81–90 of 167 posts
Why would someone holding 1400 BTC use a software wallet instead of an offline hardware wallet? SMH
I can't believe someone would even allow a system with that balance to even connect to the internet. It's like filling a car with gold bars, driving it around town, and hoping nothing bad happens. He could have created another wallet, preferably a multisig, created the transaction with the software wallet offline, copied the signed transaction off and broadcast it from another system. What he did was reckless. Some p…
Bitcoin is all online. The analogy doesn't work: your gold bars are being driven around town all day and night in public view, already. In this case, it's just the fact that the access was granted at the application level when the user logged into their wallet, which is like giving someone keys to your car by mistake.
Why would someone holding 1400 BTC use a software wallet instead of an offline hardware wallet? SMH
Yeah this is what blows my mind. I would be paranoid if I had 14 BTC, let alone 1400. When I had (as much as) 19 BTC some while ago I stored them on a Trezor, with the seed on a paper (three copies in different places) in a form that no one would realize it actually was a seed.
Earlier quoted context omitted.
I completely disagree, only the first $250k is insured. I would never store $16M cash in a bank. You aren't protected against the bank becoming insolvent.
Okay... where would you store 16m?
Earlier quoted context omitted.
Bitcoin is all online. The analogy doesn't work: your gold bars are being driven around town all day and night in public view, already. In this case, it's just the fact that the access was granted at the application level when the user logged into their wallet, which is like giving someone keys to your car by mistake.
No. One can store keys offline. That's what hardware wallets do.
Hardware wallets aren't without their flaws. With an application-level vulneravility in a hardware wallet, you are still screwed. Here is just one example: https://www.ledger.com/improving-the-ecosystem-disclosure-of...
Why would someone holding 1400 BTC use a software wallet instead of an offline hardware wallet? SMH
Even a single hardware wallet would have been risky - loss or damage, or theft. For high values, set up multi signature hardware wallets, at least a 2 of 3 scheme, each stored in different geographic locations.
With big money comes big responsibility. Storing $16M should be taken very seriously and probably most people have no clue about that.
I think the point is that you can store $16M in a bank and take need to take no precautions against casual theft (and often can recover the money via person-to-person interactions, if theft does occur).
Earlier quoted context omitted.
Sizable, like 2%?
I looked it up. 6% of Americans don’t have a bank account. Doesn’t say whether they could go ahead and get one, or they choose not to. Sizable?
Earlier quoted context omitted.
The whole point of cryptocurrency on is that they don't believe in ANY of those institutions.
Maybe in the beginning, it looks like gold rush now.
I keep reading about how bad fiat currency is, and how it's backed by nothing (except, you know, literally superpowers who have nukes).
But yes, there are tulip speculators too.
Earlier quoted context omitted.
In an investment account with a reputable brokerage.
What's the difference between that and a bank?
But it's still in a bank account, so if the bank goes under you're screwed. See my other comment in this thread though...