software of the Bitcoin and all the cryptocurrencies.
I do not think so actually that crypto owners are naturally paranoid.
Bitcoin owners yes,,, but if you take a look at defi and nft and memecoin space which are the most popular now, you see everyone jumping in on new tokens and new defi platforms, and locking tokens here and there, connecting wallets to every site and game.
This is not paranoid behavior at all
Bitcoin owners yes,,, but if you take a look at defi and nft and memecoin space which are the most popular now, you see everyone jumping in on new tokens and new defi platforms, and locking tokens here and there, connecting wallets to every site and game.
This is not paranoid behavior at all
You have total control over your personal wallet and it’s way safer except you’re careless enough to lose your phrases or keys. With exchanges, you can’t completely tell what can go wrong.
That's what I was about to say because OP have it differently, remember that those sites where they store bitcoin have been attacked which is what's going to make someone really paranoid instead of having it in a hardware wallet where it's your responsibility to make sure you will be able to still access it.
You have total control over your personal wallet and it’s way safer except you’re careless enough to lose your phrases or keys. With exchanges, you can’t completely tell what can go wrong.
I have the same thought. So far, I only have assets stored in exchanges rather than in cold wallets. I think it's simpler to use. In addition, if the exchange is trusted, such as Binance, or Kucoin, I'm pretty sure they will still guarantee the assets we have in it are safe.
it's just that I'm still paranoid about the hacker case that happened to previous exchanges that made many exchanges go bankrupt.
it's just that I'm still paranoid about the hacker case that happened to previous exchanges that made many exchanges go bankrupt.
Crypto owners are not naturally paranoid because it happens that sometimes you get the loss for nothing. It comes but never. When your accounts would be hacked on a trustable exchange what is your fault of you in it.
So it is better for all cryptocurrency holders to use a trustable wallet. where the chances of loss may be minimized or nil. Passwords, keys, and special words should be saved properly. USB wallet is also better for this purpose.
So it is better for all cryptocurrency holders to use a trustable wallet. where the chances of loss may be minimized or nil. Passwords, keys, and special words should be saved properly. USB wallet is also better for this purpose.
Safe or not depends on the user. Nothing is safe as long as the wallet user ignores the warnings about the security of the wallet and the private key it holds.
Large exchanges or personal wallets both have their advantages and disadvantages. Those who are paranoid only think about the details about the dangers that lurk and forget how to deal with these dangers. Crypto users are not paranoid, it depends on each person, even some people who are already paranoid are very easy to fall into the trap of scammers.
Exchange wallets have a much bigger potential for pitfalls than personal wallets. Personal wallets as you say; you have complete control over, though an exchange wallet could be compromised at any moment, despite you having pretty decent security. Storing your Bitcoin on a exchange wallet for any long term period defeats the point of Bitcoin entirely. Large exchanges or personal wallets both have their advantages and disadvantages. Those who are paranoid only think about the details about the dangers that lurk and forget how to deal with these dangers. Crypto users are not paranoid, it depends on each person, even some people who are already paranoid are very easy to fall into the trap of scammers.
Actually, I'd say most people get complacent which leads to loss of coins, at least in personal wallets. Exchange wallets it's usually down to internal compromise or the user making a weak password. The thing is with exchange wallets they have a much larger attack vector than your personal wallet, which inherently makes it much less secure.
Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange.
if they are afraid then why store in exchange when you have lots of option where to keep safe your coins? that is literally irrelevant in this subject.Quote
In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers.
You already Knew that those are possible to happen then prevent from doing such stupidity .Quote
But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.
WRONG , we can put our coins in exchange in time where we wanna trade and take it out after, are you really a trader? because you seems to not know what is the real score.on your trade.
You wouldnt be actively on sending in and out those funds on a hardware wallet or something non custodial because that would really be costly and
hassle thing to be done.
If you do make trades then you would really be noticing it on the first place.So adjustments would really be made up.
No! They are not naturally paranoid. They are working for online banking system which is easy to use your money at anywhere you want.
Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange.
if they are afraid then why store in exchange when you have lots of option where to keep safe your coins? that is literally irrelevant in this subject.Quote
In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers.
You already Knew that those are possible to happen then prevent from doing such stupidity .Quote
But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.
WRONG , we can put our coins in exchange in time where we wanna trade and take it out after, are you really a trader? because you seems to not know what is the real score.on your trade.
You wouldnt be actively on sending in and out those funds on a hardware wallet or something non custodial because that would really be costly and
hassle thing to be done.
If you do make trades then you would really be noticing it on the first place.So adjustments would really be made up.
Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange.
if they are afraid then why store in exchange when you have lots of option where to keep safe your coins? that is literally irrelevant in this subject.Quote
In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers.
You already Knew that those are possible to happen then prevent from doing such stupidity .Quote
But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.
WRONG , we can put our coins in exchange in time where we wanna trade and take it out after, are you really a trader? because you seems to not know what is the real score.
Any market that is highly volatile will make traders paranoid. Trading in Bitcoin genuinely needs patience and precaution. Traders need to choose a good broker and get a secure wallet to confidently trade Bitcoin. There is nothing safe from being hacked when it's online, so make sure that your broker has a good history of security and transparency.
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