Topic: Spending extra to keep my assets out of trouble (Read 421 times)

Quote from: KiaKia on September 12, 2024, 07:57:10 AM

I could have made this mistake today if I am new, but due to my past mistakes I tend to avoid such things again, you may just never know, do not trust any platform, project team or friends by connecting your wallet to any link provided, if its a must then consider a spare wallet.

It's nice that you are aware of this fact and are sharing it with others as well.
We have see incidents in the past where people randomly connected their wallets to 3rd party apps and lost their funds.
It's good to have separate wallets for taking part in such projects/airdrops and keep your main wallet separate.
Also, it's only worth to sepnd on transferring the funds and losing your money in transaction fees if the potential returns from tokens we are receiving is more than 2x of what we have spent in transferring the coins.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

I have to reply to this comment.

It took you a long time, but I guess you need to think about some answers Wink

Quote from: KiaKia on September 12, 2024, 07:57:10 AM

You are right that one still need to learn how to properly handle their hardware wallet to be on a safer path, but on a norms, hardware wallets are safer than anything else in crypto space, unless they are not non- custodial and also maybe the owner don't know how to use the hardware wallet in a safe way.

Do non-custodial hardware wallets exist? I don't think they exist, because it wouldn't make sense - although we can say that technically there is such a thing when it comes to Ledger HW, which has a recovery option that functions in such a way that the user leaves his seed for safekeeping to someone else, which is complete nonsense.

Quote from: KiaKia on September 12, 2024, 07:57:10 AM

It is easier to follow the rules of handling a hardware wallet the right way because there aren't many, but it is very hard to do the same running a wallet on a windows PC, you have to be careful of every thing you do, since the internet is involved.

Most hardware wallets cannot be considered cold wallets, because from time to time you still have to connect them to the internet in order to upgrade the firmware or coin apps. What should make hardware wallets more secure than anything else is the fact that you can generate seed offline, and that every action on the device itself can/should be confirmed by pressing a physical button. Malware cannot do this, so if you understand how the whole thing works, you could theoretically use such a device on a computer that is infected.

KiaKia

sr. member

Activity: 728

Merit: 388

Vave.com - Crypto Casino

Quote from: Coyster on March 24, 2024, 05:42:33 PM

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

Maybe some people won't like it, but a hardware wallet (not even the best one) is not an absolute solution for safe storage of our coins (private keys) if we don't use that same hardware wallet the way we should.

I will ask a simple question - is someone's Bitcoin safer on a centralized exchange if we take into account that the person knows what phishing is and keeps his access data offline, or is someone's Bitcoin safer if he has a hardware wallet whose backup is saved to e-mail, in the cloud or as plain text on a computer?

I have to reply to this comment.

You are right that one still need to learn how to properly handle their hardware wallet to be on a safer path, but on a norms, hardware wallets are safer than anything else in crypto space, unless they are not non- custodial and also maybe the owner don't know how to use the hardware wallet in a safe way.

The fact is your Bitcoin is less safer in a non custodial wallet running on your PC as well, even if you keep the private keys safe, PC is a hacking haven where anything could possible go wrong, it is why Bitcoiniers need to take cold storage very seriously.

It is easier to follow the rules of handling a hardware wallet the right way because there aren't many, but it is very hard to do the same running a wallet on a windows PC, you have to be careful of every thing you do, since the internet is involved.

Lida93

hero member

Activity: 938

Merit: 605

Leading Crypto Sports Betting & Casino Platform

We should at all times be ready in bearing any cost and processes that would be beneficial to us safeguarding our assets. The 24$ you had spent for gas fees in swapping and moving those coins is not a waste but a cost for safe practices that some people had avoided to incur only to end up losing all their asset to hack.

Many a times we hear about crypto users losing their coins to intruders or phishing attacks if we investigate thoroughly we will discover that the behavior of the user to avoid to near certain cost or refuse to follow a rigorous process has led to their proneness to loss of their funds. We should always be ready to pay the price of letting go of a little to save a whole it's as simple as that.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

~snip~
But to answer your question in the way it is, i'd say it is safer in the former, the only way the person will lose their coins is if anything takes Binance down, but in the latter, the person is susceptible and would prolly be hacked quicker, based on how they use their device and general security practice.

If you keep your coins on a centralized exchange, then there are several ways you can lose them :

1. CEX is hacked and that is something that no client can influence - but one can still hope that the company will compensate him one day.

2. The client loses his coins because he entered his login data in a phishing site - he cannot hope for any compensation except to report the case to the police and for the police to officially request the attacker's IP address and all other information that could help in the investigation.

3. The client loses his coins because his device is infected with clipboard malware, which results in a transaction that sends coins to the attacker's address. There is no compensation or even the possibility to detect the attacker, except for a complicated and sophisticated blockchain analysis that may not give any results in the end.

On the other hand, someone who loses coins and used a hardware wallet can become a victim of the clipboard malware described above, or a seed stealer in the sense that he enters his seed into a fake wallet. In both cases, we can say that the game is over for such a person, because even though he can report the case to the police, the chance of returning the funds is almost nil.

As strange as it sounds, a hardware wallet in the wrong hands is sometimes worse solution than storing coins on CEX.

Outhue

sr. member

Activity: 686

Merit: 403

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

Maybe some people won't like it, but a hardware wallet (not even the best one) is not an absolute solution for safe storage of our coins (private keys) if we don't use that same hardware wallet the way we should.

I will ask a simple question - is someone's Bitcoin safer on a centralized exchange if we take into account that the person knows what phishing is and keeps his access data offline, or is someone's Bitcoin safer if he has a hardware wallet whose backup is saved to e-mail, in the cloud or as plain text on a computer?

I believe that a trust wallet is good for someone who can't go on for a week without spending some coins online or making some transactions, and a hardware wallet is good for someone who want to keep their coins offline for a long period of time.

Trust wallet is always online, including all other mobile crypto wallets, and I believe that been online all the time makes them less secured, but you are right that it is all about the user.

If a user of hardware wallet choose to his or her private key online something really bad will eventually happen, there is no point buying something without knowing how to properly use it, that's why we have this forum and even online research will teach how to use hardware wallet the right way.

Coyster

legendary

Activity: 2184

Merit: 1302

Maybe some people won't like it, but a hardware wallet (not even the best one) is not an absolute solution for safe storage of our coins (private keys) if we don't use that same hardware wallet the way we should.

Of course this is correct, if one does not use "something" in the way it should be used, then they would not be able to enjoy the advantages of the said thing.

I will ask a simple question - is someone's Bitcoin safer on a centralized exchange if we take into account that the person knows what phishing is and keeps his access data offline, or is someone's Bitcoin safer if he has a hardware wallet whose backup is saved to e-mail, in the cloud or as plain text on a computer?

In this scenario, can it be said that the person is using a hardware wallet, because even the manufacturers warn their customers to only make offline backups, so as to keep everything completely offline. But to answer your question in the way it is, i'd say it is safer in the former, the only way the person will lose their coins is if anything takes Binance down, but in the latter, the person is susceptible and would prolly be hacked quicker, based on how they use their device and general security practice.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

I believe this is not a safe practice so I prefer to spend more on ETH gas fee, move the tokens out of my hardware wallet into a spare wallet connect the spare wallet to the website swap to the new V2 token, and move the new token back into my hardware wallet.

You did the right thing. The extra money you spent in safeguarding your funds was a part of a wise attempt. Recently, I had an encounter like what you had. It was with Metagalaxy (Megaland), an old token I had that had its migration but I didn't know of until it was past. Someone sent me a link on how to go about it manually. I sensed something was off with that because it was unsolicitedly rendered. I moved out the token to a fresh wallet and attempted the migration. It dawned on me it was a link that led to a wallet drainer. It would've drained my funds if I had attempted to migrate in the first wallet. People should be very careful. Scammers are getting wiser.

Adbitco

hero member

Activity: 1428

Merit: 653

Leading Crypto Sports Betting & Casino Platform

You are to have meet up with the swapping timing because some project do give deadline to for their holders to swap their token and if you didn't meet up they could have used it as burnt token, meaning you can't be able to spend them or swap any longer. The idea of moving your coin from main wallet to a new wallet is a very good techniques I believe you might have learned in a hard way that is why you did this to secure your fund, naturally cryptocurrency investment is for smart people and those who are there to quickly utilized every given opportunities when you are not smart then you tuned to those who also feed the market to others while they make profits on your lost.

CryptoHeadlineNews

hero member

Activity: 1092

Merit: 747

That was a brilliant idea you made, even though it did cost you high fee, by not connecting your main wallet to upgrading a new coin still in the launching process, because to be frankly speaking, this has been one silly mistake some neglected, which cost them losing all their funds, and this should be a lesson to everyone here to not make such mistake never in the future, that is, no matter how the coin seems to be more promising.

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

Having a hardware wallets is never a must, as we have also got some good and user friendly software wallets that are easy to use and offers the same security expected from a hardware wallets, such as the likes of "Electrum" (i.e Bitcoin only wallet), and "Metamask" (i.e multi chain altcoins wallet), which also works just like "Trust wallet", as they both are noncustodial and grant you full control over your funds.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

Maybe some people won't like it, but a hardware wallet (not even the best one) is not an absolute solution for safe storage of our coins (private keys) if we don't use that same hardware wallet the way we should.

I will ask a simple question - is someone's Bitcoin safer on a centralized exchange if we take into account that the person knows what phishing is and keeps his access data offline, or is someone's Bitcoin safer if he has a hardware wallet whose backup is saved to e-mail, in the cloud or as plain text on a computer?

Coyster

legendary

Activity: 2184

Merit: 1302

Quote from: Kristiyana on March 23, 2024, 12:16:27 PM

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

Binance is an exchange, so the wallet in Binance is a custodial wallet, and in such wallets you are not in control of the funds because the exchange or service has the keys, as for trust wallet, it is closed source. So yes, it is advisable to get an open source hardware wallet and move your coins out of Binance and trust wallet into your hardware wallet.

If you are worried about the cost of getting a hardware wallet, maybe because your coins is of a small amount, then you can start by using Electrum wallet if it is Bitcoins you own, and if it is altcoins, then Unstoppable wallet.

OjAbram

newbie

Activity: 16

Merit: 0

Quote from: Lucius on March 23, 2024, 10:34:02 AM

Quote from: Kristiyana on March 23, 2024, 12:16:27 PM

~snip~
It's called safety practice, yeah I spend gas fees three times, $7 for moving the old token to another wallet address roughly $10 for the swap, and another $7 to send back into the hardware wallet.
It's a $24 thats well spent because my hardware wallet consists of many assets that are way higher than $24 in total value.

And then someone complains that Bitcoin on-chain transactions are expensive Roll Eyes

I agree that it is good to remove any risk when it comes to hardware wallets, but it is obviously not the cheapest practice, especially if someone has more tokens with which they want to perform such "acrobatics". I honestly did not know that gas fees are more expensive than a liter of fuel at a gas station Shocked

I was shocked when you Said,you spent $24 for gas feel is quite expensive I must say,well that's very thoughtful of you. however you should thank your stars for moving those your old token to another wallet successfully, well I will say it depends on the kind of wallet you're using, reason is because some people find it difficult to move their old token to a new wallet that's those people who started using trust wallet since 2018 i think is only those old users that is facing this difficulties. I'm also making use of trust wallet right now as we speak I have most of my assets stored in my trust wallet, and I was able to move it to a different wallet although I'm still a new user.

What about someone who has binance wallet and trust wallet is there still need for hardware wallet?

Coyster

legendary

Activity: 2184

Merit: 1302

reason is because some people find it difficult to move their old token to a new wallet that's those people who started using trust wallet since 2018 i think is only those old users that is facing this difficulties.

If you are using a wallet that does not let you move your coins when you want to, then you should ditch that wallet immediately for a better option, no matter how long you have held your funds in a non custodial wallet, you should be able to spend it whenever you choose. I have not heard of this problem you are talking about with trust wallet anyway, but irrespective of that, it is advisable not to use trust wallet to keep your coins, particularly when it is Bitcoin you are storing, for shitcoins, maybe!

Kristiyana

member

Activity: 210

Merit: 36

Quote from: Lucius on March 23, 2024, 10:34:02 AM

~snip~
It's called safety practice, yeah I spend gas fees three times, $7 for moving the old token to another wallet address roughly $10 for the swap, and another $7 to send back into the hardware wallet.
It's a $24 thats well spent because my hardware wallet consists of many assets that are way higher than $24 in total value.

And then someone complains that Bitcoin on-chain transactions are expensive Roll Eyes

I agree that it is good to remove any risk when it comes to hardware wallets, but it is obviously not the cheapest practice, especially if someone has more tokens with which they want to perform such "acrobatics". I honestly did not know that gas fees are more expensive than a liter of fuel at a gas station Shocked

I was shocked when you Said,you spent $24 for gas feel is quite expensive I must say,well that's very thoughtful of you. however you should thank your stars for moving those your old token to another wallet successfully, well I will say it depends on the kind of wallet you're using, reason is because some people find it difficult to move their old token to a new wallet that's those people who started using trust wallet since 2018 i think is only those old users that is facing this difficulties. I'm also making use of trust wallet right now as we speak I have most of my assets stored in my trust wallet, and I was able to move it to a different wallet although I'm still a new user.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

You said Why we should not connect our hardware wallet to any platforms especially for upgrades, swaps and development related things of a project that doesn't really worth anything.

I would say don't even use your hardware wallet for storing this kind of shitcoins, just let it there on Metamask like wallets and if that really become a thing in future then consider moving into the cold storage.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

~snip~
It's called safety practice, yeah I spend gas fees three times, $7 for moving the old token to another wallet address roughly $10 for the swap, and another $7 to send back into the hardware wallet.
It's a $24 thats well spent because my hardware wallet consists of many assets that are way higher than $24 in total value.

And then someone complains that Bitcoin on-chain transactions are expensive Roll Eyes

I agree that it is good to remove any risk when it comes to hardware wallets, but it is obviously not the cheapest practice, especially if someone has more tokens with which they want to perform such "acrobatics". I honestly did not know that gas fees are more expensive than a liter of fuel at a gas station Shocked

Husires

legendary

Activity: 1596

Merit: 1288

a token that need monthly swap to v2 upgrade is a token that deserves to be ignored, or at least not withdrawn, because this means that the old tokens may be invalid or may be burned soon.
Withdrawing tokens means that you stay informed of the news of the required updates and upgrades. Otherwise, you may be surprised that you do not carry valid tokens that you cannot spend, and then you will loss all your investment. creating a separate wallet for these tokens will enhance your security, or at least keep the main tokens in a hardware wallet and these tokens in several hot wallets.

un_rank

hero member

Activity: 644

Merit: 661

- Jay -

I believe this is not a safe practice so I prefer to spend more on ETH gas fee, move the tokens out of my hardware wallet into a spare wallet connect the spare wallet to the website swap to the new V2 token, and move the new token back into my hardware wallet.

You can have a spare wallet for tokens so as not to incur too much fees while sending back and forth. Keep those speculative investment permanently in that wallet and your funds you will want to better protect in a different one.