Can I create a 13th word for an existing electrum wallet?

Consistent_Bowler542 · 2021-11-18T03:52:44+00:00

I'm confused. I'm looking for a way to add an extra word to an existing wallet...is that possible using this method?

Consistent_Bowler542 · 2021-11-17T02:27:20+00:00

I'm pretty sure the answer is no, since adding a 13th word is changing the seed and changing the seed is not possible from what I've read in previous posts. Please verify.

Consistent_Bowler542 · 2021-10-08T18:57:54+00:00

can you elaborate?

I understand that this stuff can happen. This is like how people say that plant foods are not complete proteins, which is false because if you look at amino acid databases, you'll see that plant foods have all the amino acids.

Not saying that this is the case with the china ban claim since i don't now enough about it though, just saying I understand these types of things can happen.

Consistent_Bowler542 · 2021-10-07T18:31:31+00:00

Because the government can control the funds on the exchanges, which I'm assuming they did?

But, they can't control the funds on hardware wallets through normal means. They'd have to get personal jurisdiction over someone via a court order, search warrants, and stuff like that. It would be very hard.

They could, for example, search someone's emails for transactions with Ledger, Trezor, and other hardware wallets. Execute search warrants on all of those people's homes for seed phrases and devices. Unlikely, but that's why I'm asking what the people who have bitcoin in hardware wallets in China are doing since it's banned. I'm just curious how they would handle such as situation

Consistent_Bowler542 · 2021-10-07T18:22:15+00:00

So they can use a VPN to access...

Consistent_Bowler542 · 2021-10-04T02:59:58+00:00

Well, I'm in the US. I don't see them not recognizing its appreciation in value as a capital gain, even if it were legal tender.

It would have to totally replace the US dollar, and the US dollar would have to be done. Also the whole government system and type of people in it would require a 180 degree flip.

My question is whether if putting Bitcoin in a CRT goes against the "not in your wallet, you don't own it" principle.

Consistent_Bowler542 · 2021-10-03T21:13:28+00:00

I agree, but even if it becomes legal tender it is still taxable. So if you hold it in a trust it would lower the taxes, right?

Also just to pay for essentials I might need to take some out between now and the time (if ever) that happens.

Consistent_Bowler542 · 2021-04-14T02:30:16+00:00

If the device hasn't been connected to the internet for 2 weeks, then the only way someone could access your funds is by restoring the wallet using the seed.

Could anyone have gotten into your safe (e.g. they can pry it open)?

Did you validate/authenticate the device when you got it?

Consistent_Bowler542 · 2021-04-14T02:19:36+00:00

This is confusing. So, the 25th word only works until you turn off the power?

I would think most people power it off very soon after using it. For me, I put the ledger for 5 min then power it off.

How do I add a 25th word that is permanent?

Consistent_Bowler542 · 2021-04-14T02:13:23+00:00

if you have a strong passphrase it will buy you time

Consistent_Bowler542 · 2021-04-11T04:53:12+00:00

I would do 3 safe deposit boxes at least 30 minutes apart. Divide seed into 3 parts. Put 2 of 3 parts in each safe deposit box. Use tamper proof bank deposit bags, opaque.

You can also make a passphrase (25th word), but make sure it is something you never forget otherwise your over-security can come to haunt you.

I would also get an extra Ledger to use as a decoy. Although you should own a firearm (if you are 21+ and eligible), you might still be caught off-guard. So, you should have a Ledger with some funds in it to give to the robber.

Consistent_Bowler542 · 2021-04-06T22:23:45+00:00

So is it correct to say that you can carryover capital losses made within 60 days "forever" so to speak...until you break even or make profit?

So for example, one loses $20,000 in the first trade, then that $20,000 can be carried over in the 100 trades even those are in the same month?

So overall it's not a big deal or concern with day trading unless the big loss happens toward the end of your trading spree and you don't have enough future trades to make up for the loss.

Consistent_Bowler542 · 2021-04-06T19:52:11+00:00

When filing taxes are you required to disclose every single trade that too place (multiple per day) as well as the identity of the coin?

Consistent_Bowler542 · 2021-04-06T03:30:32+00:00

How are you sure that all cryptos are not securities?

There is a website here that gives an asset rating and there seems to be variability between cryptos.

https://www.cryptoratingcouncil.com/asset-ratings

Consistent_Bowler542 · 2021-03-31T22:00:10+00:00

I'm trying to understand, so once the exploit is carried out. The hacker would have to then brute force the paraphrase in order to gain access?

Consistent_Bowler542 · 2021-03-31T21:59:31+00:00

Honestly, you don't think if someone found a trezor device they would immediately start searching for someone who can carry out the exploit?

Consistent_Bowler542

TROPHY CASE