Topic: are crypto owners naturally paranoid? - page 6. (Read 980 times)

It's the opposite, having your crypto assets stored on a hardware wallet is much safer than what you're thinking. I've been doing that ever since I've stepped on this market and realized that it's better to have it there than into an exchange. I'm more paranoid when I've experienced a system down to the exchange where I've stored my crypto assets and can't access it in hours. I thought that it's already gone, the life savings that I've got in crypto and that's why it taught me that it's better to hold your own crypto through hardware wallets.

I don't think I would prefer storing my crypto-currency with an exchange over storing it by myself, not just about exchange being hacked, but also the an exchange can change their rules and requirements anytime and may expect you to meet up with that to the extent of confiscating or holding your crypto-currency you had put into it, also my country are attacking crypto-currency enthusiast and are well active on exchanges, with dubious schemes of confiscating the bank account of big exchanges users.

being a bit more secure would be great but speaking of paranoia I think that's an overstatement.
it's true that nowadays there are lots of hacks going on and it could even be that as I'm writing about this my wallet is being targeted by bad guys who just want to get things done the dirty way.
but on the other hand we are certainly not too stupid to use a wallet that does not use security.
because it is already available and of course we already know the recommendations and the risks if this is not done.
because of most of the hacking cases that exist today the pattern is the same and this is based on the negligence of the wallet owner

With the available technology and security features it is possible to keep the crypto holdings in a much safer way. There is nothing to be paranoid, if you've made the holdings secured in a well planned way. Hacks are common, and for the same no need to worry that it'll happen with everyone. Rather than hacks these days phising sites resembling the original platform is the way to take control of user wallets. So, it is good that we use only the trusted link to enter any crypto platform.

Yeah. And showing public keys on telegram not knowing better. Shock comes when you find out you are being taken advantage of.

I use the tip bot sometimes.

About the hacking. "It's always an inside job" came to no conclusion. Not talking about some demoralized old judge.

Sniping a candle is not hacking. Got you.

There have also been instances where private wallets got hacked too. There have been people who also lost passphrases/private keys to their wallets too and couldn't get out their Bitcoin. Just the same way we've people complaining of hacks with exchanges, it's the same way we have it with private wallets. Even Ledger, adjudged to be safe, will also have issue once its details are compromised. To be honest, I think a lot of crypto owners are paranoid and that's unnecessarily so. If one has anything less than 100 BTC, I don't think it should pose any sleeplessness for the owner. Breaking the quantity into several electrum/blockchain/ coinomi wallets and keeping them offline should be safe enough. I've used those wallets and don't think they're that bad to use.

Indeed, several times there have been loss of Bitcoin when sending from one exchange to another. Therefore, it is important to choose trusted
exchanges or wallets, because choosing the wrong exchanges can make our coins disappear. Even popular exchanges such as Binance have been
hacked, this has also led to paranoid among Bitcoin owners. Moreover, the volatile Bitcoin price, makes some Bitcoin owners also feel paranoid,
afraid that Bitcoin prices will fall very low. Not to mention the legality of Bitcoin that not all countries legalize Bitcoin, it also makes Bitcoin owners
paranoid. Fear of Bitcoin being banned from time to time in many countries, the conclusion is that it is natural for Bitcoin owners to be paranoid.
The most important thing is that the paranoid we experience is not excessive and can be controlled.

Being paranoid in bitcoin ownership is natural in my opinion, especially when we put our assets in exchange for exchange, where the fear of sending from one swallow to an exchange wallet is disrupted, because lately there have been many cases of balances. pending deposits enter the exchange wallet
here what makes someone paranoid happens, the fear of our money will be lost and undetected where our money goes

You can say that. But actually, it depends.

Crypto owners have funds and assets to secure from scam, schemes, and hacking. We can't really blame someone if they are naturally paranoid or anxious about their funds' safety or whenever they do transactions because maybe that's their way to assure himself that he will not lose anything. There were several instances that despite all the efforts of someone to make their assets secure, their assets still end up getting hacked and stolen. The basic rule of not clicking any links and putting confidential information such as email, password, and seedphrase on any website or app that pops up is one way to take care of your funds. However, take note that it isn't really enough to safeguard your assets from possible disaster. Hence, most crypto users use hardware wallet which has a 2FA feature that they could use to confirm every transaction they will make. Cold storage is one of the best way to protect your account from hacking. But take note that sometimes the human error also contribute to losses so despite having hardwallet, you should still always be careful. After all, hardware wallet doesn't give you a 100% immunity from hacking and scamming. Take good care of your funds because it is your duty as an owner. You don't have anyone to blame when something happens but yourself the moment you messed up.

if that is what you think is good and better then do it, but don't ask us to do it as yours because we knew how risky holding your coins in exchange.

if you are new here , remember Mt.Gox or at least search for that about what happened and then decide yourself.

I am ok in my cold storage , i put a little part in exchange for emergency use .

In terms of security i dont think so, you are better off keeping coins on a wallet you have access and control of the private keys. Btw Coinbase does not give you this access but they advantage you would have on these platforms over a cold wallet is the ease to sell your coins for fiat or exchange them for a stable coin which is us pegged.,

Some exchanges do take it upon them to refund customers but for some the damage is too much such that the exhange is forced to close down....i guess its 50-50 which is passing the liability to the exchange.

You should've done more research, prior to purchasing a hardware wallet from a questionable company: Ledger Nano X Battery Pandemic

Looks can be deceiving ^{[unfortunately]}!

That would never happen! You might want to refer to some of the risks other users described earlier ^{[e.g. freeze and etc...]} + most users, prefer to be a "crypto owner", as opposed to being just a "crypto user" ^{[the former requires you to have "full control" over your funds]}!

really?  Have, you ever heard coinbase hacking issue? Seems not.. And you know what exchanges keep updating nowadays wherein you don't what will happen in the future.. For example binance, because of the intermediate update those who don't have kyc decided to dump to keep their money safe for another reason, such freezing account.. So probably its not safe to store especially for long time.. For me in my personal opinion i will preferred to used digital wallet that has 2FA authentication than exchanges because on that way i can assure my funds is safe..

I think crypto owners have to be a little more paranoid than regular fiat currency bankers. Banks have had longer to refine their online services and optimize their security against many types of attacks. Plus the underlying banking system makes it much easier to track who actually ends up with the money and people generally don't allow their personal accounts to be abused as part of fraud. However exchanges are newer to the scene yet need to have banking grade security, they probably get hit harder by things like DDOS attacks because criminals think it will be easier to hide the funds and we've already seen a few cases where greedy owners/poor security caused exchanges to go down - so being careful with where you store your Bitcoin is very necessary.

I think you are a newbie and do not have complete knowledge of bitcoin and how crypto currency works. When you will get a bit experienced, you will totally change your statement. In crypto world, those who keep their money in the exchanges are actually paranoid. We need to keep our money in personal non-custodial wallets if we want complete control over our coins.

No comfortability towards bitcoin owner irrespective of the status of trust in any wallet, they most be small slight of paranoid reasoning mentality, i over heard people emphasising on ledger Nano as the the qualify institute of cryptocurrencies security perfect for securing coin, yes of course it's nice area to secure a coin but it can be hack also, can we ask ourselves this question, while people still lost their coin while their phrase is with them.

Honestly, it was best to have full control of your crypto than to rely on the security of third parties like exchanges. A lot of hacking issues happening this time and these exchanges platforms are the main targets of these hackers and that one day you will get surprised that your account and your funds have been gone.

You can track those addresses where it sends but not the person who took this, that still hopeless to bring it back. And these exchanges won't give any shares of your losses and they might deny their responsibility.

We are indeed seeing it as a hassle thing whenever you dont able to pull out your funds because it is stuck on an exchange which it is normal that you would really be worrying once you do have funds on a certain platform.

The good thing that you do own the key of a certain wallet is indeed you do have the full control and access to it without needing any
permission or something like that.

I think it applies to every person who has a significant large amount of investments at their current platforms and exchanges.

Given that cryptocurrencies has this reputation of their exchanges being scammed frequently, crypto owners are naturally paranoid when it comes to storing their coins in a specific wallet. For example, stocks have been regulated internationally by the Securities and Exchange Commissions, that is why you have confidence that your stocks will not be stolen. On the other hand, cryptocurrencies are somehow independent as the type of regulation they have are mere 'tolerance' when it comes to the perspective of the government.

We have the same thoughts on this because if it is in your wallet, you have the full control.
But if it is in the exchange, what if suddenly there's maintenance going on, and you need to pull out your funds for emergency purposes, you can't.
But if in case, you will store a lil bit of your funds in exchange, better store it in exchange with insurance like binance.
Owners are paranoid in nature, whether they are holding big or small amount, as they worry about the security of their funds.