Topic: Beirut explosion - Lesson to learn from this. (Read 627 times)

In addition, virtual wallets are prone to scams and have a high risk of being attacked by computer viruses. Also, somebody else is storing your BTC, not you.

Protective measures can never be enough even in real life situations. But at least it's safer to put in place as many measures as possible.

That is so true. Since you can never be sure how safe your BTC are, you're better off when you store them in various places, including desktop wallets, hardware wallets, paper wallets, and having physical coins. Other security precautions include backing up your digital wallets, keeping your software up-to-date, and having multiple signatures.

Well, I can't deny that this unvoidable the fact that we never knew when and where this random phenomenon will happen. If you think there are still some flaws whether we store it online or in hardware. What I am trying to say is that when you store it on hardware there's a possibility that it might damage or destroy due to some random events while on the other hand storing it on an online wallet there's a chance that it might be hacked. Hence, the only solution I can think of is that try to diverse your funds into multiple wallets, keep them on both online and on hardware.

Yeah! their economy is no longer safe and their currency is also at risk. at this point, they need to think well and invest some of their wealth on some cryptocurrencies. before that explosion, their economy is no longer flourishing because of their corrupt officials and when that explosion happened, people are so helpless they are in need of help. I think they will become the next Venezuela if they cannot recover from their economical problems.



https://www.bbc.com/news/world-middle-east-53390108

Well, various disasters happened in the past, and they will happen in the future. So, you need to think at this moment how to keep your asset safe. The safe in the Bank might be one of options, or to leave a sealed note with your lawyer or somebody you trust.

who knows when there will be disasters, explosions, floods, earthquakes, fires and so on that cannot be predicted,
and of course copying private keys to a piece of paper and keeping them safe or telling the kids and wife can be the safest way when disaster hits us, and copying several, not just one, is kept separately.

I think the disaster on the virus is a sudden incident and the explosion cannot be foreseen. If it's not an explosion but a tsunami or a long flood, we will print our wallets and where to keep them safe. We cannot know in advance. I think that if I want my assets to be safe, I need to have different and creative backup plans.

The important lesson from that is that we can prepare everything that we think is important to be saved from now on, so when the bad thing happens, we are not too worried because we already have a backup or already save it in the hidden and safe place. We never know what will happen in the future, and if we are not ready, we will have difficulty solving the problem in the future. So while we can do something from now, and it is better to think about what is necessary to be done.

Not just be careful or alert but to spread your private keys too and don't ever ever forget where you put it .

Bitcoins can be stored in any ways but all of them have flaws. You put it in a storage where no one can get instead of you, there is a chance that you can forget it. Any securities that can be applied with the private keys always has holes.

What I did in my part is I wrote it in a sticky note, took a photo on it too and sent the image to an address where I don't really use (that email has been used specifically for the storage of my private keys). Maybe the fact that people around me doesn't know anything related to crypto helped me to secure my private keys too because they don't know what are these words .

For me, the lesson that this tragedy has brought to me is that never ever let anyone suffer. I donated some amount to Lebanon authorities because I believe that a simple help will matter to them the most. If you have some spare amount of money, don't hesitate to give them because they are really affected by this unfortunate events, pandemic and this tragedy.

I learned here that the sense of money will become useless when you don't use it in a correct way. No matter what coin you're holding if you don't put it into a place where someone will benefit, it will become valueless. So as you are holding cryptocurrency, if you are earning profits, donate some on Beirut.

I'm pretty sure that there are a lot of cryptocurrency investors who are also affected. We can grow our assets but they can't easily recover from all of the damages that this tragedy brought them.

When you make a cold wallet, by writing 12 words in a paper with your own hands, i have mentioned many times that you should make a copy (again with your own hands, no electricity) so that you have two papers with the same 12 words you store securely at two physically separate locations.

Please stop the talk about private key because while the seed words internally recreate it, you are not directly handling a private key, nor should you ever do it due to the security implications. Never handle private keys directly, stick to the 12 words, and protect them well.

As for the Beirut case, sadly it is yet another case of State bureaucracy. Apparently these hazardous materials have been stored for many years and across at least 4 administrations. Of course, some official designated that specific area for all flammable materials, so it was all conveniently places together (fireworks, nitrate ammonia, etc). All it took was one lousy wielding or spark igniting some fume or who knows.

You'd be surprised at how common this is in many countries: State bureaucracy plus less than stellar practices. You people in the "first" world wouldn't even know how often we gamble our lives everyday just by getting born in the wrong place. I'm sure most people in Lebanon didn't even know such dangerous things were concentrated there.

So it happens they had this port for everything related to agriculture, all that grain stored, and no doubt this nitrate was meant for fertilizing purposes. Ironically this country has had plenty to worry about with its neighbor having the largest military power of the region plus insurgency stirring things all the time.

It is not the same as in 'different location' though.

When I left the keys there, I left them this DVD with the private keys printed as a cover. I also left them this album and behind the photos are the private keys. They are jumbled and I am the only one who knows that. If that is all lost, the keys are jumbled on my uncle's wall and here in our house, in my working space and my girlfriend's phone but it is just like a diary. Only me can encode that.

Its true! So devastating indeed. And it actually taught us some lessons about securing our wealth, assets and especially our bitcoins. But somehow, I think that we can't really avoid this kind of incident. For some reasons, if it will happen then it will took place and we have no guts to control nor predict the possible chaos to occur...maybe, the best thing to do is to be just careful and alert. The kind of being wise that our wealth and stored bitcoins will be spared from this kind of terrifying incident.

That should always be the case. @Janation said there are children there so there is a chance that it might be destroyed by the children when they played with it or maybe as @finaleshot has said, there might something that would happen. There are other ways for us to take care of it and I think since this explosion some people might overthink how would they take care of their Private keys.

True, it's better if we have those always in us or common places we went to, a huge amount of assets when gone will definitely be huge losses in your life.

Therefore, we shouldn't be putting it in some places that aren't common places for you and is very vulnerable to anything that can lose or destroy it. I really don't prefer leaving valuable things attended, as much as possible I bring them with me or in the drawer of my personal desk.

I wonder why safe isn't really safe to story and physical things at all? I mean, if there's an explosion, it will definitely act as a safe right? enlighten me.
I guess, it's better if you put those on a place where you always visit, like your home or your rest house, so you can check it and there are no worries.

It might be safe because it is separate but what do you think will happen if there's a phenomenon occur in the area where those separated pieces are located? It could still have a risk of losing it.

Yeah, that's definitely right, and also consider not investing in one cryptocurrency fill your bag with different Altcoin that you think may provide you with great profit, It's just the same like that investing all of your funds in a single coin and when the price dumps, your funds and asset will also be like Beirut explosion, worst case scenario you will lose all of your funds or maybe recover the half of it, so make sure to fill your bag with a one or two or more coins that has potential, and also don't use a single password to different accounts and secure your email that you use on exchanges.

Uhmm. I already did this in separate locations.

Half of the keys are in my house right now and the other on my aunts and uncle's house. I thought it is an ingenious way of doing it but I guess there are a lot of people here thinking the same. I thought of this a year ago but I am also scared since they have children in their house so that might be gone when I come back.

It was really due to the negligence of their government.
The ship was stopped at Beirut on year 2014.
There were plenty of request to the government saying that they need to get the ship out there, but the government neglected it.

I can't think of other ways of storing keys very safe compared to hardware and paper wallets.
It seems like the only way s to store it online with the usage of the tightest security.