Post
Topic
Board Altcoin Discussion
Re: Trying to keep life savings more secured
by
mocacinno
on 16/04/2020, 13:47:22 UTC
I have something i have to get off my chest after re-reading some of the comments in this topic.

It's not because YOU have used an unreliable wallet for years and didn't have a single problem, that it's a good idea to recommend said unreliable wallet to others.

For example, coinomi only sent the seed to google's online spellchecker when restoring a wallet from seed (IIRC). It's perfectly possible YOU created a new wallet and your seed wasn't sent to google... Or maybe it was sent to google, but nobody malicious parsed the logs and they were truncated after a while. But the bloke you recommend this wallet to restores his wallet from seed aaaaaand poooof => a couple days later he's robbed blind.

Same goes for about any online wallet. Sure, loads of people use blockchain.info, but it's still an online wallet. They store your private key in THEIR database. Sure they claim it's encrypted, but it's still stored with them...

Same goes for new wallets that aren't community vetted

Always use your own due diligence... Airgapped wallets using latest version of community vetted binaries are usually safest; properly generated paper wallets and popular (community vetted) hardware wallets are secure aswell.
From that point on, you really have to be carefull. Stay away from online wallets, and before using a desktop wallet: read and learn (even "good" community vetted, open source wallets can have vulnerabilitys... For example: electrum had a major one a couple years ago). Don't take any post on any forum at face value, there are lots of people that use some kind of unsafe wallet but by sheer luck never got robbed, and they'll recommend the wallet of their choice to anybody and their mother's... I've seen newbies, juniors, members, full members, seniors, hero's and even legendary's push unreliable wallets. They do so because they believe they provide a service and guidance to new members, but in reality they make those new members make unsafe choices.