Topic: Never use Coinbase wallet's private key back up feature - page 2. (Read 578 times)

NO! It's not!

Google drive has a bad reputation in security, lost of people are getting their accounts hacked every day, and Icloud...common Remeber the 2014 fiasco or "The Fappening"?

You should never store passwords or sensitive personal data or material an rely on cloud services.

the worst part of these services is that they are targeting newbies most of all and that is who they get in the end too. people who are new to bitcoin and its ways but are already familiar with the banking system and centralization of them. so when they see something like Coinbase they are more than happy to use it not knowing what they are really losing by doing that. and they won't know it for years until the shit hits the fans.

why don't save any private key or any sensitive cryptocurrency key on cloud? is it save? as i know that cloud is the safe place, only the owner can access the file, or people that have the shared link can access it. so i think it will a good things when we can save it on cloud storage

I use coinbase pro to teach myself about trading, so I need to keep a mix of fiat and Bitcoin in their wallet. I run a node for my long term savings, and I'll move any Bitcoin that I want to save out of the coinbase wallets.

I don't use any cloud services - there are enough vulnerabilities in Windows and Google products without increasing them.

Many people will use this feature since a lot of them don't care about decentralization and are only here to make a profit.  Most would rather have the security responsibility be on someone else rather than themselves.

Why do we need Coinbase wallet. I can create and use a lot of way. I don't even look at it. I use blockchain website and paper wallet. And I am relife.

I am certainly in agreement with the OP that we shouldn't back up our private keys in any kind of cloud storage no matter how secure and safe they are! However, Coinbase is an old player of crypto market and I think a lot of efforts they have put in before announcing this.

It is essentially a method to recover your wallet if your device gets stolen for any reason. The private keys are encrypted and can only be used in coinbase wallet coupled with your own password.

I would encourage everyone to read the actual blog post of coinbase first and then go through all other third party views.

https://blog.coinbase.com/backup-your-private-keys-on-google-drive-and-icloud-with-coinbase-wallet-3c3f3fdc86dc

This is really not Secured  measures  they have to put , i we all know internet is not fully secured but using google drive and icloud storage  for private  key backup  will never solve the problem but it will give the hacker opportunity  to start hacking people gmail account and icloud account ..  i think they must  find a great solution for that ..  because this is not advisable ..

Having a private keys is one of the safety feature of our wallet.
But saving it to cloud storage will never be a good option to do.
Never do that and you will be at risk once happen.

For a moment if we think this will create an extra level of security as the private key is stored in cloud services but who will grantee that these google drive or iCloud storage will not be hacked. If this is implemented, you will see more hack attempts on these services as people will try to exploit the vulnerability in these services to hack people private keys.

Agree this is alarming to every Coinbase users who has huge amount of btc in their account and decided to backup its private key on this cloud storage services this will become the target of many hackers once implemented, why Coinbase is so confident about it? The most secured websites and cloud services today can really easily penetrate by hackers, every private key stored is at risk.    

We don't know their real intention's why they put at risk our keys, once they were hack it absolutely everyone could be possible to be hack as they can easily trace the keys. I'll do back up but I never put it in any online storage, I'll right it in a piece of paper and keep it safe. Even though how secured our keys still we can't guarantee of it, anything will do for online transactions still leaving any traces and could lead for hackers. We just be luck if we are not their target victims.   

A good thing by the OP to notify other members about this. I myself won't support storing private keys for bitcoin wallets to be stored in any sort of online cloud service because if during an event of a cloud service getting hacked it would risk all the private keys and the bitcoins as well. According to me, notepads on personal phones and Macs are a way better way to store away private keys.

WTF!!! why would coinbase introduce such stupid feature that puts the users and investors in a voluble situation!!

I'm sure Google and Apple will be thrilled that Coinbase has just made their Cloud servers a massive target for hackers.

You are placing trust a complex process of encryption, transfer and storage, which I have no doubt will not be open source. You are also trusting Google or Apple to protect their servers from hacking (which they have shown repeatedly they are incapable of doing) and/or not build in a backdoor for law enforcement agencies that ask for it. You are also trusting your own ability to create truly strong and non-brute-forceable passwords, which we know 99% of the population are incapable of doing.

Bad idea all round, but no doubt many newbies will use it anyway.

The person who holds this private key holds ownership. In cases where we use various wallets and exchanges to store our crypto tokens, this private key is with them. We just have access to those tokens via a username/email id and password to that wallet or exchange. This is risky since the ownership is not with us. Most of the times the exchange wallets are on the internet and such wallets are called Hot wallets. Hot wallets pose a maximum security risk since they are connected to the public internet while those stored no a “cold wallet” are not.

best ways to keep cryptocurrencies safe

1. Safety from Phishing Scams
The most common kind of scam is a phishing scam where a hacker sends emails or directs the user somehow to a fake site where the user enters their password. This password is received by the hacker. Be careful of the sites you open, check their security certificate and do not open emails from unknown sources.

2. Keep your device safe
Another common method of hacking is to install some kind of malware on your phone or computer and then steal sensitive data as it is being entered by the user. The device that you use for trading cryptocurrencies should be kept free of any kind of unknown programs and with an anti-virus at all times.

3. Keep private keys with you / Do not store on exchanges
Do not store your crypto tokens on exchanges. They get hacked all the time. Centralized exchanges do not provide you with your private keys. This means the crypto is stored in their wallets – hot or cold. And if they were to get hacked, you lose your tokens.

4. Enable two-factor authentication
5. Avoid public Wi-Fi

Read the complete article here: https://coinswitch.co/news/10-best-ways-to-keep-your-cryptocurrencies-safe-in-2019

I said that for years
Online web wallets are becoming the new banks, exchanges the new libor manipulators, bitpay and others the new visa and mastercard...
And seriously, between Mario Draghi and Craig Wright, I choose Draghi with no hesitation whatsoever.

I have read this news on social media and the first thing came to my mind that it was a very bad suggestion.

Even using their platform will give a huge risk to your funds since you don't have the fully access of the private key, and in addition for this feature.

But people still keep using the platform because its reliable and can be trusted. So to those users that isn't tech savvy regarding to their fund's security can use it as alternative for security/backup but those people who knows the risk will ignore it for sure.

I've read this somewhere not long ago and I laughed. I was expecting Coinbase know better.
I mean, iCloud is known that it has been hacked/exploited. I don't expect anything better from Google cloud.

On the other hand, there are plenty of (smaller?) cloud services that at least offer encrypted storage for all the files.
If done properly, even the file names could be encrypted. You know, in a sea of encrypted data, it's more difficult to find the data you need.
I don't say it's the perfect option (cloud storage never was), but it would have been a way better one than Google and iCloud