I'm with you 100% on your motto!
I have also had to deal with the issue of FAR TOO MANY EXCHANGES.
It can't be helped if there is one coin you can't get and have to sign up all over again to make the trade.
My solution is to use it as a very short term place to keep the coins you need it for, and as soon as possible, deposit into ERC20 like you said, or if it's not ERC20, download the real wallet software.
This is my tactic for NEO, one that you have not mentioned but I know you are aware of.
Also, like NEO, it pays to hold some coins in the real wallet.
Now for security, I have been battling the correct approach.
There is the ultra-sensitive state-side issue, where if a crackdown happens, should we attempt to make it easy or difficult?
The other side of this is hacking, and storing value safely.
Since the 90's I have not owned any gold, but back then I had a lot of jewellery from family gifts, and I was taught to find a safe place that only you know about to store such things.
If I have a paper or hardware wallet, it could in theory be destroyed by accident.
If I use secure storage online, there is no 100% assurance either.
I think the only counter measure at this point, like you said, is DIVERSIFY.
Not only in coinage, but also in storage of value.
I could have 5 bitcoin wallets with completely different cold storage in different places, as well as multiple coins.
My one new tactic is going to be setting up new wallets in a more secure way.
- not from my isp - breaks the chance of isp-level corruption
- not from my computer - breaks the linking of data sets with the hardware
- no store of private keys - direct to hardware wallet generation
And my final warning:
DO NOT USE SMARTPHONE WALLETS
(courtesy of John Mcafee).
Not a NEO bagholder lol, so not sure what it means to hold some in the real wallet. Even though with wallet address diversification, I think I'd still end up needing a master pw. Thanks for the comprehensive response! And no, definitely not gonna keep anything in smartphone wallets, ever
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When you hodl NEO in a wallet, it generates GAS, like a dividend. It's around 7% p.a.
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Ah so that's what the GAS is about. But still, the project doesn't seem to be showing much, even ethereum had more when it hit 1 billion market cap back then??
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I think Smartphone wallets can be used like you use cash on fiat currency - for going out and buying stuff. It is certainly true you shouldn't use them as a permanent storage.
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John Mcafee explained that all smartphones are designed foundationally to be spy devices.
Not sure if you know about the Wikileaks recently but it is now open information that smartphones are easily hacked by large groups.
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Sure, but you have weigh the convenience you are losing for privacy. I think using a smartphone for payments is so convenient it trumps the lost privacy.
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a temp wallet for smartphone is okay..
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why not to use smartphone wallets??
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