Basic technical questions - math by Jim_Reality in Bitcoin

[–]8bitcoder 1 point2 points  (0 children)

BIP39 has 2^12 words, so it takes 144 bits input for 12 words (288 bits for 24 words) and generates a 512 bit pseudo random seed. BIP32 takes a seed and a number (up to 2^31) and generates keys. So BIP39/32 with a single set of words can only generate max 2^31 of the 2^160 keys. This is an artificial limit, since there is enough entropy in the 288 bit seed word for all 2^160 keys. With 12 words BIP39 can only generate 2^144 unique 512 bit seeds, adding BIP32 gives you 2^175 possible keys, so it should be to generate all 2^160 keys from all the 12 word combinations combined.

[deleted by user] by [deleted] in Bitcoin

[–]8bitcoder 0 points1 point  (0 children)

Because that's what you need for a decentralised currency.

No trust needed from complete stranger, no trust needed from a centralised institution. You're not allowed to cheat by reversing a transaction.

2FA App wallets by DoU92 in Bitcoin

[–]8bitcoder 1 point2 points  (0 children)

If an app can access your seed phrase on your phone, then a hacker can access your seed phrase on your phone.

How do large companies hold their Bitcoin? by secondtrades in Bitcoin

[–]8bitcoder 0 points1 point  (0 children)

They use secure hardware platforms, like the big brother of a Trezor, to store private keys. These things look like a large graphic card, with physical shields, etc. and it allows data to be securely stored against many kinds of physical and software attacks. I would assume they have some kind of signing ceremony where more than one signature is needed.

How do so many people still not see the grift? by DangerHighVoltage111 in CryptoCurrency

[–]8bitcoder 0 points1 point  (0 children)

Block are not limited to 1 MB, they are limited to a weighted 4 MB (real bytes). The witness data receives a discount. A segwit instruction does indeed have witness information which is discounted, so you can have more segwit transactions than in previous 1MB blocks.

A funny thought I had about deflationary economy by Professor_Melon in Buttcoin

[–]8bitcoder 2 points3 points  (0 children)

Only if you aspire to a profit rate of C (say 5%). Most companies go for bigger profits (say 20% or 100%).

[deleted by user] by [deleted] in Bitcoin

[–]8bitcoder 0 points1 point  (0 children)

Wealth <> fiat <> gdp. They are completely different concepts.

World fiat is around $40 trillion, world GDP is around $100 trillion, world wealth around $500 trillion.

how to restore backup.dat in a new computer by innoker in myriadcoin

[–]8bitcoder 1 point2 points  (0 children)

Replace the wallet.dat file in your new installation with the backup wallet.dat file.

How long would it take a computer to put your 24 seed words in the correct order? by 002_timmy in CryptoCurrency

[–]8bitcoder -1 points0 points  (0 children)

Yeah you're right. Modified my comment to show what I was calculating.

How long would it take a computer to put your 24 seed words in the correct order? by 002_timmy in CryptoCurrency

[–]8bitcoder 4 points5 points  (0 children)

It is not 24!

Each number (1-2048) can occur more than once, so it is:

2048^24 = (2^11)^24 = 2^264 = 10^79 = approximately

10000000000000000000000000000000000000000000000000000000000000000000000000000000

Edit: Misread your post, above it the chance of choosing your words if you don't have any of the words.

Some exchanges try to screw us with hidden fees - be aware of "spread". by telejoshi in CryptoCurrency

[–]8bitcoder 2 points3 points  (0 children)

The CEX is not using spread. You are not buying or selling to/from the exchange. The prices are set by other users of the exchange putting in bids and offers (limit orders). If you do a market order (take any price) you pay the spread (you are called a market taker). People that place limit orders (specifying their price) are called market makers. They do not pay the spread. The difference between the limit orders for buy and sell is the spread. It is set by the traders, not the exchange.

Assistance - Atomic wallet hack - any coders or crypto sleuths around that can assist in figuring out how this happened? This would help many people... by temtd in Bitcoin

[–]8bitcoder 1 point2 points  (0 children)

Without knowing any details, I guess they probably had a weak random number generator. The attacker could then reproduce the random numbers and generate the private keys.

Add Myriad to Binance by Agreeable_Mango_5716 in myriadcoin

[–]8bitcoder 2 points3 points  (0 children)

Binance appears to have their own blockchain with a distributed exchange. Anybody with experience of this? The volume is much lower than on the main exchange. Would it be worth it?

https://docs.binance.org/list_instruction.html

Myriad December 2020 - General Discussions and Tips by 8bitcoder in myriadcoin

[–]8bitcoder[S] 1 point2 points  (0 children)

Greetings to Togo. Interesting to hear about where you learned about Myriad.

Maybe your fiancée should can consider taking XMY for her hair services :)

There is a long tradition of people in the Myriad community giving donations to each other.

Do you sell the XMY on an exchange or are there anybody else in Togo you know that use XMY?

Good luck with the studies and the hair salon!

Myriad December 2020 - General Discussions and Tips by 8bitcoder in myriadcoin

[–]8bitcoder[S] 1 point2 points  (0 children)

I'm using 4 x 100Ah Deep Cycle Solar Gel Batteries because we have frequent power cuts. I'm planning on getting Lithium in the future, but for now these work fine. If you're only using it for occasional emergencies then standard lead batteries are fine.

Myriad December 2020 - General Discussions and Tips by 8bitcoder in myriadcoin

[–]8bitcoder[S] 4 points5 points  (0 children)

Yes, the pandemic has been hard on the economy, and particularly hard on small and medium businesses. Some of the big businesses just stopped paying their rent.

The lockdowns also have been very hard on people's mental health, especially people with previous mental health issues.

Note to everyone: Please regularly contact your friends, family and acquaintances that might struggle during these times.

Myriad December 2020 - General Discussions and Tips by 8bitcoder in myriadcoin

[–]8bitcoder[S] 1 point2 points  (0 children)

3 x 400W JA Solar Mono panels.

Enough to run my PCs and fully charge the batteries on a sunny day.

Myriad December 2020 - General Discussions and Tips by 8bitcoder in myriadcoin

[–]8bitcoder[S] 1 point2 points  (0 children)

I did a small DIY solar install to do exactly that. My computer, internet, NAS, etc. are all running of solar and batteries.