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Securing your XRP: is there really a "safe" way?


ObservantOne

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Hello everyone!

As the title suggests, I am concerned with the storage methods of XRP.

Recently, I have heard people mention trouble with the Jatchili client, as well as other wallets, when sending/retrieving XRP.

I am very leery of installing a wallet on my WIN7 PC, as there are many vulnerabilities, some of which we are not even told about until years down the road. 

I have not completed the setup of my Linux Mint Cinnamon as an air-gapped computer is still not secure. Recently, we have been made aware of NSA malware, OutlawCountry, that was distributed by ShadowBrokers.

I have two Ledger Nano S hardware wallets, and they confuse the crap out of me: if every wallet on the Nano is required to have it's own unique secret key, and each secret key requires it's own unique 24 word seed, how can the Ledger Nano retrieve ALL secret keys with it's OWN 24 word seed if your secret keys are not stored anywhere? 

The purpose of the hardware wallet was to secure my Secret keys ON THE DEVICE, not stored somewhere for the Ledger to retrieve. 

How is this possible?

Another question: Does anyone know of any wallet that is being developed where the developer does not have access to your secret keys, only generating the keys on the device as it is connected to the XRPL? We all need a secure way to claim our XRP. If there are wallets/software developed for banks/MMs to use it as an asset in a secure way, then there should be for commercial use as well. I would imagine a Hardware wallet with a large storage capacity would suffice (allowing for the addition of other wallets in the future).

Help with this would be appreciated!

O-1

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Just now, Hodlezerper said:

Am curious as well...

What if we had some sort of centralized trusted third party that we loaned our XRPs to in exchange for safety? :crazy:

 

The exchange does this. Your XRP in their public wallet is only yours when you claim it (i.e. moving it to another address, outside of their public wallet). What happens when the exchange is compromised? The "Trusted" third party would have to be insured/backed up by something, and even then I would be very leery (as I am of the exchanges).

As far as I know, Coinbase is insured. This might explain their high fees.

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5 minutes ago, ObservantOne said:

The exchange does this. Your XRP in their public wallet is only yours when you claim it (i.e. moving it to another address, outside of their public wallet). What happens when the exchange is compromised? The "Trusted" third party would have to be insured/backed up by something, and even then I would be very leery (as I am of the exchanges).

As far as I know, Coinbase is insured. This might explain their high fees.

Totally. Was making a bad joke about using banks. Sort of laughing about how when technology explodes like this and a new generation has to re-learn the stuff we already put in place, but hopefully it's now just a better implementation...rinse...repeat. History...forever. lol.

 

 

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