Pretty scared

A

Anonymous Dude

Member
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?
 
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 )
 
tungfa said:
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 )
Click to expand...

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
 
Naruto said:
Backup your wallet file. Multiple backups


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Click to expand...
alright, and
tungfa said:
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 )
Click to expand...

Can I get the masternode with a trezor? I plan on using masternode.me to host the services. Is this possible?
 
Krustee said:
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
Click to expand...

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
 
tungfa said:
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
Click to expand...

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?
 
Anonymous Dude said:
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?
Click to expand...

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)
 
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
 
Anonymous Dude said:
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.
Click to expand...

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.
 
jimbursch said:
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.
Click to expand...

Whilst jimbursch has a point, kudos to you for seeing an opportunity and taking the risk. I hope it pans out.
 
Anonymous Dude said:
Life is a risk my friends :D johnny walker keep walking, you make the path while you walk xD
Click to expand...

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.
 
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