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RE: PSA - Paper Wallet Creation Site Hacked
All our our online crypto accounts are hackable. Only offline cold storage is 100 percent safe.
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All our our online crypto accounts are hackable. Only offline cold storage is 100 percent safe.
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No. That website goal was exactly to create an offline cold storage. Off-line storage must use some algorithm to create the keys. Unless you do the math of the private/public key yourself, someone else knows the algorithm. There was a case recently that many people got hacked because of this. Please, read how do private/public keys and hashing works so you don't take false assumptions as true, for your own safety :)
Dang. So you are saying that if i take an offline linux box, and load a random key generator on it with a usb, it is still unsafe because the random algorithm is public? Daaang.
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Yes, I am saying that. There is nothing random on the world. Every code is pseudo random and that is how that website worked. Sadly their pseudo random was so bad it generated many duplicates. The better the pseudo random is the harder it is.
https://cointelegraph.com/news/blockchain-bandit-how-a-hacker-has-been-stealing-millions-worth-of-eth-by-guessing-weak-private-keys
Also, do you know how hashing work? There are people that mine private keys (link above). Instead of using their computers to generate hashes to mine blocks, they use their computer power to generate, save and monitor private keys. Even if you create a private key by hand, there is a small chance some thief can guess it.
I believe you might have heard about how quantum computers can destroy blockchains? This is because they can, theoretically, make infinite guesses very fast, so no private key will be safe.
So yes, again, I am saying that even if you take an offline linux box and a random key generator on it with a usb it is still unsafe. I go as far as saying that even if you generate your key by hand, not even using a calculator to help with the math, it can still be hacked.
But what do I know, right?? I just code blockchains for a living...
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Lol. I hope we will just be able to make longer keys until whatever is after quantum computers. Like ipv4 and ipv6 almost. I know how hashing works, but im more of a jack of all trades. So i couldnt explain it in a way that makes me look good. Lol. But yea, i think i have a mental model.
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