Toast Wallet On An Old Phone?

[brozamsterdam]

Hi All,

I have a modest (for me) amount of zerps. I've done some research on wallets, including getting a very detailed response on here a while back from a more technically proficient hodler than me. It was about having an old computer, wiping, and using Linux to re-install this or that and basically use it as cold storage. To be honest I couldn't follow it. That guy was also dismissive of the Toast wallet.

I got a new iPhone recently and still have my old one. I'm wondering if using my old iPhone with toast is a good idea? It seems much more secure than using Toast on my actual phone as I won't be in danger of losing it. What do people think? Are there security issues I'm not thinking of?

Cheers

[Guest]

It's something that Ripple could really help with I think.  The problem with any wallet is building trust.  Basically the two big factors in trust in these cases is Time and Review.  As time goes by a certain amount of trust builds, but it's not enough on its own because of the possibility of the long con.  The trust is established by the passage of time in conjunction with competent folk doing code reviews on the wallet.

Ripple could establish a fund to pay for security audits of the various wallets out there as a community service that also helps them with one of their own weaknesses....  the lack of an official consumer wallet.

To speak to the actual topic....   that sounds like maybe a good idea if you can establish failsafe recovery procedures in the event of hardware failure.  I imagine the best thing would be to keep the phone offline after setting it up.  However it all boils down to:  do you trust ToastWallet?  I don't know if they are trustworthy but I can say that so far I have not heard anything bad about them.  That's not an endorsement...  it's an observation, (from one of the least observant people on the planet  )   and you need to decide whether to trust them yourself.

It would of course be an easier decision if Ripple could come to the party in their own,  and the communities',  best interest.  Perhaps if he is not currently busy herding,  and then locking up, 55 billion bucking Zerpies then maybe  @JoelKatz  might wish to shed light.

 

[brozamsterdam]

Appreciate the respoinse, cheers!