How Whales Store Their BTC - page 3.

goldkingcoiner

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A Bitcoiner chooses. A slave obeys.

Quote from: Jason Brendon on August 03, 2022, 12:11:07 AM

Big players like Michael Saylor, the president of EI, or even some exchanges, i have been wondering how these guys store their BTC, their solutions, and their hardware storage.

Do any insiders know something? BTC

Obviously they keep very secure wallets. They could even keep a decentralized version of the seed phrase with different, trusted individuals. So that every trustee has one word exactly and nobody knows who the trustees are except for a select few. Although as far as wallets go, I would not think they use web wallets or exchange wallets or anything like that which might be accessed by third party members. Probably a hardware wallet with extra security.

And if any insiders did know something what makes you think they would post it on here? Boredom? Bragging rights?

Franctoshi

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Quote from: Jason Brendon on August 03, 2022, 12:11:07 AM

Big players like Michael Saylor, the president of EI, or even some exchanges, i have been wondering how these guys store their BTC, their solutions, and their hardware storage.

Do any insiders know something? BTC

There's no much special thing or way about how they store their Bitcoin , I think they are going to choose the most secured way most people equally use in storing their Cryptos , This made me to recall one very interview I watched on YouTube about the Ethereum Co founder Vitaliks when asked how he stores and secure his cryptos , In that video he narrated some extra security measures he put in place in order to ensure no one gets access to his Wallet. Both Michael Saylor and every other Bitcoin whale will do same.

mk4

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Paldo.io 🤖

Quote from: bittraffic on August 03, 2022, 12:33:07 AM

What are you talking about? If Elon sees Doge be decentralized enough than the regular coins out there then this guy had studied enough how to protect himself. Everyone knows a hard wallet is a perfect way to store thier coins, Elon knew that but they are not doing it because making a profit from the volatility is a better way than storing. Whales trade, they know they can make money out of the money they have.

Elon claimed a couple of months ago that his(or his kid's? I don't remember) DOGE on FreeWallet was locked. If I remember correctly he mentioned that he doesn't hold THAT much DOGE in the first place anyway; hence why he probably didn't take security seriously.

nullius

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If you don’t do PGP, you don’t do crypto!

HSMs (Hardware Security Modules) and airgap machines. With keys generated by a random number generator designed by cryptographers, not with an ad hoc homebrew-crypto scheme. The private keys are either isolated inside of a high-security device that connects to a networked computer, or isolated so that the private keys never come anywhere near a networked computer (airgap).

For large amounts of funds owned by an institution, this may be combined with a multisignature scheme. For instance, I read somewhere about a major exchange that stores most of its BTC in such a way that several different HSMs in the possession of several different trusted employees need to sign to move funds. That is functionally similar to a “two-man rule”/“dual control” system, although it does not in itself assure dual presence; I am curious about whether in practice, any such systems in Bitcoin enforce a dual-presence requirement, as may be feasible if keymat can only be accessed through physically secured systems that enforce dual-presence.

(Not an “insider”, whatever that means—but I think it’s (un)common knowledge in security circles that this problem is solved in the ways that I state.)

bittraffic

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Quote from: Despairo on August 03, 2022, 12:19:43 AM

I don't think they will have anything special if they're a big person, the educated person will hold their coins on hardware wallet, while uneducated person will hold their coins on web wallet or exchanges. Even Elon Musk did hold his coins on shady ~~wallet~~ exchanges e.g. freewallet.

While exchanges are mostly use hardware wallet or cold storage and multisig wallet. Multisig wallet is needed to make sure there's no one will rob the money, so when they want to send large funds from their hot wallet, their core team will know and there's no miscommunication etc.

What are you talking about? If Elon sees Doge be decentralized enough than the regular coins out there then this guy had studied enough how to protect himself. Everyone knows a hard wallet is a perfect way to store thier coins, Elon knew that but they are not doing it because making a profit from the volatility is a better way than storing. Whales trade, they know they can make money out of the money they have.

Despairo

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I don't think they will have anything special if they're a big person, the educated person will hold their coins on hardware wallet, while uneducated person will hold their coins on web wallet or exchanges. Even Elon Musk did hold his coins on shady ~~wallet~~ exchanges e.g. freewallet.

While exchanges are mostly use hardware wallet or cold storage and multisig wallet. Multisig wallet is needed to make sure there's no one will rob the money, so when they want to send large funds from their hot wallet, their core team will know and there's no miscommunication etc.

Jason Brendon

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Big players like Michael Saylor, the president of EI, or even some exchanges, i have been wondering how these guys store their BTC, their solutions, and their hardware storage.

Do any insiders know something? BTC

Topic: How Whales Store Their BTC - page 3. (Read 482 times)