The Crapto Thread

[jwax13]

He wrote something thanking guys that scooped up his apes for him and whatnot. All feels like a stunt.

[suzzer99]

I tend to put any crypto big shot into the Jim Cramer category - where they be lying just as easily as telling the truth - whichever suits their purposes that day.

[bobman0330]

@WAR

You are right about cold wallets, but when you create one, you also generate a seed phrase, displayed on the device, that can restore your wallet (otherwise if it were lost or destroyed, you would lose your crypto). If you follow the instructions, that phrase will be recorded on paper only and can’t be hacked.

The phrase can be used to restore your wallet to another ledger securely, or it can be used to restore to a software wallet, which means that it is now hot and potentially pwnable.

Wait, so if the seed phrase can be used to generate all your keys, what is stored on the cold wallet?

[beetlejuice]

right

[WAR]

A hardware wallet lets you generate a wallet and send transactions without ever exposing your seed phrase or keys to a computer.

If someone gets your seed phrase or keys, they can steal your crypto. The point of a hardware wallet is to allow you to send transactions safely, even if the computer you are using is totally pwned.

[econophile]

Your crypto and such aren’t really “stored” in a wallet, hot or cold. The public blockchain records what’s in your wallet. The security issue is the private key associated with the wallet that is needed to sign transactions.

[6ix]

@edc5036

Bitcoin vaporized to a mere $19,400 and still outperforming 99% of stocks over the last three years. lol.

I’d still be cautious though. I bought a gold bar and then the gold industry got vaporized along with my gold bar. Like, literally, I watched it happen, just disintegrating before my eyes until it vanished. I don’t know if the laws of physics were broken or I just have gold vapor now I need to store in a jar or what, but it was definitely some weird fucking shit.

[6ix]

@WichitaDM

@suzzer99

Is this seed phrase something for opensea?

Also how is it possible to spend so much time on one subject for a decade+ and post something like this.

here i am thinking this thread would stop delivering

[bobman0330]

This seems horrifyingly insecure. I mean, why wouldn’t you store the keys themselves on the wallet and just use the seed phrase to decrypt them?

[6ix]

@6ix

And honestly, suzzer seems dead set on staying poor and having no fun whilst doing so, but I kinda want everybody else to take advantage of the next crypto cycle and his stupid ass bullshit doesn’t help.

Like, imagine flashing forward 3 years and some poor soul is reading suzzer talk about motley tulips and what not, slowly realizing that they missed it AGAIN.

heh

[6ix]

imagine passing on increasing your net worth by 33%

[WAR]

The seed phrase and keys are functionally the same thing, so that sentence doesn’t make any sense.

You could have your keys only on the device, but if you lose it or it’s destroyed then your crypto would be permanently inaccessible.

If done correctly, the only security risks are that someone sees the paper you write the seed phrase down on or has physical access to your device and knows your pin.

[PapaSmurf]

Hardware Wallets Vs Cold Wallets: What's the Difference? | Ledger

[6ix]

and you dudes actually care about that, that’s the grandest irony

[ChrisV]

@bobman0330

This seems horrifyingly insecure. I mean, why wouldn’t you store the keys themselves on the wallet and just use the seed phrase to decrypt them?

The seed phrase enables recovery of your crypto in the event that your hardware wallet is lost, destroyed, rendered inoperable, whatever. You can’t duplicate hardware wallets (the problem with that idea should be pretty obvious).

At the end of the day, crypto is a bearer instrument and that means there is always going to be some fundamental problem with the possibility of the thing which you are the bearer of being stolen or destroyed. Most people with serious amounts of crypto do things like put the seed phrase in a safety deposit box. You can buy titanium discs on which you physically inscribe the seed phrase for storage in a safe on your property so that fire will not destroy it, a friend of mine has one. Seed phrase storage is not something that you take lightly if you have a lot of crypto.

[6ix]

Sers, this is the The Crapto Thread.

[6ix]

I hide my bitcorns under the mattress for safest keeping.

[6ix]

@Riverman

Or you could hold actual assets.

lool Rivermang big mad

[6ix]

Resorting to the It’s Just Computer Code And Stuff It’s Not Real gambit. Boldstrategycotton dot gif, that shit never worked for me when my ISP got all mad about the iracy-pay.

[6ix]

@zimmer4141

You know what’s great when your entire life’s net worth gets hacked?

Legal recourse

Yeah that part sucks. There was this guy Sam “The Bankman” Fried who stole like 420.69 zillion dollars and got away clean as a whistle.