Ninjastic
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Board Speculation (Altcoins)
Re: [XMR] Monero Speculation
by
cAPSLOCK
on 23/02/2018, 21:25:09 UTC
Quote from: explorer on February 23, 2018, 08:46:39 PM
Quote from: Shnikes101 on February 23, 2018, 03:26:43 PM
Quote from: cAPSLOCK on February 23, 2018, 02:56:29 PM
Quote from: Globb0 on February 23, 2018, 02:29:11 PM
I mean how much risk are you comfortable with 100xmr, 1000, 10?


That is a VERY good question. 


The way I see it currently we have two choices coming:

1.  Ledger:  Established company.  Hardware proven.  Track record of handling security issues well etc.
2.  Monero proprietary wallet.  Based on FOS design, specific to XMR.


I think BOTH devices share a common risk.  And that is you want to make sure there is no way for your funds to be stolen with some sort of attack.  Either on the hardware, or in between the HW and the SW on the computer. 

The ledger may incur a second twist, and that is they will most likely be changing the seed word format from 25 to 24 words to match the rest of the wallets they support.  The only concern here is there is a reliable way to either convert these wallets to the 25 word form or somehow else see their seed word format supported by other software (inc. the standard cli and GUI).

I bought a Ledger, and I have not decided how much I am willing to risk there.

 

I recently bought a Ledger as well - mainly in hopes of moving some xmr over.

However, now I'm leaning towards just putting linux on a usb stick with a wallet there? Is there really that great of a security benefit for ledger vs a wallet on a usb stick? I'm just going to throw both in the fire safe.

A hardware wallet is not just security.  It is convenience with security.  Easily take a large amount with you traveling, and top up your Monerujo as required, without risking large amounts.  Drop it overboard?  Confiscated in customs?  Too bad, buy or retrieve another one, and restore from your seed.  or have several set up with the same seed/pass, cached at strategic locations where you travel frequently.  There are many options.  Decoy wallets installed to mitigate the $5 wrench attack, multiple wallets for different coins, all on the same device/seed (not the Monero only one obviously). 



Yeah.  I am a pretty big fan of the concept.  And while not arguable AS secure is a deep freeze paper wallet it is damn close.  And with the decoys etc in some ways even better.

That said, I do not think it would be impossible to add at least a couple other "big" coins to the Monero wallet, for example at least BTC?