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Word of caution. Stolen funds

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24 minutes ago, Dutchpinoy said:

The same reason why internet should not be taken seriously. Do Nigerian princes send spam by airmail? Does your pen download viruses? Are you any fun to be around?

No, Nope, Never!

Poor analogy.

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7 hours ago, Mods_are_tyrants said:

A huge reason why crypto has such a uphill battle to ever be legitimate. Does your Fidelity account get hacked? Does your stock get stolen? Do you fear losing your retirement?

No, Nope, Never! 

how much has been hacked from SWIFT over the years (as one example)

stocks- like that goldmine scam years ago? (one scam among many)

many have lost their retirement to shadiness

it don't matter the tech, human nature finds a way always

 

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5 hours ago, fiik said:

how much has been hacked from SWIFT over the years (as one example)

Nothing has been hacked from SWIFT over the years, just like nothing has been hacked from the XRPledger over the years.

The banks are hacked, not the messaging system.

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Quote

The attacks exploited vulnerabilities in the systems of member banks, allowing the attackers to gain control of the banks' legitimate SWIFT credentials.The thieves then used those credentials to send SWIFT funds transfer requests to other banks, which, trusting the messages to be legitimate, then sent the funds to accounts controlled by the attackers.

 

Edited by fiik

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1 hour ago, fiik said:

 

Indeed. So SWIFT was not hacked.

The only organization that hacked SWIFT was the NSA, only to look at some transactions, not to steal funds. 

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On 6/28/2018 at 6:46 AM, Deeznutz said:

So, dumb question. What happens when your Nano breaks? I have one and it’s set up but I just get a bad feeling when I think about using it. I just use Toast.

@FreedomGundam, why do you put these crazy emojis everywhere in your posts? I mean, you keep on with what works for you, but uh, just wondering. 

First tip, own 2 Nanos and set up the same key words.

Second tip: You can generate the XRP private key from the key word using a BIP44 tool, like the one here: https://iancoleman.io/bip39/  (use it offline by cloning into github) also note that the Private Key is not the same as the Ripple Secret, for that you’d need the Ledger Recovery tool - the only issue there is that you need to use the right version of node as a lot of the libraries were changed. I though I got it working last time by replacing old libraries, but then it failed at the end. Ledger is aware of this issues, but as of yet no fix.

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On 6/28/2018 at 12:19 AM, Black said:

It doesn't matter how much XRP someone owns today, it's better to cough out a few bucks for a hardware wallet and be safe on a potential hundred, or even thousand dollar investment for tomorrow. 

millions.

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22 hours ago, Mods_are_tyrants said:

A huge reason why crypto has such a uphill battle to ever be legitimate. Does your Fidelity account get hacked? Does your stock get stolen? Do you fear losing your retirement?

No, Nope, Never! 

It's not so much an uphill battle as it is a process that's still unfolding...with early adoption advantage comes early adoption risk, you should know, you've been here longer than most apparently...the entire infrastructure that will legitimize and functionalize the crypto space is still in the process of being built...there will be custodial solutions for retail as well institutional investors eventually, it's a necessity...

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the best thing people can do is store their XRP on several forms of media. some some on the exchange, some on a Nano S, some on a trezor etc.

id rather spend $200 up front with at least some piece of mind then store all of my XRP in one location and lose much more. 

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I know of a very secure method of storing wallets with unlimited backups. Will do a video when I get back from vacation.

 

Edit: it's also free

Edited by LucidRain

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