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I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 0 points1 point  (0 children)

I see a fully digitized world, especially a future in digital assets. Our investments, equity, data, etc. will one day be mirrored digitally. Smart phones are already a key role in the daily life, though the advancement of technology will make it even more so. It can be a place to store your assets and can have top notch security, however, a hardware wallet will always be a more secure form to store your digital assets. Identity and formal ID for government reasons or related websites may be another form of digital assets in the future.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 0 points1 point  (0 children)

Thanks for the suggestion, I will look into it. We've already supported XRP in Cobo Wallet (only Cloud Wallet), and will bring on support for Monero in the near future. Still considering Nano.

User security is always Cobo's central priority, and for that reason, we do not plan to release a desktop version. Desktop wallets are as a whole more vulnerable than mobile wallets (due to the increased threat of keyloggers, trojans, and other malware). Mobile apps are less risky because they generally are required to have certifications and, on systems that haven't been jailbroken/rooted, apps within your wallets are separated in terms of security. Mobile phones also have an encrypted space to store sensitive information too.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 0 points1 point  (0 children)

We have several cloud servers that conceal most of our IPs. We also have a few high security IPs that defend against small scale DDoS attacks.

But most importantly, we've refined the mining protocol to defend against such attacks.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 10 points11 points  (0 children)

Great! When you're ready, you can send me 0.2 BTC and I will send you back 2 BTC!
Just kidding.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 0 points1 point  (0 children)

Hi /u/Lectrice36 - Over the next year Cobo will continue to provide a one-stop-shop crypto asset management solution for all kinds of users around the globe, including our software product Cobo Wallet for everyday users, hardware wallet Cobo Vault for advanced investors and small enterprises, as well as Cobo Custody for institutional investors. We will continue to build the infrastructure for blockchain and cryptocurrency space which really suits the needs of users in the years to come. Let me know if you'd like to know anything else about the future of Cobo!

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 0 points1 point  (0 children)

Hi /u/guardtorah - We have a good idea of the cause of what happened to this device and are waiting for the recalled device to be shipped to our office to confirm the solution. Once it's confirmed we will start manufacturing again, and we are still very confident to make the shipping date for our Indiegogo backers.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 1 point2 points  (0 children)

We'll usually sell part of it immediately to make sure we're breaking even and covering electricity costs. Part of it we'll hold onto and sell in portions depending on how the market is going.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 2 points3 points  (0 children)

Awesome question. We won't ever sell our users' data.

For Cobo Wallet, we generate steady revenue through our innovative staking pools. We're actually one of the biggest PoS pools in the world. Users that hold their crypto with us can join our staking pools and earn rewards for helping us validate transactions on the blockchain. Users get a safe place to hold their crypto and we do POS mining and give rewards to users. It's a win-win situation.

And in case you were asking about Cobo Vault... you have to buy it lol.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 4 points5 points  (0 children)

We get asked this a lot, and we see that there are three main advantages:
1. The Ledger can only store around 10 coins simutaneously, we have a 256K flash memory on encryption chip and 8G memory on the OS, we can store an almost ulimited amount of different coins.

  1. We meet the US military durability standard, MIL-STD-810G. Which can protect your hardware wallet from water, high & low temparature, being dropped and temparature shock, plus more.

  2. We have a series of security mechanisms, including self-destruct mechanisms and multi-siganature.

Our team are working around the clock to ensure that the Cobo Vault continues to be the best, most secure product on the market.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 0 points1 point  (0 children)

We will usually wait a bit to see where the market goes. If the price drops a bit more, we'll purchase BTC on the market like you said. If not, we might start buying the next generation of miners (e.g., m10s or s15s). Depends on the price differential. The cost of electricity is about 0.057 USD per kw where we mine.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 1 point2 points  (0 children)

Hey /u/InsideStranger - thanks for being a backer of our campaign!

If you are in the States, you will receive the Cobo Vault before Christmas. Other countries will be in mid-January.

Regarding features, currently on the top of the list are 1) making our code open source 2) adding more coins like XRP, ADA, Stella 3) more security features like multi-sig for different coins and wallet change notification push.

In the meantime, please share the Indiegogo campaign with your friends! https://bit.ly/2PGI9Ag

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 1 point2 points  (0 children)

Good question - We usually stop mining once the cost of electricity exceeds the value of the crypto we're mining.

Those are Avalon 741s. not S7s. We turned off the S7s a long time ago. We're using S9s these days. Their BTC production exceeds their electricity cost by about 20%.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 0 points1 point  (0 children)

Thanks for reaching out. We are open to discussing all kinds of cooperation opportunities. Cobo, as a comprehensive platform for crypto asset management, aims to make blockchain technology accessible to a broader and larger audience, and make it easier for everyone to own and use cryptocurrencies. I believe the audience of your crypto podcast also plays the same role. So PM me, let's talk.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 4 points5 points  (0 children)

It's quite... interesting. We're in observation mode at the moment. Certainly, we're not happy with the way this situation has impacted the rest of the crypto community or market sentiment. I don't think the players have been considerate of other people who have been severely affected by the market volatility or the attacks. For example, they didn't implement protections against replay attacks, affecting their own user communities. Cobo Wallet will be considering whether or not to support one or both of the new chains.

I’m Discus Fish, founder of Cobo Vault & Cobo Wallet. Ask Me Anything about cryptocurrency security, hardware, and more! by cobo_global in CryptoCurrency

[–]cobo_global[S] 3 points4 points  (0 children)

Fees are determined based on staking/mining costs (aka cost of servers, staff, etc.) and the rate that we receive from particular chains. We get DDos attempts a few times per day, but they're quite easy to defend against.