Brainlet here: How are the big exchanges wallets' secure...

Brainlet here: How are the big exchanges wallets' secure? Since they hold billions of dollars they surely have an extra layer of protection/security compared to the average poorfag wallet, right?
I know decentralization seems great in paper but when it comes to security, it would be cool if myetherwallet for example, would let it you add 2fa if you wanted. The thought that all an attacker needs to ruin your life is a line of text (the private key) is really terryfying.

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Kill yourself pedo

Veeery good topic. I totally agree with that, I would rather have more security than "muh decentralization".
Even hacking an email account requires way more than just a password nowadays. But for wallets, just a line of text! Money of the future.
Btw, who is this semen demon?

Bump

Kill yourself facebooker

A proper exchange stores most of its wallets offline.

So if I go to mew and put the Binance eth private key what happens

They don't use private keys you dumbass. That is the least secure wallet method.

Every wallet has a private key even if they don't use it

This

A wallet IS a keypair m8. Your address is the public key.

bump for interest

Yes it is just one line of text keeping the wallet secure. However good luck cracking that one line of text.

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Yeah, not the point tho
A butthurt employee can install some keylogger somewhere then steal everything
Or he can setup a dyndns on the network
Cracking it is out of the question friend

I'm a brainlet and not too tech savy.
The chance of i messed something up and lose my money is higher than a a big exchange exit scam
So leaving on exchange with 2fa is better for me
Though I might buy a nano to hold my nano someday

OP why have you not got a hardware wallet yet?

Haha omg are you guys joking me? I'm not asking about my or your average rando security! I want to know if sites that handle billions of dollars in crypto have more secure wallets.
And to answer your question no, I don't trust hardware wallets but that's not the point of this thread.
I don't understand how big exchange don't have like an exclusive node or whatever or something that restricts access to the wallet to only one IP can get access to it. Again, we are talking about BILLIONS of dollars. If no one can answer this question or confirm there's indeed several layers of extra security then this whole crypto shit is a joke.

What most sites do is they use a multi sig wallet and put the keys accross different continent or states, so to steal the money you need to have all the keys.

What most of them do use an offline wallet. THE PRIVATE KEY is never exposed with offline wallets and you need to physically have the device to authorise the money.

The 1BN you see in Binance's Hot Wallet is only 10-20% of the money they actually are holding

They just put 30K BTC in their BTC wallet and they still have 70K BTC in their cold wallets. They normally keep 3K BTC but all you fuders made them put another 30K in it to prove the money hadn't been stolen.

One exchange for example Qryptos keeps all their funds offline.

So whenever you deposit in your binance account it's actually an offline wallet and they check on the blockchain to see if you deposited it, most of the time those funds are never moved.

No theres no such thing and thats why this mess called crypto will never get mass adoption
If you somehow get the binance private key you will be able to steal everything
You cant do the same against paypal accounts or anything centralized because those are real services with real people working 24/7, not amateurs

>THE PRIVATE KEY is never exposed with offline wallets
Exposed to the internet? No shit, nothing is if it's offline. But what if an employee gets access to it?
Thanks, that's what I was thinking

...

>an exclusive node or whatever or something that restricts access to the wallet to only one IP can get access to it
you're a fucking retard and you clearly have no idea at all how the blockchain or cryptocurrencies actually work. Unbelievable to think that people like you are putting money into crypto without having the slightest inkling how any of it actually functions.

The security is garbage and it doesn't mattter how brainlet am I, if a line of text gets leaked the attacker can steal everything
Not sure how can anyone defend this but whatever crypto yay! Currency of the future
Even if you're a cryptocuck you have to admit it has' faults.

He has a very good point tho

read up on multi-sig my nig

This user is correct. Multi sig cold storage which requires between 3 and 11 (can be more) authorisations to move funds.