Saturday, 15 April 2023

Understanding hardware wallets

Edit: Thanks to everyone for the incredibly thorough replies with insight and information. I'll be reading all your replies multiple times to digest it all.

I am old school. I store BTC on paper wallets generated offline from bitaddress.org, from Tails on a USB device. It has worked for me for many years. But every time I am traveling and not home, I worry that I could come home to a burned down house with no trace of paper wallets. So I've been looking at hardware wallets for long term storage instead.

In doing research for "what's the best hardware wallet", I feel like I am putting a lot of trust into these devices and their manufacturers. My skepticism and lack of understanding is preventing me from jumping into a Trezor/Ledger/ColdCard purchase. It seems like the common theme to hardware wallet functionality is:

A. They use PINs.
B. They require writing down a 24 word phrase to back up.
C. They require software installation on a computer in order to send/receive.
D. They require purchasing from a private manufacturer.

Being old school as I am, I have skepticism about each one of these points. But maybe it's just because I have been out of the loop for years, so I don't understand the advancements in crypto anymore. So without further ado, here are my questions/concerns.

The PINs are only used to access the hardware itself, correct? Not related in any way to the keys themselves? So worst case scenario I forget the PIN, I can still recover my keys by 24-word phrase?
Do all hardware wallets use the same algorithm/protocol for the 24-world phrase? In other words, if the hardware wallet self-destructs, I can recover the wallets via 24-word phrase with any using any other hardware wallet, right? It doesn't need to be the same brand? E.g. A wallet generated from a Trezor can be recovered from a Ledger? If so, is this algorithm based on a standard/open source, so that it can still be recovered manually if for some reason in the future there are no more hardware wallets by any manufacturer?
Do I need to be concerned about the safety of the PC software? Is there a chance that bad software can scrape my private keys when my hardware wallet is plugged in?
Do I need to be concerned about the legitimacy/trustworthiness of the manufacturers? Is there any chance that hardware wallets were compromised during the build, and would generate pre-determined private addresses, waiting to receive a transfer so someone can swipe it?
Bonus question: When I send BTC from a private key stored on a hardware wallet, is that private key still "cold"? Or do I need to create a new private key to hold my balance whenever I send?

Thanks for reading my long post. I appreciate any insight anyone is willing to share.

submitted by /u/Lazy_perv
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My new bitcoin themed painting

submitted by /u/brochiefwave
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30k stuck in exchange need advice.

So i was swapping around 30k xmr to btc from a non custodial wallet (exodus) they used cripto intercambio to make the exchange. The swap was frozen and triggered a KYC/AML. I passed the KYC and was then asked for proof of origin funds which I supplied via a check deposit to my checking account and bank statements. I had originally purchased the xmr from a private seller so i dont have a trading history or any messages of me buying the xmr however i hold the keys to the xmr wallet that sent the funds and the btc wallet that was to receive the swapped xmr. Cripto intercambio has been reviewing my case for a week now. How much longer can they hold my funds? Will I ever get the swap to become completed into btc or will they send the xmr back? I need some advice if anyones been through this situation. I really want to know how long they can “review” my case. Do i need to take legal action?

submitted by /u/ReplacementSea5019
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source https://www.reddit.com/r/btc/comments/12mc1fh/30k_stuck_in_exchange_need_advice/

What font is the B in the Bitcoin symbol? I'm not talking about the lines, just the B itself. What font is this B?

submitted by /u/Cryptostormz
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source https://www.reddit.com/r/btc/comments/12m9aa4/what_font_is_the_b_in_the_bitcoin_symbol_im_not/

How to DCA to a whole coin

As the title implies, I’m someone who doesn’t make a ton of money but want to be able to hold a whole coin someday. I feel strongly the price is only going up from here and want to hear strategies from others from people who have DCAd to a full coin.

How much did you invest on a daily/weekly basis?

I have extreme FOMO (of course because it’s pumping) that I will never get to a whole coin.

Any advice is appreciated.

submitted by /u/theravencromwell
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Friday, 14 April 2023

Would love to see more things online in Sats and thousand Sats.

Having exchanges work in sats I think would encourage people to buy, not being able to buy 1 bitcoin does put people off when they could be buying millions of Sats. Prices of goods should be in Ksats to make the idea more accessible.

Some sites do it, but it's normally as a tool not as the main starting point.

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My Short-Term Game Plan, an opportunity we may never see again

I figure I’ll share this short-term approach and maybe this will be helpful for some plebs. This is not financial advice. In fact, if you listen to me, you should probably get yourself checked out by a professional, no one should take advice from anon pleb on Reddit. And for those that choose to continue from here, well, here is my short-term strategy.

1st off I always continue my small DCA, every single day.

But I also like to BTFD! and over the next several months I'm going to try and build up a little extra powder to keep on the sideline for the next potential dip. In my opinion we should be entering the beginning of a bull right now, 3 months in a row UP, record number of corn not moving from cold storage (+60%), The energy sector getting into mining, (Shell is a sponsor to BTC Miami this year!), closing in on the next halving. So much bullishness. And we probably will go up for a while.

So, why do I believe there will be another dip? As we are all aware, markets are likely going to absolute shit. The talk coming out of the FED as of yesterday is, "small recession". Has the FED ever once admitted there could be a recession on the horizon? (Seriously I can't think of a single time, and I've seen a few of these over my years). This screams to me, it could be a nasty one.

What happens during these types of credit events? Risk-off, and unfortunately our corn gets tossed around by the wall street jerks offs as a risk asset. This is why I think we're going to witness another dip. These wall street bros still don’t know what they hodl in the world’s most scarce asset EVER.

How do you time the bottom? Get your magic 8-ball out and every 4 hours ask it, are we at the bottom yet? But for those of us that know timing the bottom is impossible; I use limit orders. I’ll buy it all the way down. For example, I will divide my powder up and set a buy to trigger at $28,000, $27,000, $26,000… you get the idea. If you still have a little extra fiat trash and our corn starts to climb again, maybe consider upping your DCA amount a bit while we head back up.

So that’s it, my simple game plan to acquire a bit more corn at an opportunity we will likely never see again. The window to BTFD might be very small and I am a true believer the next time we run into a Bitcoin Bull; it’ll rip faces! LFG! 1 BTC = 1 BTC

Note: If you are thinking of selling and buying back in lower, you’re an idiot, you still don’t understand Bitcoin and I hope myself and all the diamond hand hodling psychopaths acquire all your corn.

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Bitcoin Question.. no results?

Any idea what’s going on here?

submitted by /u/RepresentativeFun434
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source https://www.reddit.com/r/btc/comments/12kya9b/bitcoin_question_no_results/

Thursday, 13 April 2023

This is why we need bitcoin

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Former Gold Bug Lawrence Lepard - "These Bitcoin guys are charging up the hill w/ a sharper spear"

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Buffett's "gambling token" nonsense just proves it: even billionaire overlords can become complete pudding-brained idiots if they refuse to keep learning.

His drawing a parallel between a global peer-to-peer currency fully established outside of government agencies and "chain letters" just shows what a dinosaur he is. He would be living in an apartment in Glendale by now without the many bailouts, i.e. our tax dollars.

submitted by /u/chrisxinghua
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Nostr "networking" thread. Anyone here want to find people to follow or share nostr contact info? I'd love to see the network grow.

Title.

I am sgtslaughtertv@nostrplebs.com.

Side note: I use Amethyst for mobile and it seems that I cannot change the default tipping amounts, so they are stuck at 500, 1000, and 1500 sats by default if I'm not mistaken. Does anyone here have a better suggested "mobile interface" for nostr?

Oh, and jack is acknowledging everyone's existence with the app today: https://imgur.com/a/2yfNjTE

submitted by /u/sgtslaughterTV
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Flipstarter for The Bitcoin Cash Podcast Eps 76 - 85 (read proposal for details, episodes not contingent on funding)

submitted by /u/Shibinator
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source https://www.reddit.com/r/btc/comments/12jugdc/flipstarter_for_the_bitcoin_cash_podcast_eps_76/

Stop pumpin‘ 0.o

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Wednesday, 12 April 2023

10K Bitcoin?

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Cramer strikes again and again.

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Performance since August 10, 2020, when MicroStrategy adopted its Bitcoin Strategy

submitted by /u/Relai_Alex
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You cannot stop Bitcoin

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Banks expected to report deposit flight in upcoming earnings!

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Brazil’s Bitcoin Beach Says Lightning Network Works Better Than Visa

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Tuesday, 11 April 2023

Just don't sell your BTC.

BTC 💎🙌🏻

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US Presidential candidate Robert F. Kennedy Jr. says Bitcoin gives the public an escape route from when the bubble bursts.

submitted by /u/RealWSBChairman
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source https://www.reddit.com/r/btc/comments/12hwurj/us_presidential_candidate_robert_f_kennedy_jr/

What the NY Times wants you to believe Rockdale, TX looks like vs. how it actually looks. P.S. they didn't even use the correct town name in their article.

submitted by /u/HurricaneHarvey7
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Michael Saylor: Bitcoin is Key to Maximize Abundance

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Preston Pysh: Why Bitcoin Didn't Go to $100k!!

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Some investors feel BCH is not good anymore because they got force liquidated at $100 and caused hundreds of thousands of BCH to be sold at that price. They effectively subsidized the price and then say it didnt go up like ETH and BTC. Talk about cause and effect....

Ive heard recently criticism for BCH, that people took out massive margin loans and got margin called, meaning their BCH got force sold causing the price to crash to $100.

They then go on to say that BCH is a bad project because it didnt go up like Bitcoin-Core and Ethereum.

Hello!!! your margin call is what caused the price to crash....they literally sold their $1500 crypto coin for $100 , subsidizing coins by $1400 (94% realized loss/subsidization). They are the reason its so low. Then they judge the project by their actions.

They could do the same for any asset, buy a huge amount and then market sell it at huge losses. Their choices affected everyone and will take time for the markets to recover from their actions.

A recent example, a massive hedge fund single handedly cause Netflix shares to crash, selling off their 1 Billion dollar stake for a 400 Million dollar loss. The market eventually recovered to well above the crash price, but it took some time. Source: https://www.theguardian.com/media/2022/apr/21/us-hedge-fund-billionaire-bill-ackman-sells-netflix-stake-at-huge-loss

TLDR: The point is that these whales screw the price , then blame the project for being bad even though they are the cause of the price crash, and then after some time the projects prices recover.

submitted by /u/FearlessEggplant3036
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source https://www.reddit.com/r/btc/comments/12hregv/some_investors_feel_bch_is_not_good_anymore/

Monday, 10 April 2023

Abby Martin & Peter Phillips discuss his book "Giants: The Global Power Elite" which details 17 transnational investment firms that control over $50 trillion in wealth—and how they’re kept in power by their facilitators & protectors.

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Unique feature on block explorer www.B.cash

This block explorer uniquely creates short links to block, address, and transaction searches making links easily sharable on micro-blogging websites such as Twitter.

www.B.cash

Example: www.b.cash/a/YxYgQI

submitted by /u/papercash
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source https://www.reddit.com/r/btc/comments/12gxace/unique_feature_on_block_explorer_wwwbcash/

0.03 btc in tx sent to some different address

I transferred from ledger live 0.06btc to exchange address, the transaction was approved with ledger nano X, but don't know why 0.03btc was sent to some different btc address other than exchange address

Ledger live still shows that 0.03 btc as in my balance, but on Bitcoin explorers it is gone to some different address and that address has no transactions

I have legacy Bitcoin address in ledger nano X and that's where I sent funds from

So basically ledger live shows I still have those 0.03 btc in my holdings, but they belong to different btc address, how's that's possible?

submitted by /u/mica280amg
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Love. Forgive. Turn the Other Cheek.

submitted by /u/fiendishcrypto
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source https://www.reddit.com/r/btc/comments/12gwk5p/love_forgive_turn_the_other_cheek/

To the Bitcoin haters

Some will state that Bitcoin has not provided any value since its creation.

These people are generally Fiat Keynesian brainwashed westerners that have never set foot in an underdeveloped country that's been ravaged by corruption and hyperinflation.

I say to them: There is more to the world than the west.

Individuals in underdeveloped countries use it as a store of value AND as a medium of exchange. There are over 1.7 billion unbanked people in this world and Bitcoin is a bank account for every single one of them.

1) It allows them to receive remittances from abroad instantly and at a fraction of the cost charged in TradFi.

2) It allows them to store value and protects them from hyperinflation and currency debasement.

3) It allows them to protect their hard earned savings from confiscation. In these type of countries political corruption and oppression are rampant and confiscation happens more than you think.

4) It allows them to trade digitally and globally over the internet in an efficient and reliable manner, something not possible without a bank account.

Go out and see the world for yourself and not through the mainstream media.

submitted by /u/TheCoin-Files
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Supposedly insiders in the SEC think Crypto ETF's will be approved after the GBTC lawsuit, including BTC (GBTC) and BCH (BCHG) ETF's. However ETH not to be approved due to concerns it maybe a security due to initial premine distribution.

submitted by /u/FearlessEggplant3036
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source https://www.reddit.com/r/btc/comments/12gt49l/supposedly_insiders_in_the_sec_think_crypto_etfs/

Sunday, 9 April 2023

is Chaintip working?

i tried sending a tip to a Twitter user using the chaintip bot on there but i never manage to get a message and he doesn’t get a notification of my transaction, is it atleast working on reddit?

submitted by /u/Sneed420
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source https://www.reddit.com/r/btc/comments/12g3v8z/is_chaintip_working/

These Bitcoin guys are charging up the hill with a sharper spear & we're going to kill this fiat monster - Lawrence Lepard

submitted by /u/Relai_Alex
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