Stupid or Not - page 2. | Bitcointalksearch.org

KingsDen

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Goodnight, o_e_l_e_o 🌹

Quote from: Pandu Geddon on October 30, 2022, 10:59:22 AM

wouldn't that mean he would have too many keys to open his wallet?
I'm not sure it will be good. but for me, it would make me even dizzier with piles of wallets and keys.
the risk is not in the hack, but in the error in ourselves.

If you read what the topic creator wrote very well, you will understand that his friend does not keep the keys of a particular wallet after he has used it. I mean immediately he stops using a particular wallet he will discard it and uninstall it and trash the keys.
After all, it doesn't cost to download a wallet and generate a key phrase. If that is the best way that he thinks he would be safe from scammers, it is good for him. But his method will be possible and not difficult if he only has one type of coin for example only Bitcoin in his wallet.

However, it's somehow tedious, I cannot consider to do that instead I will rather be careful about where to connect my wallet addresses and ensure I did not reuse a particular address.

harapan

sr. member

Activity: 1904

Merit: 306

I am suggesting that it could be that he feels someone may likely get his wallet hacked, it is like moving from one country to another when you feel like you are been followed or tracked. So what will happen if he eventually finds out that a big amount of Bitcoin was erroneously sent into one of those Wallet's and he can no longer have access to them? He will be so sad, even Satoshi is against deleting of old wallet's completely.

inthelongrun

hero member

Activity: 1862

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The Martian Child

I am not the very techy guy here but I don't understand why he is doing it. He seems a newbie or lacks information on how to protect his coins. The strategy isn't lessening the chance of losing those coins. Those coin movements remain traceable either unless they went thru mixers. Imagine the fees and the effort of saving keys and seeds over and over again. You should advise him to just buy a hard wallet and re-arrange its seeds and keys in a difficult format that he is the only one capable of understanding.

isaac_clarke22

sr. member

Activity: 1610

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Quote from: KiaKia on October 30, 2022, 10:31:56 AM

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Well whatever floats his boat anyways. Try to mention that there is no perfect security.
Just like what other mentioned in here, just get a hardware wallet and keep the phrase safe.

Would you mind asking your friend why is that his idea aside from it being a "good idea"? I am pretty sure he has own reasoning for that.

xSkylarx

hero member

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Quote from: tvplus006 on October 31, 2022, 01:47:30 PM

Quote from: KiaKia on October 30, 2022, 10:31:56 AM

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress ..

The best solution would be to create multiple wallets for different purposes. At the same time, you can use one wallet to participate in various airdrops, another to perform tasks in the test network, the third to buy coins at the preliminary round of sales, and so on. You need to change the wallet only if it is compromised.

Prevention is better than cure. I don't know, but how do we know if our wallets are compromised? If we already lost our coin in our wallet? I know OP's idea is very redundant every month, but it is a good idea, but the cons are that you need to make it every month and again keep the key. Your idea was also good, and we should practice it because using the same wallet in all those activities would risk you getting hacked. It is still our fault and not being cautious about why we are getting hacked, so we should be cautious all the time.

Crypt0Gore

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The best solution is to have a wallet where you only send tokens and coins to, for a long-term hold, you won't be sending your assets out until the day.

Now have a separate crypto wallet for connecting to dex and joining airdrops/testnets, you will be safe since this wallet will always be empty.

Having more than two wallets is like expanding your risk because you have to safely secure their recovery seeds.

tvplus006

legendary

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To the Moon

Quote from: KiaKia on October 30, 2022, 10:31:56 AM

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress ..

The best solution would be to create multiple wallets for different purposes. At the same time, you can use one wallet to participate in various airdrops, another to perform tasks in the test network, the third to buy coins at the preliminary round of sales, and so on. You need to change the wallet only if it is compromised.

Queentoshi

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Quote from: KiaKia on October 30, 2022, 10:31:56 AM

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfers all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I think it is unnecessary, but it doesn't make him stupid. For one I think he is someone that thinks about the safety of his investment, which is good. Unless he has a particular reason for wanting to put himself through this stress and can keep up, it can become challenging keeping up with the access to these always changing wallet. Rather than him wanting to always change wallet for safety, there are other safer methods of protecting his crypto.

LogitechMouse

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There is nothing wrong with how he secures his wallet. Maybe that strategy is what works for him, and I don't see anything stupid with it. If that works for him then so be it.

Even though it's working, it isn't the most efficient way of securing your assets I must say because there are way better and less stressful ways to keep your assets safe. Just buy a hardware wallet or keep your computer safe and be always careful in every website or software that you visit or download.

I'm holding crypto assets for quite some time already, and I didn't even try to buy a hardware wallet but at the same time, I'm only using one wallet and I'm not transferring it like what your friend is doing. For those who are saying that his friend's way of storing his assets is stupid, you're so harsh Tongue

.

Doan9269

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Quote from: KiaKia on October 30, 2022, 10:31:56 AM

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

Safety is not in continuous changing of the wallet address used but in the type of wallet used, they means adopted to safeguard the keys and kw careful the user is to maintain maximum caution in securing his wallet details against a third party user, we most times lack the proper orientation once it comes to security because the leakage to been hacked, scammed or defrauded all begins from our mistakes which we count as minor thing before it eventually turns as entry point to attack us, if he thinks he won't get things twisted for himself then fine, but it may always comes in with a demerit in most cases.

ABCbits

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Quote from: KiaKia on October 30, 2022, 10:31:56 AM

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

It looks like your friend and his other friend blindly assume recommendation to change password every few months is applied to cryptocurrency wallet, except they change wallet rather than change password. Not only it's mostly pointless, there are few security risks from user side such as,
1. Forget to check whether they download wallet software from real website.
2. Re-using same/similar password across different wallet.
3. If they switch to different wallet software by creating on-chain transaction (rather than importing old seed words), they may pay lots of transaction fee. It's even worse if the wallet often overestimate recommended fee.

He better use hardware wallet or create an airgapped device solely to manage his coin if he has very serious security concern.

Mpamaegbu

legendary

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Once a man, twice a child!

For the sake of sensibilities, I wouldn't say it's a stupid idea but I know it's not a wise one either. The best would be for your friend to generate new wallet addresses whenever they feel the current address has been overused instead of discarding the wallet totally and setting up new ones. Doing that will mean your friend has to start all over again and get seedphrases saved up. It's an attempt in futility. It can even expose one to hacks.

Awaklara

hero member

Activity: 1246

Merit: 699

I think your friend is complicating him even more. moving assets every month to a new wallet, will not reduce the risk. There will be more transfer costs that must be borne.
why not buy a hardware wallet and save the seeds well? it will reduce the risk.
the most important thing is if you want to connect the wallet with some new sites, such as for airdrop or other purposes. use a new wallet. do not use the main wallet to claim the airdrop. it will increase the risk of the wallet being hacked or other problems.

ThemePen

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I stand with Palestine.

The advice given by your friend is not a good advice because he want to say if your assets remains in one wallet it can be stollen. But of you move it again and again so this might be more risky. If you have huge assets in your wallet. I would suggest to buy a cold wallet it is more preferable.This can save you from future problems like hacking, Stealing etc.

noorman0

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[Nope]No hype delivers more than hope

Excessive skepticism, or maybe he had reasons for doing so. So far it's not mentioned what wallet the OP's friend is using. If he assumes he does a lot of transactions with DApps or unfriendly environmental factors, it might make sense to maintain security.

However, one small mistake like forgetting to backup the new private key will boomerang for him. I think the OP's friend should reconsider how useful it is to do so.

Gallar

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Quote from: KiaKia on October 30, 2022, 10:31:56 AM

This isn't my idea 💡

A friend and I were discussing crypto yesterday and he said he always change from one wallet to another every month, he said the highest he have used a crypto wallet is two months, he always transfer all is coins and tokens from a wallet to another new created wallet in a month or two...imagine the stress 😆😆

I told him the risk still persists, you have to keep the phrase safe still but other friends of his are saying its good idea..this is why I decide to hear from the bitcointalk audience, what do you think.

it's a bad idea and maybe a little silly too.
because moving crypto / tokens if too often, it's very inconvenient, so what if there is an error in writing the wallet address, it's very dangerous.

And what if he chooses an unsecured wallet, it's also very risky.
it would be nice to look for a quality wallet that has proven security, then don't move crypto/tokens too often to other wallets.

dansus021

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that is a waste of time I mean it can be really helpful tho, but why do you need to keep changing your wallet every 2 months or so if you never made a transaction with it? If your friend changing wallet because there is bunch of transaction especially connecting with bunch of DaPP play with play to earn and connect your wallet everywhere it might have a high risk.

But if you do only few and not connected to DaPP you already made a cold wallet add some hardware and keep it forever the phrase key

Smartvirus

legendary

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All that comes at the expense of how free it is to get a new wallet. I don't see that to be fir the best although, it ensures security for sure but, your likely going to end up securing your coinfrom even you.make no mistake, your private key or seed phrase aren't iust few digits or a single word but some rigorous combinations that shouldn't be mistaken or forgotten and having to change in between them severally and at different times is one way to come by some confusion and get yourself messed up. The good news is, once its lost, your coins are lost but supper safe. Just from you as well. I wouldn't advice it.

Bhig Daddy

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The transfer of tokens from one wallet to another is a big risk, especially if you're doing it frequently, so we've got to be very careful about that as well. In my opinion, the most important thing is keeping your safe keys, well secured to the extent that you alone have access to them. As you are aware, switching wallets can easily cause confusion for you, thus it is not a good habit.

sheenshane

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Quote from: The Cryptovator on October 30, 2022, 05:25:21 PM

I have to say your friend is stupid.

Haha, that's too harsh it might be his friend was paranoid about his portfolio which keeps transferring the coins he has, until such time came he didn't know all his coins had gone because of the fee.

Transferring funds into another wallet isn't a secure way, it's an additional cost.
It might be because you're using a software wallet and it's free to generate a new wallet but it could be one day, you'll be lost track of them and it could be your private will be lost because you've created a lot. Just maintain one wallet that has strong security features and I think only a hardware wallet can do that thing.

As long as you're using non-custodial wallets that you have control over your key, you're safe.

Topic: Stupid or Not - page 2. (Read 597 times)