What do you think about trust wallet? - page 4.

PX-Z

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Quote from: pooya87 on December 15, 2022, 12:26:34 AM

Binance (or any similar centralized entity in control of a closed source wallet) doesn't have to be malicious itself, their code could contain backdoors and they could never see it while it is being exploited by hackers, etc. On top of that the other issue with closed source software like this is that they usually rely on a centralized server which means the user has 0 privacy.

I'm still hostile to believe that it will be the case for closed source for having backdoors, or malicious codes. Especially for such business running financial apps, QA and other quality control will always be followed before releasing the app in production.
For privacy matters, indeed its always be the case for most closed source apps.

Pmalek

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Quote from: UmerIdrees on December 14, 2022, 04:38:14 PM

So do you recommend using the unstoppable wallet ?

By the way, theymos also recommend using this wallet here Theymos Reminder: do not keep your money in online accounts so I guess it is safe to store all the crypto except bitcoin and Ethereum.

I can't speak for theymos, but I don't see him as a vivid altcoin user that would require him to use Unstoppable Wallet or any similar client to store his alts. I think that his recommendation of Unstoppable Wallet is based on other people recommending it. And I am not sure how much work those other users have done with the wallet. It's often mentioned as an open-source alternative to closed-source multi-coin wallets.

I have never stored any coins or tested the wallet thoroughly to recommend it to others. I installed it some time ago just to see how it looks and feels and posted that feedback that you quoted. I didn't get any negative vibe or a bad feeling while briefly playing around with it.

Quote from: UmerIdrees on December 14, 2022, 04:38:14 PM

For bitcoin, I use electrum wallet, for Ethereum I use Meta mask and for the rest of the crypto, I started using Unstoppable.

That's exactly what I would do as well. If I had some altcoins, Unstoppable would be one of the clients I would consider keeping them in unless I can use my Ledger for it. Since Ledger supports almost all alts and shitcoins, there really is no need for anything else. Only if I need the coins when I am on the go. But I see no reason to move any of my bitcoin to Unstoppable Wallet with so many other options.

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Quote from: UmerIdrees on December 14, 2022, 04:38:14 PM

By the way, theymos also recommend using this wallet here

Quote from: n0nce on December 14, 2022, 07:45:51 PM

I have no idea about non-Bitcoin wallets;

I didn't know it existed unless theymos mentioned it(not a vouch). He was also asking if someone has checked/used the wallet. It doesn't sound to be a vouch/recommendation Well, unstoppable wallet sounds to be a decent one so far for multi coin but personally, I haven't used that wallet as I don't feel it necessary so far.

Quote

Or, do your own judgement by factors such as:
(1) Does source code exist?
(2) Has someone audited it or is it a known codebase that lots of people have looked at?
(3) Can you build it yourself? If so, do that.
(4) If not, can you verify that the (binary) builds they publish, actually match the source code? (reproducible builds)

1. Yes, it's open source.
2. Have a look here. They claimed it was verified by 3rd party.

Quote

Fully Open Source >> The most transparent wallet application built to date. The entire 4-year production process of the app is openly accessible online along with 100% of its code for anyone to evaluate or reuse in other projects. Verified and audited by third parties.

Source

pooya87

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Quote from: PX-Z on December 14, 2022, 09:33:12 PM

Quote from: bittraffic on December 14, 2022, 08:50:57 PM

What they are saying is that Trust wallet is not opensource wallet which could mean Binance may have altered something to the codes that are not known to users. Who knows maybe they put some backdoors to it.

Even though this is a "thing" for a closed source application, i think this is not possible "right now" considering binance is the one behind the continuous development of the wallet.
Well, unless they become like FTX which will be the worst to happen in crypto considering how the market was affected previously, or those shitty exchanges, anyway that's a different topic already.

But of course, being security cautious will keep you away from related danger better safe than never.

Binance (or any similar centralized entity in control of a closed source wallet) doesn't have to be malicious itself, their code could contain backdoors and they could never see it while it is being exploited by hackers, etc. On top of that the other issue with closed source software like this is that they usually rely on a centralized server which means the user has 0 privacy.

PX-Z

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Quote from: bittraffic on December 14, 2022, 08:50:57 PM

What they are saying is that Trust wallet is not opensource wallet which could mean Binance may have altered something to the codes that are not known to users. Who knows maybe they put some backdoors to it.

Even though this is a "thing" for a closed source application, i think this is not possible "right now" considering binance is the one behind the continuous development of the wallet.
Well, unless they become like FTX which will be the worst to happen in crypto considering how the market was affected previously, or those shitty exchanges, anyway that's a different topic already.

But of course, being security cautious will keep you away from related danger better safe than never.

bittraffic

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What they are saying is that Trust wallet is not opensource wallet which could mean Binance may have altered something to the codes that are not known to users. Who knows maybe they put some backdoors to it.

Decentralization is not an issue for wallets however, if Trust wallet is one you use to access a platform then don't entrust all your coins. Maybe just enough.

n0nce

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Quote from: UmerIdrees on December 14, 2022, 04:38:14 PM

So do you recommend using the unstoppable wallet ?
~ snip ~
For bitcoin, I use electrum wallet, for Ethereum I use Meta mask and for the rest of the crypto, I started using Unstoppable ^{[emphasis mine]}. Previously I used trust wallet. If I do not want to buy the hardware wallet, let me know if I am doing my best.

I have no idea about non-Bitcoin wallets; I presume lots of other regulars in this section don't, either. You may have better luck in the (dreaded) altcoin section.
Or, do your own judgement by factors such as:
(1) Does source code exist?
(2) Has someone audited it or is it a known codebase that lots of people have looked at?
(3) Can you build it yourself? If so, do that.
(4) If not, can you verify that the (binary) builds they publish, actually match the source code? (reproducible builds)

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Quote from: febriyana on December 14, 2022, 01:59:43 AM

I think Trust Wallet is trusted....

The fact that you can only trust it, and not verify it says enough. Especially when there are reputable software already out there, which leaves you room to question them. This very fact counts as an argument on why I, on the other hand, don't trust TrustWallet developers.

Quote from: febriyana on December 14, 2022, 01:59:43 AM

Because there is still risk, where for example Trust Wallet has our private key on their server, then get hacked.

Why don't you just go with an open-source, reputable wallet software, like Electrum for example? It's just irresponsible from your side to use such crap when there are far better alternatives.

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Quote from: Pmalek on November 18, 2022, 02:02:33 PM

Quote from: n0nce on November 18, 2022, 12:38:51 PM

I took a quick look at it today. It allows you to create multiple wallets starting from 12, 15, 18... to 24 seeds. It's also possible to extend the seed with a passphrase and it's got a TOR on/off switch in the settings. I didn't play with the TOR feature though. When you create a new wallet, it gives you a choice to make a backup of your seed. You don't have to display it on the screen at all to write it down. What I noticed is the long sync time for bitcoin. In the wallet tab, it allows you to add the cryptocurrencies you want to keep track of. If you select bitcoin, the wallet takes a good 5 minutes to sync with the server. The positive thing is that you can't generate a new BTC receiving address until you have clicked on show seed on screen in the settings. With this feature, the developers are trying to make you backup your seed before you can start receiving any coins.

So do you recommend using the unstoppable wallet ?

By the way, theymos also recommend using this wallet here Theymos Reminder: do not keep your money in online accounts so I guess it is safe to store all the crypto except bitcoin and Ethereum.

For bitcoin, I use electrum wallet, for Ethereum I use Meta mask and for the rest of the crypto, I started using Unstoppable. Previously I used trust wallet. If I do not want to buy the hardware wallet, let me know if I am doing my best.

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Quote from: Pmalek on November 15, 2022, 04:17:04 AM

Quote from: dkbit98 on November 14, 2022, 02:18:18 PM

If something happens with their servers and they shut down, you should import seed words in other wallets that use same BIP format.
However, some problems may occur with different addresses and derivation paths.

Luckily, they have posted the derivation paths for Bitcoin and plenty of altcoins on their GitHub page. Let's just hope it's all correct and there haven't been any changes they failed to make in the below source.
https://github.com/trustwallet/wallet-core/blob/master/registry.json#L9

Quote from: pooya87 on November 14, 2022, 11:35:35 PM

They do have a github account and there are some unrelated code there and a regular user is not capable of figure out that it is actually closed source so they "trust" the wallet easier.

Trust Wallet used to be open-source in the past. But that changed a few years ago.

o_e_l_e_o talked about it here:

Quote from: o_e_l_e_o on October 02, 2022, 10:34:53 AM

Trust wallet is not open source.

Here is their blog post announcing they are becoming closed source about 4.5 years ago: https://trustwallet.medium.com/why-open-sourcing-android-app-could-be-a-harm-to-the-crypto-community-fb3ae1707dc6

Here are the links to their Github repositories which show they are both archived and have had no updates in 4 years:
https://github.com/trustwallet/trust-wallet-android-source
https://github.com/trustwallet/trust-wallet-ios

They outright lie on their website when they claim to be open source. If being closed source isn't enough to convince you to stay away, then them outright lying to you should be. They are also owned and operated by Binance, so you can guarantee you will have absolutely zero privacy when using Trust wallet.

Avoid it.

I think this Evidence is enough to be wary of Trust Wallet. It's not good for me to keep too many Bitcoins in Trust Wallet, even if the number is in decimal, Bitcoin is a very valuable asset that should be in a secure wallet.

Quote from: Husires on November 17, 2022, 08:36:44 AM

I think the reason for the popularity of this wallet is that it is invited by Binance, which gives it some credibility compared to an anonymous closed soruce wallet.

It seems that this is indeed Binance's strategy to monopolize the Crypto market, judging by their recent movements, the media always thinks Binance is the saviour of Crypto and not the least they always plan to acquire crypto projects.
I think that if Binance does, it will be the sunrise of the crypto world and will destroy any hope of decentralization that we have dreamed of for so long.

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Quote from: Pmalek on December 14, 2022, 03:05:02 AM

Quote from: febriyana on December 14, 2022, 01:59:43 AM

I think Trust Wallet is trusted....
but I recommended only put some crypto on Trust Wallet where the money you don't mind lose if something bad happen.
Because there is still risk, where for example Trust Wallet has our private key on their server, then get hacked.

If you think it's to be trusted, why would you deposit only a little bit of crypto into its addresses? Or if you think it's not safe and might store your keys on their own end, why would you use it at all even for pocket change? Why even risk losing $5, $10, $50, or whatever you consider a small amount if you can use other reputable bitcoin wallets that have been around for years?

I don't get idea,
why if i trust the wallet
i must saving all my Bitcoin on that wallet.

I use Trust Wallet as hot wallet only.
because i only need some temporary place for my Bitcoin transfer. So if something wrong on that Wallet, for example my Bitcoin gone, i don't lost much.

Why i risking to place small Bitcoin on Trust Wallet?
That wallet is really easy to use, also the apk support in my cheap phone, it is different no laggy like other wallet.

Pmalek

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Quote from: febriyana on December 14, 2022, 01:59:43 AM

I think Trust Wallet is trusted....
but I recommended only put some crypto on Trust Wallet where the money you don't mind lose if something bad happen.
Because there is still risk, where for example Trust Wallet has our private key on their server, then get hacked.

If you think it's to be trusted, why would you deposit only a little bit of crypto into its addresses? Or if you think it's not safe and might store your keys on their own end, why would you use it at all even for pocket change? Why even risk losing $5, $10, $50, or whatever you consider a small amount if you can use other reputable bitcoin wallets that have been around for years?

febriyana

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Quote from: istiak2277 on November 13, 2022, 12:17:48 AM

This sounds like a dumb question but after seeing what happens with FTX i really worried about any centralized company i am using for my crypto. Trust multi wallet is really a decentralized wallet? I am using a multi wallet in trust wallet that has BTC, ETH, BNB, dot and most other blockchain which i can access through one mnemonic phase. So if something happens with trust wallet company and their apps become inaccessible then how i will be able to retrieve my btc,dot and other blockchain assets by using that one multi wallet mnemonic phase?

I think Trust Wallet is trusted....
but I recommended only put some crypto on Trust Wallet where the money you don't mind lose if something bad happen.
Because there is still risk, where for example Trust Wallet has our private key on their server, then get hacked.
You can see what happen with Slope Solana Wallet,
they save your private key in their server with less security, $8 million drained.

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Quote from: aylabadia05 on December 09, 2022, 12:52:10 PM

Now I understand. Thank you Pmalek.
I need to learn a lot about technical matters including wallet software issues.
Maybe some of the members who visit this thread don't dare to ask questions like I asked. I think the explanation you provide can be the right answer for all members who use Trust Wallet because many don't know Trust Wallet has changed.

The practice of importing seeds between Trust wallet applications to Blue wallet is not recommended, it is better to create a new wallet and transfer all assets to the new wallet if you have doubts about the trustworthiness of the old wallet. Another factor is that not all PCs or mobiles have operating systems that are safe from viruses due to different user behavior, so there is the possibility of installing third-party applications that run in the background without the user knowledge, so that copy-paste is sometimes recorded as stored in files made by viruses or we often mention some kind of Keylogger. Even though I collect several wallets but strictly avoid importing seeds from different wallet applications to avoid unexpected incidents.

aylabadia05

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Quote from: Pmalek on December 09, 2022, 03:16:38 AM

Quote from: aylabadia05 on December 08, 2022, 09:18:10 AM

If someone has installed the Blue Wallet app on their Android then imports it from the Trust Wallet app by entering the phrase as I explained above, that means that's not a safe step. Maybe you mean a safer step is to move coins by sending coins from the Trust Wallet address to the Blue Wallet address. Is it really like that?

Ask yourself why are you are even switching wallets in the first place? Obviously, there must be something you don't like about the Trust Wallet that warrants the change you are making. If that wasn't the case, you wouldn't be making the switch, would you? But because you did, you should abandon everything that has to do with your old wallet. The seed is the most important part of your setup. Replicating it in multiple wallets weakens your security, and it doesn't solve the problem that recovery phrase originates from a client you decided to abandon to use something better.

Now I understand. Thank you Pmalek.
I need to learn a lot about technical matters including wallet software issues.
Maybe some of the members who visit this thread don't dare to ask questions like I asked. I think the explanation you provide can be the right answer for all members who use Trust Wallet because many don't know Trust Wallet has changed.

Pmalek

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Quote from: aylabadia05 on December 08, 2022, 09:18:10 AM

If someone has installed the Blue Wallet app on their Android then imports it from the Trust Wallet app by entering the phrase as I explained above, that means that's not a safe step. Maybe you mean a safer step is to move coins by sending coins from the Trust Wallet address to the Blue Wallet address. Is it really like that?

Ask yourself why are you are even switching wallets in the first place? Obviously, there must be something you don't like about the Trust Wallet that warrants the change you are making. If that wasn't the case, you wouldn't be making the switch, would you? But because you did, you should abandon everything that has to do with your old wallet. The seed is the most important part of your setup. Replicating it in multiple wallets weakens your security, and it doesn't solve the problem that recovery phrase originates from a client you decided to abandon to use something better.

Quote from: Lucius on December 08, 2022, 10:19:10 AM

The same people who believe that the CEX you mention is something they should trust, surely believe that they should trust the Trust wallet just because it has "trust" in its name. If some kind of research were done, I have no doubt that a large percentage of those who use this wallet would probably admit that they use it because of the name, which is of course absurd in every way.

I would be interested in taking a look at those results myself, but I don't think the name is the main reason. It's the connection with Binance and CZ that gives many people reassurance that the wallet is good and can be trusted in the same way they trust his exchange.

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Quote from: Lucius on December 08, 2022, 10:19:10 AM

Quote from: Husires on November 17, 2022, 08:36:44 AM

I think the reason for the popularity of this wallet is that it is invited by....

The same people who believe that the CEX you mention is something they should trust, surely believe that they should trust the Trust wallet just because it has "trust" in its name. If some kind of research were done, I have no doubt that a large percentage of those who use this wallet would probably admit that they use it because of the name, which is of course absurd in every way.

Trust wallet is also promoted by CZ. This isn't originally developed by Binance team, they just bought Trustwallet and further developed it with a TWT token which has been tanking that's why its popularity increases.

Trust is a close source project, it wouldn't be surprising that there is a backdoor to the wallet where the team has a copy of our seed. It's possible. You can't fully trust a team.

Lucius

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Quote from: Husires on November 17, 2022, 08:36:44 AM

I think the reason for the popularity of this wallet is that it is invited by....

The same people who believe that the CEX you mention is something they should trust, surely believe that they should trust the Trust wallet just because it has "trust" in its name. If some kind of research were done, I have no doubt that a large percentage of those who use this wallet would probably admit that they use it because of the name, which is of course absurd in every way.

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Quote from: aylabadia05 on December 08, 2022, 09:18:10 AM

If someone has installed the Blue Wallet app on their Android then imports it from the Trust Wallet app by entering the phrase as I explained above, that means that's not a safe step. Maybe you mean a safer step is to move coins by sending coins from the Trust Wallet address to the Blue Wallet address. Is it really like that?

Right. That's exactly Pmalek's point.
If the wallet has been generated by a close-source wallet like trustwallet, we don't know how the keys have been generated and whether they have access to the keys or not.
With importing the seed phrase generated by trustwallet into bluewallet, you don't change anything.

aylabadia05

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Quote from: Pmalek on December 03, 2022, 08:59:19 AM

Quote from: aylabadia05 on November 23, 2022, 12:01:41 PM

You can import the Trust Wallet phrases that you currently store into BlueWallet.

Do keep in mind that this is not a recommended way to do things. If we have doubts about Trust Wallet, its trust, quality, motives of the developers and partners working with them, we shouldn't be trusting a recovery phrase that was generated in such an environment either. Exporting the seed from Trust Wallet and importing it it into Blue Wallet or anywhere else doesn't make that seed more secure because it got created by a wallet you don't trust.

It's much better to create a brand-new seed on Blue Wallet and move your coins from Trust Wallet altogether.
Another example: A seed created on a computer that is non-stop connected to the internet and used for various activities isn't the same as a wallet that is set up and generated on an airgapped system that is permanently disconnected from the internet or a hardware wallet.

If someone has installed the Blue Wallet app on their Android then imports it from the Trust Wallet app by entering the phrase as I explained above, that means that's not a safe step. Maybe you mean a safer step is to move coins by sending coins from the Trust Wallet address to the Blue Wallet address. Is it really like that?

Topic: What do you think about trust wallet? - page 4. (Read 1665 times)