Ripple Price Prediction December 22 Uptrend forming!
Ripple Price Prediction December 22 Uptrend forming! Above is the 1 hour chart showing a 1 hour uptrend getting huge support at $.70. Major resistance at $1.05. Parabolic Sar is in a uptrend look for a 6 hour buying window before any downswing occurs. With CME future closed nothing is holding back Bitcoin good news for the whole market. Limit ups might push it higher after Xmas.
It’s time. #XRP going to take over #1 in 2018. Hyperbole? Read my blog post and decide for yourself if my logic makes sense. I chart @Ripple ‘s path that I think is most likely for 2018, and it will lead to surprises in crypto by year-end! https://t.co/eVBlIN1ul2
— Hodor (@Hodor7777) December 22, 2017
— Bits Coins (@bitcoinsnows) December 22, 2017
— moon (@xrpmoonboiz) December 23, 2017
What’s driving the rise in XRP’s price? Asia
— Forbes Crypto (@ForbesCrypto) December 22, 2017
From the information I’ve gathered, hardware wallets are much better than anything else. But are desktop wallets like Rippex much better than leaving XRP on exchanges like Binance? I think they are, but is the difference significant or just marginal?
Except in the case that my computer would be hacked, is it still possible for hackers to know my secret key? I’m asking this because Rippex generated it and I don’t know if these hackers could somehow identify it after it has been already generated. (Basically, can hackers identify already generated secret keys if they somehow hack Rippex itself?)
(This might be the same as #2): Binance servers own my private keys, so if Binance gets hacked, I might lose my funds. But for desktop wallets, I own my private keys. I do own the key because they specifically generated it for me, but don’t they also own it since they are the ones who generated it in the first place? Does this mean that the only difference between Binance and Rippex is that the former doesn’t give me the private key, but in end, both of them, including Rippex, still own my private key?
What if for some reason, Rippex “ceases to exist” but I still have my secret key, address and password. Would I still be able to access my funds?
Theoretically, If my laptop is 100% clean, would it be correct to assume that it would be as safe as a hardware wallet?
So, hardware wallets are great for their ease of use and security. I can recommend them if you don’t wanna try fussing with a cold wallet. More on cold wallets near the end of this post.
Desktop wallets like Rippex are much better than exchanges. You seem to have a grasp on why, but let me clarify for you.
On Binance, you don’t actually have a wallet. It’s just an exchange and you’re basically holding IOUs for XRP. I’ve actually not used Binance myself, but if they function like any other exchange, they don’t even assign you a key pair. It’s just a database of who owns what. For this reason, it’s subject to all sorts of risks like a data breach or the company dissolving. There is none of the security provided by the Ripple Consensus Ledger. If Binance goes bust, so does their database and all of your XRP.
With Rippex, you actually do create a wallet on the Ripple Ledger and you’ll receive a key pair. This key pair IS your wallet and any XRP in this wallet exists on the ledger. It isn’t tied to Rippex in any way. Rippex is just a tool that lets you interact with your wallet on the ledger. As long as you have that secret key, you will always have access to that wallet, no matter what, even if Rippex ceases to exist. You don’t even need the public key, you can just import the secret into any wallet service or some exchanges (like Gatehub) and you’ll have full access to that wallet and its contents. Rippex can’t be hacked in the way you’re thinking, as they do not store all generated key pairs in a database somewhere.
Now, what are the avenues of attack in this case? Well, if your computer is compromised by, say, a keylogger or some sort of malware designed to find secret keys, then you will lose whatever is in your wallet. If anyone gets your secret key, they will have all the same access that you do. They can just import it to any wallet of their choice and send the funds out. I’ll reiterate, the secret key IS the wallet.
It’s pretty unlikely that a personal attack like this will happen, as Ripple is still kinda fringe, but it’s growing and it’s still not worth the risk in my opinion.
The only truly secure way to do it is to generate a key pair on a device that will never connect to the internet. It’s fascinating to me that you don’t even need to be connected to the internet to create a wallet on the Ripple Ledger, but that’s the magic of cryptography.
It’s quite complex, but I think it’s important to know to have a better understanding of security so I’ll try and briefly explain key pairs a bit.
Basically you take any unique string of 29 characters (a secret key), apply a consistent magical cryptographic algorithm to it and you get another unique string (a public key) that corresponds with the secret key. It doesn’t work the other way, though; you can’t derive a secret key from a public key.
So knowing that a key pair is just a magical algorithm applied to a random string of characters, we can say that technically every single possible key pair already exists. It’s an astronomical number of key pairs. So high in fact, that if you were to generate key pairs once a second, you wouldn’t hit a duplicate before the heat death of the universe. Huge.
So obviously Ripple Ledger can’t track every possible key pair, right? It’s just too much, it’d be impossible. That’s where the 20 XRP reserve comes in. You need to “activate” a key pair by sending XRP to the public key before the wallet is recognized and tracked on the ledger. Genius.
Because the number of possible key pairs is so massive, you can safely generate a key pair offline without worrying about a duplicate and be sure in the knowledge that your key pair is unique and only you have access to it. Write the secret key down on a piece of paper and it is completely safe from any sort of avenue of attack via the internet. That’s a cold wallet. It’s what I use and recommend anyone with a high priority on security use.
BUT it’s still not 100% safe. You have to trust the software you use to generate the key pair. This is accomplished with open sourced code.
My personal recommendation for wallet software is RipplerM’s. Here’s the link to the github repository for it: https://github.com/ripplerm/ripple-wallet
And here’s a fantastic guide to creating a cold wallet with it: https://www.xrpchat.com/topic/4590-cold-wallet-walk-through-using-ripplerm-wallet/#comment-44115
Phew, I may have gotten carried away a bit, but it’s all so fascinating to me. I hope I helped you understand a bit better, but don’t be afraid to ask any more questions! Either myself, or someone on the subreddit can help. 🙂