Topic: Knowledge is the New Gold - page 5. (Read 794 times)

I'm glad to know that. As they say, "Knowledge is power," and I think that joining this forum has been incredibly beneficial because it has allowed us to connect and share ideas with one other. We are really fortunate to be here. I didn't think I needed to when I initially joined the forum, but the more time I spend here, the more I learn. You've just given me another idea on how to earn money on my own. 😃

This reminds me of a brother who had a crypto wallet on his phone and one day the phone fell and stopped working, and he took the phone to a repairer, two bad things happened and I confused him to get the repairer arrested.

1. The repairer told him that the phone couldn't work again and that he should get a new phone.

2. He got a new phone and imported his recovery seed and all his crypto was gone.

This case turned into a police case and since the law agents don't even understand how a crypto wallet works I was there and I shed light into the darkness, it turned out that the repairer stole the crypto assets and sold them all for Fiat, he was granted a bail after he sent all the money back and he also paid some fine too.

Sometimes, some things will happen and that's not because of your own mistakes but because you can't control what's about to happen, all we can do is be prepared for any possibility.

I think this issue is very common with trust wallet, this is an issue that Is beyond explanation which I think keeping bitcoin in trust wallet is not safe anymore. I have same experience like this sometime ago that I thought I have lost my bitcoin,  after I was able to get my bitcoin back it was the end if me making use of trust wallet to store Bitcoin. Experience like this can never happen in a non custodial wallet,  if a wallet keeps doing mysterious things that one can't explanation I think it will be too risky to be so relaxed using such wallet for storing bitcoin. Their are good wallets one can look up to for storing bitcoin.

Don't forget learner's are Earners and that's same principle he applied here while aside having this knowledge your friend is also good in entrepreneurship

Base on Op post her friend has been a p2p trader for about 3 years now and you should be aware also that Trust Wallet didn't start with this feature with time this feature and others were added to Trust Wallet to make it secure.

I think this might be his first crypto wallet he created and this is why it's also advisable not to use the first wallet you created as a newbie to store your funds especially since one might be lacking in knowledge in effectively keeping the wallet secured and if any person having malicious intention has access to something like this then their coins are gone no matter how knowledgeable such a person may be now.

Coming from someone who is a big user of Trust Wallet, I believe that Trust Wallet will never allow you to take screenshots of your seed, how did he do it? On a rooted phone or a second phone? Because these are the only possible ways that I know.

Anyway, he have already messed up big time, he must abandon that crypto wallet and get another and never must he take screenshot of the recovery seed ever again, our smartphones are not really ours, because the company that make the phone has their ways.

Either its Google phone or Huawei, they have their ways of getting information on phones and also some applications we install on smartphones are not 100% reliable, some will steal your data without you knowing, recovery seeds are always safe offline, writing them down in a book is ever a more safer practice.

Knowledge is gold, power and priceless, without it people are vulnerable and lost, so it's important to seek diligently for it, otherwise the person might never get effective results, although it's not easy to be knowledgeable in every areas of life, but it's important to have basic knowledge of your interests in life. A crypto investor must research and know the basic concepts of the crypto space, fundamental knowledge about wallets and how to guide against scams and hacks.

Your experience from your friend that charged another person money to fix a problem that the person ought to know, shows that people without knowledge will always pay price for their ignorance.

Your friend is a real businessman, lol. I believe you should also get a share of every business deal he makes by helping people with their wallets since you were the one who initially taught him how. Well, that being said, knowledge truly is power. It's another reason why I would advise anyone on this forum to be grateful for the opportunity to be here, all for free. I've gained so much knowledge on this forum, more than ever before. Many people are often surprised by how much I know about wallets and cryptocurrency, even though they haven't seen me trade before.

As for your friend storing his seed phrase as a photo, that's the worst idea, even worse than saving it online, which is also incorrect. I think most people, out of ignorance or lack of knowledge, don't really understand how to keep their funds safe. Trust Wallet isn't advisable as it's very unsafe. Most wallets don't allow you to take screenshots of your seed phrase, but he actually did, which is surprising. When it comes to the security of our funds, we should prioritize it as Bitcoiners and avoid anything that could risk losing our funds.

Your friend took a screenshot of his wallet seed and uses a closed source wallet like Trust. Unfortunately, most traders come from a purely economic background and do not want to learn the basics. Their only argument is that since I did not lose my money, this means that I am safe, so stopping using a closed source wallet like Trust is only necessary. Such as not saving the wallet seed digitally or in an unencrypted version, such as taking a screenshot of it.
If the wallet is well programmed, it will most likely not allow him to take a screenshot.

Screenshot and store it as an image for back up, it is risky. Advise your friend to read.

How to back up a seed phrase?

I did not see you mention anything about the following step.

Your friend should abandon that wallet, and use a new wallet because there is no way to know that wallet was compromised or not. In worst case, there are some people got access to that wallet backup but they just didn't take any action. If your friend fund that wallet with big valued bitcoin, maybe the hacker will take action.

This is why it's said that education is a blessing because a well-educated person would learn all these things before they get involved. I can't imagine buying Bitcoin or using it if I don't have any knowledge about how I can keep it and how other similar things work around it and that is because I'm educated and I know I can learn everything if I do some research because nothing is hard to learn if you know how to read and understand stuff.

So as I was saying, education is a blessing. Just like how your friend charged the person 30% of the amount for getting his work done, you can't imagine how people would be ready to pay you money for doing things that are nothing at all. A person once asked me to check why he isn't able to make phone calls with his mobile phone, when I checked, he had some option disabled in the network settings and I corrected it, he asked me how much I would charge for that. I said it's nothing, you don't need to pay me for this, but I was shocked to see that and it also made me realize how powerful knowledge and education can be.

We need more education about digital security.

There are still so many unaware of the risks of storing seed phrases online, underscoring the knowledge gap that exists even among those who are involved in this space. This technology can provide us with incredible opportunities, but it also comes with its own set of challenges that we must be prepared to navigate.

Even though the information needed to solve the problem was freely available, people were willing to pay for someone else’s knowledge and experience. It only means that in our information-rich world, the ability to effectively use and apply information is just as valuable, if not more so, than the information itself.

That’s not a good enough reason convince someone that they should not use a particular bitcoin wallet. To be honest, Trust wallet is easy to use. However, I do not like Trust wallet because it is closed source and because of its affiliation with Binance. If feels as if I’m storing my bitcoins in a centralized exchange.

He’s not my apprentice. I was very happy to help a friend in need and expected him to do the same for someone else but it didn’t take him long to start exploiting people’s ignorance for personal gain. There is so much information available on the internet yet it seems like the world is getting dumber every day or is it that people have become so lazy to do anything for themselves. This new venture of his will not be successful if these bitcoin investors had a decent knowledge about bitcoin wallets and blockchain.

Then knowledge is not a Gold but is power. Gold is an asset while knowledge is to solve problem therefore you have to restructure your topic again to suit the story because I didn't see any gold in the story but all about solving problems with knowledge gotten. And that is one the cardinal points in this forum as well. You are here to learn and to contribute, solve problem and educate. And the person that got the knowledge freely from you used it to make money, then he is not good person because if you learn something free then you are to teach others free. This has reminded me in the Holy Bible story that, Jesus saved a debtor and he went to asked another man that ow him seriously. And the Bible recorded very bad attitude.

Personally I don't like Trustwallet from the onset even when I have not known wallet like that because of it cumbersome nature to use. And I will not advise anyone to use it. Well it is not good to save your seed phrase in the phone because if you misplaced your phone and someone picked your phone and has access to the phone then your coins are gone. And it is not also good to save it in your email and other online drives but if you save it in a flashdrive, hard drive and memory card, and I think is save because those devices are not connected to any external devices and it is when you want to use the seed phrase you plug it to you phone or computer to take the seed phrase and use it. And as for your apprentice, he has violated the law of "freely taken, freely given". Now when he comes again to asked you something, what will you do? His attitude is not a good example to the person he helped because the other person will also collect the 30% from another person and that is how corruption starts. This is bad behavior to the society. Thanks for helping him.

People lose more of their assets to ignorance or a lack of knowledge about the crypto space than to scammers and hackers. Even if there was no risk of a bad guy getting a hold of his phone and stealing his already screenshot seed phrase, what if the phone becomes broken and the data lost, what becomes of the screenshotted seed phrase saved in his gallery assuming he didn't back up his photos to the cloud(which is another terrible way to store your seed phrase). He loses his assets forever.

Also, screenhots should not be allowed on crypto wallet apps. These wallet apps developers are indirectly promoting this reckless behaviour.

Something interesting happened over the weekend and I think it’s worth sharing. A friend of mine reached out to me that he was having some problems with his Trust wallet. According to him, he received some bitcoins days ago through his trust wallet address and even though the transaction was confirmed on the blockchain, the bitcoins did not reflect on his wallet balance so there was no way he could move the bitcoins. I suggested he download Electrum and import his seed phrase to Electrum. He told me that wouldn’t be a problem since he had his seed phrase saved as a photo in his phone. This took me by surprise because he isn’t a newbie to Bitcoin. He’s been a p2p trader for about three years and still did not know the danger of saving one’s seed phrase online. I explained to him the consequences of storing his seed phrase online and advised him not to use that wallet anymore. His only defense was that Trust wallet allowed him to screenshot his keys so it shouldn’t be that bad.

Anyway, he successfully imported his seed phrase to Electrum and was able to move his bitcoins with less fee. What’s fascinating about the story is this. I got a text from him this morning that someone has a similar problem with his wallet and he needs my guidance once again to help this person. He then told he charged 30% of the bitcoins as his fee. I laughed because I thought he was joking. But he wasn’t. He’s actually thinking of making a business out of this. Turns out that people will pay for things they can do by themselves if they had the right knowledge.