Topic: Trust yourself when holding and not the government or exchanges. - page 3. (Read 819 times)

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.

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.

The government and other centralized platforms are what get hacked the most, most times the government don't disclose some hack to not cause panic among us but they're not safe. Hodling by yourself is better than trusting exchanges to hodl your Bitcoin for you. The exchange or other centralized system don't have the facilities to prevent scammers or hacker's from gaining access to your Bitcoin. Hackers lobe them as they're their regular victim's that they hack often to get information that they can use. Exchanges can't be trusted too because they're also victims of hackers targeting them to steal the Bitcoin and some other cryptocurrency that they're storing. Many exchanges are reported to not have upto the funds they claim to have hence you shouldn't trust them to help you hodl your Bitcoin effectively.

There's more to that story than what we've actually been let in to see. I read a few  analyses on the movement of funds onchain on Arkham Intelligence. Some of the analyses were that it could be a test by the US government itself to check the wallet's security and if bridged whether it could be traced and recalled. On my part, I think it was a real security breach but that the hacker lost composure and got scared along the line to finally pull through and cash it. Hence, the return of funds.

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.

It was never been recommended in the first place and its been countless being suggested that when it comes on storing up your coins then it is really that never ideal on making use of those centralized platforms or custodial wallets when it comes into this aspect. This isnt really just that only talking about crypto holdings but also in talking about fiat as well on which there would really be those breaches. In regarding into this situation then the hacker did able to successfully made out such breach and stolen up such fund then returned it back? For sure there would really be those negotiations made internally in between that hacker and government but in personal point of view of a certain individual who do hack government funds, then he do already assumed out that taking out those funds is never been easy. It will really be having that full alert on where those funds would be going.

If this one talks about crypto coins then there might be a chance on holding it out and wont really be given back because tracing crypto transactions is never been that easy not unless if you would really be touching up centralized platforms or services on which identity could really be known but if not then there's no way that you could be able to know the hacker on any case. So this is something that will really be situational but actually in overall then this is something very basic about choosing on which one is really that worth on using in terms of security with those funds or coins you do have.

Mmm I'm not sure I would agree with this sentence. The government consists in many different departments and oftentimes people working there have a very basic knowledge about technology, computer, virus, etc etc. I still remember that time ago I read an article that was explaining how Windows XP has been around way longer than it was supposed to be because it was largely used by government organizations, hospitals, banks, etc, so Microsoft kept releasing security updates because they were asked to do it. So, no, when I think about government, bureaucracy, etc, I don't think they are safe.

Even the banks that are claiming safe and secured can sometimes have an issue themselves in the case of bankruptcy which I believe can also affect their said customer. As for the issue of keeping or storing coins on exchanges, well that's another risk because the exchange can fold up or even be hacked which I believe if such situations occur you as their costumer will also bare full effect of the situation as your coins will be gone forever.

I will never support the idea of anyone trying to expose how much they are holding because we don't know what strategy that can be used to steal our funds these days because I know scammers are always in search of sophisticated means of scamming their victims. It is better we keep our holdings to ourselves and never disclose it to anyone especially on this faceless forum. There are lots of victims that have lost their funds as a result of low privacy practise to ensure funds are safe in whatsoever wallets they could be. Every holders need to be observant and keep to good safety method of keeping their holdings safe from the public notice.

It's so funny cause what I'm thinking right now it's far from this, but when we talk about trusting your holdings there's no guarantee that's it's safer in our hands cause unlike other exchanges we put in our funds it's usually get frozen or hacked or one thing or the other so from my point of view I don't think anywhere it's safe cause what's applicable to one it's definitely applicable to All, so what I should say in regards to trusting yourself when holding should mean discipline yourself to taking charge of your funds.

One thing to avoid in storing assets is not to store them in random wallets. It is enough experience from other users to feel how they complain about the obstacles experienced in the wallets they use.
They initially only considered the ease of use aspect but did not care about other things such as the source of the wallet.
Next, the thing to note is to distinguish between a wallet and an exchange. Exchanges provide addresses, but they are not wallets.

Even if we climb to the top of a hill and shout this from morning till night 365 days of the year and 24/7 there are people who will never heed this warning. And I don't blame them because for us we may think it is the safest and sanest thing to do but for some others it is not about safety but convinces. It could also be about their own safety. Maybe they suffer from forgetfulness or something that makes them feel that their coins in exchange is safe. And you know what, if they feel that way, then good for them.

Because individuals can be hacked too, and individuals can lose their their wallet, it can be stolen, people can be attacked over their wallet, and so on.

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.

The solution is to pick a well-established player with a strong reputation like Coinbase, Binance, and so on. This is always going to be much safer than physically holding your own life savings.

(I think it's very different when we're talking about "small" amounts of money and not your life savings--this is what the Anon Paradox talks about: people want anonymity for their "small" money in their physical wallet, but they want personal identity guarding their "big" money).

Storing tens of thousands of dollars or more in your own physical wallet is sorta nuts, if you ask me.

After seeing and hearing about several large exchanges that were hacked by unknown people, I started to have less confidence in placing any assets for a long period of time on any exchange. So when I have any assets, I always have the initiative to immediately move them to a personal wallet, unless I still need some funds in the form of certain assets in order to be able to trade for a few days before I move them back into my personal wallet. Because after seeing several exchanges that have been hacked even though the exchanges also have their own level of security, it certainly makes no sense to entrust any assets to an exchange for a long period of time, especially if we can still store the assets ourselves in our own personal wallets.

Until the time when Bitcoin was founded, people trusted fiat and government the most. It must be hard to disbelieve a belief that has been built up over the ages. But since the invention of Bitcoin, people have now realized that they can keep their wealth to themselves. He will be at risk if the government also does not ensure proper security of his assets.

No one will be held liable if we fail to provide adequate security for wallets we hold. In some cases it's different for those who are completely new because they don't have the knowledge to secure bitcoins which makes them more vulnerable to owning them.

Nothing is safer than keeping your Bitcoin to yourself and ensuring its maximum security. If one's wealth can be kept with others, it is kept with the government or an exchange platform particularly third party, then there will never be maximum security.

Accounts and apps can be hacked and that's why banks grab this opportunity to let people know that their bank is more safe or secured compared to keeping your funds safe yourself and they will act as guardian to keep your funds safe. It is a common knowledge that storing in an exchange is not safe. When a person have invested in Bitcoin or have hold a Bitcoin then that person shouldn't talk about it. I'd rather trust myself keeping my funds safe rather than depending on third party or something like that.

This is more dangerous than our accounts or wallets getting hacked. The moment criminals find out we’re holding a significant amount of Bitcoin, they could rob us, putting ourselves and our families at risk. We definitely don’t want that to happen, so it’s important to stay low-key and think before we speak.

I know we’re proud of our investments and the profits we’ve made -some have even changed their lives, but we need to consider the potential risks that come with it.

Yep that's true, it's not even understand about Bitcoin principle, but we're talking about the financial literacy in general.

Many people I met always think if our investment generate more than our monthly income, we're already financial freedom, but the reality isn't that simple.

Let's say our monthly spending is $1K, we have $200K worth of money to invest in stock that give 7% dividend annually, so we're earn $14K annually. They will say they're already financial freedom because it can generate $1.16K, but they don't even adjust it with inflation rate and the taxes they need to pay.

It is true that we must truly believe in ourselves in holding the assets that we have and it is impossible for us to entrust the assets that we have to parties that we do not know well, with efforts to keep the assets that we have safe, of course we must make several efforts as you have mentioned above and after we try our best but still the assets that we have are hacked, of course there is a mistake that we made in securing the assets that we have and we must re-examine what we have done so as not to make the same mistake again in the future in securing the assets that we have, if you just surrender to the assets that have been hacked and do not have the slightest disappointment, I am very sure that you can collect the assets again and of course you will be more careful in securing the assets.

Yes, it is scary to watch how adults do not know how to manage their personal money and do not understand the basics of elementary school. I have to deal with them all the time and I am scared by their level of knowledge in the field of financial areas. They know practically nothing and do not want to know. What, in fact, is the problem today of going online and getting the missing information? What is the reason? Maybe it is laziness? Or maybe something else. So maybe it is time for all of us to find this reason and fix this situation?

People who are online can be targets of hackers whom even don't these people are Bitcoin investors. So the vital principle to be safe, starts with how you do online, is it safely and carefully in security or careless and unsafely, it will decide that your devices and accounts will be compromised or be safe.

With investment in Bitcoin, people need to keep their investment privately and avoid to announce it publicly on media and in real life talks with friends, relatives. Because they will put themselves at risk and their Bitcoin fund at risk of hacks, physical attacks and more.

Bitcoin security guides.
Bitcoin privacy guides.