Giving Your Steemit Password To 3rd Parties = Handling Your Coins' Private Keys To Them
Throughout my 3 weeks stay here on Steemit, I have been trying to discover how the platform is ticking. I found out about upvote botting and to my surprise, it wasn't against Steemit's rules to use them. I have also just come up with a few other third party services that offer helpful tools that can make your author and curation tasks on Steemit much easier.
I came across a few of those services that required me to provide my Steemit account password, which made me get cold feet about trying those. I might not be an expert in Steemit, but from what I have understood until now is that your Steemit account password controls all your private keys, so whoever has them can transfer your coins. So, whoever has your account password can transfer all your STEEM coins that aren't in the savings accounts (withdrawals from your savings account are subjected to a 3 day withdrawal period).
I am not accusing any of the available 3rd party Steemit services of any fraudulent activities, but doesn't giving in your account's password put your coins in jeopardy? For me, I would rather do some extensive research about the service I am about to try, before giving in my account password, if I will ever do it.
I would love to hear your opinion about this issue, am I missing something? Isn't it too much to give in your account password just to use a third party service? there must be an easier way...
That's an important point and I think I know what you are talking about.
cheers mate
Thanks for the heads up
you're welcome bro
You should never give your password to any 3.rd party services. Voting bots etc. only requires the private posting key, which will let the bot post and vote on posts, but not transfer or touch your Steem in any way.
To find it, go to Wallet -> Permissions and select "Show Private Key" for the posting key.
I know how accounts on voting bots work, but other services can require you to enter your password. Don't you know about any of those?
Oh, okay. No, I have never come across any services that requires the master password yet. It sounds really risky to share this, to be honest.
I felt this too but most of them ask for your posting key which means they cannot access your wallet or move any of your steem about. As long as you don't give your master key you are fine
I had the same reaction as you and so a few weeks ago I went looking for a solution I could deal with. I found @ontofractal who I feel does a good job of making bots, so I decided to try it out. The bot he made for me only uses my posting key, so I feel it's pretty safe. He is really great to work with and has been responsive to my needs, so I can definitely recommend him. Here's one of his latest posts. Check him out if you want a bot made and I think you'll be happy. He's good with security so far too and he answered all my questions. Here's his post: https://steemit.com/steemit/@ontofractal/steempunks-com-v0-5-released-new-authors-ratings
of course, I might add everything is a risk, but giving your posting key is least risky of a situation. I would never give out your master key.