If your crypto was stolen in this, it wasn't your crypto. It is simply cryptocurrency that has been reallocated from an exchange to a more competent party, as the free market intended.

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nl an hour ago | parent | next [-]

I don't think the security trade-off for most people is clear here.

Given things like the ledger hardware attack[1] I think the time indexed risk of using a centralized exchange is probably lower than doing self-custody.

I understand that many people do self-custody for philosophical reasons, but I think trying to disguise this as a security decision ("If your crypto was stolen in this, it wasn't your crypto.") is arguable at best.

[1] https://www.ft.com/content/70f69253-6017-4259-95c9-48bf0e088...

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ebiester an hour ago | parent | prev | next [-]

So what happened with all of those with hardware wallets that have been pwned?

There apparently is no such thing as “your crypto” with how many security problems there are.

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weird-eye-issue 37 minutes ago | parent | next [-]

Back around 2012 I created a paper wallet using an offline website (it was HTML and JS downloaded locally that worked without internet. I put it on a USB stick and then use it in a laptop without internet), printed it out and put it in a safe

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caymanjim 9 minutes ago | parent | prev | next [-]

By the nature of blockchain, it's never, ever your crypto. It's allocated to whichever bucket the majority of participants in a given network agree to allocate it to.

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xmcp123 42 minutes ago | parent | prev | next [-]

I keep a modest amount in Cake Wallet, not on an exchange. No hardware needed.

Tbh the biggest problem is platforms deciding you’re buying drugs because you purchase and transfer out (thanks Venmo)

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NoidFonsense 37 minutes ago | parent | prev | next [-]

idk the whole point of hardware wallets is that they are supposed to be a simpler stack. But if you're using a closed source hardware wallet...

An old laptop with the wifi card taken out is more transparent and auditable. It just runs the ordinary open source code

But I just keep all my funds in a hot wallet, no multisig. And if I get hacked I lose it all. I think the answer is just have good security and dont get hacked. The risk of losing cryptocurrency will encourage security advances across the whole ecosystem. I think I will set up multisig eventually

	▲	lxgr 26 minutes ago \| parent [-]
		How do you update that open source code without network connectivity? How do you securely input long transaction data to sign? > I think the answer is just have good security and dont get hacked. So you proposed a way to be more secure, only to discard it yourself in favor of “just having good security”?

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extraextra 34 minutes ago | parent | prev | next [-]

Technically you can literally memorize your secret key

A paper wallet works as well

A hardware wallet is just a tradeoff between convenience and an extra security risk

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jwpapi 44 minutes ago | parent | prev [-]

You can have crypto without hardware wallets

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method_capital an hour ago | parent | prev | next [-]

Code is law!

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cryptoegorophy an hour ago | parent | prev | next [-]

not your keys not your coins...

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pkulak 42 minutes ago | parent [-]

Or if it is your key and your air-gapped hardware wallet gets hacked because someone didn't use the right RNG. Crypto is apparently never yours; you're just holding on to it for some future criminal or nation state.

	▲	cryptoegorophy 39 minutes ago \| parent [-]
		hardware waller is NOT your key too. YOUR key is the paper wallet generated OFFLINE on a clean laptop that was never connected to web. There is a giant difference.

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26 minutes ago | parent | prev [-]

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