Quote from: Dogedigital on May 05, 2016, 11:56:54 AM

Quote from: DarkStar_ on May 05, 2016, 01:52:46 AM

Quote from: RaidBossOath on May 04, 2016, 11:23:23 PM

Well, i really need those funds and they are mine after all, i seriously didnt expect this to happen thats why i placed it on a lockdown and used it as a "coldwallet" in a way. I understand that theres a warning there and i knew that i was putting them on hold for 2 months, but i couldnt predict my illness.

Moneypot should NEVER be used as a cold wallet. Just because your funds are locked in doesn't mean that they are safe. MP has control over your funds. Also, Moneypot is nowhere close to a cold wallet. They are literally a website, on the internet! A cold wallet is offline. It's better to keep your funds on a desktop wallet the Moneypot, since your computer would be less of a target for hackers. Also, if your computer was hacked, a keylogger could be installed granting them access to your moneypot account. It also is safer, as having a wallet on your computer poses no counterparty risk. Moneypot could run off with your funds. Furthermore, with a cold wallet, you can access your funds at anytime (basically).

I wouldn't say 'Never'. Just like anything out there, there are advantages and disadvantages of doing something like this.

We take the security of user funds very seriously with the vast majority of funds held in a cold storage multi sig wallet.

We also aggressively keep records of all transactions and log-ins of every user.

Cold wallet is just the wrong word to use.

It could be that RaidBossOath referred to cold wallet to mean keeping funds inaccessible for a time.

DarkStar_ and stingleword are absolutely right in the matter.