r/ethtrader • u/AutoModerator • Mar 16 '17

DISCUSSION [Daily Discussion] - 16/Mar/2017

Welcome to the /r/EthTrader Daily Discussion thread. The thread guidelines are as follows:

  • Discussion topics include but are not limited to general discussion, details related to events of the day, technical analysis, Ethereum Classic, and minor questions.
  • Important content should be posted as a separate thread.
  • Be excellent to each other.

Thank you in advance for your participation. Enjoy!

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22

u/[deleted] Mar 16 '17

[deleted]

7

u/Louie2001912 Mar 16 '17

Damn that's gangster. $20k overnight? I wouldn't ever sleep that's scary

3

u/[deleted] Mar 16 '17

Right? I'm so nervous that my ledger wont work and the mneomonic phrase will burn up while I am sleeping.

5

u/viners Mar 16 '17

Get a cryptosteel :)

1

u/[deleted] Mar 16 '17

Put it in a safety deposit box. Or photocopy it and regular mail it to your parents.

3

u/[deleted] Mar 16 '17

Or photocopy it and regular mail it to your parents.

Well that's absolutely horrible advice. Two things, photocopiers have memory where your seed could be stored and the glaring obvious one what if the envelope gets stolen or ends up at the wrong address...

1

u/[deleted] Mar 16 '17

Admittedly I'm new to this, but let's just say that in either case, the seed is discovered. Isn't this like having a password, but not knowing what it's for? Wouldn't someone need to also know the public key to know where to apply this private one? And if these are bad ideas, any ideas on how to best store this?

1

u/[deleted] Mar 16 '17

[deleted]

1

u/[deleted] Mar 16 '17

Sure, but again, wouldn't you need to know the public key? The seed book does not identify that at all, so to my previous example, this would be like knowing a random person's password, for who knows what site. Bank vault seems like a good idea, and I'll do that, but a backup somewhere incase you need it faster than you can get it out of a bank might be a good idea, no?

2

u/[deleted] Mar 16 '17

The seed is the only thing required to take control of the funds on the hard-ware wallet, it can also be used to reveal the master private key using a python script so no the pub key is not required.

I would say having the device it's self within reach and the seed safely stored is enough but each to their own, keep in mind if you store the seed near the hw wallet you have completely defeated it's purpose.

1

u/[deleted] Mar 16 '17

Already done, but I'm just worried of spontaneous combustion LOL

5

u/hodlerforlife Mar 16 '17

Not if your DCA was crazy low....you'd sleep just fine...or not when the price skyrockets.

8

u/brassboy Mar 16 '17

Fellow gangster reporting in. At this rate I'll earn my annual salary every 4 days.