If I understand correctly, even on a hardware wallet, the wallet address is largely still public, and so can still receive "NFT drops," including ones with Smart Contracts with malicious code. Or is it the case that the wallet is somehow removed and unavailable or invisible from public scrutiny? Barring, of course, privacy centered block chains like Monero.
This is true. The blockchain is public/transparent. There’s no way around your address being publicly available, at least on blockchains like Ethereum. As for the malicious airdrops, you just have to use common sense and not interact with them. They don’t magically hack your wallet. The hack occurs when you try to interact with it and you click on the link (phishing scam). Great question! Thank you!
Cryptography used a public and private key pair the public key is as the name suggests public the hardware wallets stores the probate key. Crypto wallets do not store the coins just the private keys the coins/tokens live on the Blockchain as can be seen using a Blockchain explorer .
None of the major hardware wallets have ever been hacked , all lost funds have happened due to phishing or tricking you into signing dodgy transactions the weakest link is by far the end user. More education is needed before considering an air gapped wallet for 3xtra security as the scammers will take your crypto just as easily from those .
The info is public. Both ledger and Trezor wallets have been compromised (im not talking about a user error). With Trezor, an engineer was able to hack the PIN code through the microcontroller to recover his lost assets. Good feedback. We will create more content about using a hardware wallet effectively! Thanks Paul, you rock!
@@cyberscrilla please provide sources for your claims to my knowledge the ledger user database was comprised addresses names etc not the wallet and the trezor was hacked in a lab with old software after and it had to taken apart to do it , stop scare mothering showing tour complete lack of understanding to the problem , talk about real issues like the Thousands of ways users can and are tricked to signing transactions they shouldn't , rather than the 1 in a billion hack .
@@PabloTBrave Thanks for your feedback Paul. We aren’t trying to scare anyone. We will create more video informing people how to use hardware wallets effectively. Thanks again!
I need to research this further. From what I can tell, using a dedicated air gapped wallet like the Keystone Pro is more secure than the Air Gap Vault app. Whether you use one or two phones for the app, you’re still using it on internet/Bluetooth-capable devices. An air gapped wallet has no way of connecting to external communications. So you could say it’s technically more secure.
I don’t get it. You show that you scan a QR code from say metamask on a computer, but then doesn’t the keystone need to communicate back to metamask with a signed message or something? The keystone holds the priv key and you ok a tx there, but then it needs to talk back to the nodes validating and hosting the blockchain so that they know you proved you own the wallet and want that tx. Does the keystone make a second QR and display it on its screen? Does the computer / metamask need to scan this second QR?
Yes, MetaMask requests a signature from the Keystone device via QR. So you scan QR code with Keystone, then an authorization is sent back to MetaMask which you scan again using your phone/computer to confirm the tx
Yeah, I know what you mean. IMO, an air gapped device is not necessary. You can secure your crypto using a good/dedicated cold storage wallet and best practices.
You would be supprised what data can be sent through a qr code..
They are 100% more secure than a connected device.
If I understand correctly, even on a hardware wallet, the wallet address is largely still public, and so can still receive "NFT drops," including ones with Smart Contracts with malicious code.
Or is it the case that the wallet is somehow removed and unavailable or invisible from public scrutiny?
Barring, of course, privacy centered block chains like Monero.
This is true. The blockchain is public/transparent. There’s no way around your address being publicly available, at least on blockchains like Ethereum.
As for the malicious airdrops, you just have to use common sense and not interact with them.
They don’t magically hack your wallet.
The hack occurs when you try to interact with it and you click on the link (phishing scam).
Great question! Thank you!
Cryptography used a public and private key pair the public key is as the name suggests public the hardware wallets stores the probate key. Crypto wallets do not store the coins just the private keys the coins/tokens live on the Blockchain as can be seen using a Blockchain explorer .
None of the major hardware wallets have ever been hacked , all lost funds have happened due to phishing or tricking you into signing dodgy transactions the weakest link is by far the end user. More education is needed before considering an air gapped wallet for 3xtra security as the scammers will take your crypto just as easily from those .
The info is public. Both ledger and Trezor wallets have been compromised (im not talking about a user error).
With Trezor, an engineer was able to hack the PIN code through the microcontroller to recover his lost assets.
Good feedback. We will create more content about using a hardware wallet effectively! Thanks Paul, you rock!
@@cyberscrilla please provide sources for your claims to my knowledge the ledger user database was comprised addresses names etc not the wallet and the trezor was hacked in a lab with old software after and it had to taken apart to do it , stop scare mothering showing tour complete lack of understanding to the problem , talk about real issues like the Thousands of ways users can and are tricked to signing transactions they shouldn't , rather than the 1 in a billion hack .
@@PabloTBrave Thanks for your feedback Paul. We aren’t trying to scare anyone. We will create more video informing people how to use hardware wallets effectively.
Thanks again!
@@cyberscrilla pauls logic didnt age so well
@@user-uq6vh3ps7mwhy what happened & im pretty sure his name is Pablo not Paul lol
Thanks for the info, i have a question is there a difference between Keystone wallet and air gap vault App, because both work on the same method.
I need to research this further. From what I can tell, using a dedicated air gapped wallet like the Keystone Pro is more secure than the Air Gap Vault app.
Whether you use one or two phones for the app, you’re still using it on internet/Bluetooth-capable devices.
An air gapped wallet has no way of connecting to external communications.
So you could say it’s technically more secure.
If I used this to transfer my coins to exchanges, can Cointracker track this so I will not pay any taxes?
Any transactions made on the blockchain can be tracked. The type of wallet you use won’t change that.
I don’t get it. You show that you scan a QR code from say metamask on a computer, but then doesn’t the keystone need to communicate back to metamask with a signed message or something? The keystone holds the priv key and you ok a tx there, but then it needs to talk back to the nodes validating and hosting the blockchain so that they know you proved you own the wallet and want that tx. Does the keystone make a second QR and display it on its screen? Does the computer / metamask need to scan this second QR?
Yes, MetaMask requests a signature from the Keystone device via QR.
So you scan QR code with Keystone, then an authorization is sent back to MetaMask which you scan again using your phone/computer to confirm the tx
Oof. That about kills air-gapping for me. Too much pain. I get that it’s the most secure but… “ain’t nobody got time for that!”
Yeah, I know what you mean. IMO, an air gapped device is not necessary.
You can secure your crypto using a good/dedicated cold storage wallet and best practices.
Hi Nerd 🤓
Do I know you?
thanks
Thanks for watching :)