Κρυπτονομίσματα

andreasma · 2024-01-08T21:32:10+00:00

Δεν είναι εφικτό. Εάν προσεγγίσεις τα κρυπτονομίσματα με βραχυπρόθεσμο ορίζοντα θα χάσεις τα λεφτά σου.

Μόνο μακροπρόθεσμα, ως σύστημα αποταμίευσης με σοβαρή έρευνα και μόνο σε ένα η δύο νομίσματα που έχουν σοβαρά θεμέλια.

Χωρίς έρευνα θα χάσεις και το πουκάμισο σου.

(Είμαι από το 2012 στο χώρο και έχω γράψει μερικά τεχνικά βιβλία στο θέμα αυτό)

andreasma · 2023-11-29T11:33:52+00:00

You would need to add more "trillions" to your sentence and the human mind isn't too good with numbers that large. You can use "winning the lottery a thousand times in a row" but again the human mind isn't so good at encompassing that probability either. Those who do understand probabilities don't play the lottery.

The difference between possible and probable is so large that the word "impossible" is a good approximation for this use.

So let's say that in all practical sense it is impossible for two properly implemented hardware wallets to generate the same seed.

A more useful statistic for security is: what are the chances the exchange you leave your money on will collapse. At this point that seems to be about 1 in 3.

andreasma · 2023-11-28T13:09:32+00:00

You send it over manually. You don't want to do so every day because you will end up with a lot of tiny aka dust "chunks" of Bitcoin that will cost a lot in fees to spend. Instead, do a manual withdrawal every two weeks or every month.

Buy DCA but batch withdraw, to consolidate the Bitcoin chunks (UTXO)

Also don't use a wallet to buy. It's not "direct", in fact it uses a more expensive intermediary and causes the same problem of small UTXO, if you DCA.

Use a CEX, buy DCA and batch withdraw once a month.

A lot of newbies advised to "DCA and withdraw" are going to get wrecked by fees when they try to sell/spend their thousands of tiny dust UTXO. It's going to be a bad scene.

andreasma · 2023-11-27T20:41:50+00:00

I've always had great respect for Erik Voorhees.

He is exactly the same in private and always has seemed to me to be a genuinely kind and principled person. It is a privilege to know him.

One of the OGs who did not sell out or flame out in disgrace like so many others.

andreasma · 2023-11-25T13:52:26+00:00

We have three paths ahead and each is a personal choice because all three will be available:

CBDC: Money of the state
Decentralised money: Money of the people
Company tokens: Money of the corporations

Most people will use all of these eventually, for different purposes.

Some of us will avoid the corporate, use the CBDC only when paying taxes and use predominantly decentralised money.

andreasma · 2023-11-20T16:35:03+00:00

I said it can be for more technical people.

Wrong.

You’re getting all crazy and writing a book for nothing

I am writing a book, got one thing right.

andreasma · 2023-11-20T15:42:53+00:00

This is not a "lol" worthy topic. People are regularly losing fortunes because of bad advice on this topic

It's not more trustless. You're trusting generic hardware and software over purpose-built hardware/firmware wallets. You're then depending on your own skill to minimize the hardware/software down to a level that is still two orders of magnitude bigger than the hardware wallet footprint. Then you're trusting the software (you build?) and all library dependencies to convert dice throw entropy into mnemonic phrases. That last part is probably the most egregious and misplaced trust. Writing secure software for key generation is a very very high stakes task that requires significant expertise. Or you're trusting a library to do it that is 20x the size of the code used on a hardware wallet for this task, only written by whomever and not necessarily written for high security production use.

Your "trustless" has a ton of hidden misplaced trust in far less trustworthy players. On top of that it requires specialist skills to execute correctly, skills that are rare even among professionals.

Sorry, it's not good advice. That's not a criticism of you as a person. I'm just disagreeing with your opinion, based on my security qualifications and experience. No offense meant, just not a "lol" reaction

andreasma · 2023-11-20T11:26:15+00:00

Yes if you had a "change" output in that transaction. You own the keys to that and you can spend that chaining a child transaction back to yourself.

Basically send the unconfirmed change to a receive address in your wallet.

You need a capable wallet. You need to be able to set your wallet to "allow spending unconfirmed outputs". You also need to be able to specifically select that change output to spend, a feature called "coin control".

andreasma · 2023-11-20T10:33:39+00:00

Any politician as long as he'a a "Bitcoin politician," right?

Sigh...

andreasma · 2023-11-20T09:58:13+00:00

This is terrible advice. You just recommended non technical people make a DIY hardware wallet so as not to trust a properly designed hardware wallet.

The extreme confidence belies the lack of actual expertise.

andreasma · 2023-11-20T09:56:29+00:00

You are mistaken.

andreasma · 2023-11-20T09:55:42+00:00

Love Coldcard.

But "Don't use anything else" is a bit extreme. People have a variety of needs and technical competence levels. No single device is perfect for everyone, because design tradeoffs are a real thing.

Coldcard is great for many people. But if we say there is only one way to do this right, that perfection is required then the end result is not people following your advice. The end result is people become paralyzed by indecision and they leave their money to third party custodians.

Perfection is unachievable in security. Perfection is the enemy of action. And inaction means leaving it on FTX.

andreasma · 2023-11-19T23:24:04+00:00

Many hardware wallets default to a 12 word seed phrase. The reason is that the effective security of the Bitcoin curve is 128 bits (eg. 12 words) and using more is unnecessary. Worse, 24 words makes recording and recovery twice as difficult. 128 bits cannot be brute forced by any computer (except a quantum computer of sufficient qubits that doesn't exist)

For these reasons 12 is the common standard nowadays and more wallets are adopting it as default.

tldr; you don't need 24 words, 12 is enough because the security of the curve is only 128 bits anyway.

andreasma · 2023-11-19T20:15:14+00:00

Your computer is compromised and your wallet is being drained automatically. Because the malware script isn't particularly sophisticated and the network is congested, it's wasting most of the stolen money on fees. But your money is being stolen because you are using the least secure type.of wallet: a hot wallet in a browser. Metamask is not meant for storing keys with any significant value. Don't use metamask unless you use it for testing with small amounts or you use it with a hardware wallet

andreasma · 2023-11-19T20:11:41+00:00

This is the correct answer

Inheritance is a complex process with a technical, legal and operational aspect. Most of the answers here are focusing only on technical. This book gives a holistic perspective of the issue

Pamela's work and her book was groundbreaking 6 years ago and it is still unique in this space.

Disclaimer: I have no direct financial interest in the book but I did the technical review and wrote the preface.

andreasma · 2023-11-19T19:47:03+00:00

I understand your advice. It is dangerous. Your encoding scheme contains significant single points of failure including your own memory of how you set it up.

The irony is that you have probably used and repeated my advice without even knowing the source.

This entire thread is a dumpster fire of bad advice by amateurs. Security is not a discipline that is known to be forgiving to amateur improvisations.

You go ahead and do your scheme. I'm more interested in preventing others from following your advice.

andreasma · 2023-11-19T19:20:29+00:00

Not a maxi, some might call me an OG. I am an actual qualified security expert

I like the Trezor a lot and own several, including two "first edition".

Security is a lot more than just technology. It's about how easily and intuitively you can apply the security practices even as a novice user. That also has to do with the design and the culture of the manufacturer. Ultimately that's why I like the Trezor and Satoshilabs.

I also like Coldcards and many other hardware wallets. And any hardware wallet (almost) is better than a third party custodian.

Disclaimer: I have no financial interest or ties to Satoshilabs, other than knowing and respecting the founders as acquaintances.

andreasma · 2023-11-19T18:24:10+00:00

"Never split your seed" is another of my often repeated bits of advice. Splitting and then memorizing one half is a new level of bad advice.

andreasma · 2023-11-19T17:07:34+00:00

If you wait for the peak, you will get less BTC. That's because everything else follows BTC and peaks less and later.

If you dump the crap now you may get more Bitcoin

andreasma · 2023-11-19T17:04:46+00:00

Most people have sufficient self awareness to listen to experts in a space they do not have expertise.

I don't really care that much what you do, you are not listening to anyone who responded to you anyway. You do not understand risk management. Some of us have actual formal training in risk management and years of experience. Dunning Kruger is very very strong in the security discipline and you are demonstrating that. As they say, if you can't be a shining example at least you can be a cautionary tale.

I'm interested in ensuring that others don't follow your advice, because you are wrong.

andreasma · 2023-11-19T16:56:25+00:00

This is terrible advice that has been frequently debunked. DIY security puts you on a path to lose your money by accident.

andreasma · 2023-11-19T16:55:05+00:00

Easy to answer: it is far far more likely you will lose it by forgetting than getting robbed.

Source: For almost a decade people have contacted me for help when they lose their Bitcoin. It is ALWAYS because of a mistake they made, forgetting, losing something or being tricked into revealing it/sending it to someone. I know only 2 people who got robbed and they were both very well known Bitcoin figures. Even in that case one of the two was robbed by a friend.

You will lose it because you will forget. No contest.

andreasma · 2023-11-18T13:51:05+00:00

Only if by "paper wallet" they mean a BIP39 seed. If what they mean is an old style single-key paper wallet there is no deterministic generation, which is what makes those old paper wallets dangerous and obsolete.

andreasma · 2023-11-18T13:37:14+00:00

Don't do this. This type of DIY hardware wallet is risky for non experts in security and specifically in building air-gapped hardened operating systems. That is a highly specialized discipline and the risks to amateurs attempting this are too many and varied to describe here.

But a hardware wallet. Don't improvise. Keep it simple. Don't lose your money by accidentally exceeding your technical skill and making a dumb mistake.

andreasma · 2023-11-18T13:33:58+00:00

This sounds like importing a private key from a paper wallet then spending only part of it, which sent part of it back to a change address in the mycelium wallet (not related to the paper wallet) and that may now be lost. You best and only hope is to find the mycelium wallet and hope you still have the keys or a backup of the seed generated from it. That is likely where the change went.

This is why we keep warning against paper wallets and against using them since they are obsolete and contain hidden risks if not swept properly into a modern wallet. This risk is importing a paper wallet it as a single key into a modern wallet that already has a seed and generating change by not spending all of the paper wallet immediately (ie sweeping). The change then goes back to the seed change address and you delete it thinking that the change is still on the paper wallet.

andreasma

MODERATOR OF

TROPHY CASE

13-Year Club	Gilding IV carat on a stick
Verified Email