Quote from: Vod on January 09, 2018, 10:40:35 PM

Quote from: mocacinno on December 14, 2017, 01:47:43 PM

I would, however, also look for an insurance company willing to insure the 25% of the funds i keep at home...

Could such a thing even exist? What would stop you from faking a break in, moving coins to another wallet, and making a claim?

You make a solid point there... But i guess it would be the same as taking out an insurance when you keep gold, silver, platinum,... at home. Nothing is stopping you from selling a couple of insured gold bars to a crooked PM blacksmith and afterwards claim they were stolen for insurance purposes. Or burning your house down to make a false insurance claim.

Quote from: RobertoMakeli on January 10, 2018, 07:19:49 AM

Quote from: mocacinno on December 14, 2017, 01:47:43 PM

Quote from: Roccker on December 14, 2017, 01:42:31 PM

Being your own bank the hassle of securing your Cryptos

Lets say theoretically you have 3 mio dollars in crypto (I don't, but to make this whole thing more pressing).
All your wealth.

Now you can leave it on an exchange, login with your password and 2 factor authentification. See the worth, have all coins nicely together, be able to buy and sell and send.

But everybody says dont leave it on the exchange.
Because exchanges get hacked. Or hack themselves. Or get bankrupt (?).
Or something else that is weird.

Lets say theoretically you have 1 mio dollars in crypto.
How do you secure it?
Concretely?

I guess being your own bank kinda sucks.

I want to find a good security strategy.
Links and tips welcome.

Eg Paper wallets
Nice, but where do you keep the paper?
In a safe? In your house? House burns down?
You remember the seed and check if you remember it every morning?

Ledger / Trezor.. hardware wallet.
Again.. you keep that in a safe?

One multi-coin wallet to rule them all? Where you learn the seed so you can repeat it in your sleep?
One wallet for each coin?
One wallet for about each 20k?

Thanks for comments

IF I had 1 mln in crypto, i'd probably divide my funds over the leading brand hardware wallets (trezor, ledger nano S, keepkey, bitbox), over a couple paper wallets, and keep some "change" on an airgapped pc.

I'd collect the seeds and bip38 encrypted private keys (from the paper wallets) on an airgapped pc, and break them up using Shamir's Secret Sharing Scheme https://en.wikipedia.org/wiki/Shamir%27s_Secret_Sharing (for example: http://point-at-infinity.org/ssss/). I'd probably create a 3 out of 4 scheme.

Then, i'd hire a safe deposit box at 3 banks, store 1 set of secrets and 1 hardware wallet in each deposit box, and keep 1 set and 1 hardware wallet at home...
The total cost would be ~$400 for the 4 hardware wallets, ~$250 for a small offline pc and ~$0 for the paper used to print the paper wallets/secrets.

Now IF somebody broke into my home and put a gun agains my head, they'd walk away with 25% of my funds (tops), if the bank got broken into, they'd only have 1 part of the secret, so they cannot recreate the seeds/private keys,...

I would, however, also look for an insurance company willing to insure the 25% of the funds i keep at home...

lol, very detail bro and now I know all your secret and all your action when you have 1 mil $ in bitcoin Cheesy

Sure... now you only have to find out which addresses are mine, wait untill i have hundreds of BTC, find out my identity, break into my house, rob 3 banks and brute force my bip38 encryption to get your hands on my BTC... Then make sure you sweep all my addresses before i realise you did this, and afterwards make sure you mix those coins so LE doesn't catch you. Good luck...