Bitcoins/Litecoins/Virtual Currencies

Caliane · Jan 15, 2021

yeah, I considered adding a (although, minor outages receive minor penalties).
horsepower doesn't seem too demanding. data connection seems like its the biggest draw really. testnet is limited, "real" 2.o will have higher data transfer loads.

and yeah, back in highschool I was pretty savvy with base tech... but decades of not touching any of that stuff. I know nothing about linux, etc. I'd be starting from zero again. Teenager or retired. sure all over that... but, I haven't got the time for it now, as a working adult.
I did link that vid before. There is the testnet for anyone interested. where you can practice and learn in a test environment.

Reddit - Dive into anything

www.reddit.com

Ravishing · Jan 15, 2021

lol.
It would cost more than the 280million to dig up the landfill and find the drive.
10 years of garbage buildup, good luck!

Man makes last-ditch effort to recover $280 million in bitcoin he accidentally threw out

A British man who accidentally threw out a hard drive with a trove of bitcoin wants local city officials to let him search for it in a landfill site.

www.cnbc.com

Fogel · Jan 15, 2021

Even if he found it, You'd imagine from being crushed and corroded there'd be no way to get any data off of it.

Ravishing · Jan 15, 2021

Fogel said:
Even if he found it, You'd imagine from being crushed and corroded there'd be no way to get any data off of it.

Yup.
I envision a day these bitcoin are worth in the billions+ and you see modern day "pirates" heading to landfills to dig up the buried treasure.

Aldarion · Jan 15, 2021

Caliane said:
80million in june of 2019.
395,000million today.

and lost passwords.. seems like its going to be a real problem. I wonder what the founders thought of the constant loss of bitcoin over time?

20% of all BTC is lost and unrecoverable.

20% of All BTC is Lost, Unrecoverable, Study Shows

Users may have misplaced or lost 20% of all BTC.

www.investopedia.com

This feels like a problem that is only going to get worse as it becomes more mainstream.

my commie friend that said he lost his wallet, with 2 btc. eventually clarified and said it was mt. gox. Earlier discussions made it sound like it was either a software wallet he forget which it was, or a hardware one he lost his passwords too.

Why does this keep happening? Do bitcoin wallets have bad password rules or something?

I have a hard time believing it when someone tells me they lost their email password, I flat out don't believe it when its a pw worth >200 million. Unless there is something retarded in bitcoin wallet password rules that prevents people from using good passwords.

Jysin · Jan 15, 2021

I think it is likely just old forgotten accounts when BTC was worth 0.000000001% of what it is today, never imagining it would explode in value to this degree.

Ravishing · Jan 15, 2021

Aldarion said:
Why does this keep happening? Do bitcoin wallets have bad password rules or something?

I have a hard time believing it when someone tells me they lost their email password, I flat out don't believe it when its a pw worth >200 million. Unless there is something retarded in bitcoin wallet password rules that prevents people from using good passwords.

Same reason someone bought a pizza with 10,000 BTC.... because 10 years ago it wasn't worth caring to remember.
Haven't you ever collected anything then lost interest / can't find your stuff anymore?

Fogel · Jan 15, 2021

Aldarion said:
Why does this keep happening? Do bitcoin wallets have bad password rules or something?

I have a hard time believing it when someone tells me they lost their email password, I flat out don't believe it when its a pw worth >200 million. Unless there is something retarded in bitcoin wallet password rules that prevents people from using good passwords.

It's not the password thats the issue, its the private key to access the wallet, which is an automatically generated string of numbers and letters

Caliane · Jan 15, 2021

Aldarion said:
Why does this keep happening? Do bitcoin wallets have bad password rules or something?

I have a hard time believing it when someone tells me they lost their email password, I flat out don't believe it when its a pw worth >200 million. Unless there is something retarded in bitcoin wallet password rules that prevents people from using good passwords.

If anything, its pw are overly complicated.
Cause, huge amounts of crypto has been stolen. Phishing, keyloggers, etc..

So, they push back by using stronger means security. offline wallets. I am not 100% sure, why things like keepass are not considered viable. but, they are using literal paper and pencil to write down keywords. paper and pencil is then subject to fire, or misplacing. (assuming you use proper art acidless paper, and pencil. note bic pens, etc are organic and will decay over time. and cheap paper will yellow) so, the next step over THAT is having your keywords engraved in stainless steel etc so it wont corrode and is fireproof...

Some of it seems a bit silly, when this is 10X the security of both my actual bank account, and T.rowe price. the main difference is, those are backed by insurance and the government, so if hacked, I would be reimbursed?

Theres also issues of sending coins to valid, but unused addresses. That coin is lost. you can't retrieve it.

Armadon · Jan 15, 2021

Ok I need some help. I created a coinbase account like 3 years ago to pay for tv streaming from non normal means of tv. I checked it today and have a few thousand dollars now. Do I just transfer it to my bank account? Is there some kind of fee to do that? I'm just some what confused because you guys talk about wallets and shit and I just have a coinbase account. I'm a total newb and just used it for tv streaming payments.

Ravishing · Jan 15, 2021

Armadon said:
Ok I need some help. I created a coinbase account like 3 years ago to pay for tv streaming from non normal means of tv. I checked it today and have a few thousand dollars now. Do I just transfer it to my bank account? Is there some kind of fee to do that? I'm just some what confused because you guys talk about wallets and shit and I just have a coinbase account. I'm a total newb and just used it for tv streaming payments.

Your BTC is in a coinbase wallet then, and you can transfer it to your bank via Coinbase

people with a lot of BTC don't want to keep it all in a place like Coinbase, as anything can happen (mt.gox, & numerous other exchanges that got hacked/lost coins). So these people put the coin in their own "wallet".

Then they lose the pw to said wallet.

Armadon · Jan 15, 2021

Ravishing said:
Your BTC is in a coinbase wallet then, and you can transfer it to your bank via Coinbase

people with a lot of BTC don't want to keep it all in a place like Coinbase, as anything can happen (mt.gox, & numerous other exchanges that got hacked/lost coins). So these people put the coin in their own "wallet".

Then they lose the pw to said wallet.

Ok thanks dude. Appreciate it.

Araysar · Jan 15, 2021

Armadon said:
Ok I need some help. I created a coinbase account like 3 years ago to pay for tv streaming from non normal means of tv. I checked it today and have a few thousand dollars now. Do I just transfer it to my bank account? Is there some kind of fee to do that? I'm just some what confused because you guys talk about wallets and shit and I just have a coinbase account. I'm a total newb and just used it for tv streaming payments.

if its denominated in USD then yes, you can just transfer back to your acct.

if its denominated in BTC, you have to sell it first then transfer USD to bank

hardware wallets are for long term storage as a hedge against companies like Coin Base going bankrupt, getting hacked, being bought out, just absconding with your money or losing your account

Caliane · Jan 15, 2021

Armadon said:
Ok I need some help. I created a coinbase account like 3 years ago to pay for tv streaming from non normal means of tv. I checked it today and have a few thousand dollars now. Do I just transfer it to my bank account? Is there some kind of fee to do that? I'm just some what confused because you guys talk about wallets and shit and I just have a coinbase account. I'm a total newb and just used it for tv streaming payments.

yeah. Coinbase keeps your money in a "wallet". its not really a wallet in the terms for what a crypto wallet is. (frankly they should rename it to purse or something)
An actual crypto wallet is an platform for storing your keys. as it should be noted of course when owning crypto, what you own is a key, and the actual coin is really in the cloud as part of the network. So, even when you have a "cold" offline hardware wallet, your coins are not literally stored on that offline hardware, the blockchain is still out there. what you have stored, is the "key", or "private address". you can have software wallets on your PC. even something like the Ledger nano hardware wallet has ledger live. which is a software wallet. where you transfer first to your PC, then to the hardware wallet.

If you want to cash out, you would sell your coins first, converting it to USD. which would be still stored in coinbase. Then transfer it to your bank account.

There are fees on coinbase for buying, selling, and transferring..

https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees

Araysar · Jan 15, 2021

Caliane said:
yeah. Coinbase keeps your money in a "wallet". its not really a wallet in the terms for what a crypto wallet is. (frankly they should rename it to purse or something)
An actual crypto wallet is an platform for storing your keys. as it should be noted of course when owning crypto, what you own is a key, and the actual coin is really in the cloud as part of the network. So, even when you have a "cold" offline hardware wallet, your coins are not literally stored on that offline hardware, the blockchain is still out there. what you have stored, is the "key", or "private address". you can have software wallets on your PC. even something like the Ledger nano hardware wallet has ledger live. which is a software wallet. where you transfer first to your PC, then to the hardware wallet.

If you want to cash out, you would sell your coins first, converting it to USD. which would be still stored in coinbase. Then transfer it to your bank account.

There are fees on coinbase for buying, selling, and transferring..

https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees

Theres no fees for withdrawing, only buying and selling.

I just moved $9K from Coinbase this morning into my checking account with zero fees

Aldarion · Jan 15, 2021

Fogel said:
It's not the password thats the issue, its the private key to access the wallet, which is an automatically generated string of numbers and letters

So these people are losing their ppk file or equivalent? Its not even a question of forgetting a pw, but forgetting where they put their files?

That may be even funnier

We should note, here, that I'm making fun of people who were smart enough to grab a few btc while they were easy to grab, while I didnt. So I guess my criticism should be taken with a grain of salt

Fogel · Jan 15, 2021

I dunno, I think this is one of the situations where ignorance is bliss and never have to deal with the fact that I lost 200 million dollars the same way I lost a 5$ scratch off ticket

Punko · Jan 15, 2021

I got a few hundred euro worth of bitcoin 3 months ago.

Not too unhappy about it.

Cad · Jan 15, 2021

Aldarion said:
Why does this keep happening? Do bitcoin wallets have bad password rules or something?

I have a hard time believing it when someone tells me they lost their email password, I flat out don't believe it when its a pw worth >200 million. Unless there is something retarded in bitcoin wallet password rules that prevents people from using good passwords.

It's not a matter of losing the password to the wallet itself. It's a matter of losing the wallet. If you have a hardware wallet (just a fancy USB drive that stores your private keys not on your computer) ... if you lose that wallet, if you didn't back up the 12-word passphrase or whatever, your shit is GONE. You can restore the wallet with the passphrase. Of course, keeping the passphrase secure and secret is important, so people also tend to lose it. You wouldn't want to put it on your icloud account.

If you have a software wallet like Exodus for example, and your computer takes a dump... better hope you have the passphrase backed up.

You can see that these types of things can be prone to error. it's not like there's a financial institution out there that can validate who you are and then restore your account. If you have a private wallet (i.e. not on an exchange or service.... you have the private keys) then you must take steps to ensure you can recover it. People are idiots. q.e.d. bitcoin gets "lost".

Ravishing · Jan 15, 2021

Lost BTC isn't so much an issue when it's divisible to the 100millionth.
One day in the distant future it might be rare to see a person that owns 1 BTC.

1 Satoshi	0.00000001 Bitcoin
10 Satoshi	0.00000010 Bitcoin
100 Satoshi	0.00000100 Bitcoin
1,000 Satoshi	0.00001000 Bitcoin
10,000 Satoshi	0.00010000 Bitcoin
100,000 Satoshi	0.00100000 Bitcoin
1,000,000 Satoshi	0.01000000 Bitcoin
10,000,000 Satoshi	0.10000000 Bitcoin
100,000,000 Satoshi	1.00000000 Bitcoin

Bitcoins/Litecoins/Virtual Currencies

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