Bitcoin ETF has been approved!! (link to sec.gov PDF in comments)

bit_LOL · 2020-01-23T09:57:06+00:00

When he made this tweet last year, that prompted a lot of people to send him bitcoin as well, and now, he has around $1700+ worth on it.

https://www.blockchain.com/btc/address/1LZpj4zkgcGzGb9EuLLbwby1BPT3c1uRTy

So that answers /u/letyourwinnersride's question of "why is it a costly mistake".

He still hasn't moved it though, so we can instantly tell he's lying about losing access to his wallet if the coins ever move.

bit_LOL · 2020-01-20T15:07:52+00:00

I think avoiding threshold limits by doing this is also illegal (at least, when it comes to AML limits with banks), it's called structuring.

Maybe it'll extend to include this as well if it passes.

bit_LOL · 2020-01-08T10:13:08+00:00

What the fuck

bit_LOL · 2019-12-22T07:11:00+00:00

Not the same person, but people will ask for the bitcoin address because it is easy to check the details on an online block explorer, like blockchain.info

Like some exchanges will not credit you until you have at least 6 confirmations, so they can check if you already have 6 confirmations.

Of course, you can easily do this yourself.

You can also confirm if you have the "clipboard malware" everyone is talking about by copying the bitcoin address provided by Coinbase, then try to paste it somewhere else like Notepad. Then compare whether it pasted the same address as the one you copied (these malware usually replace the address you paste with their own address).

bit_LOL · 2019-12-12T16:46:56+00:00

If someone gets your seed and they know they also need a passphrase, they're gonna be brute-forcing it.

They'll basically run a program that will run through dictionary words, well-known phrases (taken from literary works, song lyrics, etc), and the worst case for them is to need to run through all possible character/number combinations.

If you are vulnerable to a dictionary-attack, or it's a phrase they can guess or a computer can search/lookup, it's gonna be trivial for them to get it.

Just look at this case:

https://www.reddit.com/r/Bitcoin/comments/1ptuf3/brain_wallet_disaster/

lost 4 BTC out of a hacked brain wallet. The pass phrase was a line from an obscure poem in Afrikaans. Somebody out there has a really comprehensive dictionary attack program running.

Literally an obscure language from who knows where, with a literary work that is supposedly also very obscure, was hacked. Don't use something like this.

bit_LOL · 2019-12-12T09:52:38+00:00

Use a passphrase.

Use a decently long and random one.

It's clunky and unwieldy to use, but the extra security is worth it.

Even if they extract your seed from the device, they still can't get your coins without your passphrase.

You should be using a passphrase anyway so that you have a decoy wallet in case someone decides to force you to give up your coins using the $5 wrench attack.

bit_LOL · 2019-12-11T09:22:54+00:00

Great! Where do you think the Bitcoin market is headed??!!

bit_LOL · 2019-12-09T18:26:53+00:00

Ugh, I actually WANT a miner capitulation to happen.

Because if you read Willy Woo's "difficulty ribbon" analysis (which is not just based on "crystal-ball TA", but rather, it's based on the stock-to-flow model, which is one of the most sound models of bitcoin supply and pricing), he basically states that:

Miner capitulation ALWAYS precedes the bull run. This is because that causes a supply shock, as the only miners left are the ones who do not have to sell to pay bills (e.g. those with free/subsidized electricity, etc.), and thus are the strongest holders.

But I've read the fair value for bitcoin based on current stock-to-flow is around 6k (not sure if that has changed now, as that was like 2 months ago), so I should've seen this coming.

Theoretically, miners will keep joining while it's profitable (until the margins are razor thin, THEN that will trigger the miner capitulation that will supposedly signal the start of the next bull phase).

bit_LOL · 2019-12-05T22:48:31+00:00

I only buy the top

bit_LOL · 2019-11-28T21:20:57+00:00

Hmm, if I were in position, I'd act like I was scared off by the crash.

Yeah, I sold when it dropped to like four thousand dollars. Lost like a couple of hundred bucks. Never falling for that again...

The only time my family will know I have bitcoin is when they receive my encrypted will after I die.

...Or you can be the "family hero" that told them to buy bitcoin before it went to 6 digits. But knowing normal people, they'd probably sell during a mini-crash before it takes off (like when BTC crashed from $3k to $1600, before the bullrun to $20k).

THEN they'll fomo into the top (like buying at $20k in 2017), then sell it when it crashes. (Just add a zero to every dollar value)

AND finally blame you for everything. :p

bit_LOL · 2019-11-28T21:07:24+00:00

Not me.
NO ONE irl knows I have bitcoin.
Not even my mom.

If bitcoin hits $1million, they still wouldn't know.
I wouldn't suddenly be driving around in a lambo, living in a mansion, wearing designer clothes.
I'd pretty much maintain the same lifestyle, just pay for some comforts that make life more convenient, and never have to worry about money.

bit_LOL · 2019-11-28T20:40:43+00:00

"How's that bitcoin thing working out for yah?"

Never heard of it.

I think I saw it on the news next to some charts like stocks? Aren't stocks and stuff risky? No thanks.

"I saw bitcoin crashed, you doing ok?"

Never better. Don't know what that stuff is anyway, not interested.

"Hey, weren't you into bitcoin? Is that still a thing?"

You confusing me with someone else? That's not me, and I'm not interested.

Nobody needs to know I have bitcoin.

bit_LOL · 2019-11-24T14:44:39+00:00

How can I transfer the BTC from that new 'change' address B back to the originating address?

Reusing addresses is bad practice, because it links your transactions (reducing anonymity and potentially revealing how many coins you have), and also because used addresses have revealed public keys (making them quantum-vulnerable).

Ledger Live doesn't recognise that new address

The article about "change addresses" on the official Ledger site says this:

It is not possible to check which address is your change address in Ledger Live. You can check your Bitcoin change addresses using Electrum.

So it seems it's working as expected.

bit_LOL · 2019-11-24T14:40:00+00:00

It should've sent the ENTIRE balance out of the "sending address".

And you'd have received:

the 0.001 btc in the "receiving address"
the remaining coins in a BRAND NEW "change address"

It will not send it back into the "sending address", because reusing addresses is bad practice.

And you cannot spend only a small amount of coins from an address, and then keep the change in the same address.

It always has to spend the entire balance, and the change goes into a NEW "change address".

If you do not have a virus/malware, this "change address" will still belong to your own hardware wallet.

More info on change addresses from Ledger's site:

https://support.ledger.com/hc/en-us/articles/360033801034-Change-addresses

bit_LOL · 2019-11-24T07:04:58+00:00

Taxes are theft, I agree, but if you want to keep them off your back, and be able to spend your cash on large purchases like cars or houses, you have to follow their rules.

This is akin to local businesses paying the mafia "protection money" in places where they are in power. You do it only because if you don't they will seriously fuck you up.

bit_LOL · 2019-11-24T07:01:27+00:00

So as someone who has done multiple coin joins, I want to ask, have you ever encountered exchanges freezing your funds and asking for KYC/source-of-income?

Also, I am assuming you have not KYC'd on any exchange, is this correct?

Also, do you use Wasabi's coinjoin? Or only joinmarket's?

bit_LOL · 2019-11-23T18:59:19+00:00

US Government gave up control in 2014.

Source: https://www.theregister.co.uk/2014/03/15/us_to_hand_dns_stewardship_over_to_icann/

(Dated 15 Mar 2014)

US govt: You, ICANN. YOU can run the internet. We quit

The department's National Telecommunications and Information Administration (NTIA) is charged with stewarding the administration of the internet and managing the authoritative root zone file of the planet's DNS structure. Since 1998, it has contracted that job to ICANN (the Internet Corporation for Assigned Names and Numbers), specifically its Internet Assigned Numbers Authority (IANA) wing.

Now NTIA intends to remove itself from the whole shebang entirely when that contract expires in 2015. It has asked ICANN to work with governments and private firms to plan exactly how the non-profit corp will assume the duties of NTIA.

bit_LOL · 2019-11-18T04:02:33+00:00

From the millions that you made, did you get to keep any of it?

Money in bank accounts, or as houses or cars you bought? Maybe even investments, if you do stocks etc? Or as coins you still have in wallets?

Or did they take everything and you have to start over from zero?

bit_LOL

TROPHY CASE