I talk about coin security sometimes, but I don't really feel that qualified to really get into security and/or coin storage details, and sometimes it can also become problematic to get into too many details of our own personal security practices.
Perhaps in various occasions I have come across posts you've made regarding coin security and it occurs to me that coin security can be so complex to a very great extent that it requires a lot of dedication to figure out how one might be able to handle security wise cases but perhaps in general discussions coin security should be at least a part even though it would be discussed with minimum details it's still available for one to read and when it gets to the level that might seem to become difficult then one might be able to create a separate topic on that hence more people with technical and coin security knowledge might be able to help out.
There are also ONLY so many hours in the day, and surely people who are way more qualified to talk about the topic than me.
I suppose if I were to make some kind of thread (or a section in one of my other threads), then I would likely merely be referring to various other threads on the same topic, which such threads already exist in this forum, and from time to time, I have chimed into some of those threads.
Of course it would be great even though reference to other threads would be made from time to time hence it shows the importance or coin security knowledge in our investments.
Perhaps I might also be looking into coin security as an area of concentration in the next few months least to get aquatinted with the basics since I'm not technically oriented.
Part of the punchline with coin security surely relates to the quantity of coins held, so in the very early times that a person is just getting started investing into bitcoin, there might not be a lot of value to protect, yet with the passage of time the value of the bitcoin holdings will likely grow with both ongoing adding of value to the investment over time, and also with decently good odds that bitcoin prices will continue to go up in value, especially for folks holding BTC 4-10 years or longer.
So the level of your security and coin protection likely has to relate to both the value of the coins at any particular time and the fact the coins can change in value quickly, but also there likely needs to be some concerns about level of competency for people to establish their BTC storage system and to employ decently good coin security /protection practices. Of course we should also attempt to account for possibilities that from time to time bitcoin might go through considerable increases in its value in a relatively short period of time, and for sure BTC coin holders are going to want to protect our coins more if they are higher percentages of our networth and as the coins might end up going up in value we might need to increase our coin security practices.
Of course the fact that bitcoin price increases in some length of time makes it very crucial for coin security to be deeply and effectively discussed but perhaps it would have to depend on ones bitcoin value yet it's in my opinion advance coin security should be taken into actions before bitcoin value begins to appreciate and regarding the price of bitcoin increasing a short or long period of time, perhaps it have lead some of the investors in the early days of bitcoin to loss their coins as they left their bitcoin in a wallet that is not well secured and over time the price or worth of their coins became more expensive that before they would be able to get into more security hackers/scammers already too advanced or compromised wallets and sweeped out their investments hence on this same note we should be able to have the knowledge of coin security issues that in a long or short period of time one needs to check or figure out a way to increase their own coins security practices.
Sure. It seems that over the years, the ways that coins were attacked have changed, and perhaps the attack vectors have become more sophisticated based on how valuable bitcoin has been becoming, and so more and more industries are being built out of merely attacking people's coins and trying to figure out ways to get people's coins. So, part of the difficulties in talking about security and attack vectors is that best practices are frequently changing, and sure there can be ways that one method might seem secure until some vulnerabilities might be found and exploited. Some guys might not mind saying "this is what I do," yet it could be problematic to describe with too many specifics in regards to what you do, since attackers might be able to figure out various vulnerabilities, whether it is in person and real world attackers or if it might be through some internet vulnerabilities that might be found in giving up certain pieces of personal information or information regarding quantity of BTC and where they are held. There are some kinds of systems that make coins fairly robust to attack, but at the same time, they could become a bit cumbersome to recover coins too, which may well be part of the rationale to keep some coins in less secure kinds of set ups and more like wallets in which hot wallets might interact.. so if maybe there is replenish of hot wallets or even movements of coins from hot wallets to medium security wallets, and maybe then movement of coins from medium security to cold storage once the medium security coins reach a certain value size.
For example, a guy with 0.2 BTC in 2020, might not have thought too much about whether that BTC was on his phone since its dollar value was perhaps around $1k or so, but then he might not have realized how much BTC prices went up, and then he might not have realized that he was holding way more on his phone than he thought to be reasonable, and maybe he should have had been paying more attention to the value that he was carrying on his phone since it ended up going up so much in the years after 2020, and even in the dip in 2022, the BTC still was valued around $4k or more but then there had been period that BTC prices were spiking, and the BTC was valued well over $10k for a considerable time in 2024 and even getting up to $20k in recent times.
I cannot even figure out how particular the circumstances of people, since there are some circles that you don't need to worry about having personal confrontations or being robbed, but there are other circles in which robbery is much more common..and so we have to pay attention to certain places that we might be carrying around too much value and realizing that price changes can cause quite a bit of magnification of the value into way higher amounts.
Of course your right, we seem to be having a lot of developments regarding attacks as the price of bitcoin keeps increasing and security issues has become a very crucial aspect of our lives in regards to how much bitcoin we hold and developments towards protecting our coins has also increased Viz vice with the attackers/hackers tools yet it's only fair to say that personal security is far more important than depending on how much of a security a wallet provides because the must secured wallet in 2020 might seem to be very vulnerable in 2024 hence it's in our custody to protect our coins as regular look ups might be of help to a great extent.
Another aspect of BTC coin security is that there seem to be ongoing developments in regards to various ways that we can hold our coins, sometimes even discovered vulnerabilities in regards to how folks had historically held their coins. Normies also might have bitcoin that they keep more in cold storage (and maybe they only check access a couple times a year) and other coins that might be medium accessible or even other coins that might be on hot wallets.. so there are also levels of security, and surely in the bitcoin community there is value placed in open source kinds of security set ups rather than closed sourced, since closed source could end up having back doors, so guys might end up choosing wallets that are not as secure at they believe them to be, and so in that regard, guys likely have responsibilities to figure out the security of their own set ups and if they might be putting their coins to unnecessary risks in regards to how they are holding them.
Guys also need to be careful as to not overly complicate their security set up, since a lot of guys lose coins by making their security set up too complicated, and then if they cannot remember their password or they lose it, then they may well end up losing their coins forever, and no one can help them to recover their overly complicated coin storage set up. Being your own bank can be difficult for some folks and even folks who are technologically capable, they can end up messing up their own coin storage security.
Perhaps you're very correct in everything you have said above guys have to figure out whether their coin security level is balanced with the worth of their bitcoin but sometimes it's very difficult for people to know more about the advanced level of coin security regard closed source wallets and open source wallets and good practices to keep them in a good condition because even with an open source wallets or cold storage guys might somehow get things complicated and eventually loss their coins and just as you have said which also lead me to say that its a very crucial area in the bitcoin investment that needs to be included in every deep investment discussions hence I think it might be possible for one to create a thread regarding how to maintain ones coin security regardless of what type of wallet one is using to hold their coins and perhaps in such a discussion or thread newbies/normies might find it interesting to figure out a way to put all their coins into a very good security level hence to prevent such stories like the one that lead us to have this discussion because recently guys are beginning to be uninformed of the new changes or developments in the coin security area.
Even if we study bitcoin all of the time, it would take a while to figure out various bitcoin security tradeoffs, which is part of the challenge for any of us to be our own bank versus having some of our coin held with third parties. I frequently like to recommend to try to keep more than 90% of your coins in personal protection, but there are still circumstances in which guys might be more comfortable with custodial solutions or even sharing custody with multi-sig kinds of arrangements. Since there are quite a few varieties of wallets, there might not be a lot more that I can say on the topic.. and if you are so interested in that topic, you can either read through other threads or perhaps help to consolidate those topics into your own thread that includes your setting forth various ongoing questions that you seem to continue to have, but also to potentially asking various questions along the way that focus on those particular wallet and/or security questions. I think that there are already quite a few threads on the topic in the forum, yet your reading through those threads and/or creating your own thread might be helpful for you to figure out the extent to which you still have questions that have not already been addressed.
Well said, like I have said above it's very difficult to assemble all that it takes to discuss such a cumbersome topic on security/and or coin protection I might be able to take a few months in making research even though i know we already have topics/threads which discusses such issues yet there might be some areas which in the process we might figure out that it has not been deliberated on.
Conclusively I agree with the very fact that personal security is much more better and guys being their own custodians is the very best action towards coin security.