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I wrote a book that takes place between 2004 and 2014 and the main character is told by a time traveling entity to invest in Bitcoin. Every chapter on the main story arc from 2009 onwards keeps updating the price as the story unfolds and he comes up with a novel way to protect his private keys.
They advice to diversify your portfolio ( term comes essentially from stocks which belong to different sectors ) However, almost every major crypto doing the same thing in the charts , it peaked in 2018 then crashed... again it is peaking in 2021 and it's happening and had happend with every crypto.
To be clear, a paper wallet is not a seed phrase written down on paper. It's a single address/private key combo. If you restore an HD wallet with a seed phrase you've written down on paper, you'll get all the addresses associated with that seed phrase.
Electrum is a wallet available thru electrum.org or on the google play store. It has features I think you may find useful. "12 words" refers to a mnemonic used by HD wallets (hierarchical deterministic) and that mnemonic of 12 words will be used by your wallet to generate all of your addresses which you can receive bitcoin to. You need to protect/save/store/memorize these 12 words as they are the "keys" to your bitcoin wallet. MPK means Master Public Key which the Electrum wallet uses to produce for you a "watch-only wallet". With this type of wallet we can monitor our addresses and receive coins, but as its watch-only... we can not spend from it.
Mining dogecoin with my old gaming equipped with a HD4870 for about 8 weeks 24/7 in jan 2014. I completely forgot about it and/or didn't really think about it till earlier this year when i got a heads from a buddy of mine regarding the ginormous price hike. Considering i remembered i mined the coins on my old gaming rig i'd figure i'd check the attic and see if i kept the disks. Lo and behold i found a disk and found a wallet.dat file hidden in some old documents folder. Tried opening it and saw that i had about 3k coins stashed away, great! Easiest €1500 i'd ever make (price was around €0,50 at the time). When i tried submitting a transaction i got hit by a password prompt.. After attempting a few passwords i had given up. Until... i checked my password manager and found it! (Apparently i was smart enough 8 years ago to store the wallet password in there). Great! So when messing around with the wallet i found that the 3k doge was stashed on one address but i had another one in there that i completely missed. When i openend it up to check it my jaw hit the floor. Apparently i mined with a mining pool back in the day and had nearly 200k coins stashed away. Kept up all night till the near peak around Elon's appearance on SNL. Sold it all off for about €0,54 a pop and netted nearly €110k tax free (as it was forgotten investment from way back) Within a minute or two of selling it all of the price had fallen to below 40 cents. I cashed most of it for a down payment on my house. The leftovers are currently invested in ETH, BTC and Cardano which now almost sit comfortably at +90% So yeah i can thank my past self 'investing' in a shitcoin.
Daaaaaaaaaaamn there are a lot of comments here from people who think they know how HD wallets work but really, really dont. [This article](https://steemit.com/bitcoin/@sevcsik/working-with-bitcoin-hd-wallets-key-derivation) (with additional information in [part 2](https://steemit.com/bitcoin/@sevcsik/working-with-bitcoin-hd-wallets-ii-deriving-public-keys)) summarizes how it works: > To have a lot of addresses and to be able to spend the funds arriving to those, we need to keep track of the private key for each address. This is how old wallets work: they generate new keys in batches, so the users have to make regular backups of their wallets, to keep their set of keys up to date. If the wallet is lost and the backup is not up to date, funds received by the new addresses which are not backed up are lost forever. > Using key derivation, this is no longer necessary: with a predefined algorithm, one can generate child keys based on a master key, use those child keys as master keys to generate new children, and so on. Bitcoin's algorithm of choice is defined in the BIP32 standard. > The BIP32 CKD [(Child Key Derivation)] function has three parameters: The key itself, a so-called "chain code" and an index. The combination of the key and the chain code is called an extended key. The index is a 32-bit integer, allowing us to derive 232 child keys.
1,2, and 3 can be answered by HD wallets. It basically means the seed does not generate a single priv/pub key pair, but multiple pairs can be derived and used. https://www.investopedia.com/terms/h/hd-wallet-hierarchical-deterministic-wallet.asp
XLM is honestly so excellent at what it does, but it serves a very narrow purpose at the moment. Anyone looking or hoping for XLM to moon will be disappointed despite it being an excellent project because it’s used mostly to transfer funds. In terms of the “tech” that I’m most looking forward to in the Crypto space, it is for XLM to completely overtake Western Union and WU equivalents. Getting rid of the middleman and making it efficient and safe for the consumer is exactly what this segment needs. XLM offers that. Their fees are so ridiculously low and the transactions occur within seconds. Compare that with WU… It’s like comparing a 1980s TV with an antenna attached to get a signal compared to a 2021 OLED TV hooked up to the internet for clear HD streaming. Just night and day.
Bought my first BTC on Mt Gox Got my first wallet cleaned out on Mt Gox too Spent $1000 in BTC for Swedish MDMA on Silk Road once. BTC was about $0.89, do the math. Had aental breakdown in 2017 when I did the math, swore off spending swore to only HODL. Life threw me a curve in 2019, I sold 12 BTC at $3,000 to keep a derelict ex afloat long enough to resent me for spending it. To answer your question, I heard about it from 4chan /g/ and the first time I ever mined or held BTC was to benchmark/burn in a CPU. Mined about 200 BTC back then. Lost that in a HD crash. I HODL now knowing I won't be a billionaire but hoping I can at least escape poverty.
What you call "automatically" must be calculated. All the receiving addresses (of HD wallets) are based on the seed. You need a program that computes these addresses for you because the calculation is not trivial. That program can either sit on your PC (software wallet) or in a separate device (hardware wallet). If you're really bad-ass, you can try to do it by hand, but i wouldn't recommend it :)
Multibit HD might have been the outdated version which doesn’t have the flexible fees (happened to me and couldn’t take out my coins) There should be “export private key” or there should be a wallet.dat file on the computer. Use that, you won’t have to synch for weeks. What you could also do is use https://iancoleman.io/bip39/ (make sure your internet is not connected while using this tool). This is pretty much the best way to recover your coins to make wtv private key format you have compatible with other stuff. Id honestly back it up into a web wallet which will synch immediately then send those coins right away to a new wallet you create (which would be a lot more secure than a web wallet)
Congrats man! I was about to format a hard drive the other day and I found a [wallet.dat](https://wallet.data) file on it. It wasn't a lot of money, but I recovered maybe $500 that I didn't realize I had (basically dust from 2015). Syncing can take a really long time and IIRC it took up about 500GB of disk space and nearly a week of syncing. I don't know squat about Multibit HD, but have fun and be careful of scammers! Oh and I'd love a ride on your yacht.
I don't understand what you're talking about. I've never mentionned exporting your private key from what you cal "Multibit HD". You have the mnemonic, right? If it's a standard BIP39 18-word mnemonic you can use Ian Coleman's tool. Of try to use something like Coinomi. But the idea is to check quicly if "$0" is real or not.
I have tried that already, sadly every time I do that it shows $0 funds it's just that the wallet MultiBit HD will actually tell you to insert the seed and passcode then it will let you download an .exe and folder with all the files necessary for it to open the wallet
> I try to restore it in electrum and sparrow wallet I've never used sparrow. In Electrum you need to restore by choosing "Options" and selecting BIP39 checkbox. Tested this just now > Cold card derivation path is m/0/0 Or is it? According to https://walletsrecovery.org/ you have a choice. Guessing you probably chose native SegWit, which isn't m/0/0. If you did choose m/0/0 then Electrum has a legacy address option. If you choose native SegWit then the path is m/84'/0'/0' > there is some way to comprehensively search all addresses tied to the HD wallet, which I’ve yet to confirm is even possible Two billion addresses, not possible > How can I be sure that my funds will be accessible in the future? Remember that compatibility is not guaranteed, neither between wallets, and especially not forever into the future. Regularly check that your wallet is up-to-date and replace it before it becomes obsolete, if necessary Currently, the Electrum recovery feature is a useful convenience, and the BIP39 tool slightly less useful. They're not guaranteed to work forever into the future
Thanks for the detailed reply. This is exactly what I was after. I will explain my real world use case to provide some insight into how I got here. I have a cold card. I set it up and recorded the pass phrase somewhere safe. If I die, my loved ones will have to access the funds via the pass phrase. I have/will tell them that this pass phrase is very important. I will put this in my will. I will provide basic instructions to restore the passphrase in a wallet. I cannot be sure that cold card as a company even exist or if any of their tools or software exists. I need to be confident my loved ones can access the funds. So I try it out. I send $5 worth of bitcoin over to the cold card. I send it to *literally the first address supplied to me in address explorer*. I verify the funds reach the address with multiple confirmations. Then I try to restore it in electrum and sparrow wallet - pretending I am a loved one trying to restore the funds using the pass phrase (remember, cold card only tell you to save the pass phrase. They say nothing about saving anything else. Neither do most tutorials for any hardware or software wallets). I restore the pass phrase to both and both of them show zero balance. So in other words. If I did the above and put my life’s savings in bitcoin then died, my loved ones could not access it. I think this is because the derivation path for cold card isn’t the same as electrum or sparrow. But I have NFI why. Cold card derivation path is m/0/0, literally the first and simplest derivation path. And yet neither of those wallets search there. And so, I panic. How can I be sure that my funds will be accessible in the future? I guess I need to save the derivation path as well as the pass phrase. And yet I was very close to not even testing this out and I would have only stored the pass phrase (like they tell you to do…! And like the steel wallets or whatever all tell you) and my funds would have been literally inaccessible according to you. Unless there is some way to comprehensively search all addresses tied to the HD wallet, which I’ve yet to confirm is even possible.
I was afraid admitting to be lazy with my systems security, but what really happened was some hacker using some virus / keyboard logger / clipboard changer I don't know exactly, stole it from my computer. Some day I've found my wallet balance's been zeroed. Then I've found this transaction from my wallet address to and address I couldn't identify using a transaction browser. I, then, formated my HD and reinstalled the OS to get rid of anything malicious there. To this day I don't know how this really happened and I'm afraid it could happen again.
>> bitcoin's consensus rules > >HD wallets are irrelevant to consensus. What I think /u/danda meant to say was that Bitcoin's design paradigm already on protocol level is characterized by a long term validity via backwards compatibility. This same paradigm should be followed in the design of wallets and backups, such that users enjoy the benefits of this paradigm in the end-to-end user experience.
Several hundred dollars at the time (which was before the large increases in value over the past five years, so probably thousands of dollars worth). As I said, I have access to the old hard drive and have already copied over any files I think might be relevant (and if I'm missing any, they're still on the old hard drive so I can always grab them). So "recovering the files" isn't the issue - the issue is restoring an old MultiBit HD wallet on a new computer, and then transferring to a program no longer defunct (i.e., not MultiBit HD).
There are many other cryptos much better suited to be used as an actual currency than BTC. BTC is not anonymous as you stated -- rather it's the exact opposite. A public ledger of every transaction ever made is copied to every node in the network. The most massive hurdles stopping BTC from catching on as a currency are: - proof of work: some criticize bitcoin because it wastes significant amounts of energy while trashing the climate, and those critics have a pretty solid point. You can argue that the benefits outweigh the costs, but preserving the habitability of the planet matters more to people than sticking it to the central bankers. - the massive advantage of early adoption: With its forced deflationary nature, people who started mining/buying BTC ten years ago have a huge advantage over people who are just getting into it. There's intense vitriol (at least on reddit) for rent seeking activities and huge passive income streams. Try pitching a new monetary system where some college kid who started mining BTC in 2009 becomes the 50th richest person on the planet. And because the total supply of BTC is always shrinking (i.e. the total coins mined remained fixed while coins are permanently "lost" via HD failures and other mishaps) credit and loans become nonexistent and economic/social mobility halts. - the technologically illiterate, the gullible, the careless, and the stupid: your average boomer can't tell the difference between a private key and his own asshole. The ability for hackers to steal huge amounts of money with no ability to reverse the transaction is not something that the mouthbreathing general public will tolerate.
Hi, install the same apk version on a separate phone, create a wallet and search in the phone (with a master file explorer) all the data related to that app, look for clues if there's a file with no so obvious name which holds the wallet. Run recover software for Android on that Samsung as well and retrieve the said file. Please, do not touch the old HD yet as it may get corrupt and it's super expensive to hire a data recovery company.
First things first about fees. Since you re using coinbase , use the same login data to login at coinbase pro. The fees comparing to normal coinbase is peanuts. There are otjer exchanges that have lower fees but for the beggining you can stick at CB pro. The fees is the (also)way the exchanges make money. They sell you something amd they have the fees. About wallets , if you re refering to a hardware wallet I wozld advice you to buy one once the gains ypu hace made equal the price of the HD wallet. I dont know what you mean by saying a sophisticated approach but in general search for a project/coin that you think it s worth investing it. ETH and BTC are the safe way to go. Now about NFTs , I wouldnt stsrt messing around with them yet
iirc they depreciated multibit, but you should be able to recover your multibit classic/HD wallet with electrum follow this article [https://walletrecovery.info/how-to-transfer-bitcoin-from-a-multibit-classic-or-multibit-hd-wallet-into-electrum/](https://walletrecovery.info/how-to-transfer-bitcoin-from-a-multibit-classic-or-multibit-hd-wallet-into-electrum/) you might have to install multibit again, and re-export your keys if it won't accept the encrypted file.
I'm not a miner anymore but my first dedicated rig I built 10 years ago mostly with spare parts consisted of an underclocked Athlon II X2, a pair of Radeon HD 5850s, and a 650W power supply. Placed it in an unheated back room to avoid the noise and heat. Mined many a Bitcoin with that baby.
I am not a tech support or professional HD recovery person. I used to build custom computers for a niche market. Hard drive failure was very common (under 3 years) because of heavy use. Sometimes I could recover the data, sometimes not. That left me with stacks of dead HDs that usually went into the dumpster. But, around 2013 when a client told me that his Bitcoin was also on the now dead hard drive, I never threw away another HD again. Also, this caused me to postpone my crypto adventure by 4 years until I could keep it somewhere besides a vulnerable HD. About saving copies of client HDs... I was always too busy to be sifting through files. And new HDs to store all that data used to be very expensive. So, I have a stack of about 20 dead HDs from 2010-2014 that I randomly try to recover with newer tools. No luck so far.
> derivation paths most common and recommended by BIP32 Recommended where? The BIP32 document does not recommend any derivation paths > Reason for this "mess" is partly historical, partly programmer lazyness, partly proprietariness The reason is that BIP32 is flexible, allows for a variety of derivation paths. There is no standard derivation path for BIP32 wallets, and there never should be. That would constrain innovation The improvement required is to stop telling people they can restore any wallet years into the future using any BIP39 wallet app and their old recovery mnemonic. This false advice is repeated again and again here BIP39 is not a standard. BIP32 is a flexible standard The advice should be * do not ignore your coins for years and expect to be able to restore a wallet * do plan for your wallet app to become obsolete and disappear from the Internet * do not expect to be able to restore your wallet using your recovery mnemonic in any other wallet app Plan ahead. Check several times per year. Make sure your wallet app is still supported by its developers. If the old wallet loses support from its developer, set up a new wallet and send all your Bitcoin from the old wallet to the new wallet. Do this while your old wallet app is still working This applies to hardware wallets as well as software wallets More innovation is in the development pipeline, especially with multisig wallets. This will be great, but adds more complexity to any attempt to standardize HD wallet derivation paths Do not buy Bitcoin with the expectation of ignoring it for 10 years and still being able to access it Bitcoin is still young, and there are already old wallets with no software supporting them. There are current wallet apps which can not support old versions of their own wallets A notable exception is the Core node wallet app, which can still open all previous versions of its wallet, even though the format has changed several times in 12 years. The Core developers' commitment to this backward compatibility is commendable
One thing you should know. SSD, rarely actually delete things. What happens is if you have a 100gb SSD HD, there is actually about 1TB. And then a memory controller tracks which sectors have been recently written to and changes it up. It does this for speed, and longevity, because unlike magnetic drives, you can only read and write to the same sector so many times. The nicer the SSD the higher the ration of "spare" space to listed capacity will be. And there are tool that can atte.pt to extract data from deleted sectors. There is a small class of SSD's typically sold to tue government that have true zeroization capabilities but those are way more expensive then what you find at best buy. The other reason to know this, is that if you have an SSD that you KNOW used to have a wallet and get deleted it may be worth actually pulling the IC's off the board. With magnetic drives there is someegneric resonance left after deletion. 15 years ago there were companies that for about 40k could disassemble mag drives in a clean room and attempt to pull deleted data directly off the disk. Not sure if that is a thing anymore.
In 2011, my cousin told me to buy Bitcoin. I was fresh in the military and my grandfather had bought me a bond years earlier to help me save for college. I didn’t go to college but I had this $3500 AA bond that was just sitting around. Cousin convinced me to buy Bitcoin. I want to say I bought 200 and saved the wallet info on a hard drive that I left in the barracks room. I ended up moving rooms several times due to bed bugs and ended up on a floor with a different unit. I was deployed a week later for 3 months. Upon my return I found two other guys living in the barracks room I left. Everything I owned (which wasn’t much) was gone, and the two guys in the room claimed that it was cleaned out before they moved in. The hard drive wasn’t encrypted and all the info is on a word document. I never was able to find that hard drive. If anyone is out at 32nd street naval base in San Diego and comes across a grey HD with a “specialized” bike company sticker, you’re welcome.
A news article about bitcoin being used for shady stuff online. I'm a software engineer so I started looking tinto the technology and though it had legitimate long term utility. Bought a used Radeon HD 5970 and mined until it died (didn't know much about thermal management at the time so it only lasted 6 months or so, still paid for itself a few times over even at the then low prices). Reinvested the mined bitcoin into the first ASICs as soon as they came out, by that point the price had started jumping to 100 and then crashing back to 10, so after a while I got nervous and took profits which sat in mt.gox until it got hacked and I never got anything from it except the ASICs which I had bought directly in BTC Maybe my actual biggest regret is that the end result of that experience turned me off of crypto until a year ago, if I had stuck with mining I'd be sitting pretty with early retirement money
Hierarchical deterministic ("HD") wallets derive an infinite sequence of private keys (and public keys and addresses) from one private seed. This means there's only one seed to back up, and the backup can be made when the wallet is created and doesn't ever need to be refreshed thereafter. Under the hood the wallet software is indeed monitoring the blockchain for any transaction outputs whose `scriptPubKey`s code for addresses in the wallet's derived sequence.
You can use a fresh receiving address for each transaction. If you use a 'watch only' HD wallet, it can watch all the addresses associated with a wallet. If you are doing it manually on the block explorer via a web browser, you will only be able to check a single address at a time.
Smart contracts beta just came out with support for EVMs. There is another post about it on this subreddit. Project Alvarium mentioned in this post might be one of the biggest projects in the entire crypto space, (Dell, Intel, IBM, Linux etc). Projects with governments and other entities are huge. IOTA has adoption. I would argue VHS and Bluray were not sub optimal compared to their competitors. VHS had a massive strength in how much data could be kept on a tape and recorders were much cheaper than betamax, though the visual quality was not as high. Blu Ray was also able to record more data than HD-DVD, though a huge reason for adoption was that it was included with play stations, I'll give you that.
Disclaimer: ETH holder. Betamax had higher resolution than VHS…HD-DVD had better resolution than BluRay. Sometimes better, faster, cheaper doesn’t mean it will win the race. Vimeo has less compression than YouTube. Anymore analogies?
Selling 25 ETH I had mined at 900 to help fund a house renovation. This was early 2018. Then I lost a HD I mined with in a house move it had the keys for 30-40 or something DCRED and maybe 30k Siacoins from dual mining with ETH. It's probably somewhere in one of the boxes packed by my wife.
>if you use any modern mobile wallet it will be fine - yes Hierarchical Deterministic Wallet (HD) is a standard that makes any software check for bitcoin in the same order. Can someone explain this or link to an article about this? Thanks
yeah bitcoin.com is notorious for not implementing standards, if you use any modern mobile wallet it will be fine - yes Hierarchical Deterministic Wallet (HD) is a standard that makes any software check for bitcoin in the same order. Many modern mobile wallets are now more focused on LN, that's why I suggested electrum, but really any of the known ones will do. So you can generate new seed phrase on a modern wallet and send your btc from bitcoin.com as a normal transaction? Or you are trying to recover your seed you already have in a mobile wallet?
The reason I am asking is that I used Bitcoin dot com wallet and nearly lost $9000 in payments and before this incident happened I had to manually sync the wallet to find some missing transactions and I was able to find it. I am not sure what you mean by "HD wallets, and there shouldn't be any 'missing transactions'" Do HD Wallets use different technology? In regards to the lost $9000, at that time I had [Bitcoin.com](https://Bitcoin.com) wallet on my mobile and desktop, the desktop wallet showed the payment I received $9000 but the mobile wallet never did even after scanning for missing transactions. I contacted Bitcoin . com support but they were of no help. The reason it may have happened could be because I followed some online advice and keep generating unused addresses so maybe the app was overwhelmed with unused addresses. I did not know much better at that stage. I then panicked and started moving my bitcoin from my bitcoin dot com wallet on my desktop which was showing the $9000 transaction to coinbase wallet and after I transferred around $6000 the mobile wallet started syncing and started showing the missing $9000 transaction as well. It was weird. Now I am trying to use only one address to receive bitcoin per wallet so that I do not overwhelm the app and it does not have to go through so many addresses to find the balance.
not sure what you mean by that feature, is it trying different derivation paths? Electrum has a mobile wallet, never tried it myself but should have all the features. Most modern wallets use a standard called HD wallets, and there shouldn't be any 'missing transactions' unless you use some weird standard.
Very few people have sufficient privacy practices to not be identified over time based on their cryptocurrency usage. Consider: \- Where most people buy their cryptocurrency \- The identity they provide when they are buying it \- the addresses they may repeat using when receiving cryptocurrencies (unless they are careful to use every address to receive only once and also use xpub/ypub/zpub (HD addresses) for persistent generation of new addresses \- other privacy techniques available depending on the wallet they are using, whether or not they take advantage of those Those are just a few factors. Part of why I suggested "use all legal means on earth and space to lower taxes" is because most people have imperfect privacy and because when using legal means to lower taxes (nearly all of which involves at some point some identity disclosure), you can actually do pretty well - in some cases even getting your taxes down to zero legally (depending on your strategy). It really does depend on the strategy one elects with your bitcoin & other digital currency. A disclosure of identity is actually a non-issue if the tradeoff is that you end up having extremely low or zero taxes at the end.
Let's see if you understand what are the so called seed words of BIP39; In Hierarchical Deterministic keys scheme you have a master key and all the addresses in a specific wallet are derivated from that master key, or seed. The seed words is just a human readable/workable way of store it. When you input your seed words you're actually inputting your HD master key, from there it's possible to create all addresses and matching private keys a wallet contains. That's what that tool does; process the words into your HD key, irrelevant if it just shows you one or one hundred child private keys. Offline/online/air gapped or whatever, is irrelevant. Some trojans have key loggers, when you come back online they might upload it, so the words would remain at your browser cache and/or auto form filling system. Bottom line: once you have to use your seed words somewhere consider your master key compromised and therefore any added security Trezor might provide.
> Even if the HD works perfectly, he could simply be wrong, maybe he deleted it, maybe he password protected it, maybe it had 2btc not 7500 That's me. Remembered I had about 1.5 million dogecoin on an old pc. Dug it up from the attic and combed through it for days with different data recovery systems. Finally found it and managed to recover the address through a hex editor and due to sheer luck the word document containing my password was 100% recoverable. There was about $2k worth of Dogecoin on it. The second to last transaction in the wallet was 1.5 million Dogecoin to an exchange in like 2014 and then I remembered I sold it all for $200. The last transaction was a month later by the mining pool which I had completely forgotten since it was like $1 at the time. Still a free $2k but that hard drive would have become an obsession of mine if I couldn't recover it and still thought it might have close to a million dollars on it somewhere.
This, and let's be clear. The council is right. Even if he offered to donate 90% of the money to them they would still say no because: 1. It could take years of work by tens of people to find it. 2. It is extremely hazardous, all sorts of chemicals and gasses (although they shouldn't) do end up in land fill and could significant health damage to people nearby. 3. The search effort alone, with people+equipment over several years could go into millions of pounds. 4. Alternative land fill arrangements would be required for hundreds of thousands of peoples home and business waste, it would likely cost tens, or even hundreds of millions over a few years to manage the situation. 5. If he finds it, there is a very high chance that the discs within the HD could be broken or scratched so much that it is not recoverable. 6. The data could be so badly corrupted that it is not recoverable. 7. Even if the HD works perfectly, he could simply be wrong, maybe he deleted it, maybe he password protected it, maybe it had 2btc not 7500. So yeah even if it went perfectly, he'd probably need to pay 200m to the local council to cover costs, and since he's not paying that upfront, why should they take the risk? They are accountable to thousands of local residents who would certainly not want them to take such a costly risk with their tax money. Guy should have gotten over it years ago, he could've taken 2 years to come to terms with it and still be buying at under $1k.
I'll weigh in a bit as an extreme newcomer to the world, as in, 2 weeks ago I had never bought a single cryptocurrency, even on popular trading platforms. I came into the space to try to learn my way around the world and figure out how things worked. Eventually, crypto will be too big to ignore (if it's not already) and I don't want to be entirely clueless. That said, I have probably spent 8-10 hours a day for the past week learning, researching, experimenting, etc. Basic DD. Could things be simpler? Yes, but that comes at the cost of centralization, which also comes at the cost of losing many of the freedoms and things that crypto can do. Starting an account with coinbase is easy. I did it. I started to play around and look at different things. I even did enough prior research to go pro instead because it had what I was looking for. What do you get out of it? Almost nothing. Cool, I can buy BTC or ETH or... Doge or whatever, and then what? Set limits for sells and buys? That's some real boring stock market fun right there. I set up 2FA. It was SMS. I had to learn that it was not the right play. Luckily, if you've never had it happen, coinbase will throw an alert at you telling you to use an auth, which I did. So I wanted to move on. Why leave where I'm at? I installed coinbase wallet. Sky high ethereum gas fees saved me because instead of wasting money on my little "test fund" I was using to navigate the crypto world, I went off to learn about what was happening and why it wanted to charge me $50 to do a basic swap. Do a little more research and I decide to get a metamask too. I find that if I want to use BSC, I have to add that network. That's weird, but very common and google tells me how. But why? Hello blockchains. What do I find out? An absolute NIGHTMARE. Posts about people transferring crypto, just for it not to appear, only to be told that they need to add some wrapped version of their token because they were on a different network, and then they have to find a way to get it from one blockchain to another. Boy, I would have been sad if I did that and sent it to my coinbase wallet, might as well be a blackhole from what I can gather. So you want to transfer from one to another? Well, here's a bunch of solutions. Add ANOTHER wallet that can do it for you, for a sizeable fee if you pick the wrong one. Or find a website that will do it for you. But can you trust that website? Is it safe? Are all of the negative posts you find out about it while searching just people that don't understand what the process is that is happening? Oh, I want to try BNB though? Well, that'll be fun. There's only a million hoops to jump through to get it in the US, you know, if you don't want to use VPNs and wonder about the legality of not being able to get BSC easily in the first place. Joy, another exchange account. No, no, that's entirely too much effort right now. Besides, trying to decipher the difference between BEP2 and BEP20 after a couple of hours of fumbling around feels like a chance to lose money. I know, in my travels I found this neat little thing called Polygon. It's still on the ethereum network, but it's one of those layer 2 things I read about, and the fees are way cheaper. I can try to work around in that world a little and get a feel for things. And I just happen to notice that I can buy Matic on my coinbase pro. Ah, but whoops. There's a problem. I have Matic! But it's not letting me swap for something else that is ALSO on polygon network, or at least I think. Coinmarketcap is telling me I should be fine. Nope, turns out that what you buy on coinbase is an ERC20 token, and that isn't going to work. So you need to find a swap to get what you ACTUALLY need. But before things get too out of control, a thought. So far we have made effectively zero transactions outside of coinbase and a little bit of coinbase wallet movement. The metamask is completely empty. If we start doing too much, how the hell are we going to deal with tax season without ripping out our hair? I saw the forms, and going through and listing transactions sounds horrifying, just going through scan websites and figuring it out between different wallets. Hope you're tracking that cost basis yourself, because nobody else is doing it for you! And you best believe when Uncle Sam (well, different countries and all, but in my case) is going to catch up sooner or later with regulation and scanning and figure out what you owe. Ah, so there's this koinly website. I've seen people saying good things, let's look into a little. Import stuff, do a little syncing, set things up right once and it should be good to go. But wait, the video about linking my coinbase pro needs my private key? Isn't that... like... bad? I mean, I took care to write down my seed phrases on paper for the time being. Outside of being displayed on my phone and PC (CB/MM), they've never been typed or saved online in any way. Is Koinly safe? Do I have other options? Is my private key a one way ticket to my assets in my coinbase pro? Hmm, I'm not sure. I'll have to research that more. But for now, let's take another look at the metamask. I go to the icon and it's asking me for... my password? I never logged out or locked it. I'm new, I've never done anything with it yet, but I'm spooked. Did something happen? Did something change? It only wants my password to log back in, not my seed phrase or anything, so alright, let's pop in. A quick google search later and I realize my computer restarted for an auto update last night and that's why it did it. Cool, no problem. But what's this I see? My absolutely ZERO balance metamask wallet now has... 0.01 matic in it? And no transaction history listed there? Well, good thing I've found out about these scan websites. Yep, there it is. A wallet barely 3 days old has a mystery transaction in it that I might have never noticed if not for the fact that it started off and stayed a ZERO balance. Looks like the wallet was dusted? I heard about that in my travels into the cryptoverse, and I'm not sure what to do about it. I heard some wallet called Samuorai or something notices those things and lets you lock those funds so it can't ultimately be used to trace back to you in the magical blockchain of madness that isn't understood. But I'm not using that. What do I do about it? Time for more research. And what else do I find? Impressive fake e-mails. Contract verification. Swap dumps for not setting maximum transaction allowances. Obvious scams with Elon Musk wanting to send me a bajillion trillion shib tokens and some billionare I've never heard of wanting to double my bitcoins! The swap dumps one got me though. My metamask wallet with zero money was connected to a bunch of random swaps while I was rummaging around the internet. No worries, no money. Disconnected them all anyways. Ah, but wait. I set that metamask up on chrome, with a bunch of other tabs open. Is THAT an issue? Even though all I ever had was a picture of the seed phrase that I wrote down and never saw again? What about when I'm on a new computer or something and have to type it in? My tabs all seem normal, but were they when I made it? Should I have installed Firefox and used that as a dedicated browser for all things crypto? Is this metamask already compromised? What about that matic transaction? Is that related? Should I be worried? I heard metamask is an HD wallet which is harder to trace, so does that help? **This is all just what I have been subject to learning about and finding out in a few short days and a huge time investment.** Would the average person be as careful as me? More so? Less so? Ask the same questions, do the same research? Have the same worries? I think the average, every day person can get by just fine in the crypto world sticking to coinbase, c.c or binance. Sure, it's centralized and doesn't even begin to get your feet wet in the world, but it's simple and easy enough. Want to buy BTC? Eth? The latest giant meme? The up and coming genuine idea? You can. Some of them you can even get cards or do staking. You'll get tax forms you can easily just import into your tax software. Life is good. Buy some BTC and see if it decides to go up a bunch again like it tends to do. But you step foot outside of that and it's like you're in the wild west of the internet all over again. Some of us grew up in it, know how to navigate it, spot the bull and take precaution. The average person will almost, without fail, suffer mistakes and financial loss. The safety of that financial exchange? Gone. Your lifeline? 12 little words you got to write down and keep. The god key to your assets short of owning a hardware wallet. A responsibility I don't think many people understand and can become comfortable with. Recovery? Not a thing. (cont below)
Well you can get priv keys of non-quantum resistant criptographed addresses, AKA, all currently existing ones. Once QC becomes a real threat we will just change address types, and they will be safe from QC. Only "old" addresses will be vulnerable. I suggest you read more on this issue, it's very interesting! Yes, the "account" feature is part of the derivation path implemented in HD wallets, instead of M/84'/0'/0'/0/0 for the first address you would use M/84'/0'/1'/0/0 for the first adress of the second account (I recomend you read Mastering Bitcoin by Andreas Antonopoulos, very good read!), but the issue would still be standing since you can derive all of these with the master private key. And yeah, I am aware electrum can handle different wallets, the question was whether this is indeed the only solution or not haha. Thanks for the input! ;)
Hey! I remember asking a bunch of people for help with developing Bitcoin wallet software and handling payments/key generation. I've used bitcoin-lib in the past and a few other tools. Any BIP (followed by a number) is just a name for a protocol standard. There's various levels of abstractions to how deep you want to go but if you're handling address/key/payment tracking then you need a way to monitor the blockchain as well as store the address data. It might be best to start off with some higher level programming stuff if you're still new to how HD systems work. Anyway I listed some resources that I've used along the way to creating a wallet myself. Low Level: (requires technical knowledge) https://github.com/petertodd/python-bitcoinlib Medium Level: (some abstractions) https://bitcoinlib.readthedocs.io/en/latest/ - Issues with Query Times in third party exchanges and updating wallet balances with HD wallets. High Level Tools: (completely abstracts it) https://www.poof.io/api - Third party but free and pretty simple. https://docs.btcpayserver.org/API/Greenfield/v1/ - Self hosted, need to pay ~30 a month for self-hosting.
I'm new to crypto. Can I do any mining on this old computer I have or would it be a waste of time to set up with specs like this assuming free electric: i5 2500, 16GB RAM, 120GB SSD, 2TB HD, GTX 950 What would I mine? Maybe ETH since the graphics card is the least ancient component? HD space probably not enough to bother with the hard drive coins? Useless to even think about with an old piece of crap like this?
Depending on the format of the private key in general one would import it into a trustworthy wallet software (such as Electrum from https://electrum.org/#home) and then move the coins to a new address you own. The easier way (with Electrum) would be setting up a new HD wallet and then 'sweep' the private key, which means the belonging coins would automatically transfered and imported into the newly created wallet.
> I guess you have the passphrase on paper This doesn't apply to paper wallets or any wallet created before the advent of BIP-32 (HD wallets) and BIP-39 (mnemonic seeds). OP needs to *sweep* coins from the address controlled by the paper wallet to a modern wallet using the paper wallet's private key, as described by u/GeneralZex. Once for Bitcoin, then again for each Bitcoin fork that has occurred since then (assuming he wants to claim the forked coins).
>No, it's not fun. Shiba and the likes are basically the very reason why mainstream doesn't take blockchain technology and crypto seriously and want to ban it...because of this crap. No, the reason is money. Banks and governments don't want you to be in crypto. That's the reason. >This is just a different twist to MLM pyramid schemes. Well every coin in crytpo is basically that. They sell we buy and hold so they get rich and we also earn a bit of money. The difference is that the small man also earns money. Not as much as the top but its still the same. You holding is making the developers rich. >Nobody is in it for the tech. Exactly. Its business. If you get emotional over things like technology, you lose money. If companies would do the same they would never be rich. They already had 4k technology back in the HD ready Era. But they are smart. They first sell HD ready. Then full HD and only years later they will present 4k. Because of money. Nobody cares about progressive and technology. It's all about money. And frankly if you try to tell me you bought crypto because you believe in the future and the tech. I dare to simply say you are full of shit. You bought because you heard it could make you rich.
I also think increasing the block size is not a bad idea but I’m fairly new. As I understand the between the reasons to not do so are: - Increasing block size will require more HD space to setup a node, increasing the entry barrier. - As there are less miners, network is less secure / decentralized. - Some people think LN is a better alternative. Again, I’m fairly new and talking from what I’ve learned so far.