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When it is pumped hard - it is Probably a Scam!!! (Patreon)

Published:
2023-05-21 23:03:25
Imported:
2023-05

Content

I had literally 1000 comments on my video today regarding TANGEM WALLET.

No other wallet had 1/100th of that pumpage. So it raises my spidey senses to be on high alert. 

Note also - Wallets need BIP39 - Tangem wallet does not use BIP39, which is a standard for generating and storing cryptographic keys. This means that Tangem wallet users cannot import or export their keys to other wallets that support BIP39.

Additionally, Tangem wallet does not support hardware wallets that use BIP39.

Therefore I assume it has a high probability of being a scam!!! Be careful out there team.

Files

Comments

Anonymous

Interesting. I just ordered one today to review it

Anonymous

They were all over the chat today. Thanks for the PSA.

Anonymous

Dayum. Looks to me like Keystone is going to top the charts. Everybody and their mom is drooling and getting hot AF for Keystone on Twitter.

Anonymous

I didn't like the idea it uses NFC, seems like it can be exploited. And: "Instead of the seed phrase, additional cards are used for backup. That is why Tangem Wallet is sold as a 2 or 3-card set. " This sounds a little goofy to me

Anonymous

So much trash out there. Vile.

Anonymous

Tangem is a Swiss company based in Crypto Valley in Zug. I trust them.

Anonymous

NGRAVE

InvestAnswers
>>109026781

well they have 100000 marketers in that case. I am aware they are from Zug but just because they have an address there does not mean it is swiss quality

Anonymous
>>109026048

Thanks, it's open source so I'll have someone review and then build the app from source if needed. Lots of interesting questions that need answered before I would put anything more then $20 on it.

Anonymous

Spiderman, Spiderman

Anonymous

I think assuming this is a scam is a big jump. No one ever has access to the seeds ever, including you. But you are reliant on always having physical access to one of the cards (each can be individually password protected) in order to use it. But in my view I will always need my metal engraved BIP39 anyway so this would be an even smaller physical device that I would need to transport or hide. Idk, it’s a different concept but could be ultimately safer than the current model. I suggest doing a deeper dive

Anonymous
>>109031475

Well V219 it sounds like you’re the best man for the job. After your deeper dive, please let us know what you find. We appreciate your efforts.

Anonymous

Shortly after the Leder news broke, several Youtube started schilling the Tangen Hardware Wallet. My first impulse was to buy it, but I decided to wait and do some research. Not having access to the unique seed phrase to store didn't sit well with me.

Anonymous

James- please can you review this. Ivan on tech mentioned that this is the way to go

Anonymous

I was wondering why it didn't feature in top 10! Tks

Anonymous

Sounds like best scenario with this one is it’s isn’t a scam, but without BIP39 you’re stuck with them if anything goes wrong with your cold wallet. No thanks. Need more compatibility than that. I’m fussy that way.

Anonymous
>>109031475

I did order a set of the cards and plan to transfer a small amount and play around for it a bit. I'll post to discord if I come up with anything useful.

Anonymous

Should it be a concern that Keystone is manufactured in China? I know it’s air gapped but that doesn’t mean the CCP can’t hard wire surveillance technology in the devices that access wifi or mobile networks covertly. I’m probably paranoid but there’s a reason the US banned telecom equipment from China.

Anonymous

I think assuming this is a scam is jumping the gun given the situation. In general people are urgently talking about the options we have for cold storage based the situation that is now present in the space due to the #1 player presenting problematic security issues. The first thing that strikes me as a very good thing is this is Open Source on github. Huge + for any crypto project. There is also an individual security audit which I think also lends itself off to a good start. So if everything is available as far as code, you can operate on windows, mac and mobile and there is no means to access the private keys it seems like a viable option. YI think we have to be open to a possible crypto future without Security Phrases because they are clunky and ultimately a bit of a barrier to entry for mass adoption and legitimately a security concern. Is there going to be one option that can satisfy everything. Probably not, but there can be solutions that can be secure and reduce the risk of loss of user funds and protect them in a secure manner better than a seed phrase. We just have to get there. One last thought. Gnosis Safe is worth doing a deep dive on as well as Multi -Sig will be the future for securing funds on chain without security phrases or recovery seeds. If you can please do some deep diving on both these options! Ill be testing out both over the coming weeks as I ordered some Tangem cards and also have started converting my hot wallets into multi sig. Will report back on findings!

Xraytx

James and team. Thank you for investigating the Tangem wallet!

Anonymous

Have Trezor for BTC - still Looking for that solid cold storage solution for Sol . May have to buy a Solana phone to store Solana ? 🤷‍♀️I’m not comfy leaving any significant amount of Sol on phantom and ledger .

Anonymous
>>109053851

You have a point because even USB cables and ports and accessories such as power banks have been accused of being used for surveillance and everything nowadays including the iPhones are made in China. Having said that, the US and the West have been doing so for decades exposed by Snowden. That's why they are so paranoid about Huawei's global dominance because they know all the encryption that secures telecommunication can be hacked/backdoored.

Anonymous

Hi comm, just an info from my behalf. I made good experiences with Bitbox from ShiftCrypto - Switzerland, open Source, no ID needed! Cheers Elisabeth

Anonymous

I love it. I am gonna check it out. Thanks

Anonymous

For what it’s worth, I use a Ballet Wallet, several of them actually, and it seems to be great system so far. It has a similar form factor with the above company, but the keys are only visible to you. It’s BIP38, so different from the 24 words, but still a great standard that will be compatible for a long time. Has anyone else used them?

Anonymous

My take is wait a while for it to mature and prove it's not a scam, and then maybe use it for small stuff, trading etc. The form factor is extremely convenient as you can carry it on you. I agree the spam bots are not a good look but could just be a wrong decision by head of marketing etc. PS I have been already slightly suspicious about the fact that all the YouTube reviews are positive.

Anonymous

Interesting James… I will have to look into this as another Respected millennial Cryto Casey gave it raving reviews as an alternative to ledger as well…

Anonymous

@james could you look again at Tangem? Seems they have BIP standard now https://tangem.com/en/blog/post/seed-phrase-a-risky-solution/

Anonymous
>>123682047

Sunday Q&A 17 December. @james Briefly mentioned the use of Tangem as an alternative Ledger. I would work on the assumption that he has revised his thoughts on Tangem 2.0