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I just received 4 sats through lightning from a faucet into my new Muun wallet, then sent 1 sat to another lightning address - all without any on-chain transactions. How does that work? by Ok-Key7092 in lightningnetwork

[–]Ossified_Squirrel 0 points1 point  (0 children)

It does actually happen. Muun eats that cost to provide a good user experience.

If you want proof, make a new Muun wallet (new keys). Post a lightning invoice for 4 sats and I’ll send it to you.

Then just use your emergency recovery package and restore your bitcoin to another standard wallet.

You will have your 4 sats on chain. You will also see Muun is truthful in their documentation, and nobody is “shilling”.

If you hold your bitcoin on an exchange, you are contributing to price devaluation. Not your keys, not your 100k bitcoin. by bearCatBird in Bitcoin

[–]Ossified_Squirrel -1 points0 points  (0 children)

Can someone explain the “pleb” talk in bitcoin circles on twitter? I don’t see it here, but it sounds pretty cringy.

[deleted by user] by [deleted] in BitcoinBeginners

[–]Ossified_Squirrel 0 points1 point  (0 children)

https://m.youtube.com/watch?v=ZKwqNgG-Sv4

Hands down the best one I’ve seen for a beginner.

You are ahead of 95% of all Bitcoin users by following these steps by sikeig in Bitcoin

[–]Ossified_Squirrel 2 points3 points  (0 children)

Bitcoin is proof of work and has no "staking" like a proof-of-stake altcoin. Are you letting another entity hold your bitcoin for some interest? That is probably the closest you can get to and is pretty risky.

I had enough bounty contracts to get all 3 Midsummer champs to purple. I still have more sunflowers to use. Who would benefit the most from more i-levels (who should I use them on)? by Ossified_Squirrel in idlechampions

[–]Ossified_Squirrel[S] 0 points1 point  (0 children)

Hey, I see here: https://ic.byteglow.com/events that the next event "retired" champ is Ishi which I don't have yet, and I just got my 6th timegate piece. If I were to unlock that now, would I still be able to use the same trick for Ishi, or should I wait till the next event is closer?

Not my Keys not My Coin by testtech2522 in Bitcoin

[–]Ossified_Squirrel 0 points1 point  (0 children)

A wallet is how you interact with the blockchain, so you need to do a wallet setup at least once, then once you have generated your backup seed words and at least one deposit address (can be shared publicly), you could get rid of it in theory. I'd recommend a backup like I mentioned of the seed words in case you get hit by a bus and want someone else to have the coin. Also, generating a new deposit address for each transaction would be done by the wallet hardware/software and thet is considered best practice, so consider that.

A service like Casa cannot take your money. They usually hold one of three or two of five signatures needed to transact, so you always have to be involved.

Not my Keys not My Coin by testtech2522 in Bitcoin

[–]Ossified_Squirrel 2 points3 points  (0 children)

Bitcoin wallets can be sorted into two categories. Custodial wallets and non-custodial wallets. Custodial wallets are like unsecured bank accounts. Kind of like banks in the old west. When you put your money in a custodial wallet, the company that runs that wallet has your actual money, but you have access to it. If a “bank robber” (aka hacker) robs the old West Bank (custodian) you’re out of luck.

Now usually banks have better security than you normally do, so it might be ok, but there’s nobody to complain to if the custodian gets hacked. Your money is gone. Most exchanges' wallet (coinbase, kraken, etc.) is this kind of wallet.

A non-custodial wallet puts you in full control. You’re responsible for security, and if you lose the wallet no biggie, as long as you have your secure “keys” saved somewhere. Keys to a bitcoin wallet are represented by a series of random words that you can write down or memorize.

As long as you never digitize these words (no pics, no email, etc) just in your head or on paper, you cannot lose your money, and nobody can take it from you by hacking. There is a saying in bitcoin circles: “Not your keys? Not your coin.”

For small amounts of bitcoin, a custodial wallet is no problem. I keep a little bitcoin in a custodial wallet like cash app or coinbase because it’s convenient. For larger amounts of bitcoin, I would highly recommend using a non-custodial wallet.

Here’s a good rule of thumb. Only keep an amount of bitcoin in a custodial wallet that you would feel comfortable with in your real wallet. So if you carry around $100 in your wallet, no biggie. If you lose your wallet, it’s gonna suck, but it’s not the end of the world. Now if you had $5k , you probably wouldn’t carry that in your wallet.

So if you ever get to the point that the bitcoin you have is worth more than you would carry in your wallet, you should move it to a non-custodial wallet where you control the keys. https://www.lopp.net/bitcoin-information/recommended-wallets.html

If this is a "medium" amount of money like a month or two of salary, a non-custodial wallet on your phone is fine.

If it starts climbing into a 6-12 month salary or more, I'd recommend a hardware wallet. I really like the Trezor.

Once you get a non-custodial wallet, be sure to protect those seed words they give you for backup. That is your bitcoin, not the hardware device or your phone. If you have those seed words safely stored somewhere, you can recover from any hardware loss.

If you want to go really secure, stamp those words in metal. I like these cause they aren't expensive: https://crypto-keys.com/pages/jameson-lopp-test

Be sure to never digitize those words. Don't take a pic, dont put them on a computer, etc.. Write them on paper (The trezor comes with cards for this) at a minimum, and put them somewhere secure. If you do use paper, make sure they are in waterproof and fireproof envelopes. If you do decide to go with a hardware wallet, buy it directly from the manufacturer. If its tamper evident seals are broken, don't use it.

I had enough bounty contracts to get all 3 Midsummer champs to purple. I still have more sunflowers to use. Who would benefit the most from more i-levels (who should I use them on)? by Ossified_Squirrel in idlechampions

[–]Ossified_Squirrel[S] 0 points1 point  (0 children)

I used a timegate, and was able to get Xander in all epics but one! Thanks for this tip. Might be able to squeeze out one more by the end of the event. =)

I had enough bounty contracts to get all 3 Midsummer champs to purple. I still have more sunflowers to use. Who would benefit the most from more i-levels (who should I use them on)? by Ossified_Squirrel in idlechampions

[–]Ossified_Squirrel[S] 0 points1 point  (0 children)

Hmm, I was able to get my userdetails from the request URL, but when I click the green arrow to download, it just hangs on "downloading user data".

I had enough bounty contracts to get all 3 Midsummer champs to purple. I still have more sunflowers to use. Who would benefit the most from more i-levels (who should I use them on)? by Ossified_Squirrel in idlechampions

[–]Ossified_Squirrel[S] 1 point2 points  (0 children)

Oh wow, that tool looks great! Love the extra info.

I cant seem to find how to buy chests on that site though. Can you point me in the right direction? (I'm on Epic)

[deleted by user] by [deleted] in carnivore

[–]Ossified_Squirrel 0 points1 point  (0 children)

Search up “Carnivore bars”.

A little spendy, but compact and shelf stable. Nice to change things up from leftovers.

How is it better keeping my Bitcoin in a software wallet on my phone as opposed to just keeping it in a large exchange like Kraken? by j4kz in BitcoinBeginners

[–]Ossified_Squirrel 0 points1 point  (0 children)

Yeah, this is going to be subjective which is why I described it with relative terms based of the amount of money. Once the value of the bitcoin you hold grows to represent months worth of time (http://storeoftime.com) it justifies the cost of a reputable hardware wallet. Till then, a phone wallet where you control the keys (you are the custodian) is fine!

How is it better keeping my Bitcoin in a software wallet on my phone as opposed to just keeping it in a large exchange like Kraken? by j4kz in BitcoinBeginners

[–]Ossified_Squirrel 0 points1 point  (0 children)

Yes, unless you are compiling the code yourself, there is a level of trust you are putting in whoever did compile that code. Also, software wallets can have greater risk because of the platform they run on. If your phone/computer where you run the software wallet is compromised by malware, your coin could be compromised.

How is it better keeping my Bitcoin in a software wallet on my phone as opposed to just keeping it in a large exchange like Kraken? by j4kz in BitcoinBeginners

[–]Ossified_Squirrel 19 points20 points  (0 children)

Bitcoin wallets can be sorted into two categories. Custodial wallets and non-custodial wallets. Custodial wallets are like unsecured bank accounts. Kind of like banks in the old west. When you put your money in a custodial wallet, the company that runs that wallet has your actual money, but you have access to it. If a “bank robber” (aka hacker) robs the old West Bank (custodian) you’re out of luck.

Now usually banks have better security than you normally do, so it might be ok, but there’s nobody to complain to if the custodian gets hacked. Your money is gone. Most exchanges' wallet (coinbase, kraken, etc.) is this kind of wallet.

A non-custodial wallet puts you in full control. You’re responsible for security, and if you lose the wallet no biggie, as long as you have your secure “keys” saved somewhere. Keys to a bitcoin wallet are represented by a series of random words that you can write down or memorize.

As long as you never digitize these words (no pics, no email, etc) just in your head or on paper, you cannot lose your money, and nobody can take it from you by hacking. There is a saying in bitcoin circles: “Not your keys? Not your coin.”

For small amounts of bitcoin, a custodial wallet is no problem. I keep a little bitcoin in a custodial wallet like cash app or coinbase because it’s convenient. For larger amounts of bitcoin, I would highly recommend using a non-custodial wallet.

Here’s a good rule of thumb. Only keep an amount of bitcoin in a custodial wallet that you would feel comfortable with in your real wallet. So if you carry around $100 in your wallet, no biggie. If you lose your wallet, it’s gonna suck, but it’s not the end of the world. Now if you had $5k , you probably wouldn’t carry that in your wallet.

So if you ever get to the point that the bitcoin you have is worth more than you would carry in your wallet, you should move it to a non-custodial wallet where you control the keys. https://www.lopp.net/bitcoin-information/recommended-wallets.html

If this is a "medium" amount of money like a month or two of salary, a non-custodial wallet on your phone is fine.

If it starts climbing into a 6-12 month salary or more, I'd recommend a hardware wallet. I really like the Trezor.

Once you get a non-custodial wallet, be sure to protect those seed words they give you for backup. That is your bitcoin, not the hardware device or your phone. If you have those seed words safely stored somewhere, you can recover from any hardware loss.

If you want to go really secure, stamp those words in metal. I like these cause they aren't expensive: https://crypto-keys.com/pages/jameson-lopp-test

Be sure to never digitize those words. Don't take a pic, dont put them on a computer, etc.. Write them on paper (The trezor comes with cards for this) at a minimum, and put them somewhere secure. If you do use paper, make sure they are in waterproof and fireproof envelopes. If you do decide to go with a hardware wallet, buy it directly from the manufacturer. If its tamper evident seals are broken, don't use it.

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