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r/Bitcoin: owner struggling to weigh self-custody risk after the attack

reddit-self-custody-risk-doubt

https://www.reddit.com/r/Bitcoin/comments/1veuylf/im_having_a_hard_time_grasping_the_risk_involved/

Latest reviewed change

source content difference between and

Reddit served 1 additional comment record(s); the diff preserves their text and any edits to existing records.

seen +8 -0 full history below 
 edited: false
 body:
 Why ? They are insured
+
+comment: p1z4vom
+parent: t3_1veuylf
+author: MakeItMine2024
+created_utc: 1785980427

First lines only. The complete diff is in the timeline below.

Organisation
reddit
Evidence role
Community discussion
Published
not established
Source changes
5
Detected differences
5
Unreviewed
0
Copies held
6

Every check is recorded, including checks that found no text change. A detected edit is therefore bounded between two checks. The publisher's exact save time is not observable from this record. Last checked .

  1. source content difference between and Current source content +8 -0

    Reddit served 1 additional comment record(s); the diff preserves their text and any edits to existing records.

    seen · Captured here 5,122 chars
    What changed from the previous capture 8 lines 
     edited: false
 body:
 Why ? They are insured
+
+comment: p1z4vom
+parent: t3_1veuylf
+author: MakeItMine2024
+created_utc: 1785980427
+edited: false
+body:
+Thank you all the insight, after further investigation my Trezor with a paraphrase is solid
    Extracted text as captured 
    post: 1veuylf
author: MakeItMine2024
created_utc: 1785803324
title: I’m having a hard time grasping the risk involved with BTC and self custody
body:
I have a Trezor and have been a big fan of Bitcoin and self custody after learning a lesson with a hot wallet in 2023 losing the equivalent of 1.3 BTC at the time. It’s just not safe unless you put your BTC into Robinhood that insures against you positions as they own it you just have a position in BTC once you transfer it to them. The most recent cold wallet attack is completely like the others and eventually will get linked to North Korea.. 

comment: p1k32lf
parent: t3_1veuylf
author: Adrima_the_DK
created_utc: 1785803829
edited: false
body:
Think of it this way
Also having a lot.of fiat currency in your custody is risky as it could be stolen.

I would recommend splitting your Bitcoin into different wallets so you mitigate the risks. Do your own research and see the trusted wallets in the market.

comment: p1k3lze
parent: t3_1veuylf
author: Prior-Book5312
created_utc: 1785804006
edited: false
body:
No. There's good reason why Satoshi's keys, despite having no hardware wallet, have never been hacked and it's because of this video from BPI, which explains in detail the difference between Bitcoin's entropy and what the Coldcard actually did:

[https://www.youtube.com/watch?v=IwrKWdxt0YM](https://www.youtube.com/watch?v=IwrKWdxt0YM)

You can upgrade your Trezor's security with a passphrase, and eventually maybe consider a Multisig solution. But you're fine for now. 

Don't act like a cow that just runs where the herd goes because there was a bang.

comment: p1km6bk
parent: t1_p1k32lf
author: heretilimnot3
created_utc: 1785810156
edited: false
body:
Lol

    Excerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.

  2. source content difference between and source content +8 -0

    Reddit served 1 additional comment record(s); the diff preserves their text and any edits to existing records.

    seen · Captured here 4,925 chars
    What changed from the previous capture 8 lines 
     edited: false
 body:
 Even then, thief would actually have to break into your house. With Bitcoin they might as well steal it from a whole different continent.
+
+comment: p1tc5s3
+parent: t1_p1mhppv
+author: MakeItMine2024
+created_utc: 1785917383
+edited: false
+body:
+Why ? They are insured
    Extracted text as captured 
    post: 1veuylf
author: MakeItMine2024
created_utc: 1785803324
title: I’m having a hard time grasping the risk involved with BTC and self custody
body:
I have a Trezor and have been a big fan of Bitcoin and self custody after learning a lesson with a hot wallet in 2023 losing the equivalent of 1.3 BTC at the time. It’s just not safe unless you put your BTC into Robinhood that insures against you positions as they own it you just have a position in BTC once you transfer it to them. The most recent cold wallet attack is completely like the others and eventually will get linked to North Korea.. 

comment: p1k32lf
parent: t3_1veuylf
author: Adrima_the_DK
created_utc: 1785803829
edited: false
body:
Think of it this way
Also having a lot.of fiat currency in your custody is risky as it could be stolen.

I would recommend splitting your Bitcoin into different wallets so you mitigate the risks. Do your own research and see the trusted wallets in the market.

comment: p1k3lze
parent: t3_1veuylf
author: Prior-Book5312
created_utc: 1785804006
edited: false
body:
No. There's good reason why Satoshi's keys, despite having no hardware wallet, have never been hacked and it's because of this video from BPI, which explains in detail the difference between Bitcoin's entropy and what the Coldcard actually did:

[https://www.youtube.com/watch?v=IwrKWdxt0YM](https://www.youtube.com/watch?v=IwrKWdxt0YM)

You can upgrade your Trezor's security with a passphrase, and eventually maybe consider a Multisig solution. But you're fine for now. 

Don't act like a cow that just runs where the herd goes because there was a bang.

comment: p1km6bk
parent: t1_p1k32lf
author: heretilimnot3
created_utc: 1785810156
edited: false
body:
Lol

    Excerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.

  3. source content difference between and source content +8 -0

    The Reddit thread gained 1 new comment.

    seen · Captured here 4,798 chars
    What changed from the previous capture 8 lines 
     edited: false
 body:
 Satoshi's keys were before the seed phrase was a think. It's just a long private key. There were no words back then
+
+comment: p1p6n8q
+parent: t1_p1l606d
+author: junkhead_7
+created_utc: 1785867542
+edited: false
+body:
+Even then, thief would actually have to break into your house. With Bitcoin they might as well steal it from a whole different continent.
    Extracted text as captured 
    post: 1veuylf
author: MakeItMine2024
created_utc: 1785803324
title: I’m having a hard time grasping the risk involved with BTC and self custody
body:
I have a Trezor and have been a big fan of Bitcoin and self custody after learning a lesson with a hot wallet in 2023 losing the equivalent of 1.3 BTC at the time. It’s just not safe unless you put your BTC into Robinhood that insures against you positions as they own it you just have a position in BTC once you transfer it to them. The most recent cold wallet attack is completely like the others and eventually will get linked to North Korea.. 

comment: p1k32lf
parent: t3_1veuylf
author: Adrima_the_DK
created_utc: 1785803829
edited: false
body:
Think of it this way
Also having a lot.of fiat currency in your custody is risky as it could be stolen.

I would recommend splitting your Bitcoin into different wallets so you mitigate the risks. Do your own research and see the trusted wallets in the market.

comment: p1k3lze
parent: t3_1veuylf
author: Prior-Book5312
created_utc: 1785804006
edited: false
body:
No. There's good reason why Satoshi's keys, despite having no hardware wallet, have never been hacked and it's because of this video from BPI, which explains in detail the difference between Bitcoin's entropy and what the Coldcard actually did:

[https://www.youtube.com/watch?v=IwrKWdxt0YM](https://www.youtube.com/watch?v=IwrKWdxt0YM)

You can upgrade your Trezor's security with a passphrase, and eventually maybe consider a Multisig solution. But you're fine for now. 

Don't act like a cow that just runs where the herd goes because there was a bang.

comment: p1km6bk
parent: t1_p1k32lf
author: heretilimnot3
created_utc: 1785810156
edited: false
body:
Lol

    Excerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.

  4. source content difference between and source content +16 -0

    Two new comments were posted by JunketTurbulent2114: citing Mt. Gox as the opposite lesson for older users, and noting Satoshi's keys predate seed phrases and were just long private keys.

    seen · Captured here 4,560 chars
    What changed from the previous capture 16 lines 
     edited: false
 body:
 Putting your BTC into Robin Hood is not safe
+
+comment: p1mkioh
+parent: t3_1veuylf
+author: JunketTurbulent2114
+created_utc: 1785841277
+edited: false
+body:
+So the lesson for older users was the exact opposite.  Ask Mt. Gox.
+
+comment: p1mkoo9
+parent: t1_p1kx2qd
+author: JunketTurbulent2114
+created_utc: 1785841345
+edited: false
+body:
+Satoshi's keys were before the seed phrase was a think. It's just a long private key. There were no words back then
    Extracted text as captured 
    post: 1veuylf
author: MakeItMine2024
created_utc: 1785803324
title: I’m having a hard time grasping the risk involved with BTC and self custody
body:
I have a Trezor and have been a big fan of Bitcoin and self custody after learning a lesson with a hot wallet in 2023 losing the equivalent of 1.3 BTC at the time. It’s just not safe unless you put your BTC into Robinhood that insures against you positions as they own it you just have a position in BTC once you transfer it to them. The most recent cold wallet attack is completely like the others and eventually will get linked to North Korea.. 

comment: p1k32lf
parent: t3_1veuylf
author: Adrima_the_DK
created_utc: 1785803829
edited: false
body:
Think of it this way
Also having a lot.of fiat currency in your custody is risky as it could be stolen.

I would recommend splitting your Bitcoin into different wallets so you mitigate the risks. Do your own research and see the trusted wallets in the market.

comment: p1k3lze
parent: t3_1veuylf
author: Prior-Book5312
created_utc: 1785804006
edited: false
body:
No. There's good reason why Satoshi's keys, despite having no hardware wallet, have never been hacked and it's because of this video from BPI, which explains in detail the difference between Bitcoin's entropy and what the Coldcard actually did:

[https://www.youtube.com/watch?v=IwrKWdxt0YM](https://www.youtube.com/watch?v=IwrKWdxt0YM)

You can upgrade your Trezor's security with a passphrase, and eventually maybe consider a Multisig solution. But you're fine for now. 

Don't act like a cow that just runs where the herd goes because there was a bang.

comment: p1km6bk
parent: t1_p1k32lf
author: heretilimnot3
created_utc: 1785810156
edited: false
body:
Lol

    Excerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.

  5. source content difference between and source content +8 -0

    One new comment was posted: Disavowed_Rogue ('Putting your BTC into Robin Hood is not safe').

    seen · Captured here 4,158 chars
    What changed from the previous capture 8 lines 
     edited: false
 body:
 The risk of fiat currency is loss of value due to inflation. Dollars in a FDIC insured account are quite safe from theft. A better analogy would be gold coins that you keep in a home safe.
+
+comment: p1mhppv
+parent: t3_1veuylf
+author: Disavowed_Rogue
+created_utc: 1785840126
+edited: false
+body:
+Putting your BTC into Robin Hood is not safe
    Extracted text as captured 
    post: 1veuylf
author: MakeItMine2024
created_utc: 1785803324
title: I’m having a hard time grasping the risk involved with BTC and self custody
body:
I have a Trezor and have been a big fan of Bitcoin and self custody after learning a lesson with a hot wallet in 2023 losing the equivalent of 1.3 BTC at the time. It’s just not safe unless you put your BTC into Robinhood that insures against you positions as they own it you just have a position in BTC once you transfer it to them. The most recent cold wallet attack is completely like the others and eventually will get linked to North Korea.. 

comment: p1k32lf
parent: t3_1veuylf
author: Adrima_the_DK
created_utc: 1785803829
edited: false
body:
Think of it this way
Also having a lot.of fiat currency in your custody is risky as it could be stolen.

I would recommend splitting your Bitcoin into different wallets so you mitigate the risks. Do your own research and see the trusted wallets in the market.

comment: p1k3lze
parent: t3_1veuylf
author: Prior-Book5312
created_utc: 1785804006
edited: false
body:
No. There's good reason why Satoshi's keys, despite having no hardware wallet, have never been hacked and it's because of this video from BPI, which explains in detail the difference between Bitcoin's entropy and what the Coldcard actually did:

[https://www.youtube.com/watch?v=IwrKWdxt0YM](https://www.youtube.com/watch?v=IwrKWdxt0YM)

You can upgrade your Trezor's security with a passphrase, and eventually maybe consider a Multisig solution. But you're fine for now. 

Don't act like a cow that just runs where the herd goes because there was a bang.

comment: p1km6bk
parent: t1_p1k32lf
author: heretilimnot3
created_utc: 1785810156
edited: false
body:
Lol

    Excerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.

  6. Earliest copy held
    seen · Captured here 4,008 chars
    Extracted text as captured 
    post: 1veuylf
author: MakeItMine2024
created_utc: 1785803324
title: I’m having a hard time grasping the risk involved with BTC and self custody
body:
I have a Trezor and have been a big fan of Bitcoin and self custody after learning a lesson with a hot wallet in 2023 losing the equivalent of 1.3 BTC at the time. It’s just not safe unless you put your BTC into Robinhood that insures against you positions as they own it you just have a position in BTC once you transfer it to them. The most recent cold wallet attack is completely like the others and eventually will get linked to North Korea.. 

comment: p1k32lf
parent: t3_1veuylf
author: Adrima_the_DK
created_utc: 1785803829
edited: false
body:
Think of it this way
Also having a lot.of fiat currency in your custody is risky as it could be stolen.

I would recommend splitting your Bitcoin into different wallets so you mitigate the risks. Do your own research and see the trusted wallets in the market.

comment: p1k3lze
parent: t3_1veuylf
author: Prior-Book5312
created_utc: 1785804006
edited: false
body:
No. There's good reason why Satoshi's keys, despite having no hardware wallet, have never been hacked and it's because of this video from BPI, which explains in detail the difference between Bitcoin's entropy and what the Coldcard actually did:

[https://www.youtube.com/watch?v=IwrKWdxt0YM](https://www.youtube.com/watch?v=IwrKWdxt0YM)

You can upgrade your Trezor's security with a passphrase, and eventually maybe consider a Multisig solution. But you're fine for now. 

Don't act like a cow that just runs where the herd goes because there was a bang.

comment: p1km6bk
parent: t1_p1k32lf
author: heretilimnot3
created_utc: 1785810156
edited: false
body:
Lol

    Excerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.

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