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Binance has no proof of reserves for ETH/XRP, inadequate reserves for rest
- deleted 4y ago[deleted]
- napsterbr 4y agoI haven’t bothered transferring out my BTC to my own wallet because 1) it’s a tiny amount and 2) the chance of me screwing up and losing the coins was greater than my exchange blowing up. Apparently, the latter point no longer holds true, so I‘ve changed my mind and decided on taking ownership of my coins. Anybody got a nice, fool-proof tutorial/guide I can use to safely generate and manage my own wallet? I’m also open to any additional suggestions/recommendations you may have on how to do that transition.
- godzillabrennus 4y agoProbably best to buy a hardware wallet if you want ongoing support for accessing these in the future: https://www.ledger.com/ https://www.ledger.com/
- WanderPanda 4y agoI have mixed feelings with Ledger. On the one hand they have a lot of features and are very user friendly but on the other side their software (firmware) is quite buggy/unreliable. Additionally they leaked the home addresses of their customers some time ago… If the amount of coins is not material I would go with coinbase wallet (non-custodial) if you have an iPhone. If the amount is bigger and it is bitcoin only I would go with the coldcard wallet
- krono 4y agoNo, you should stay very far away from them. Besides their products being entirely closed-source, they also managed to leak very detailed customer data (that they weren't even supposed to keep) not once but twice. This lead to several cases of sophisticated and very persistent identity theft, robberies, and even home invasions, which Ledger did not even apologise for in any meaningful way. https://cointelegraph.com/news/ledger-data-leak-a-simple-mistake-exposed-270k-crypto-wallet-buyers https://cointelegraph.com/news/ledger-data-leak-a-simple-mis... https://www.coindesk.com/business/2020/12/23/from-sim-swaps-to-home-invasion-threats-ledger-leak-has-cascading-consequences/ https://www.coindesk.com/business/2020/12/23/from-sim-swaps-...
- xtracto 4y agoI dont understand "technical" people buying these sort of things... a crypto "wallet" is just a private/public keypair. Just store your keys I a Keepass file and make multiple copies of it. And maybe maintain a printed copy of your keys.
- mxwsn 4y agoMetamask and Brave wallets are free, popular and very easy to set up. They're considered hot wallets and not as secure as a hardware cold wallet like Ledger, but you'd have to wait for shipping and it isn't free. On screwing anything up: always send a test transaction first, and don't blindly copy paste - always verify the address manually. https://brave.com/wallet/ https://brave.com/wallet/ https://metamask.io/ https://metamask.io/
- bombcar 4y agoA middle ground may be to push them to coinbase; at least if they go tits up you know crypto is basically over.
- WanderPanda 4y agoIt‘s not over, thats when the fun begins! Maybe it actually already begins slightly before, when Tether collapses and pulls the whole Eurodollar system into the abyss.
- TedDoesntTalk 4y agoNot to be confused with Coinbase Wallet which is an independent wallet like MetaMask
- killingtime74 4y agoIf it's a small amount why not just sell it and buy it back in the future
- iceburgcrm 4y agoIt might double or triple or worse.
- killingtime74 4y agoOr halve or a third. Have you not been reading about FTX and Binance?
- ranguna 4y agoIf it's a small amount, it doesn't really matter even if it goes to 0. But it matters a lot if it triples or more.
- throwboi123 4y agoBuy hardware wallet, make sure to buy from the source, not third party, not Amazon. It could be tinkered. Use open source offsite wallet. Use steel/titanium plates. And here is the controversial part: use 1password, you can use it as is or combine it with your own method.
- Rastonbury 4y agoIf you don't hold enough that getting a hardware wallet is justified, get one of the more popular offline wallets for your coin, create a wallet (with addresses) and withdraw from exchange to the address. Keep your seed phrase safe, eg. written down and locked in a safe, password manager or encrypted file on USB/cloud storage. Again this is for amounts low enough it's not worth hardware wallet but imo it's safe enough
- hestefisk 4y agoFor my small amounts of crypto I just use MetaMask. My keys are written on a laminated piece of paper and put in a safe.
- kkielhofner 4y agoHow does the latter point no longer hold true? It will be interesting to see all of the desperate pleas for help and news stories in the coming months and years of a good chunk of these people who’ve moved crypto off exchanges having their own wallets hacked, losing their seed phrases, etc. To be clear I don’t wish for any of these things to happen but as people our nature is to mess up, lose things, forget stuff, etc. I don’t think many of these people fully realize there’s no “reset password” button or toll free number to call if things go sideways.
- HWR_14 4y agoThe second point is a comparison about which is more probable. If the risk of an exchange goes up (it becomes more probable), at some point it passes the risk threshold of losing control of the BTC in your own wallet.
- kkielhofner 4y agoExchanges have imploded, been hacked, been subject to exit scams, etc since Mt Gox. People just forget and there’s been enough newbies in the space this run they don’t know. That said I agree with you it’s tipped further but the vast majority of people playing with crypto don’t stand a chance of securing and maintaining their own wallet. Having a non-custodial wallet also defeats the purpose of crypto for most people - their only use is trading on an exchange.
- tarsinge 4y agoTipped? You need to update your model with what has happened in the last few months, it’s not a random exchange exploding every few years anymore. Yes there are risks securing a piece of paper, but don’t fall for the perfect solution fallacy, the alternative of keeping all their crypto on exchanges is simply irresponsible. Newbies this run that only signed and used exchanges like betting websites and don’t want to learn more then simply must get out, there is no alternative to owning your keys.
- 4y ago
- jungturk 4y agoI've used Jaxx (now Jaxx Liberty) for many years for a local (Mac) wallet. Many coins, no maintenance issues so far. https://www.jaxx.io/downloads https://www.jaxx.io/downloads
- tarsinge 4y agoI don’t believe the marketing of hardware wallets, I held comfortably for nearly ten years with piece of papers, and even in my password manager for small sums. The probability of burglary x they find the paper x they know what it is order of magnitudes less than an entity you give them online disappearing with them. A seed is just a few words, no recourse if you lose them but not that complicated either.
- runnerup 4y agoI either use https://www.bitaddress.org/ https://www.bitaddress.org/ Or Electrum on a Tails LiveCD.
- xiphias2 4y agoIf it's at least $1000, buy a Trezor: https://trezor.io/ https://trezor.io/ It's easier to use than Ledger, has a better history with privacy and the knowledge you get from using it will be good for you in the future. Under $1000 I use Bluewallet on my phone, the most important is to not click on a scammy ad instead of a real wallet (look at the number of downloads to make sure you don't get scammed).
- ww520 4y agoPeople are saying the exchanges borrowed the tokens from each other, produced a snapshot of the reserves, and then shipped the tokens to the next exchange to do the same thing. People were seeing large outflow of tokens from one address to another.
- LudwigNagasena 4y agoWhat “snapshots”? All transactions are visible on the chain. I don’t get how that is supposed to help. Could as well just use Photoshop?
- mikeyouse 4y agoThey rely on 3rd party attestations where an audit firm verifies that when eg Tether says they have $100 cash, 1 btc and 1 eth, they actually do. The issue comes when these “point-in-time attestations” are gamed by eg taking a 1-day loan the day before the statements are sent so that the cash balance qualifies.
- dd36 4y agoThat would never fly with a real audit. You’d perform a triple tie out and the incoming cash transaction would have to be recorded. And you never do a single day.
- acjohnson55 4y agoProbably why very few of these organizations do real audits.
- pifm_guy 4y agoThe audit documents make clear they are point-in-time. I'm sure if they could do an audit for a full year/quarter, they would. But they didn't, so they can't.
- dd36 4y ago
- umeshunni 4y agoSee this comment with a response from Binance: https://www.reddit.com/r/CryptoCurrency/comments/yxxugl/comment/iwvh9r0/?utm_source=reddit&utm_medium=usertext&utm_name=CryptoCurrency&utm_content=t1_iwvsp3r https://www.reddit.com/r/CryptoCurrency/comments/yxxugl/comm...
- deleted 4y ago[deleted]
- balsam 4y agoThe Binance response: updated proof of reserves can be found at https://www.binance.com/en/collateral-btokens https://www.binance.com/en/collateral-btokens
- Thorentis 4y agoCan't wait to see the whole crypto house of cards eventually collapse on itself. Hopefully then we can move on to more productive things. The only cryptos I can see surviving are those with actual utility. Monero for example. Possibly ETH since the smart contracts may have other uses in future. But all these second order tokens are just vaporware that need to die.
- hestefisk 4y agoHow come monero? Because of its secrecy properties?
- BoiledCabbage 4y agoLikely because that's the one he's invested in.
- baxtr 4y agoThat's the usual way to "shill" a coin. Say something people would agree to and then say, well there is this one exception... However, I believe that's not what OG was doing. Coins like the one he mentioned are used for illegal money transfers. So they actually have a use case unlike everything else in Crypto.
- Nevermark 4y agoI thought Monero was going to grow in value in some kind of proportion to the term of Russian sanctions. The total Monero market cap is too small to make a dent in any nations attempt to get around sanctions, but that would mean even a "small" amount of Monero use would pump its cap. And as its cap went up, its ability to process larger transactions would go up. [Added] A virtuous (villainous?) cycle! I still think that is valid long term reasoning, but the crypto market has so many different forces on it, so many hidden dynamics, that it's still better modeled as a casino than tech.
- imtringued 4y ago
- yewenjie 4y agoI am a bit perplexed about Binance recommending self-custodial wallets, heavily promoting its own Trust Wallet[0]. They are even offering zero withdrawal fee for transfers from Binance to Trust. Given that only the core of Trust is open-source [1], is it possible that the closed-source parts contain some backdoor? [0] - https://trustwallet.com/ https://trustwallet.com/ [1] - https://github.com/trustwallet/wallet-core https://github.com/trustwallet/wallet-core
- recuter 4y agoLess than 24 hours ago on CNBC: Changpeng Zhao, Binance CEO, says he wasn’t aware he and FTX CEO were “sparring partners.” Zhao: Only a 'psychopath' could write that tweet *Crowd Cheers* Immediately followed by PR-english ponzi-noises of how crypto has only penetrated 0.5% of the market and they can still easily grow x100. https://www.youtube.com/watch?v=PzGZkPeW_MA https://www.youtube.com/watch?v=PzGZkPeW_MA I know what you guys are thinking... this is good for bitcoin.
- karmakurtisaani 4y agoSo if I understood correctly, it was the Binance founder who crashed FTX by selling their FTX tokens. I wonder if they regret it now, as it has caused a massive turbulence in the crypto space. Not that I really care, but it's still funny to think about.
- pjkundert 4y agoUse https://slip39.com https://slip39.com Create a new seed (using your own dice rolls to create good entropy). Practice recovering your BIP-39 Mnemonic from your SLIP-39 Mnemonic cards. Print out the cards, and decide who you’ll share them with. Send them. Then, transfer your Bitcoin, etc. into the address printed / QR-coded on the card. No hardware wallet required; later, use a hardware wallet to recover the account private keys, and use your coins.