I love your shows! What does it mean to manage your own Web 3 assets? It means that it's crypto as intended! TIP: Use multiple wallets. Don't keep all your eggs in 1 basket! It's about as easy as setting up an online credit card or PayPal account.
It's super important to understand that if you're going to use a pass-phrase (25th word), NOT to simply select another one of the BIP 39 words. It needs to be a long, random password. If someone got your 24 words, and you only added an additional word, it could be guessed in an instant. The term "25th word" is unfortunate. Choose a long random password, 50 characters or more. Some wallets will allow 60 characters to 100 characters.
Does anybody know who the guest is talking about at 1:22:06? I hear "Stephanie Varai" but his accent is so strong, I don't know who he's talking about.
This was a great episode. BUT There is no way it should have taken 90 minutes to complete. If we can't explain these topics clearly AND concisely, there is no way we will ever onboard the masses.
💯They should have had the head of Product or head of Marketing. David keeps rambling and gets some of the technical details slightly wrong. Also, in order to get anything from this talk you already have to have knowledge about self custody :(
We must be 5-10 years away from mass adoption with the way security works at the moment. My wallet got drained and I barely ever interact with any protocols and still have no idea how it happened. My ledger is arriving today which I’m excited for but I’m gonna be nervous to do anything from now and I’m fairly tech savvy. Just makes it hard for me to understand how the masses are going to survive in web3 without getting scammed like I did. Thanks for the ep David 👍🏼
I guess the experience really varies between people, I've been quite active in defi since 2020 and never got hacked. Yet I'm far from having all the best practices implemented, but I try to stay away from things that look scammy. However if you're afraid, having most of your funds on a ledger and using a hot wallet to interact with dapps is a good practice
@@darzon31 Thanks for your reply and for detailing your experience. Whilst its clear phishing is common, I do believe I'm one of the unlucky ones as I must've only ever connected that wallet to maybe 3 sites and those were uniswap, IMX and maybe Illuvium and I swear I was cognisant of potential fake sites. Ive got my ledger now and will only use it to interact with my hot wallet. I won't be signing any transactions directly from the ledger.
As I understand it: you can lose or destroy your ledger. The real recurity is in those 12 words, use them and restore your crypto from another wallet or ledger.
Having to store 24 words in a secret place to become "Bankless" is NOT gonna fly It makes crypto look like an absolute joke. How on earth can that be improved
lol. . . got scammed out of an NFT earlier today. Haha. About $500. Not the end of the world. But I am a total noob in Web3 and got my lesson. Should have watched this video earlier.
It's said to be Hardware wallet but without software hardware is a dead body. What if software update hacks or failed which can lead to crypto lost in ledger ?
Get him to do "how not to have a data leak" then apply it to his own company. Don't know how you can deal with these guys. So many people scammed from their database.
Should do "how not to lose our personal data" instead
awesome episode David, been waiting for one like this for a while. Good stuff bro!
I love your shows!
What does it mean to manage your own Web 3 assets?
It means that it's crypto as intended! TIP: Use multiple wallets. Don't keep all your eggs in 1 basket!
It's about as easy as setting up an online credit card or PayPal account.
Brilliant, painfully long, but definitely worth the time.
It's super important to understand that if you're going to use a pass-phrase (25th word), NOT to simply select another one of the BIP 39 words. It needs to be a long, random password. If someone got your 24 words, and you only added an additional word, it could be guessed in an instant. The term "25th word" is unfortunate. Choose a long random password, 50 characters or more. Some wallets will allow 60 characters to 100 characters.
Does anybody know who the guest is talking about at 1:22:06? I hear "Stephanie Varai" but his accent is so strong, I don't know who he's talking about.
This was a great episode.
BUT
There is no way it should have taken 90 minutes to complete.
If we can't explain these topics clearly AND concisely, there is no way we will ever onboard the masses.
💯They should have had the head of Product or head of Marketing. David keeps rambling and gets some of the technical details slightly wrong. Also, in order to get anything from this talk you already have to have knowledge about self custody :(
is it safe to connect wallet to sites if you aren’t signing transactions?
We must be 5-10 years away from mass adoption with the way security works at the moment. My wallet got drained and I barely ever interact with any protocols and still have no idea how it happened.
My ledger is arriving today which I’m excited for but I’m gonna be nervous to do anything from now and I’m fairly tech savvy.
Just makes it hard for me to understand how the masses are going to survive in web3 without getting scammed like I did.
Thanks for the ep David 👍🏼
A Ledger isn't going to help you with getting phished
@@dfnope if I use a hot wallet I hope it will mean my entire wallet can’t be drained
I guess the experience really varies between people, I've been quite active in defi since 2020 and never got hacked. Yet I'm far from having all the best practices implemented, but I try to stay away from things that look scammy. However if you're afraid, having most of your funds on a ledger and using a hot wallet to interact with dapps is a good practice
@@darzon31 Thanks for your reply and for detailing your experience. Whilst its clear phishing is common, I do believe I'm one of the unlucky ones as I must've only ever connected that wallet to maybe 3 sites and those were uniswap, IMX and maybe Illuvium and I swear I was cognisant of potential fake sites. Ive got my ledger now and will only use it to interact with my hot wallet. I won't be signing any transactions directly from the ledger.
What if ledger as a company is bankruptcy or dead. How my ledger will be updated and what about crypto support then ?
As I understand it: you can lose or destroy your ledger. The real recurity is in those 12 words, use them and restore your crypto from another wallet or ledger.
What does the index of a word refer to in the dictionary? So how to go from the list of words to a private key?
Very helpful Sers!
I’m here! Hello all
LFG!🔥🔥
Having to store 24 words in a secret place to become "Bankless" is NOT gonna fly
It makes crypto look like an absolute joke.
How on earth can that be improved
account abstraction is coming!
lol. . . got scammed out of an NFT earlier today. Haha. About $500. Not the end of the world. But I am a total noob in Web3 and got my lesson. Should have watched this video earlier.
It's said to be Hardware wallet but without software hardware is a dead body. What if software update hacks or failed which can lead to crypto lost in ledger ?
Get him to do "how not to have a data leak" then apply it to his own company. Don't know how you can deal with these guys. So many people scammed from their database.
Kindly support more crypto coins in ledger