Concerns about online wallets

[Mr760]

Are we expecting a wave of cyber attacks?

All these warnings are creeping me out. I have both GateHub & Coinbase accounts. I have only a little bitcoin & XRP but its mine and I want them safe, and online preferably. Can we trust these 2 well known wallets?

I want to see Ripple Crew create a secure wallet online, one that is what will drive XRP demand due to a security like no other... Online security and insurance of coins would be cool from Ripple, although the insurance part is just another motive for big corporate hacking to take place, unfortunately. 

The Government have already had their sticky hands in CoinBase just by thinking to take action ton view accounts. Will the GOV pull Coin Base for accounts as India has done with gold and it's citizens are we heading this way.

Genuine issue for me and a REAL concern for the community? Would like to hear the people's opinion. ...

https://www.cryptocoinsnews.com/bitcoin-core-developer-rely-proper-bitcoin-storage-methods/

Edited December 25, 2016 by tomxcs
Edited fear-mongering title

[T8493]

1 hour ago, Mr760 said:

I want to see Ripple Crew create a secure wallet online, one that is what will drive XRP demand due to a security like no other... Online security and insurance of coins would be cool from Ripple, although the insurance part is just another motive for big corporate hacking to take place, unfortunately. 

 

 

Ripple Labs is probably not allowed to create consumer-facing online wallets.

EDIT: according to the Ripple Labs - FinCEN settlement.

 

Edited December 25, 2016 by T8493

[Mr760]

@T8493 ... ALLOWED!  Wow! .. I'm sure they could have some kind of a bank like system used only as insurance/liquidity for XRP. XRP native to then trade, with the insurance companies, i dont know, I'm not an industy expert... but... The XRP wallets would be updated at the end of each day ONLINE, i guess with some kind of blockchain encryption. The speed of the update to 100's of millions of (XRP CRYO WALLETS) would need to be set up to be extremely fast, for obvious reasons. I'm sure another fund of Hardcore fundraising and recruitment would be in order... 

I guess I should just wait... Maybe GateHub.net will do something great... I just like the fact that the network would have 100% community in its best interests.

 

 

[cmbartley]

XRP in the Gatehub "Hosted" wallet has some sort of guarantee or insurance. Coinbase has the coinbase  vault.

[T8493]

4 hours ago, cmbartley said:

XRP in the Gatehub "Hosted" wallet has some sort of guarantee or insurance. Coinbase has the coinbase  vault.

What guarantee or insurance?

There's no "guarantee" AFAIK. I'm not even sure that the money is stored in a fiduciary bank account.

 

[Mr760]

@T8493 I'm going to have to agree with you I have never heard of this guarantee or Insurance. @cmbartley please send me a link or a path to access this information. 

[cmbartley]

1 hour ago, Mr760 said:

@T8493 I'm going to have to agree with you I have never heard of this guarantee or Insurance. @cmbartley please send me a link or a path to access this information. 

Will look when I have a computer. I dont know this for sure but I vaguely remeber enej saying something to that effect. that xrp in hosted wallet is effectively insured but that xrp in ripple wallet is not. Could definitely be wrong. I hold my BTC in a coinbase vault and have xrp spread over >5 different accounts. 

[cmbartley]

I now think that I'm likely wrong. @enej @gatehub?

[Malloy]

10 hours ago, cmbartley said:

...and have xrp spread over >5 different accounts. 

Same here..probably the only way not to loose everything if the worst happens.

[joy]

@cmbartley 

5 wallets in gatehub?

All with the same password? 

I think gatehub needs to implement  different password for each wallet.

Edited December 27, 2016 by joy

[cmbartley]

I have one wallet with GateHub.

[faz]

i think if gatehub had a wallet that you could put a portion of your xrp into and they held this as a cold wallet it would make gatehub very popular . i wonder if they plan to do this in the future ?

[kanaas]

i think if gatehub had a wallet that you could put a portion of your xrp into and they held this as a cold wallet it would make gatehub very popular . i wonder if they plan to do this in the future ?

One of the key specs of a cold wallet is that its JUST YOU having the secret key (off line)


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[faz]

20 minutes ago, kanaas said:

One of the key specs of a cold wallet is that its JUST YOU having the secret key (off line)


Verzonden vanaf mijn iPhone met Tapatalk

i know some people are not comfortable creating their own cold wallet myself included , so i was thinking if gatehub could create a communal cold wallet address  it would attract a lot of new customers , lets face it the biggest downside to cypto currency at the moment is security , also they could charge a small amount of xrp to keep it safe for you , would like to hear thoughts from gatehub on this please ?

 

[kanaas]

1 hour ago, faz said:

i know some people are not comfortable creating their own cold wallet myself included , so i was thinking if gatehub could create a communal cold wallet address  it would attract a lot of new customers , lets face it the biggest downside to cypto currency at the moment is security , also they could charge a small amount of xrp to keep it safe for you , would like to hear thoughts from gatehub on this please ?

 

So you're thinking of a kind of stalling your XRP by Gatehub in cold wallets with the keys just in their hands? Seems complicated in case you want acces to those funds. After time you'll need to ask those funds (partly) returned to you while they have to be sure that you're the right guy who's asking. That will open another vector for thieves. I guess that multisign can offer better protection, but being less complicated.