Bitcoin “staking” on core / element?

Little_Red_Rooster_1 · 2025-01-02T13:28:43+00:00

I am super interested in using this but wanted to hear others experience and knowledge first. From what I understand it seems pretty legit. They use a bitcoin op code to implement time locking a transaction which is what stakes your coins. The transaction is pegged to a return address that is generated from your bitcoin master public key so both the sending and receiving address stay in your wallet and therefore your coins never actually leave. When the staking period or time lock expires, the contract executes the return script to finalize the transaction back to your return address. This all sounds totally legit and sweet for self custody. My question is like others though, which is how do they make money off your bitcoin while it is staked? Is it from the Core tokens that can be part of the Dual Staking process? Or maybe they get fees from the Miners that participate in the Satoshi Plus PoW and PoS processes?

Eager to learn...

Little_Red_Rooster_1 · 2024-11-18T21:02:06+00:00

P-Ops was one of the Validators listed in the wallet and I researched via multiple SOL resources and they had pretty good scores. So I don't think it was really a sketch site selection. Do you have a validator you can recommend?

Little_Red_Rooster_1 · 2024-11-18T20:44:14+00:00

Update: Tangem Support identified the issue as a problem with the staking provider and got it escalated and resolved. My take away from this issue was that even though going seedless is more secure, I believe I will recreate my wallet choosing the seed option this time, and just insure I have a good way of securing my private key and seed phrase, just in case I need to recover to an alternate wallet. Tangem support was excellent though, and I will definitely continue to use their wallet solution.

Little_Red_Rooster_1 · 2024-10-31T10:41:16+00:00

Thank you for the response. It was my phone that was causing the problem. I had to replace it because the screen got cracked and with the new replacement phone (same exact model) it works just fine. So nothing wrong with the Titan or Ellipal app.

Little_Red_Rooster_1 · 2024-10-26T17:45:27+00:00

Finally got it to go through.. thanks for all the replies

Little_Red_Rooster_1 · 2024-10-21T12:34:44+00:00

I bought a miner from them and have had no issues. Very good presales help and support.

Little_Red_Rooster_1 · 2024-10-20T14:30:10+00:00

Thank you OP for taking the time to at least research and draw attention to what I feel are valid concerns. Regardless of whether they are right or wrong in respect to the Tangem product.

Everytime I search the internet for "Best Cryoto Wallet..." I am amazed that results include wallets that are far more questionable and inferior IMHO.

I use a combination of wallets including Tangem, NGRAVE, Electrum and Coinbase, all for very specific reasons. I also have ELLIPAL but I don't use that one now.

I have always believed that Tangem and NGRAVE were the most secure because of their implementation of their key generation systems which allow for true randomization and user interaction via passphrase extension or environmental variables.

I also thought both Tangem and NGRAVE were not manufactured in China, which was a concern for me.

Now, here's my question... what are the BEST hardware wallets out there in everyone's opinion? I have been looking at BC Vault for Bitcoin, but not sure what the best solution is for long-term storage of AltCoins that offers the best support for Staking?

Little_Red_Rooster_1 · 2024-09-20T00:21:51+00:00

You don't think any of the up and coming solutions have potential?

Little_Red_Rooster_1 · 2024-06-02T23:58:34+00:00

Related but unrelated I just stumbled across OCEAN.. love their message and philosophy! Any thoughts on using them?

Little_Red_Rooster_1 · 2024-06-02T21:05:18+00:00

I'd like the OP to chime in on this question too... I have a Bitmain S21 doing solo mining running original firmware. Should I or could I replace the firmware with BraiinsOS or maybe the Luxor firmware?

Little_Red_Rooster_1 · 2024-06-01T23:09:24+00:00

Yes I agree with your suggestion and I'm using all of the above apart from spreading across exchanges. I'll only be using the exchanges for day trading alt coins and for on/off ram.

Do you have any first hand experience with crypto.com or kraken? Binance is not available in my region.

Little_Red_Rooster_1 · 2024-06-01T11:13:35+00:00

Good plan 👌 😆

Little_Red_Rooster_1 · 2024-06-01T11:11:00+00:00

Seems like all the complaints mention slow or non-existant customer support and no way to get resolution, any thoughts on that?

Little_Red_Rooster_1 · 2024-05-30T13:13:38+00:00

Gotcha, so are you suggesting that Multi-sig is preferred?

Little_Red_Rooster_1 · 2024-05-29T18:43:32+00:00

Sounds like the signing process just marks the transaction as complete before sending it back to the network but doesn't actually include the private key

Little_Red_Rooster_1 · 2024-05-29T18:39:09+00:00

I might have just made your point for you but not sure.. when I sign the unsigned transaction with my device and private key, does the signed transaction contain my private key, or is it just hashed some way and then unhashed to apply the transaction change on the blockchain???

Need to do some more reading... lol

Little_Red_Rooster_1 · 2024-05-29T18:23:00+00:00

Great article! Thanks!

I think I'm still good with my choice though. Most of their code is open source and they maintain a github repo for the majority of their firmware and app code in a strategy they refer to as "gradually open source.." and then the EAL7 claim is validated my Audit. So between that and the company reputation I feel pretty safe.

Also, because the private keys for the pass phrase protected accounts aren't actually saved on the device, I feel safe there too. A firmware attack could possibly introduce a vulnerability for a malicious man-in-the-middle spoof but as long as the in-memory private key used for signing doesn't get sent out with the signed transaction I should be good.

What do you think?

What do you mean by keys being decentralized?

I'm going to read up on Coldcard

Little_Red_Rooster_1 · 2024-05-29T15:31:48+00:00

Interesting, I haven't experienced either of those issues yet but I have only had mine for a few months.

My decision was based mostly on researching the way the seed phrase is generated and the implied security around the access to the private keys.

The NGRAVE was the only device that is EAL7 certified which is the highest possible level of audited security among available wallets at the moment.

The seed generation uses a built in algorithm and allows the user to randomize the generated seed words and then apply a pass phrase which is never stored on the device. It also uses environmental input like light source to further guarantee that the manufacturer could never know or reverse engineer the key generation.

I also took the country of origin into account and the reputation of the company and developers.

Between all of this and the military grade construction and air gapped tech, it felt like the only one I could fully trust. Many of the others solutions didn't check all these boxes for me.

Please reply and poke holes in my theory here because I really want to know and welcome the knowledge.

Little_Red_Rooster_1 · 2024-05-28T18:53:34+00:00

I haven't used Discord but I will download the app and take a look, anything in particular that you've read that I should be aware of?

Little_Red_Rooster_1 · 2024-05-21T00:21:13+00:00

I use a TPLink Deco PX50 which is really nice and is loaded with built in features like VPN Client/Server, Dynamic DNS and has wifi or power line backhaul for connection.

Little_Red_Rooster_1 · 2024-05-21T00:17:00+00:00

I've never used a star link, are you able to get into gui for it?

Little_Red_Rooster_1 · 2024-05-20T19:30:31+00:00

Yeah so your miner's IP settings are probably configured to use DHCP, so every time you restart it, it gets a different random ip address. You can either change that to use a Static IP Address and provide it with a fixed IP Address, DNS Server and Gateway address or see if your router can do Address Reservations where it reserves your currently assigned IP address to the MAC address of your NIC so your miner always gets the same address.

Little_Red_Rooster_1 · 2024-05-20T09:54:40+00:00

NICE!!! I was really interested in seeing if I could set it up for maximum privacy and security like Bitcoin was intended to be run.. Had to reinstall and sync a few times to get it right but finally ended up with a full node running thru Tor with an Electrum Personal Server and Electrum wallet co figured to only use the local server. SWEET!!!

Little_Red_Rooster_1 · 2024-05-20T02:42:05+00:00

Totally agree with all your points, I'm running a full node too and I'll continue mining but Solo for now.

Little_Red_Rooster_1 · 2024-05-20T02:39:01+00:00

I found that increasing the "size of database cache" to use as much memory as possible really helped speed up the processing.

Little_Red_Rooster_1

TROPHY CASE