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Safest Place to Store XRP


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1 minute ago, Gaxrpaxrpfield said:

That was said tongue in cheek, which doesn't always translate well to text.  I was thinking of machining physical 20 XRP tokens and creating a handful of toast wallets and engraving a different private key on each physical token.

 

No offense taken.  

For every Toast Wallet you create you would have to fund it with the minimum 20 XRP which then are 'Locked' and unusable.

It would be better to have a single Wallet.

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I think the greatest risk to someone’s zerps is from themselves. Therefore, escrow is the safest way to store XRP long term.  Getting hacked and losing your keys can happen, but is rare.  It

Entered

I agree with this post. Everyone's ambitions of selling at $X will be surely tested when we are $0.5X and the price drops 40%!! Its easier to HODL when we are at $1. Wait till we are at $10,

2 minutes ago, Gaxrpaxrpfield said:

Right now I have them on a Ledger Nano S and am happy with it, although there was a string of messages going around a while back regarding the security of their chrome app.  At some level using a Ledger Nano S requires some trust in the company making them, I was looking to see if putting XRP in escrow removed a little bit of that required trust.

I have a Nano S, and a RippleX wallet.  I needed the RippleX Wallet to enable me to Escrow my XRP, as the Nano doesn't allow you to enter an Order ID which is requires when using https://www.reservoirlite.com/

I have most of my XRP now in Escrow, and only I can release them, the only interaction with a '3rd Party' is generating the Order ID needed to Escrow them. If you knw how to code then you could Escrow them without any '3rd Party involvement.

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1 hour ago, Gaxrpaxrpfield said:

Is the absolute safest place to store XRP in escrow on the ledger?  If so, are there instructions floating around about how to do so?  If this has already been covered  just point me in the right direction.

We believe Escrow is absoluatly the safest place to store XRP. Secure Block Chains has 2 products that allow you to place your XRP into escrow. It’s easiest within Harbor, our XRP Wallet. 

Harbor Wallet

If you have another wallet you prefer and that wallet can send funds with an invoice ID you can use Reservoir Lite

Edited by SBC-Daniel
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1 minute ago, SBC-Daniel said:

Secure Block Chains has 2 products that allow you to place your XRP into escrow. It’s easiest within Harbor, our XRP Wallet. 

Harbor Wallet

If you have another wallet you prefer and that wallet can send funds with an invoice ID you can use Reservoir Lite

Interesting, thank you for the links!

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I may just hold out for xPool on the chance that it allows us retail investors the opportunity to lend our XRP to a liquidity pool for interest or some such other incentive.

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A decent amount of XRP should be kept in Cold Storage. No worries of having a stash at a trusted Exchange. I recommend Bitstamp.
Escrow is not storage. It is locking your XRP for further use, like sell and trade with, for a given amount of time defined by the individual.

Edited by zenkert
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4 minutes ago, SBC-Daniel said:

We believe Escrow is absoluatly the safest place to store XRP. Secure Block Chains has 2 products that allow you to place your XRP into escrow. It’s easiest within Harbor, our XRP Wallet. 

Harbor Wallet

If you have another wallet you prefer and that wallet can send funds with an invoice ID you can use Reservoir Lite

Any news on when a Linux or Mobile Version of Harbor will be available, Please @SBC-Daniel?

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Guys are we all clear that XRP in escrow is not ‘safer’ than XRP in a XRPLedger wallet?

Escrow is just the same but with the restriction that you can’t access them till the conditions are satisfied.  

There is no standout ‘best’ way to store XRP for ordinary holders.  There is a heirachy of safety though.  And a properly set up and protected cold wallet is the safest of all.  

However there are risks with all and the biggest risk is an unaware user.  So please do the reading on the options.  

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9 minutes ago, Tinyaccount said:

Guys are we all clear that XRP in escrow is not ‘safer’ than XRP in a XRPLedger wallet?

Escrow is just the same but with the restriction that you can’t access them till the conditions are satisfied.  

There is no standout ‘best’ way to store XRP for ordinary holders.  There is a heirachy of safety though.  And a properly set up and protected cold wallet is the safest of all.  

However there are risks with all and the biggest risk is an unaware user.  So please do the reading on the options.  

If it is in escrow and someone steals your secret key, you can create a new key and disable the original. Having funds in escrow would prevent them from taking the funds while you are in the process of resetting your secret key. Escrow made the XRP safer in this scenario.

We use encrypted fulfillment ID’s to lock the XRP in escrow on top of the time based condition. That means the thief would have to steal 2 pieces of information to access your funds. Our escrow is safer in this scenario.

Also, if someone has compromised your computer and steals your wallet password, XRP stored in escrow is safe. 

If someone threatens you with physical violence to give up your XRP... XRP thats stored in Escrow is safe from that. It’s safe from court order. It’s safe from manipulation and phishing. 

Storing XRP in Escrow the way we do it is absoluatly safer than having it sitting in your wallet, regardless of wallet tech. 

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11 minutes ago, SBC-Daniel said:

f it is in escrow and someone steals your secret key, you can create a new key and disable the original.

Um, er,  so can the thief.  

I agree there may be certain conditions under which it is safer but it is a complex topic which is why I was simplifying.  

I read your list and I think I can come up with a counter for many.  But it’s all convoluted and I don’t want to have that conversation. 

I think a big benefit of a service such as yours is the fact that the customer is now in conversation with a security expert who has good guidelines for them to follow.  

So I agree there is value in your service and I hope you prosper.

That said....   I’m not sure everyone here fully appreciates the various nuances.  I wish Ripple would come out with a consumer wallet.  But at least there are options for those that don’t want to leave XRP on the exchange.  

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