The Bitcoin Thread

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Voicy said:
Do you guys keep your funds in your luno wallet or how do you save your BTC? I don't see any links to my private key in luno, only my public key/address.
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Seperate wallet, if Luno gets hacked your coins there could be compromised. The problem right now is that transaction fees are high as the network has a backlog. Perhaps wait a bit before segwit properly kicks in. Make sure you have two factor authentication on your luno.
 
Unhappy438 said:
Seperate wallet, if Luno gets hacked your coins there could be compromised. The problem right now is that transaction fees are high as the network has a backlog. Perhaps wait a bit before segwit properly kicks in. Make sure you have two factor authentication on your luno.
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Cheers thanks, yeah I got that sorted.

Is it worth getting up to 1 BTC at this stage? Or am I too late to the party? The BTC/ZAR exchange has been going up from 58k to R62.3k this whole week. I've been looking for dips to buy but just not seeing it. I'm also hesitant to deposit to luno and buy BTC now before I've set up my own wallet in case of another hack.

Also, where/how do you get a separate wallet? Would the safest be to buy in bits and transfer (at the risk of price increases) or buy lumpsum and transfer to a wallet?
 
Voicy said:
Cheers thanks, yeah I got that sorted.

Is it worth getting up to 1 BTC at this stage? Or am I too late to the party? The BTC/ZAR exchange has been going up from 58k to R62.3k this whole week. I've been looking for dips to buy but just not seeing it. I'm also hesitant to deposit to luno and buy BTC now before I've set up my own wallet in case of another hack.

Also, where/how do you get a separate wallet? Would the safest be to buy in bits and transfer (at the risk of price increases) or buy lumpsum and transfer to a wallet?
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Long term, even few months from now it's going up.
 
Voicy said:
What KYC level do you guys have unlocked with Luno?

I see they report to SARS but as I understand the previous myBB article on it, you only pay CGT when you cash out your BTC?

I'm toying with the idea of buying x ZAR of BTC, storing it offline (Trezor or ledger?) and forgetting about it. (couple of grand, that won't affect me if it all crashes.)
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Just want to jump in here quickly, we don't report any information to any third parties.
 
Voicy said:
-snip

Do you guys keep your funds in your luno wallet or how do you save your BTC? I don't see any links to my private key in luno, only my public key/address.
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In order to keep your wallet experience as seamless, frictionless and secure as possible - Luno holds the private key for your Bitcoin wallet.

This means that you don’t need to worry about the security of your coins, we take care of your Bitcoin via various best practices. This involves multiple security layers including cold storage, deep freeze and hot wallet storage methods, which uses multisig security, as well as strict staff training, along with regular security audits.

You can read a little more about how we implement all of this in the two blogs linked at the end of this mail.

Rest assured, your Bitcoin is safe.

We also believe that storing your own private key can lead to security issues where your Bitcoin may be stolen or your wallet compromised should the private key not be stored safely and away from prying eyes.

The one drawback of this method is that you’re unable to import a wallet from another provider that has provided the private key.

While storing your Bitcoin with us is definitely a good and safe option, if you’d prefer an alternative storage method, I can recommend you take a look at Trezor, KeepKey or Nano as hardware wallet alternatives.

https://www.luno.com/blog/en/post/multisig-security-on-bitx
https://www.luno.com/blog/en/post/safe-customer-bitcoin-storage
 
Lunomoney said:
In order to keep your wallet experience as seamless, frictionless and secure as possible - Luno holds the private key for your Bitcoin wallet.

This means that you don’t need to worry about the security of your coins, we take care of your Bitcoin via various best practices.

<snip>
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I appreciate the feedback.

This involves multiple security layers including cold storage, deep freeze ...
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I think I've been inside one of your storage vaults. :p

seedvault.jpg
 
Voicy said:
Cheers thanks, yeah I got that sorted.

Is it worth getting up to 1 BTC at this stage? Or am I too late to the party? The BTC/ZAR exchange has been going up from 58k to R62.3k this whole week. I've been looking for dips to buy but just not seeing it.
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I dont think you are too late to the party as i feel bitcoin is still in its infancy. As to how much you should buy, i wouldn't make recommendations as im unaware of your personal finances. Buy what you can afford to lose (its still a high risk investment after all).

Voicy said:
I'm also hesitant to deposit to luno and buy BTC now before I've set up my own wallet in case of another hack.

Also, where/how do you get a separate wallet? Would the safest be to buy in bits and transfer (at the risk of price increases) or buy lumpsum and transfer to a wallet?
Click to expand...

Well at the end of the day you need to ask yourself if you want to be responsible for your own security or leave it in the hands of Luno. Yes they have a lot of technical jargon for all the security as per the rep but make what you want of that. My personal opinion is to be in control of your own private keys and cold storage is the safest. Your choice will also depend on how much bitcoin you eventually end up accruing.
 
Voicy said:
Bit the bullet and finally bought my first BTC on luno.com. :o

Not a lot but even though I don't see it falling/collapsing, I do get very nervous transferring funds in from my bank account.

Seeing the value rise the whole time makes it very alluring to want to buy more, but obviously it's risk related.

I think what I'll do is assign X amount of ZAR that I'm willing to "play" with and just let it go with the flow and see what happens. I can always kick myself later if it collapsed or shot up in value.

I'm guessing quite a few of you have over 1 BTC already.

Do you guys keep your funds in your luno wallet or how do you save your BTC? I don't see any links to my private key in luno, only my public key/address.
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I keep mine in Electrum. Jaxx is also pop (multi currency). Both support roll your own cold storage.
 
Lunomoney said:
In order to keep your wallet experience as seamless, frictionless and secure as possible - Luno holds

Rest assured, your Bitcoin is safe.
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I've heard that before. :crylaugh: normally followed by "hackers steal $50m in BTC"
 
Slootvreter said:
What do you want them to say?
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Ag i get he/she is the sales rep and they do take measures to protect the coins. At the same time though the whole "rest assured your bitcoin is safe" is nonsense and we all know it. That's nothing personal against Luno, its just a fact with all exchanges.
 
Slootvreter said:
What do you want them to say?
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To disclose that its probably safer in your own wallet, and even safer in a cold wallet?

As someone else mentioned above me, "That's nothing personal against Luno, its just a fact with all exchanges.".
 
The exchanges prob have better security than most of us have on our home PC's but the fact remains they are a target. Its VERY lucrative for a hacker to get into that exchange as they can net millions.

Hack into a windows pc on the other hand and you may get a few k - assuming theres even a wallet on it at all.

Personally I have my wallets on an encrypted drive of a linux VM itself on the encrypted drive of my home server. The machine is also off 90% of the time so I'm feeling quite safe.

Yes I have off site backup :-)
 
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