Hacker News Reader

Yeah, crypto is great. If anybody ever gets their hands on your wallet or the seed phrase, all your money is gone, and as per the system there's absolutely zero recourse.

You get to be your own bank, including being in charge of security. Screw up once, and you're screwed.

View on HN

So people invented cold/hot wallets, like, 10 years ago.

Store most of the fortune encrypted and out of internet connection or on hardwallet, if you have large sums, transfer small sums (like, monthly usage) once in a while to your phone wallet and use freely.

It's not that easy to loose access, by the way, if are not dumb and don't open all shady executables you could find in the internet.

cold wallets... kinda need to remember them right, like a key or a password or a phrase. so you store that somewhere. now that's somewhere can be compromised and you are out of your money.

I've stored those on paper in a safe and on a little plex server with local network only access. Both of those attack surfaces are very small, require immediate proximity, and one runs a substantial risk of injury or death to attempt.

What if you forget your credentials and the the money is still there, but can never be used?

Related question, can you pass the money to your relatives when you die?

Reply on news.ycombinator.com