Do You Split Up Your Stack? \ stacker news ~bitcoin

4944 sats \ 56 comments \ @hodlpleb 23 Jan bitcoin

I know enough about computers and bitcoin to understand the wild improbability of someone guessing my seed phrase / private key, but in the back of my mind I am always a bit nervous about the random chance that the universe aligns - especially for people using a mass-produced hardware device to generate their keys.

I know that the big companies hold massive amounts in a single wallet and would be catastrophic if someone cracked those - along the same lines, would be catastrophic for me if someone got into my wallet.

Along the same lines, you don't want to have too few satoshis in a single wallet, incase fees are higher in the future, etc.

Mostly curious what you all do / think.

Keep all in 1 wallet, no matter how much30.6%

Split into 2 wallets, no matter how much5.6%

Split into multiple wallets63.9%

36 votes \ poll ended

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1023 sats \ 23 replies \ @Undisciplined 23 Jan

I'd like to select "Nice try fed!", but it wasn't available.

446 sats \ 21 replies \ @siggy47 23 Jan

Damn, I'm slow today. Enjoy it. You earned it.

311 sats \ 20 replies \ @Undisciplined 23 Jan

Were your powers derived from your cowboy hat?

48 sats \ 19 replies \ @siggy47 23 Jan

Yes. I have suffered a kryptonite-like attack.

258 sats \ 14 replies \ @Bitman 23 Jan

What the heck happened?

27 sats \ 9 replies \ @siggy47 23 Jan

Nothing. Ignore my nonsensical babble.

185 sats \ 0 replies \ @Undisciplined 23 Jan

Sounds suspicious. We better guard our hats vigilantly.

51 sats \ 7 replies \ @Bitman 23 Jan

Still, I'm taking my hat off, out of respect, for a while...

0 sats \ 6 replies \ @siggy47 23 Jan

I think it's what the cool kids are doing.

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21 sats \ 3 replies \ @Undisciplined 23 Jan

Something's brewing amongst the superhats. I don't think it concerns the likes of us.

27 sats \ 2 replies \ @Bitman 23 Jan

I'm picturing instead of littering the outside of Siggy's home with malicious USBs (as in Mr. Robot) someone strewn Stretsons near his door and once he tried one on the fishing rod guy on his roof lifted his old, unguarded one.

21 sats \ 1 reply \ @Undisciplined 23 Jan

You know what? That is what must have happened.

No wonder he doesn't want to talk about it. Siggy fell for the oldest trick in the book.

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235 sats \ 1 reply \ @Bitman 23 Jan

You'll get it back up to the big league numbers again.

0 sats \ 0 replies \ @siggy47 23 Jan

Thanks

185 sats \ 1 reply \ @Undisciplined 23 Jan

Yikes! The new sheriff (who somehow has an older cowboy hat than the last sheriff) has big shoes to fill.

48 sats \ 0 replies \ @siggy47 23 Jan

Don't trust anyone around here with cowboy hat claims. It's a cut throat business these hats.

0 sats \ 0 replies \ @secretagentman 23 Jan

He's a floater

47 sats \ 3 replies \ @harrr 23 Jan

I use several wallets, depending on where the coins come from. I have of clean, non-KYC coins linked to different "identities". Putting them all in one wallet would make it too easy to track.

0 sats \ 2 replies \ @Eobard 23 Jan

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0 sats \ 1 reply \ @harrr 23 Jan

That's awful advice.

The key is learning how to manage your UTXOs and not mix them wrongly.

One mistake in my entire life and my identity leaks. I know what I'm doing.

0 sats \ 0 replies \ @Eobard 23 Jan

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24 sats \ 7 replies \ @TNStacker 23 Jan

Never put all your eggs in one basket!

21 sats \ 6 replies \ @Eobard 23 Jan

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0 sats \ 5 replies \ @TNStacker 23 Jan

So, if all your eggs are in one basket and you drop or lose that basket, one is left with no eggs. If one uses more than one basket and you lose or drop one, there is no total loss. This principle is one of the most basics in the investment world.

21 sats \ 4 replies \ @BitcoinIsTheFuture 23 Jan

Just diversify with storage for sats, not for 💩coins and the Web 3.0 BS!!!

0 sats \ 3 replies \ @TNStacker 24 Jan

Why are you even bringing up shitcoins? This is a discussion about storing bitcoin.

21 sats \ 2 replies \ @BitcoinIsTheFuture 24 Jan

There are countless people who start with Bitcoin and diversify to other coins. This has been tied to the traditional means of diversifying that you referred to about not having all you eggs in one basket. I advise against 💩 coins and diversifying to them.

Was proving a point!

10 sats \ 1 reply \ @TNStacker 24 Jan

Great point! I certainly did not mean to imply diversifying bitcoin with shitcoins, ha ha.

My personal experience (major hurricanes, earthquakes and tornadoes) says have enough fiat, fuel, water, dry food, and ammo to last 2-3 weeks with no grid/cell/internet. During Katrina we had to defend (but also share with neighbors) within 4 days when people's freezers thawed. Grocery stores were emptied before the storm hit.

21 sats \ 0 replies \ @BitcoinIsTheFuture 24 Jan

I know you didn’t. Just want to make sure we teach anyone else reading this.

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45 sats \ 0 replies \ @OT 23 Jan

I think its good to have a few hot wallets here and there like mobile LN wallets and coincoin wallets. Cold storage should hold the majority of your funds and be the most difficult to access.

15 sats \ 2 replies \ @Bitcoin_Bootcamp 23 Jan

Modern hardware wallets often generate new addresses automatically, and each address is derived from the wallet's seed. While these addresses might appear different, they are fundamentally linked to the same seed. When you request an address from your wallet, it provides a new one, enhancing security.

In most cases, relying on a single hardware wallet should suffice. However, if there is a concern about losing the seed, using two or more hardware wallets can add an extra layer of security. Initially, users might send transactions to the first address provided by their hardware wallet, but later on, managing UTXO could help up this process.

@harrr's idea in the comment section is also reasonable, give it a thought.

Please correct me, if I am wrong :)

10 sats \ 1 reply \ @hodlpleb OP 23 Jan

My concern around a hardware-generated seed is the actual level of randomness. I haven't looked into anything specific, but for most hardware wallets the randomness seems to be computer-generated - as opposed to rolling dice, etc.

10 sats \ 0 replies \ @Bitcoin_Bootcamp 23 Jan

So, it's more about how much entropy the generated seed has. In my opinion, some hardware wallets really excel in this.

Hardware Wallets: They use special algorithms to create randomness (entropy) through cryptographic methods, making them secure against various risks. They often let you also add a 25th "word" with your own numbers or letters.
Dice: They give you randomness based on the physical environment (like the table material or forces applied).

I recommend checking out this article about the secure layer of the open-source Bitbox02 made in Switzerland. Big credit to these Cypherpunks! :)

10 sats \ 0 replies \ @justanumber 24 Jan

Thanks for asking this, I've been wondering what other people's thoughts are on this

21 sats \ 0 replies \ @Fabs 23 Jan

"Very long, wildly complex and random passphrase"

Has entered the Chat; Use me! Abuse me!

10 sats \ 0 replies \ @sathoarder 23 Jan

I find a 2 of 2 multisig gives me the peace of mind that my main stash won't be "stumbled upon"

10 sats \ 0 replies \ @kurszusz 23 Jan

Yes, I split in 2 wallets, but it's matter how much :) In 1 wallet around 75% (~4500 BTC), and in second wallet 25% (~1500 BTC)

The amount was just for fun, of course...I never had this amount of Bitcoin :)

10 sats \ 7 replies \ @0xbitcoiner 23 Jan

Set a value and split it into several wallets. It's safer for sure.

0 sats \ 6 replies \ @Eobard 23 Jan

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0 sats \ 5 replies \ @0xbitcoiner 23 Jan

A multi-signature wallet is safe, but you have to trust other people a lot. These days many people don't have people they can trust. One of the advantages of having several wallets is that in the event of a robbery or theft you'll only be left without one.

52 sats \ 4 replies \ @Eobard 23 Jan

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0 sats \ 3 replies \ @0xbitcoiner 23 Jan

I've never done a multi-signature wallet, but from what you're saying, in practical terms (number of seeds and passes) it's almost the same. Is the pass smaller than the seed?

132 sats \ 2 replies \ @Eobard 23 Jan

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0 sats \ 0 replies \ @0xbitcoiner 23 Jan

thanks for the detailed explanation

0 sats \ 0 replies \ @Eobard 23 Jan

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0 sats \ 0 replies \ @orangecrush 27 Jan

Best place to store your stack is at the bottom of a lake. Boating accident storage plan.