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immorality 08-10-2021 05:45 AM
Quote:
Originally Posted by mikemhg (Post 9035907)
Why would someone use an exchange over themselves?

I guess in case their PC/Phone crashes, it's an external source to access their funds?
Probably people that are new or don't have a lot invested in crypto?

blkgsr 08-10-2021 10:46 AM
Quote:
Originally Posted by donk. (Post 9035852)
5. Exchanges shut down when the owners "die" and millions are lost
6. Once you lose your keys on many exchanges, GG
6.1 Many exchanges, once you break your phone, and the 2FA can only be verified by the original phone, your entire account is gone.
7. 0 security, its the wild wild west for getting your coins stolen
8. Transfers sometimes take up to several days to process
9. The majority of coins, are shitcoins, just like the stonk market, theres way more people losing money, than making it
get a hard wallet.....people need to learn this.


i've been very lax in getting mine set up but atleast i have one. just need to move everything over

plus with options line wealthsimple you can now buy at alot of the coins most people will have heard of. pretty safe bet i would have to think buying and storing on there (WS won't let you move your coins it seems, that's why i only put in a $1000 then i realized this)

westopher 08-10-2021 11:55 AM
What’s the negative of having it in your wealthsimple and not being able to move it? Seems like it’s a secure way to have it. I have very little understanding of it, not trying to debate it just genuinely curious what you mean?

Manic! 08-10-2021 12:16 PM
Quote:
Originally Posted by westopher (Post 9036020)
What’s the negative of having it in your wealthsimple and not being able to move it? Seems like it’s a secure way to have it. I have very little understanding of it, not trying to debate it just genuinely curious what you mean?
Not your keys not your coin. If wealth simple ever goes down you lose all your crypto, but I don't think that's going to happen with them.

One problem I had with Wealth simple is they didn't have limit orders so you could not set a price. Just checked the app and it looks like they now have limit orders. Great news!!!

donk. 08-10-2021 02:27 PM
People are cheap

why am i gonna pay 200$ for a wallet when this exchange does it for free

Cue exchange going down

Dont know if hard wallets now accept shitcoins, i rememeber when the first nanos came out, it was like btc, eth, and maybe 10 other coins

bro i cant store my moonsafe and shibainu in there its garbage

Liquid_o2 08-10-2021 04:31 PM
I still don't have a hard wallet because I literally cannot wrap my head around them. Bad, I know. Is it just storing the code of my coins?

Razor Ramon HG 08-10-2021 05:19 PM
Your hardware wallet has crypto addresses with a private key that is secured by a seed phrase.

In order for someone to obtain your crypto they have to either physically obtain access to your hardware wallet and unlock it or they somehow have your seed phrase due to lack of proper handling.

quasi 08-10-2021 05:42 PM
Quote:
Originally Posted by Razor Ramon HG (Post 9036055)
Your hardware wallet has crypto addresses with a private key that is secured by a seed phrase.

In order for someone to obtain your crypto they have to either physically obtain access to your hardware wallet and unlock it or they somehow have your seed phrase due to lack of proper handling.
The youtouber Stevewilldoit had his bitcoin stolen by a hacker fairlyrecently, was probably a pretty significant amount. He said it was theough his phone, maybe they got the seed phrase?

StylinRed 08-10-2021 08:02 PM
Ur hardware wallet, if its your phone, shouldn't be your daily use phone, cuz it's prone to hacks, or even accidentally losing/breaking it

Manic! 08-10-2021 08:04 PM
Quote:
Originally Posted by StylinRed (Post 9036067)
Ur hardware wallet, if its your phone, shouldn't be your daily use phone, cuz it's prone to hacks, or even accidentally losing/breaking it
If your phone breaks you can restore your wallet on another phone with your phrase keys.

StylinRed 08-10-2021 08:07 PM
Oh that's cool, I used to keep a wallet thru my phone, but I've switched to just cashing out often, so there hasn't been a point, but had been meaning to keep an actual hardware wallet

Manic! 08-10-2021 09:19 PM
Quote:
Originally Posted by StylinRed (Post 9036072)
Oh that's cool, I used to keep a wallet thru my phone, but I've switched to just cashing out often, so there hasn't been a point, but had been meaning to keep an actual hardware wallet
Why are you cashing out? price has still a long way to go up. Hodlgang!!!

SkinnyPupp 08-10-2021 10:02 PM
I think people are getting exchanges and wallets mixed up

Unless mining yourself, you have to use an exchange to ... exchange your currency to bitcoin

The key is to not keep it there for savings or spending. Transfer to a wallet for that.

PeanutButter 08-11-2021 09:33 AM
I never understood how the 24 word seed phrase worked for my ledger nano.

If I lose my ledger, I just have to buy another ledger and input the 24 seed phrase and my wallet is restored?

If so, can't a bot just input random 24 word seed phrases all day until something hits?

ime2006 08-11-2021 11:22 AM
Quote:
Originally Posted by PeanutButter (Post 9036115)
I never understood how the 24 word seed phrase worked for my ledger nano.

If I lose my ledger, I just have to buy another ledger and input the 24 seed phrase and my wallet is restored?

If so, can't a bot just input random 24 word seed phrases all day until something hits?
Quantum Computing could do it.

ime2006 08-11-2021 11:23 AM
Quote:
Originally Posted by Manic! (Post 9036086)
Why are you cashing out? price has still a long way to go up. Hodlgang!!!
Yea!!! dont sell yet. ETH is on the rise!!!!

Razor Ramon HG 08-11-2021 11:27 AM
Quote:
Originally Posted by PeanutButter (Post 9036115)
I never understood how the 24 word seed phrase worked for my ledger nano.

If I lose my ledger, I just have to buy another ledger and input the 24 seed phrase and my wallet is restored?

If so, can't a bot just input random 24 word seed phrases all day until something hits?
Your seed phrase is selected out of a pool of 2048 words. So not only do they have to get the 24 words right, they have to put it in the correct order.

If someone accesses your wallet by guessing your seed phrase or a bot brute forced it, it was probably meant to be.

wreck 08-11-2021 11:43 AM
might cop an EtherRock

Manic! 08-11-2021 12:30 PM
Copied from reddit.

Quote:
Seed phrases use the BIP39 standard which has 2048 words.

Since the order of the words matters we are looking for permutations not combinations.

Number of permutations for 12 words seed:5,271,537,971,301,488,476,000,309,317,528,177 ,868,800

Number of permutations for 24 word seed:25,892,008,055,647,378,700,916,274,834,106,65 1,525,738,683,598,033,725,572,049,016,676,308,484, 096,000,000

Source:https://www.calculator.net/permutati...alculator.html

blkgsr 08-12-2021 02:35 PM
Quote:
Originally Posted by Manic! (Post 9036140)
Copied from reddit.
that's a lot of permutations.....

PeanutButter 08-13-2021 12:18 PM
https://finance.yahoo.com/news/carda...183159575.html

WHATTT???

Cardano Smart Contracts coming Sep 12? No way!

I'm not going to believe it until I see it.

Razor Ramon HG 08-13-2021 12:32 PM
ADA is my best performing crypto this year by far.

PogChamp

PeanutButter 08-13-2021 10:48 PM
Ok, let's see how this goes.

Cardano Smart Contracts are coming Sept 12, 2021.

Just bought 1200 ADA at $2.12 USD, let's see if I can ride this momentum into September for a nice little flip. I'll update in a month.

BlackV62K2 08-13-2021 10:54 PM
Hodling my ADA bags since 2018....

PeanutButter 08-14-2021 08:56 AM
Quote:
Originally Posted by BlackV62K2 (Post 9036472)
Hodling my ADA bags since 2018....
Sigh, the good ol days when ADA was $0.03.

I wish I invested more!


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