Securing your Cryptos - page 2. | Bitcointalksearch.org

mocacinno

legendary

Activity: 3584

Merit: 5243

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: alisafidel58 on December 18, 2017, 03:01:12 AM

Keeping your crypto currency safe is up to the person level of security, keeping all the valuable information about your wallet offline it the safest thing you can do, from putting all the codes into your skin (tattoo) or putting them in the safe of a bank were rubbers are impossible to penetrate it.

I would seriously discourage putting your private key on your body as a tattoo... If you did this, anybody taking your picture in the swimming pool could rob you blind... And once your private key got compromised, you'd have to get a second tattoo with the next private key, then the thirth, then the fourth,...

alisafidel58

full member

Activity: 364

Merit: 127

Keeping your crypto currency safe is up to the person level of security, keeping all the valuable information about your wallet offline it the safest thing you can do, from putting all the codes into your skin (tattoo) or putting them in the safe of a bank were rubbers are impossible to penetrate it.

A1exander

full member

Activity: 336

Merit: 102

I would divide the funds between several hardware and cold storage wallets. The seeds that allow to restore wallets (both types) can be kept in encrypted password manager databases (like KeePass) and the databases can be backed up (encrypted backups) to remote servers (cloud storage, for example). Seeds on paper in a bank deposit boxes are also a viable option.

cascano

newbie

Activity: 66

Merit: 0

I believe paper wallet and cold storage are the best options to guarantee the safety of your crypto coins. I'd get an old pc which I would reboot to factory settings and store most of my cryptos there. Write the pass phrases in two or three books of which you and your spouse know the places. Backup your wallet files and secure it in a safe vault. Of course if somebdoy put a gun to your head all these cold storage wallets could be compromised. I, guess the only real safety is by stroing your backups on physically different places and remembering the passphrases by heart.

UAE Seasider

full member

Activity: 700

Merit: 110

Helios Protocol https://discord.gg/cpzAEMB

For security you should never leave any large amount of tokens on an exchange. MyEtherwallet is a good alternative for Ethereum and ERC-20 tokens as long as you avoid the phishing crooks.

mocacinno

legendary

Activity: 3584

Merit: 5243

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: Roccker on December 17, 2017, 06:27:13 PM

Wow
Thanks!

Ok, i am not at this point yet.

Now i wonder how you would secure 100k.

My thinking so far:
Ledger Nano (or alternative)

Seed on paper (or cryptosteel from ledger)
-> 2 copies, in different locations

eg one encoded in diary story or something
one in... hm bank safe deposit box hm
Ok, ideally not the full code is in a deposit box or the diary, hm.
Eg 4 places, i just need 2 to open
Like you said with the Shamir Secret.. but i have no idea how this would work in practice, lots of reading to do i guess

The usage of Shamir's Secret Sharing Scheme isn't that hard, there are many implementations available like here:
http://point-at-infinity.org/ssss/

If you download the sourcecode, you can build it on a simple *nix box and run it straight from the prompt.

Mike Mayor

hero member

Activity: 966

Merit: 535

I have also been thinking about how to properly secure my funds now that I have been gathering bitcoins for sometime and you really can't put a price on safesty so I will be buying a ledger nano s and you might buy 2 but that will be expensive. One I will barely use it will be for long term kind of like a safe or savings account while the other is more like a spending wallet. Paper copies of the privatekey can be given to a family member to keep in their house for extra safety.

Roccker

full member

Activity: 266

Merit: 111

Wow
Thanks!

Ok, i am not at this point yet.

Now i wonder how you would secure 100k.

My thinking so far:
Ledger Nano (or alternative)

Seed on paper (or cryptosteel from ledger)
-> 2 copies, in different locations

eg one encoded in diary story or something
one in... hm bank safe deposit box hm
Ok, ideally not the full code is in a deposit box or the diary, hm.
Eg 4 places, i just need 2 to open
Like you said with the Shamir Secret.. but i have no idea how this would work in practice, lots of reading to do i guess

mocacinno

legendary

Activity: 3584

Merit: 5243

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: Roccker on December 14, 2017, 08:42:31 AM

Being your own bank – the hassle of securing your Cryptos

Let’s say theoretically you have 3 mio dollars in crypto (I don't, but to make this whole thing more pressing).
All your wealth.

Now you can leave it on an exchange, login with your password and 2 factor authentification. See the worth, have all coins nicely together, be able to buy and sell and send.

But everybody says ‘don’t leave it on the exchange’.
Because exchanges get hacked. Or hack themselves. Or get bankrupt (?).
Or something else that is weird.

Let’s say theoretically you have 1 mio dollars in crypto.
How do you secure it?
Concretely?

I guess being your own bank kinda sucks.

I want to find a good security strategy.
Links and tips welcome.

Eg Paper wallets
Nice, but where do you keep the paper?
In a safe? In your house? House burns down?
You remember the seed and check if you remember it every morning?

Ledger / Trezor.. hardware wallet.
Again.. you keep that in a safe?

One multi-coin wallet to rule them all? Where you learn the seed so you can repeat it in your sleep?
One wallet for each coin?
One wallet for about each 20k?

Thanks for comments

IF I had 1 mln in crypto, i'd probably divide my funds over the leading brand hardware wallets (trezor, ledger nano S, keepkey, bitbox), over a couple paper wallets, and keep some "change" on an airgapped pc.

I'd collect the seeds and bip38 encrypted private keys (from the paper wallets) on an airgapped pc, and break them up using Shamir's Secret Sharing Scheme https://en.wikipedia.org/wiki/Shamir%27s_Secret_Sharing (for example: http://point-at-infinity.org/ssss/). I'd probably create a 3 out of 4 scheme.

Then, i'd hire a safe deposit box at 3 banks, store 1 set of secrets and 1 hardware wallet in each deposit box, and keep 1 set and 1 hardware wallet at home...
The total cost would be ~$400 for the 4 hardware wallets, ~$250 for a small offline pc and ~$0 for the paper used to print the paper wallets/secrets.

Now IF somebody broke into my home and put a gun agains my head, they'd walk away with 25% of my funds (tops), if the bank got broken into, they'd only have 1 part of the secret, so they cannot recreate the seeds/private keys,...

I would, however, also look for an insurance company willing to insure the 25% of the funds i keep at home...

Roccker

full member

Activity: 266

Merit: 111

Being your own bank – the hassle of securing your Cryptos

Let’s say theoretically you have 3 mio dollars in crypto (I don't, but to make this whole thing more pressing).
All your wealth.

Now you can leave it on an exchange, login with your password and 2 factor authentification. See the worth, have all coins nicely together, be able to buy and sell and send.

But everybody says ‘don’t leave it on the exchange’.
Because exchanges get hacked. Or hack themselves. Or get bankrupt (?).
Or something else that is weird.

Let’s say theoretically you have 1 mio dollars in crypto.
How do you secure it?
Concretely?

I guess being your own bank kinda sucks.

I want to find a good security strategy.
Links and tips welcome.

Eg Paper wallets
Nice, but where do you keep the paper?
In a safe? In your house? House burns down?
You remember the seed and check if you remember it every morning?

Ledger / Trezor.. hardware wallet.
Again.. you keep that in a safe?

One multi-coin wallet to rule them all? Where you learn the seed so you can repeat it in your sleep?
One wallet for each coin?
One wallet for about each 20k?

Thanks for comments

Topic: Securing your Cryptos - page 2. (Read 258 times)