Topic: Do you trust any exchange or even wallets like Ledger? (Read 168 times)
Saving money on any exchange although popular it's not safe do not trust. But if hardware wallet like ledger it secure and trustworthy for your money.
Have you ever heard of Mt.Gox? It was a bitcoin exchange, it was hacked and 70% of the coins were lost.
It is dangerous to keep money in exchanges unless you are a day trader.
If you are a holder a paper waller is perfect.
Another option could be the use of an old PC (or a Raspberry Pi if you have any) in order to run a cold wallet. In my opinion, the wallets mentioned by the developers of the coins is the best software you can use. Hardware wallets have a good reputation but I've never used them.
It is dangerous to keep money in exchanges unless you are a day trader.
If you are a holder a paper waller is perfect.
Another option could be the use of an old PC (or a Raspberry Pi if you have any) in order to run a cold wallet. In my opinion, the wallets mentioned by the developers of the coins is the best software you can use. Hardware wallets have a good reputation but I've never used them.
I don't trust exchanges at all. I use Ledger and very pleased with it. I have also concerns about security therefore I used encrypted usb stick for my private keyes (never been compromised) before I moved to ledger nano s. It gives you five wallets if you using MEW. Tezos is another option to store your coins safely. These two are bulletproof. Charlie Shrem is a big fun of Tezos who has more BTC then most of us here.
Ledger Nano is more secure than use Online Wallet, i am using Ledger and find none problem on it
I don't believe this shit. One who has millions of money in the pocket cannot care to build small wallet for himself. I mean there are some developers who have worked hard and have build ledger wallet or other hardware wallet. There are basically small pieces of Machines (like Raspberry Pi) which controls a small amount of program. So if you have millions of money then why not build a software yourself which can take care of your money. And because they are a very small software and will always with you so they cannot be easily hacked. You will basically have a private network for them.
I'm having a difficult time in trusting any of these online exchanges, what is to keep them from pulling out and doing an exit scam? The solution seems to be physical wallets like the Ledger or Trezor, but what is to keep the developers from putting a backdoor into the software that drains all coin once it reaches a certain amount, or to take fractions of a coin without leaving a history of such? If only have 1-2k in it thats not a gigantic hit, but lets say you have millions in coin. Is there nothing more secure one could do?
What is keeping them from doing an exit scam? perhaps going bankrupt, lose all credibility and face jail time? and this isn't even the worst case scenario the people running these exchanges could face. But then you say that developers could put a backdoor in a physical wallet? c'mon, what's next, we can't have an encrypted air-gapped pc to store our coins because "hey, what's stopping a burglar to just break into your house and steal all your shit?". If you are this scared then you don't have a place in the cryptocurrency market.
Seriously though, there's not much we can do other than to trust these exchanges/wallets with our coins, if you start thinking about the possibility that they're gonna steal your cryptos then you're going to start getting paranoid for no reason.
Take it easy. With Ledger and Trezor, they're both well established in the community and their business is security. It's like if a well established bank suddenly ran away with all the people's money. It will be a high profile case and they will be hunted down. You can trust them cold storage wallet as long as they are reputable. Next best thing is a paper wallet.
You shouldn't trust exchanges for holding coins, put them in a wallet as soon as you're done trading. I personally use a Ledger wallet, it is really well secured.
I'm having a difficult time in trusting any of these online exchanges, what is to keep them from pulling out and doing an exit scam? The solution seems to be physical wallets like the Ledger or Trezor, but what is to keep the developers from putting a backdoor into the software that drains all coin once it reaches a certain amount, or to take fractions of a coin without leaving a history of such? If only have 1-2k in it thats not a gigantic hit, but lets say you have millions in coin. Is there nothing more secure one could do?
I mean other than the fact that it's highly illegal and they'll like be sent to jail for a very long time for fraud - pretty much nothing. Oh also the fact that they make an absolute fortune already so is there really any need? Exchanges biggest threat is being hacked, the likelihood of them combusting of their own doing is far less likely and would only really occur with some malpractice.
Remember big Vern who ran the USA based cryptsy exchange? He wiped the database clean and moved to China. The USA government doesn't have an extradition treaty with China so they can't touch him unless he returns.
I no longer trust any exchange because of that. Use them if you have to make a trade, but withdraw your coins to a wallet you control immediately afterwards. It's a gamble trusting any exchange with your coins. Once they have them you might never get them back.
I couldnt disagree with your statement with exchanges but i disagree with you in hardwallet like ledger,been using this for years without any problems,they are most secured storage for me,if you still dont trust the hardwallets go use paperwallet instead.
I agree about being sceptical about online exchanges. They can often announce a no trade policy when ETH or BTC fluctuate at rapid pace. I agree that My eth is safe.. but Ledger is always the safest. Just got one and i feel so comfortable in having them now! Just don't lose it on a drunken night 
I'm having a difficult time in trusting any of these online exchanges, what is to keep them from pulling out and doing an exit scam? The solution seems to be physical wallets like the Ledger or Trezor, but what is to keep the developers from putting a backdoor into the software that drains all coin once it reaches a certain amount, or to take fractions of a coin without leaving a history of such? If only have 1-2k in it thats not a gigantic hit, but lets say you have millions in coin. Is there nothing more secure one could do?
I mean other than the fact that it's highly illegal and they'll like be sent to jail for a very long time for fraud - pretty much nothing. Oh also the fact that they make an absolute fortune already so is there really any need? Exchanges biggest threat is being hacked, the likelihood of them combusting of their own doing is far less likely and would only really occur with some malpractice.
I'm having a difficult time in trusting any of these online exchanges, what is to keep them from pulling out and doing an exit scam? The solution seems to be physical wallets like the Ledger or Trezor, but what is to keep the developers from putting a backdoor into the software that drains all coin once it reaches a certain amount, or to take fractions of a coin without leaving a history of such? If only have 1-2k in it thats not a gigantic hit, but lets say you have millions in coin. Is there nothing more secure one could do?
That why you use the cold storage or your own setup wallet.
hardware wallet and paper wallet is good and safe to keep your crypto,,
and about exchange , if we don't trust any exchange, how can we trade our coins to fiat mate ?
think about it,, okay! just trust one or two the best exchange just to trade your coin if you need fiat money
and about exchange , if we don't trust any exchange, how can we trade our coins to fiat mate ?
think about it,, okay! just trust one or two the best exchange just to trade your coin if you need fiat money
Trezor and ledger is the safest wallet you can have, if you dont trust either, just instal the QT wallet of whatever coin you hold on your pc and keep it there.
Most secure is a paper wallet.
I'm having a difficult time in trusting any of these online exchanges, what is to keep them from pulling out and doing an exit scam? The solution seems to be physical wallets like the Ledger or Trezor, but what is to keep the developers from putting a backdoor into the software that drains all coin once it reaches a certain amount, or to take fractions of a coin without leaving a history of such? If only have 1-2k in it thats not a gigantic hit, but lets say you have millions in coin. Is there nothing more secure one could do?
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