Trust yourself when holding and not the government or exchanges. - page 2.

FortuneFollower

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Quote from: Negotiation on November 01, 2024, 06:32:08 AM

Nothing is safe if you don't believe in yourself, but nothing can be done irresponsibly. Have to exchange but in a safe place then hacker will not be able to hack easily. Many people think that savings bonds are the safest sector for any accounting investor. Nowadays, a common man also expects the convenience of banking services for various reasons. Savings account customers also get banking benefits like reduced risk of cash transactions money collection money transfer online banking etc. Which is of particular benefit to them. But whether in the case of government holdings or in the case of crypto the awareness of the individual is more important here. It is normal to get hacked if the security system is not done properly. When it comes to third parties in crypto investment in crypto is very safe, using a good wallet has less chance of losing funds.

Everybody will use what would get them the results in their heads.
However, remembering what matters most, the security and confidentiality, must be remembered and appropriately taken care of.

Negotiation

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Nothing is safe if you don't believe in yourself, but nothing can be done irresponsibly. Have to exchange but in a safe place then hacker will not be able to hack easily. Many people think that savings bonds are the safest sector for any accounting investor. Nowadays, a common man also expects the convenience of banking services for various reasons. Savings account customers also get banking benefits like reduced risk of cash transactions money collection money transfer online banking etc. Which is of particular benefit to them. But whether in the case of government holdings or in the case of crypto the awareness of the individual is more important here. It is normal to get hacked if the security system is not done properly. When it comes to third parties in crypto investment in crypto is very safe, using a good wallet has less chance of losing funds.

Kelward

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Quote from: Cryptmuster on November 01, 2024, 05:00:49 AM

Quote from: Japinat on October 26, 2024, 12:53:44 AM

When we talk about government holdings, it usually implies safety since they’ve taken all the necessary steps to secure it. But hackers still managed to breach it, maybe just testing the system’s security before returning it within 24 hours. Makes me wonder why some people think putting their crypto with a third party is safer because of “better security.” But with what’s happened, even the government can be hacked, so why trust them with our Bitcoin?

The story-
Hacker returns stolen funds to US government in less than 24 hours

Trusting the storage of coins is definitely not worth it, except hacking, there are many other difficulties as blocking an account, then you will have to prove the origin of the funds. If we are talking about governments, then I understand that we are talking more about banks, which is no less safe than exchanges. But not everyone is ready to be responsible for storing their funds, someone is easier to keep their coins on the exchange and think that this is the safest place. Hackers are a separate topic for discussion, but I think that they most often choose large wallets for their attacks, private holders should not be very worried here.

Thanks to the decentralization of Bitcoin, we can have the privacy and freedom of holding our digital cash or asset in our custody without any interferences from third parties. Being the sole custodian and bank to your Bitcoin comes with it's own price, something that is normally left in the custody of third parties like Banks and exchanges. You must secure your private keys and seed phrase, otherwise your coins can either be lost forever or be stolen. If you're able to be knowledgeable about how to write or inscribe your seed phrase and hide them in different locations, then you're good in protecting the access to your coins in the blochchain.

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Quote from: Cryptmuster on November 01, 2024, 05:00:49 AM

Quote from: Japinat on October 26, 2024, 12:53:44 AM

When we talk about government holdings, it usually implies safety since they’ve taken all the necessary steps to secure it. But hackers still managed to breach it, maybe just testing the system’s security before returning it within 24 hours. Makes me wonder why some people think putting their crypto with a third party is safer because of “better security.” But with what’s happened, even the government can be hacked, so why trust them with our Bitcoin?

The story-
Hacker returns stolen funds to US government in less than 24 hours

Trusting the storage of coins is definitely not worth it, except hacking, there are many other difficulties as blocking an account, then you will have to prove the origin of the funds. If we are talking about governments, then I understand that we are talking more about banks, which is no less safe than exchanges. But not everyone is ready to be responsible for storing their funds, someone is easier to keep their coins on the exchange and think that this is the safest place. Hackers are a separate topic for discussion, but I think that they most often choose large wallets for their attacks, private holders should not be very worried here.

In a perfect world, centralized utilities would be used only to get onto them, do what you need, and hop off, however, many people choose convenience instead of the decentralized nature and their confidentiality.

Cryptmuster

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Quote from: Japinat on October 26, 2024, 12:53:44 AM

When we talk about government holdings, it usually implies safety since they’ve taken all the necessary steps to secure it. But hackers still managed to breach it, maybe just testing the system’s security before returning it within 24 hours. Makes me wonder why some people think putting their crypto with a third party is safer because of “better security.” But with what’s happened, even the government can be hacked, so why trust them with our Bitcoin?

The story-
Hacker returns stolen funds to US government in less than 24 hours

Trusting the storage of coins is definitely not worth it, except hacking, there are many other difficulties as blocking an account, then you will have to prove the origin of the funds. If we are talking about governments, then I understand that we are talking more about banks, which is no less safe than exchanges. But not everyone is ready to be responsible for storing their funds, someone is easier to keep their coins on the exchange and think that this is the safest place. Hackers are a separate topic for discussion, but I think that they most often choose large wallets for their attacks, private holders should not be very worried here.

Asiska02

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Quote from: Japinat on October 26, 2024, 12:53:44 AM

When we talk about government holdings, it usually implies safety since they’ve taken all the necessary steps to secure it. But hackers still managed to breach it, maybe just testing the system’s security before returning it within 24 hours. Makes me wonder why some people think putting their crypto with a third party is safer because of “better security.” But with what’s happened, even the government can be hacked, so why trust them with our Bitcoin?

It was just overtime after a lot has happened in the crypto space along with the biggest hackings of the century occurring with financial institutions (exchanges) made it open to all that no any third party financial institutions can be relied on. The best way to save your bitcoin is by you keeping it safe. There is no way you can not be capable of not keeping it when it’s yours and means a lot to you.

Hackers have become a worrisome part of the crypto industry as they are always waging war against bitcoin holders and always looking for ways to scam them off their money. Even if your exchange is safe and have no intention to scam or cater away with your money. If their security system is so bad, you’ll lose everything you’ve saved with them to hackers who need it more than you for keeping it with an exchange.

Antotena

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Quote from: Japinat on October 26, 2024, 12:53:44 AM

When we talk about government holdings, it usually implies safety since they’ve taken all the necessary steps to secure it. But hackers still managed to breach it, maybe just testing the system’s security before returning it within 24 hours. Makes me wonder why some people think putting their crypto with a third party is safer because of “better security.” But with what’s happened, even the government can be hacked, so why trust them with our Bitcoin?

The story-
Hacker returns stolen funds to US government in less than 24 hours

If you have a coin on centralized exchanges, you risk losing it to hackers even though it might not be that instant because the exchanges send in and out of crypto to people that withdraw their coins from the exchanges and even though they do say they have a hot wallet and cold wallet, it's not always clearly indicated or security reasons and as owner, you have to trust them but in crypto, you don't have to trust people until you verify.

For this, it's better you have your own wallet and it should be a cold hardware wallet where it doesn't get connected to internet. If your hardware wallet is/has connected to the internet, it doesn't mean you will loss your coins but there is an extra level of security a hardware wallet thy has never been connected to the internet gives you and that is a peace of mind instead of using the one you have connected to the internet, that way hacker can't reach you.

fruktik

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Quote from: fikrett on October 30, 2024, 02:00:14 AM

Yeah, the money, part of it, will be returned to the people, however, they could have much more in the perspective of today and how the Bull moves.
Hopefully, many out there would learn from the mistakes / tips mentioned, made by both people and institutions alike.

What mistakes could we learn from this example? What new things did you discover? Share your thoughts with us on this matter. It will be educational.

It would be good if they returned part of the funds. Only part, but the whole thing. This is upsetting and very unfortunate. Who among us could have known that this could happen? That's what I'm talking about.

"Don't put all your eggs in one basket!"

fikrett

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Quote from: fruktik on October 30, 2024, 01:03:25 AM

Quote from: fikrett on October 28, 2024, 05:44:25 AM

Do you remember how the story with the FTX ended? Grin

There are quite a lot of forum members on this forum who remember the events with this exchange very well. It seems to me that there is still a glimmer of hope in their souls that they will get their money back. Well, it was unpleasant when such events happen. Well, where would we go without force majeure circumstances? This is part of this crypto world. We must always remember that this is possible and keep this information in mind.

By the way, who said that many of us trust the government or banks? If this were so, then how did we all end up here? A good question, isn't it?

Yeah, the money, part of it, will be returned to the people, however, they could have much more in the perspective of today and how the Bull moves.
Hopefully, many out there would learn from the mistakes / tips mentioned, made by both people and institutions alike.

fruktik

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Quote from: fikrett on October 28, 2024, 05:44:25 AM

Do you remember how the story with the FTX ended? Grin

There are quite a lot of forum members on this forum who remember the events with this exchange very well. It seems to me that there is still a glimmer of hope in their souls that they will get their money back. Well, it was unpleasant when such events happen. Well, where would we go without force majeure circumstances? This is part of this crypto world. We must always remember that this is possible and keep this information in mind.

By the way, who said that many of us trust the government or banks? If this were so, then how did we all end up here? A good question, isn't it?

Mpamaegbu

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Quote from: HajiBagi on October 29, 2024, 02:45:58 PM

You are right, Everything connected to the internet can be hacked and no matter how smart you are some people can hack your wallet if they get the necessary things about your wallet...

Absolutely correct! This last part of your comment says it all.

Just last month, a high tech crypto guy's wallet was drained. That was a guy who's extremely knowledgeable in this space and also teaches wallet security but on the said day he allowed his emotion get the better of him. How it happened? He was contacted for a crypto job by a friend for a supposed site. Negotiations were ongoing and the project sent him a file to download and check certain stuff out. Unlike what he usually did, he would send that file to another device and download from there. That wasn't the case on the said day. He downloaded it immediately on the device he was using and on which he had some of his Web3 wallets. He lost every single coin on all the wallets on that device (his phone). We've to know that any single slip can ruin one in this space. Be guarded. That's the disadvantage of using a Web3 wallet (Noncustodial wallet) over Cex. If it were a Cex, I'm sure he wouldn't have lost his coins; especially if he had 2FA on it.

HajiBagi

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Quote from: MeGold666 on October 26, 2024, 03:40:58 AM

Everything connected to the Internet can be hacked, even your hardware wallet through some new found bug in the firmware.

People are still brainwashed by a system where banks act as guardians, treating everyone as if they are incapable of managing their own finances.

Unfortunately, many adults have the financial literacy of a ten-year-old, a result of carefully designed government programs that exclude economic education from primary school curricula.

If you want to be your own bank, you need a certain level of knowledge. You can’t just jump on the bandwagon and expect to succeed; without proper understanding, you’ll end up getting burned.

You are right, Everything connected to the internet can be hacked and no matter how smart you are some people can hack your wallet if they get the necessary things about your wallet, the only thing we should pray for is that we should never fall into the hand of who is smart than us and want to scam and steal what we have work for, even the banks some us trust that they are control by the government can be hack, I have seen where someone saying that putting a money in the bank is better than having a coin in a wallet.

Bitcoin is not owned by the government but having a coin in your wallet is very good, even a bank got hacked, although they might say that if a bank gets hacked and the public funds are stolen the bank or the government will be blamed for it but that doesn't mean that it is safe than having a bitcoin, trust is the best thing every individual need when it comes to investment.

Crypto Library

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Quote from: Orpichukwu on October 28, 2024, 05:14:11 AM

The main reason I see why most people trust government entities to save and guide their crypto is because of the hope that even if those funds are hacked and not recovered by the government, there are higher chances and possibilities of the government paying back lost funds, as there is also always customer deposit protection on funds under banks and government entities. Does such protection don't extend to crypto deposits?

Already one guys mention the FTX incidents. I think if you know that you forgot the incident or you don't have idea about the FTX exchanger collapse.
Most of the people in crypto space surely know about the FTX incident. Once upon a time FTX was the second largest exchanger in crypto space and we saw their ads on the most expensive places and we I know Bankman-Fried the CEO of FTX exchange was one of the quickest young successful man.
But the exchange are always have the questionable proof of reserve and in case of FTX that also proofed. So even if they have more protection that can useful for recovering fund but what will be the usages of the features on the protection when the institute will collapse or will be invisible?

fikrett

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Quote from: Orpichukwu on October 28, 2024, 05:14:11 AM

Quote from: Helena Yu on October 26, 2024, 04:00:21 AM

People actually think the opposites.

It's true government or exchanges can be hacked, but in this case the government is successfully recover almost all of their coins, so at least it's better than hacker that hack your wallet and lose it all.

That's what other people think, while I, myself, choose to hold my coins in non custodial wallet since I don't trust with centralized entity.

The main reason I see why most people trust government entities to save and guide their crypto is because of the hope that even if those funds are hacked and not recovered by the government, there are higher chances and possibilities of the government paying back lost funds, as there is also always customer deposit protection on funds under banks and government entities. Does such protection don't extend to crypto deposits?

Do you remember how the story with the FTX ended? Grin

Orpichukwu

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Quote from: Helena Yu on October 26, 2024, 04:00:21 AM

People actually think the opposites.

It's true government or exchanges can be hacked, but in this case the government is successfully recover almost all of their coins, so at least it's better than hacker that hack your wallet and lose it all.

That's what other people think, while I, myself, choose to hold my coins in non custodial wallet since I don't trust with centralized entity.

The main reason I see why most people trust government entities to save and guide their crypto is because of the hope that even if those funds are hacked and not recovered by the government, there are higher chances and possibilities of the government paying back lost funds, as there is also always customer deposit protection on funds under banks and government entities. Does such protection don't extend to crypto deposits?

fikrett

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Quote from: knowngunman on October 28, 2024, 05:05:59 AM

Quote from: Solosanz on October 28, 2024, 04:28:40 AM

Because we were taught to trust with government, since changing an old habit is hard, most people still keeps their money in a bank. Most people don't even know how to save and hide their money because they tend to overshare with their family and friends.

If they can just act poor and avoid to talk about money, it will be safer to hold on by own instead of handing to the entity.

Just hide your money like this How to hide your seed in the wall, anyone including criminal will not know where your money at.

Saving money in the bank and saving digital assets in your wallet are two different things. We spend money everyday and that's why we can not save it the way we save private keys. We don't access our private keys on a daily basis just like the way we will want to access money everyday. No matter how secretive you think the hidden place is, the more you access it, the more you are exposing it and its likely to be discovered.

Banks are criminals deriving profits from people's resources but it's still the best and safest way to store your fiat. It guarantees you rest of mind and gives you assurance irrespective of circumstances. Op, the hacker did not willingly returned the stolen assets, it was recovered according to report from the link you shared.

For now, CEXEs > banks, but dApps don't beat CEXes in terms of convenience.
When this time comes, we will be able to say that banks lost the war for the people's mind Grin

knowngunman

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Quote from: Solosanz on October 28, 2024, 04:28:40 AM

Because we were taught to trust with government, since changing an old habit is hard, most people still keeps their money in a bank. Most people don't even know how to save and hide their money because they tend to overshare with their family and friends.

If they can just act poor and avoid to talk about money, it will be safer to hold on by own instead of handing to the entity.

Just hide your money like this How to hide your seed in the wall, anyone including criminal will not know where your money at.

Saving money in the bank and saving digital assets in your wallet are two different things. We spend money everyday and that's why we can not save it the way we save private keys. We don't access our private keys on a daily basis just like the way we will want to access money everyday. No matter how secretive you think the hidden place is, the more you access it, the more you are exposing it and its likely to be discovered.

Banks are criminals deriving profits from people's resources but it's still the best and safest way to store your fiat. It guarantees you rest of mind and gives you assurance irrespective of circumstances. Op, the hacker did not willingly returned the stolen assets, it was recovered according to report from the link you shared.

Iranus

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Quote from: Mpamaegbu on October 27, 2024, 05:15:18 PM

Anyway, that brings me to the position that wallet security depends on the wallet owner, not on the app housing the wallet. Any wallet can be hacked. It doesn't matter whether it's hardware or not. That's my position.

This is something people have either overlooked or intentionally overlooked, and they make noises aimed at centralized exchanges or governments. Indeed, everything has its pros and cons, nothing is absolutely safe whether we depend on the government or protect our own assets.

I have said this many times, no matter what type of wallet we use, whether it is a non-custodial wallet, the security of the assets will largely depend on the wallet owner. Not everything is default as long as we use hardware wallets, non-custodial wallets will ensure our assets are never in danger.

Whenever there is any incident involving a bank, exchange or government there are hundreds of threads about them but I find it strange that there are very few threads about individuals storing their bitcoins in non-custodial wallets getting hacked. I don't deny the importance of using non-custodial wallets but there seems to be a bias here.

Solosanz

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Quote from: legiteum on October 27, 2024, 11:22:40 AM

There's a reason why, despite the fact that there are bank robberies, almost everybody keeps their money in a bank or other financial institution.

Because we were taught to trust with government, since changing an old habit is hard, most people still keeps their money in a bank. Most people don't even know how to save and hide their money because they tend to overshare with their family and friends.

If they can just act poor and avoid to talk about money, it will be safer to hold on by own instead of handing to the entity.

Just hide your money like this How to hide your seed in the wall, anyone including criminal will not know where your money at.

FortuneFollower

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Quote from: Smack That Ace on October 28, 2024, 12:41:27 AM

Quote from: legiteum on October 27, 2024, 08:14:22 PM

Quote from: alastantiger on October 27, 2024, 06:35:02 PM

The exchange or other centralized system don't have the facilities to prevent scammers or hacker's from gaining access to your Bitcoin.

You have it backwards. Good, established and large players have extremely sophisticated systems to prevent unauthorized access, but individuals have no such facility at all.

Individuals have lost billions of dollars trying to hold on to their own Bitcoin.

I support and encourage people to store bitcoin themselves and not rely too much on centralized platforms but I also disagree with many people who are badmouthing centralized platforms or governments. Obviously they have much better security and safety systems than individuals, they can not only detect and prevent attacks in time but also make hackers pay the price. If this is a personal wallet attack, don't expect the hackers to return our money but the government can do that.

Also, we like to criticize and badmouth centralized exchanges or government but we end up using their services to sell or buy bitcoins. I want to ask, is there anyone here who has never used a centralized exchange or does not have a bank account? If we are still using and depending on them, please don't speak ill of them because that doesn't make us any more beautiful.

It's no time to not to utilize CEXes and others services that may be beneficial to people out there, in my opinion.
Of course, they have their drawbacks and regarding the security of holding much of your portfolio in there, but if you know what you are dealing with - why not use it to the extent that would be preferable to you? After all, dApps didn't push them out entirely as of now Grin

Topic: Trust yourself when holding and not the government or exchanges. - page 2. (Read 820 times)