Where to keep ADA

daedalus

#1

From the posts below it seems slightly risky (not theft, but wasting time) to keep it on the Daedalus wallet.
Someone mentioned a "Thin wallet " coming out in the near future? Any idea when?
I won’t be buying a lot, so maybe just keep it on the exchange until the new wallet is out? And yes I know exchanges aren’t safe, but it won’t be much and I don’t want to go through all the crazy steps of reloading Windows etc just for a wallet.


#2

I once thought that keeping it on an exchange was safe, but its truly not the best route, Binance couple day’s ago just went through a mishap and the problem is you never know when something of that nature could happen, Daedalus when installed works just fine, if a quirk comes up then you probably would want to wait, but otherwise if you can install a wallet securely on your computer than it is a good option for your ADA and better than leaving it in someone else’s control.


#3

I honestly do not know how many people are having issues…but I would think the vast majority do not have problems…why not just give it a try?..I have not had any problems on windows 10 (including the previous version of the wallet)…


#4

Yep - Think that’s what I’ll do. Thanx


#5

I figure you will need the wallet in one form or another to redeem your interest when the ADA staking ability is implemented. I figure the process, may fall around the NEO GAS redemption in the Neon wallet. If you are familiar with that process.


#6

Unfortunately not - don’t own any NEO. Will test Daedalus 1st and take it from there. Thanx for the feedback.


#7

I think there‘s a little FUD to all the wallet problems :smiley: if you compare Daedalus to e.g. IOTA wallet before the coming update, Daedalus is like wallet from the year 2090 and IOTA from 1989.

No FUD towards IOTA, I love it. But the wallet is like…


#8

The number of problem posts does concern me. Any idea

  1. when there will be an update to Daedalus?

  2. When the lite wallet will be released

    1. Suggestions of a safe exchange to buy and temporary keep ADA
      until either of 1 or 2 happens.

    I’m not very technical and have no patience for loading/reloading
    things. Will give Daedalus one try, but that is it.

    Sorry - I’m new here (will be investing in ADA early next month).
    Have been in crypto since 2014 and been all in Dash since 2016,
    but want to diversify and was quite impressed with what I’ve read
    about ADA. Love your roadmap (Dash’s communication to the
    community re progress is poor to say the least).

    Thanx for all the feedback so far. Community is very helpful -
    good sign! :slight_smile:


#9

This was my process in eliminating my concerns. I too, had your reservations after reading through the long list of Daedalus issues on the community page. I first downloaded the Wallet and opened it daily for a couple of weeks. After this last update, I loaded the minimum amount allowed to be transferred by Binance. Left that in for a couple of days, while opening my wallet daily, then did a second minimum transfer. I withdrew my ADA back into Binance. I was satisfied after all transfers executed flawlessly. So I deposited my entire position into the Daedalus wallet. I open it daily, and everything has been fine. I had kept my ADA in my Binance account, which I know people tell you not to do. I have all of my security settings at their most strict settings and have never had issues. But I mean 2FA google authenticator for every sign in, every transaction, and passcode to enter authenticator. A email account dedicated to only my Binance account. With notification for any activity set. I know that even all that still holds a factor of vulnerability but it is mitigated to the best of my knowledge. Not sure if you are willing to jump through so many hoops, but that was my process. Good luck.


#10

The risk of holding on an exchange is not due to people hacking your account, of course that is also a risk but the main risk is the exchange themselves being hacked, rendering all of these methods useless. It just takes one leak or compromise of their seed or a hack of their transaction system of one of their main accounts and the huge chunk of their balance of the exchange is gone making them insolvent.

Good Exchanges are very safe in terms of people hacking your account, that is unlikely with all of these safety measures. With all of the safety measures you put in place, yeah it is very safe… But thats not the main issue, and its not how big money has gone missing. I use binance myself, but would never “store” anything there, only if I am engaged in a trade and I never do that with 100% of holdings.


#11

Yeah, in that scenario you can’t really do anything. I like Binance, and seen how they have conducted themselves in these last few breeches and feel somewhat confident in the exchange trust-ability. Even though there is no guarantee the exchange has the choice to make it’s compromised users whole. We saw that on the bot hack that brought on unauthorized buying and selling that was not even Binance’s issue. Yet Binance reversed the transactions and made their traders whole. That is good to know, but never assume it will be a certainty.


#12

Yeah they could do that because none of their funds were hacked, and this was an outside issue. But if their main funds are compromised, there will be no funds to make people whole. I guess with smaller compromises they might have funds to cover due to being profitable, but yeah they should have some insurance accounts.


#13

Like bitfinnex…

One wallet stores 175K btc…

https://bitinfocharts.com/bitcoin/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r

Compromise of that wallet, and its gone.


#14

I agree on the insurance, but realize that issue becomes double edged with regulation. I think the future of cryptocurrency will be a slow evolution, with a series of breeches and regulation compromise.


#15

Thankfully, Binance’s risk management system kicked-in and suspended withdrawals once it spotted the abnormal trading action. Because of this, the hackers could not actually reap the rewards of their bounty, and Binance froze the accounts they used to pump Viacoin before-the-fact. So they ended up losing, not gaining, in the end, and Binance’s CEO announced that the exchange will be donating these coins to charity

It’s funny that the hackers ended up losing funds. Binance CEO must of been rofl after that bombshell. :smile:


#16

I had something similar in mind. LOL: Maybe not so extreme. Great minds :slight_smile: