0 sats \ 8 replies \ @Satosora 19 Aug \ on: A bitcoin scam uncovered: get some eyes on this bitcoin
Which website is this? Is it wrong to still use paper wallets?
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20 sats \ 1 reply \ @icecakes OP 20 Aug
paper wallets as a concept are excellent for cold storage. using seed phrases, we have come a long way.
use a reputable app to generate the wallet, offline of course, and etch the seed into a butter knife or something rather than paper. Finally make sure you can restore the wallet from the seed before you transfer significant amounts to it.
set up a watch-only wallet app to get receiving addresses.
don't transfer paltry amounts to your cold storage. 1m sats or greater per transaction
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0 sats \ 0 replies \ @Satosora 20 Aug
I was always under the impression to have many paper wallets. Ones of different values, so you can sweep them into your main wallet to spend whenever.
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20 sats \ 5 replies \ @k00b 19 Aug
WalletGenerator.net
In general, you shouldn't be using paper wallets made using a website like this. They frequently have "backdoors" like this for lack of a better term.
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10 sats \ 1 reply \ @ken 20 Aug
What are the chances that one of the major hardware wallet manufacturers has a backdoor just like this?
Multi-signature schemes can protect against this, but it still concerns me.
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10 sats \ 0 replies \ @k00b 20 Aug
Yep, that's why it's best to multi-sig with multiple manufacturers. A quorum would need to be compromised and collude to rob you.
backdoor just like this
This backdoor is really naive. If there's a backdoor in a major hardware hardware wallet, it's likely some kind of deterministic entropy.
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0 sats \ 2 replies \ @Satosora 19 Aug
I think walletgenerator.net was bought out and then everyone was stolen from. I havent heard any bad news about some of the others. I havent heard anyone stealing from the bitaddress.org site yet. I usually use this to give bitcoin away to friends and family.
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20 sats \ 1 reply \ @k00b 19 Aug
I've used these sites in the past too. It doesn't change the fact that they are especially vulnerable to these kinds of backdoors.
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0 sats \ 0 replies \ @Satosora 20 Aug
You could be right. Im just used to the old tech. So far it hasnt failed me yet.
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