 Show Posts
|
|
Pages: « 1 [2] 3 4 »
|
You will see why I said not financial advice in a moment. This is a "what would you do question." I have been a several year bitcoin purchaser, but I have a sister that I gently tried to orange peel in the past. She was interested and amazed at BTC, but feels that she cant afford to put even $5 a week aside. I had an extra hardware wallet and put $100 worth of BTC on the wallet and considered it hers. I have this idea planted in my head to gift her .01 BTC which makes her a satoshi millionaire and then leave the rest to her to add to it if she wants to. lol. She is a single mom with 2 children and a live in boyfriend.
Don't force people to buy bitcoin, she understands what bitcoin is all about but she is afraid, if she doesn't feel comfortable living her $5 in bitcoin, you shouldn't go to any length to make her do it by force. The fact that she is a single mother and not financially stable and lives with her boyfriend doesn't mean bitcoin will elevate her from that position either. If you genuinely want to gift her a bitcoin, then do it for the purpose you have intended, gifts are surprises. I'm sure that she will be stunned when you handed her that hardware wallet that contains bitcoin, who knows this will give her more encouragement to start buying and add more sats to the one you wanted to gift her. Try it, it might be worth all your effort trying to convince her. 😀. Will do. Thanks |
|
|
|
You have money, but your sister does not. Your phrase "why should I" speaks volumes. Why are you posting here? What would you like? For us to tell you that you are such a nice, cool dude?
Just help your sister; it's scary when people save five bucks. Give her a gift, tell her about bitcoins, and don't think about why you should. If such questions arise, then do nothing; let everything be OK with you because you don’t owe anything to anyone, right?
You know, there is such a sign-when you give, you receive. Today you help your nephews, and tomorrow someone will help you. The rule is working.
Even though I love this post and you are right. There is also the saying, “help those that help themselves” What I meant when I said that is if someone is not going to put in the effort to learn, understand, and then “do” then why should I do it for them. Why is it scary when you save $5? You put aside what you can. And I know she can. Just doesn’t. $5 was just a low example. I have helped her on many occasions when she first moved here, before the good job and before the boyfriend. And I did it because I love her and wanted her to make it. And now that she has the means, even if not a lot, I feel she can invest in herself for the long run. That’s all I’m sayin. I’m not special or better than her, don’t misunderstand. With all that said, you still have an excellent point. That makes me think about the bitcoiners who blessed others with sats and taught us. In the name of freedom, I should do the same. (First paragraph, last sentence kinda hit home for me. Thanks) |
|
|
|
It seems to me that your sister would benefit from financial help now in the form of $, judging by the fact that even $5 is a problem for her on a weekly basis. To me, that would seem more logical than persuading someone to invest in something they clearly do not understand and show no interest in.
If one day you want to give your sister a certain amount of Bitcoin and if it is not a problem for you, I don't see why you are in such a doubt - you can simply do it, or decide not to do it. My opinion is that it is completely wrong to convince someone to invest in anything risky, and Bitcoin is definitely in that category.
The thing is is that she is not poor, but broke. She can afford to put something small aside. I only know this because she has saved several hundred in cash before. But overall is financially undisciplined IMO. But she does not make enough to never need help from me. She works as a Jr. software coder and understands Bitcoin to a point. I don’t think she her lightbulb went off about how it’s price is irrelevant and deep down what it is. I may just set it aside for her or her children and give it to them in 20years and then turn my head so I can’t see what they do with it (after I give them more education). I don’t know how much 1 million satoshis will be worth in 20 years but……. |
|
|
|
|
You will see why I said not financial advice in a moment. This is a "what would you do question." I have been a several year bitcoin purchaser, but I have a sister that I gently tried to orange peel in the past. She was interested and amazed at BTC, but feels that she cant afford to put even $5 a week aside. I had an extra hardware wallet and put $100 worth of BTC on the wallet and considered it hers. I have this idea planted in my head to gift her .01 BTC which makes her a satoshi millionaire and then leave the rest to her to add to it if she wants to. lol. She is a single mom with 2 children and a live in boyfriend. On one hand, my thinking is that if I gave her all of the necessary materials to get to know bitcoin (I have) and we talked about it and she cant even put $5 a week aside for herself, why should I? Most that think they cant save that much really can if they try. Somewhere along a 7 day period, $5 get wasted on SOMETHING. I am definitely not hurting ($). On the other hand, I dont want the next bitcoin decade to go by and she gets left out or if she does start to buy, her little dollars dont get her as much BTC. Either way as a side note, I would be keeping custody of the hardware wallet and giving it to her after years of appreciation and BTC education. If it was your sister would you buy it now and gift it down the road out of love or would you take the hard stance? I could buy it now when its low and she only needs .008 more. Ive been on the fence about this for awhile. Just looking for opinions guys/gals. Thanks
|
|
|
|
The banking system is really a rotten system. It is a funny system full of ironies and absurd policies.
I myself wouldn't want to make an over-the-counter withdrawal because of all the hassles involved. It also makes me angry that every time I do this, it seems I am the one who is begging for my own money. It seems I am always treated with suspicion. You'll be asked to sign many times, asked for a couple of valid IDs, asked to get the approval of the bank officer or manager, and so on. For heaven's sake, just give me my money!
Bitcoin doesn't have any of these.
Yep, that was what I was fussing about including how the banks rehypothicate and are over leveraged themselves, the put restrictions on your savings account so they can try to stay solvent. This Ponzi idea all backed by the government. |
|
|
|
It sounds like you are interested in the benefits of being able to verify all blocks and transactions yourself (and therefore not having to trust third parties), as well as the increased privacy that can come with running your own node. However, your current wallet set up (not entirely clear, but some combination of hardware wallets and multi-sig) sounds like it is much safer than a standard Bitcoin Core hot wallet, and so running your own node won't improve on the security of your coins. Here's what I would do: - Download Bitcoin Core and run a full node*
- Set up your own personal Electrum server
- Use your hardware wallets via Electrum, pointed exclusively at your own Electrum server
This gives you the privacy and verification benefits of running a node, while still keeping your coins within a more secure hardware wallet set up. However, the combination of a full node and an Electrum server does require sufficient hardware and storage space to run effectively. *Running a pruned node is a possibility, but you'll need to make sure that Core knows all your addresses in advance so it can scan them as it goes before it starts pruning blocks. And if you ever create a new address in any of your wallets (or any new wallets), then you won't be able to sync it using a pruned node without downloading the entire blockchain again. Just an update: I ended up doing just that. Installing an umbrel full node on Rpi and using sparrow multisig connected to personal electrum server. That was fun. Now i fell down the frustrating to understand the lightning rabbit hole. |
|
|
|
|
I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.
What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.
What? Case in point.
And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.
|
|
|
|
|
This is probably minute according to some, but I went to bitrefill and bought a gift card for the Nike store and bought my son an outfit for school. $70. I had the money but wanted to try bitrefill just to say I did it. then I was like, "what did I just do?" I just spent $70 on an outfit with bitcoin. In a few years that $70 will be $140+, oh no!!! Yep, I regret it. To me that was a wealth transfer for an item that does not appreciate when I had the garbage fiat to pay for it. Curiosity satisfied. lol
|
|
|
|
|
I am embarrassed as hell. You mentioned that you assume electrs is installed on the umbrel as well. So I looked. WHAT A DUMB ASS!! I wondered all this time what they meant when they said "connect electrum server URL". It gave me the proper onion address that worked. I am so so sorry. In my defense, I am new to this and figuring things out on my own besides youtube.
|
|
|
|
--snip--
It does restrict me to node IP and port 50001. Uh oh!! What do you suggest? Is there another configuration that is more secure that I am unaware of?
You keep ignoring my post... Could you please tell me if your bitcoin node, your electrum node and your sparrow wallet are on the same rpi. If so, don't worry about port 50001. I'd potentially even argue that if your sparrow wallet and your electrs server are in the same LAN, it's still ok if you don't use ssl... If a hacker penetrated your network, you have other problems than the fact he could potentially capture some packages on your local lan. The only daemon that has packages coming from or going to untrusted systems is your bitcoind. As long as the traffic between bitcoind and electrs on one side and electrs and sparrow on the other side are within the same LAN (or even better, on the same machine), everything is fine. If a hacker penetrates your LAN, he might be able to capture your packages (so he might learn which addresses belong to your sparrow wallet), but at this point everything boils down to the security of your sparrow wallet (and the machine running this sparrow wallet). I have the sparrow wallet installed on my MAC OS, and the node (rpi Umbrel) has bitcoin core installed on the Umbrel software. The Node and Mac OS is on the same LAN but of course separate machines. |
|
|
|
--snip--
Thats what Im having an issue with. So, If I choose to connect sparrow via bitcoin core tab, it takes my nodes onion address and works, but makes the wallet clunky when sending and receiving information. When I choose the electrum server option, the only thing that seems to connect is using the nodes IP address and the port #. But its not an onion address so I then believe it is not then using tor. I have not toggled the SSL button and am not using the "use proxy" setting. Just IP address and port #. the electrum server tab will not connect using my nodes onion address and port #. So where is the protection? Can you explain what "Electrum server with SSL or Electrum server over Tor" means and how to do that? Thanks
If electrs is only listening on localhost, and your sparrow wallet connects to localhost (or 127.0.0.1) this is safer than making a hidden service for your electrs daemon and connecting your sparrow wallet to electrs hosted on the same machine, but making it go all the way over the tor network. I've posted this before... This flow: Other nodes<=[Tor]=>Bitcoin core <=[same machine/localhost/127.0.0.1]=>Electrs<=[same machine/localhost/127.0.0.1]=>Sparrow is about as safe as it gets, assuming your node, your electrs and your sparrow are ALL on the same rPi AND your electrs is ONLY listening on 127.0.0.1. You do not need SSL to connect sparrow to an electrum node that's running on the same machine and is only listening on 127.0.0.1! If your electrs and sparrow are NOT on the same host, but they ARE on the same LAN, you could potentially use an nginx reverse proxy to add tls.. I have posted the exact config a couple of times in the past on bitcointalk when i explained how i configured my public electrs service. Sparrow gets it's info only from electrs (on the same host), electrs connects to bitcoind on the same host... The only need for SSL or tor routing is between bitcoind and the other nodes of the network. Just to clear things up a bit, the node is on a rasberry pi using Umbrel on my home network. ("you could potentially use an nginx reverse proxy to add tls"), I have no idea. Thats gibberish. lol |
|
|
|
My question is how does sparrow use tor without an onion address? It cannot. The other question is, if you log into my router, you can see the umbrel and the IP address. Yes, umbrel has a local IP address. The format is 192.168.X.X in most routers. So with sparrow connected to the node, and the node is hooked to the router, how is this secure? It's secure if you use encryption. If it restricts you to port 50001 (which is for non-encrypted connections AFAIK), it's not secure. And how does it work(electrum vs tor)? Electrum isn't meant to replace Tor, to be compared with it. Read what your Electrum server implementation does here: https://github.com/romanz/electrs. Well for starters, the Tor network uses three levels of redirection, from your own computer, to a node, and then to a second node, and finally to an exit node That's true only if you connect to the clear net. The Tor network uses six level of redirection in onion services, the first three of which are only known by you, and the last three of which are only known by the service: https://community.torproject.org/onion-services/overview/. It does restrict me to node IP and port 50001. Uh oh!! What do you suggest? Is there another configuration that is more secure that I am unaware of? |
|
|
|
Well for starters, the Tor network uses three levels of redirection, from your own computer, to a node, and then to a second node, and finally to an exit node, but by no means are the exit nodes restricted to viewing .onion hidden service sites only, they can also read HTTP site content. That's most likely what Sparrow is doing.
absolutely awesome. Thanks a bunch. I hope so
My question is how does sparrow use tor without an onion address?
Not sure what you mean by it, but if you configure Sparrow to use Tor, any non-local outgoing connection will happen over Tor. if you log into my router, you can see the umbrel and the IP address. So with sparrow connected to the node, and the node is hooked to the router, how is this secure?
Umbrel came with this security disclosure: Assuming the local network is secure
Umbrel currently makes the assumption that the local network is secure. This means local network communication is unencrypted using plain text HTTP. (Remote access via Tor is encrypted)
This is pretty much the industry standard when it comes to locally networked devices. All routers and smart devices that expose a web interface work this way. Bootstrapping a secure connection over an insecure network and avoiding MITM attacks without being able to rely on certificate authorities is not an easy problem to solve. So, not secure at all. Does the electrum server make the difference? And how does it work(electrum vs tor)?
Assuming your local network isn't safe, using an Electrum server with SSL or Electrum server over Tor, I think it could help. Thats what Im having an issue with. So, If I choose to connect sparrow via bitcoin core tab, it takes my nodes onion address and works, but makes the wallet clunky when sending and receiving information. When I choose the electrum server option, the only thing that seems to connect is using the nodes IP address and the port #. But its not an onion address so I then believe it is not then using tor. I have not toggled the SSL button and am not using the "use proxy" setting. Just IP address and port #. the electrum server tab will not connect using my nodes onion address and port #. So where is the protection? Can you explain what "Electrum server with SSL or Electrum server over Tor" means and how to do that? Thanks |
|
|
|
|
I will probably get in trouble for this but I posted this 8 days ago with not one response. It was probably posted way down in the abyss and nobody saw it. Here it is:
I need a seemingly an experienced person. I just installed a rasberry pi 4 node and went through the sync. I installed sparrow wallet and connected sparrow to my node using the electrum server setting. I connected using my nodes IP address and port 50001. Umbrel.local does not work for my node. My question is how does sparrow use tor without an onion address? The other question is, if you log into my router, you can see the umbrel and the IP address. So with sparrow connected to the node, and the node is hooked to the router, how is this secure? Does the electrum server make the difference? And how does it work(electrum vs tor)? So sorry but I had to get it all out. Wondered with this configuration if sparrow is using it’s built in tor. Thanks
|
|
|
|
|
I need a seemingly an experienced person. I just installed a rasberry pi 4 node and went through the sync. I installed sparrow wallet and connected sparrow to my node using the electrum server setting. I connected using my nodes IP address and port 50001. Umbrel.local does not work for my node. My question is how does sparrow use tor without an onion address? The other question is, if you log into my router, you can see the umbrel and the IP address. So with sparrow connected to the node, and the node is hooked to the router, how is this secure? Does the electrum server make the difference? And how does it work(electrum vs tor)? So sorry but I had to get it all out. My sparrow wallet does have multi-sig with a password. Thanks for your time in advance.
|
|
|
|
Thank you so much. I really appreciate that. Will read. |
|
|
|
|
Ok, thats nuts. I got 100% sync yesterday morning and could not connect private electrum server so I connected bitcoin core with onion address. There was a note at the bottom to wait 24hrs after sync. I say that to say, that 5 min after sending the above post, I just checked to see if I could connect and changed my connection and my issue cleared up once it connected to electrum server. Nevermind the above post I guess.
|
|
|
|
|
I sent received .009 from another wallet, then sent .005 of that to blue wallet. It sat there because I chose a low fee, but then I bumped the fee on that transaction. This .004 sitting in the wallet says its unconfirmed and I think that is supposed to be my change. When I bumped the fee, it replaced the transaction which I expected, but this is just sitting there. Under the UTXO screen in Sparrow, it says its spendable but It wont let me send it anywhere and is under the mempool field where the balance shows. It is making my balance wrong. I am 2 days smart when it comes to this wallet. Has anyone seen this or know what to do?
I would love to add a few images for reference but it says I have to be at a jr level?
|
|
|
|
|
I was reading the book blockchain wars and ran across this sentence. “ Bitcoin is decentralized enough to never be broken or sued but does not have the perfect decentralization that would degrade system design qualities.” I read it three times and don’t understand the second part of the sentence. Can someone explain it in a different way? I think that there is God, and then Bitcoin. But this passage might make me wrong. Lol
|
|
|
|
Yep, this is nuts already. Command line stuff. Sounds nice and complicate. I’ll stick with what I have. And hardware wallets with a secure element is considered cold storage. For whoever said it’s not. Thanks for all of the input guys and gals.
A HW wallet is "technically" not cold storage if you connect the HW wallet to a computer that is connected to the internet. With that being said, a HW wallet is only going to be marginally less secure than "true" cold storage. For most individual users, a HW wallet is going to provide more than enough security to keep your coin safe. For educational purposes, could you give me an example of true cold storage? An air gapped device? Just curious. |
|
|
|
|
