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Pretty scared

Discussion in 'General Discussion' started by Anonymous Dude, Mar 6, 2017.

  1. Anonymous Dude

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    Greetings, I recently purchased 1,000 Dash, spent $40k, but now I am totally scared after having read about some people losing they're coins when they're wallet crashes and all that fun stuff. What are the safety measures?
     
  2. Naruto

    Naruto Member

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    Backup your wallet file. Multiple backups


    使用Tapatalk 發送
     
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  3. tungfa

    tungfa Administrator
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    TREZOR or any hardware wallet
     
  4. Krustee

    Krustee New Member

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    Plus safe. You wouldn't leave $40k just sitting in a kitchen drawer


    Sent from my iPad using Tapatalk
     
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  5. tungfa

    tungfa Administrator
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    exactly

    bottom line:
    " Be your own Bank "
    (what we are doing here)
    brings a LOT of responsibility !! secure your wallets !! secure your passwords !!
    not only against theft or hack, fire + water are enemy No. 1 !!

    whatever you store, use a http://www.pelican.com or the likes
    if you have 1 backup - u are still short 3 others in my opinion) - remember HD's fail
    in my world (photography) nothing is save digital until i have that on 4 Drives
    +
    separate continents (for the double paranoid as me ;))
    send 1 backup double encrypted to your Mum (home) or whoever else lives on a separate continent than you
    more crazy safety tips ? ask me anytime (above are the top 3 )
     
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  6. Krustee

    Krustee New Member

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    Great tips @tungfa

    Which kinda leads on to a slightly different topic of how to bring mass adoption of crypto while making it simple and safe for the average joe.

    Education is key, but there are a few generations to educate which is no small feat.
    Kids of today can pick it up quickly but you've got 70 years of use before people those kids as the older generation see it as mainstream.


    Sent from my iPad using Tapatalk
     
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  7. Anonymous Dude

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    alright, and
    Can I get the masternode with a trezor? I plan on using masternode.me to host the services. Is this possible?
     
  8. tungfa

    tungfa Administrator
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    remember - i have the middle age here (not 30 - not 70 ;)) to get good tips out as i am a n00b as they come
    this will all be much easier when evolution hits - but until then yes we have to deal with this complicate tech and there are many different ways and options.
    key is to find your system of security that works for you
    :D
     
  9. Anonymous Dude

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    If Dash charges a monthly fee for support/tech/calls I would gladly pay.
     
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  10. Anonymous Dude

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    I'm now gonna mess around with the backup thing. When I backup my wallet is it supposed to save my dashes inside it? So if I delete the wallet and re-load from the backup, the dashes will be in there. Also please help me understand what a wallet is, like can I re-load my wallet from a backup even though dash.org may be using a more advanced version? So lets say if I backup 12.1 but then lose it and then dash is at 12.4 will 12.1 work to retrieve dashes?

    I know I'm making some questions that may seem obvious to you, but I don't know much about PCs. And I would rather learn this really really well before messing around. $40k was my life's savings, lol. So far my dashes are in the exchange so all is good while I mess around in my PC and learn about this.

    Also how do I find my private key for the wallet, like the master key? I was reading dashes can be found if I save that?

    And... what purpose does automatic backing up work for? Is this to constantly "save the amount of dashes in my wallet" or for something else? I still don't understand that. Like whats the purpose of backing up the wallet every once in a while.

    In regards to the wallet updates, I was considering sending my dash back and forth from my wallet to the exchange every time a wallet update was necessary from dash.org just in case my dash coins dont get lost during a wallet update, make sense right?
     
  11. tungfa

    tungfa Administrator
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    i give you the easy explanation here
    (you can read the technical version on the wiki)
    https://dashpay.atlassian.net/wiki/
    there are 2 ways , right
    wallet.dat or privatekey
    they do the same thing
    the private key is stored in your wallet.dat to hold your coins
    so
    you save that wallet.dat as a physical file on USB sticks, Hardrives, .... any technical devise as we talked about above

    the private key holds your coins, he is inside the wallet.dat we talked about above
    you could export that privatekey from your wallet.dat
    save him somewhere else
    and destroy that wallet.dat (as you do not need him anymore).
    private keys you can import in most wallets
    example : Export from Dashcore - import into Electrum
    Export from Dashcore - make a Paper Wallet
    Private Key Export/ Import

    - automatic backing
    in case the wallet.dat gets corrupted u have a backup

    - wallet updates
    ? no way? do not send them around in circles for safety (definitely not to exchanges)
    if there is a wallet update, go to dash.org, get new version and update, super easy , nothing gets lost - follow instructions !!

    What is ..
    How to ..
    are the best starting point for the DashCode Wallet
    everything you need is in there (most guides are based on 12.0 - but same same except directory)
     
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  12. stan.distortion

    stan.distortion Active Member

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    One note on the "private key" and "wallet" point, a wallet can hold multiple private keys and if you use a lot of addresses (ie. mixing) there's a good chance it does. In that case just saving the initial private key isn't enough and can lead to lost coins, better to use private keys only for a small number of addresses (ie. paper wallets) and backups of the wallet.dat file for more general usage
     
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  13. jimbursch

    jimbursch Active Member

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    Just a bit of unsolicited advice: never invest more than you can afford to lose in a cryptocurrency. It is entirely possible that your $40k can be wiped out in less than a day. You are correct to be "pretty scared" -- in fact you should be very scared, especially given your admitted naivete regarding the operation of a computer.
     
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  14. David

    David Well-known Member
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    Buy a trezor. Now. Immediately.
     
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  15. eerygarden

    eerygarden New Member

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    Whilst jimbursch has a point, kudos to you for seeing an opportunity and taking the risk. I hope it pans out.
     
  16. GeauxSheaux

    GeauxSheaux New Member

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    This is a monumental risk. Monumental.
     
  17. TroyDASH

    TroyDASH Well-known Member

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    FYI trezor has been out of stock, I backordered mine over a month ago so I can move from cold storage to a hardware wallet, but still waiting for their next shipment
     
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  18. Anonymous Dude

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    Life is a risk my friends :D johnny walker keep walking, you make the path while you walk xD
     
  19. Minotaur

    Minotaur Well-known Member
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    I would highly recommend getting a KeepKey I am really happy with them and they are big Dash supporters.

    www.keepkey.com
     
  20. GeauxSheaux

    GeauxSheaux New Member

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    I'm all about risk/reward, and definitely commend those who can find an edge when it comes to wealth management. But pinning your entire life savings on a bootstrapped coding project of which you have questionable understanding is borderline insanity. Please don't take this as a personal attack or anything. Just realize that -100% is a very real potential outcome.
     
  21. halso

    halso Active Member

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    it can be nerve wrecking. i had to reload a wallet one time. But its all good once you have a backup. . Also, never store coins on an exchange for too long. I lost a lot more than $40k on an exchange one time!
     
  22. halso

    halso Active Member

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    Hey David, whats the story with Trezor and MN functionality? I was told it was still a work in progress?
     
  23. tungfa

    tungfa Administrator
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    it is to some degree
    as the electrum is a mess there is no easy way
    wallet.trezor MN implementation will take time
    but
    https://github.com/chaeplin/dashmnb
    works - just not easy to use
     
  24. David

    David Well-known Member
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    The "easy way" is still a work in progress. However, Chaeplin has released detailed guides on his dashmnb tool, including a Windows 10 guide (https://github.com/chaeplin/dashmnb/tree/master/others/pics/windows10). It's very easy to follow, step by step, and he's in Dash Nation Slack to help if needed. Very good program and very easy to follow instructions. It lets you run MNs from a trezor.
     
  25. freshdopamine

    freshdopamine New Member

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    No need to worry. Always backup two copies and use a linux machine with a encrypted password.
     
  26. Anonymous Dude

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    That's a nightmare. Which exchange was it?
     
  27. Anonymous Dude

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    Evan Duffield and Co. are a crew of super nerds, I feel pretty confident :D. In this digital era it is the super nerds that are paving the way for a better future. Any investment has a risk to it. If I lose, o wells, in the end it's just money.
     
  28. halso

    halso Active Member

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    I dont want to mention their name again
     
  29. TanteStefana

    TanteStefana Grizzled Member
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    OMG, so confusing! Just in case I can help, I'll give you the system i used until I got a trezor. I use 7zip and keepass2.

    1. First time I open my wallet, I encrypt it, so there never is a time when the wallet.dat exists without encryption.

    2. I store the encryption password on my already set up keepass2 (in fact, have keepass2 create the password for you!) Make sure you save after making the entry in keepass2.

    3. Now make a folder, give it a name (I put in the date) and insert your keepass.kdbp (the database) and your wallet.dat file in it.

    4. Next use 7 zip to zip up the folder with encryption. giving it a password you know well and will remember. Perhaps the same one you use for keepass.

    Now you have a double encrypted (actually that means the weakest link is all that is needed, but you gotta weigh security vs danger of losing it all) Don't keep your .key file with the database file in keepass, because it should be kept separate to act as a 2fa Back all this up on at least a few jump drives in case one or two break :p

    If you get a trezor, the "weak link" but most important thing you MUST keep from losing is the 24 word code you get when you first start it. You can retrieve the account, using a deterministic wallet or another trezor if something happens to your trezor!

    There are many ways to skin a cat, but here is one that will work here and now :)

    Finally, you can delete the wallet.dat in the dashcore folder, and empty the trash.
     
    #29 TanteStefana, Mar 9, 2017
    Last edited: Mar 9, 2017
  30. GrandMasterDash

    GrandMasterDash Well-known Member
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    zip / 7zip is not secure