How Ethereum works on Luno

yuveer_pops

Member
Joined
Sep 20, 2012
Messages
13
Good day,

I am looking for a suitable platform to buy and hold coins (either bitcoin, ethereum and litecoin and others) for the long term. Would ice3x be the right platform for this? I understand that Luno is a crypro wallet which means i can buy stuff using the wallet at some point in the future. Does ice3x offer the same feature? or is it just a platform to trade the currency and not use it for retail purchases. Please enlighten me!
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
26,203
Good day,

I am looking for a suitable platform to buy and hold coins (either bitcoin, ethereum and litecoin and others) for the long term. Would ice3x be the right platform for this? I understand that Luno is a crypro wallet which means i can buy stuff using the wallet at some point in the future. Does ice3x offer the same feature? or is it just a platform to trade the currency and not use it for retail purchases. Please enlighten me!
1.) Use the exchange to buy your crypto.
2.) Transfer your crypto to a private wallet where you have access to the private keys. You get hardware wallets like Ledger Nano, or software wallets like Jaxx.
 

waylander

Expert Member
Joined
May 15, 2013
Messages
4,409
1.) Use the exchange to buy your crypto.
2.) Transfer your crypto to a private wallet where you have access to the private keys. You get hardware wallets like Ledger Nano, or software wallets like Jaxx.

Hmmm. I don't know about this part. For long term, generate a private/public keypair and print it. What stops the Jaxx devs from pulling a runner? What stops an attacker from infecting Jaxx's binaries?
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
26,203
Hmmm. I don't know about this part. For long term, generate a private/public keypair and print it. What stops the Jaxx devs from pulling a runner? What stops an attacker from infecting Jaxx's binaries?
Fair enough on the devs being sneaky. That said if Jaxx becomes unstable your keys allow you to access your wallet from elsewhere - it's not dependent on the Jaxx platform. Be interesting to see the software architecture of their platform and how accessible all the keys and info are to the developers.
 

waylander

Expert Member
Joined
May 15, 2013
Messages
4,409
Fair enough on the devs being sneaky. That said if Jaxx becomes unstable your keys allow you to access your wallet from elsewhere - it's not dependent on the Jaxx platform. Be interesting to see the software architecture of their platform and how accessible all the keys and info are to the developers.

Yes, you have the option of exporting your keys, but again. What if your keys are stolen? (either by devs, or Jaxx's own infrastructure getting infected, or your device getting infected) Then you're cooked.
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
26,203
Yes, you have the option of exporting your keys, but again. What if your keys are stolen? (either by devs, or Jaxx's own infrastructure getting infected, or your device getting infected) Then you're cooked.
You'd keep your keys on an flashdrive or printed on paper. But yeah - at that point you may as well just use a paper wallet.
 

waylander

Expert Member
Joined
May 15, 2013
Messages
4,409
You'd keep your keys on an flashdrive or printed on paper. But yeah - at that point you may as well just use a paper wallet.

What happens if your keys are stolen? Answer that question.
 

waylander

Expert Member
Joined
May 15, 2013
Messages
4,409
By who? The developers of jaxx or a hacker...is that who you're referring to?

Anyone other than yourself, assume that entity has malicious intent. Your keys are now in the hands of someone who wants to steal from you, what do you do?
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
26,203
Anyone other than yourself, assume that entity has malicious intent. Your keys are now in the hands of someone who wants to steal from you, what do you do?
Then you're ****ed. I'm not familiar enough with the Jaxx platform to know how secure a service it is. But yes - you could have a virus on your phone that sends all your info to someone who now has your private keys. And yes - almost any software platform is susceptible to being hacked. Don't use Jaxx then.
 

waylander

Expert Member
Joined
May 15, 2013
Messages
4,409
Then you're ****ed. I'm not familiar enough with the Jaxx platform to know how secure a service it is. But yes - you could have a virus on your phone that sends all your info to someone who now has your private keys. And yes - almost any software platform is susceptible to being hacked. Don't use Jaxx then.

So don't trust software, print and laminate a QR code with your keys if you have to.
 

Dolby

Honorary Master
Joined
Jan 31, 2005
Messages
27,889
I lost R7,000 with a single click trying to buy Ethereum from Luno :/
 
Top