...
Their money still sits on an exchange.. where it will be forever lost.
...
If you die with your money on an exchange, then it is not lost forever because it is held by the exchange, who at some point will hand it over to the heirs, hand it over to the state, or just take it. |
|
|
|
Multiple seeds can be used, for example:
1. Seed #0, which is an internal seed that is not disclosed or stored. This must be brute forced when re-generating the private key, so it is quite weak. It is intended as some extra protection against an attack.
2. Seed #1 (stored in one location) which takes ~1 day to brute force if lost.
3. Seed #2 (stored in another location) which takes ~1 day to brute force if lost.
If the user has the passphrase, seed #1, and seed #2, all it takes is (say) 60 seconds to brute force the internal seed, and generate the correct privkey.
If the user loses either of the seeds, it takes 60 seconds + 1 day.
If the user loses both seeds, it takes 60 seconds + 1 day + 1 day.
I wold like to point out that your times are correct only if the user has a way to know that an individual seed has has been cracked. Otherwise, you must multiply the number of attempts rather than add them. Edit: Oh, I see that you have already arrived at that conclusion. |
|
|
|
|
I'm not convinced. How do the criminals obtain the newly-minted coins without exposing themselves?
Also wouldn't gold do just as well? A gold bar does not have a transaction history associated with it.
|
|
|
|
Well it has been 4 days now and my Coinbase transfer was probably sent to my bank account. I say probably because I do not know for sure unless I log into my bank account. Why? Because Coinbase did not send a confirmation email that confirms whether or not my money was sent. I guess it is up to me to log in and see what's there?
By the way, after a 3 days wait, I would totally expect Coinbase to send me a confirmation email stating that my funds we successfully sent. I guess they just like to leave that little bit of mystery for their clients. Little surprises!
For some reason, you seem to want Coinbase to be the bad guy here. They aren't. Coinbase has no way to know when your bank will credit the money to your account. I'm sure that they dislike the delays as much as you do. |
|
|
|
|
Scarcity is a concept in Economics that basically means "limited availability". It is not the same as "rarity".
People consider gold to be scarce because most of it has been already been mined and the rest is very expensive to mine, not because there are only about 500000000000000000000000000000000 atoms of gold.
Scarcity does not give something value. Air is not scarce, but it has a very high value.
In terms of supply and demand, "scarce" means that the supply curve approaches vertical at some quantity. In the case of Bitcoin, the supply curve is vertical at 21 million.
|
|
|
|
Tom Randolph was tired of waiting until Bitcoin rose so he decided to sell at $ 14. this might seem like a win, but a big loss now.
History is repeated, the deal that it considers excellent today at the price of $ 10,000 may seem funny in the future.
A question outside the text, What is the measure or comparison of what happened, do we consider this a recovery for BTC? Or the collapse of USD?
You don't know the whole story. The bubble popped in June at $30, he sold at $14 in July, and the price fell to $4 by November. He made a great trade saving himself from further losses. Plus, if he bought back in November, he would have had 3 times as many bitcoins and could possibly be sitting on millions of dollars right now. I am like Tom, and I couldn't be happier. The bubble popped at $20k in December 2017, I sold at $18k in January 2018, the price fell to $3k, and I bought back at $4k March 2019. |
|
|
|
|
That's easy. What will the price of BTC be 1 year from now?
|
|
|
|
Yes, and someone must provide that service.
Ah, I see. In my model the miners are providing the service. I've stripped off any layer 2 service that uses tokens as their payment method as I think it complicates things unnecessarily. I guess that is the source of my confusion. If not for payment, then what are utility tokens used for? |
|
|
|
|
100 years ago, most of the people in the U.S. were farmers. Technology has reduced that to less than 1% of the population. There are now 3 times as many Walmart employees as there are farmers. I hope nobody wants to go back to the days when most people were farmers.
Innovation, automation, and technology are job creators. Look at the people around you. How many of them have jobs based on technology that wasn't available 100 years ago?
|
|
|
|
You forgot the most important actor: the service that uses the tokens. The value of the tokens depends on the value of that service.
The 'users' are meant to be those actors - they are the ones using the service provided by network. Are you thinking of something else? Yes, and someone must provide that service. |
|
|
|
- The economy is an open market with three actors: users, token holders and miners.
You forgot the most important actor: the service that uses the tokens. The value of the tokens depends on the value of that service. |
|
|
|
i hope you realize that using brainwallet like that is the worst thing you can do for generating a new private key because brainwallets are known to be insecure because people are rarely capable of creating a truly random "passphrase". so know that if you decided to create a paper wallet with a password there is a very good chance that someone is going to steal your funds pretty easily.
Yeah. This is one of my favorite threads on this site: Collection of 18.509 found and used BrainwalletsWoow woow woowwww... So paper wallets from this websites is not safe? I used many wallets from bitadress and never happen bad incident. Well, how can we create a really "safe" Bitcoin wallet then? wallets are not safe. Paper wallets are generally ok. The issue here is how the private key is generated, not how it is stored. |
|
|
|
|
Wishful thinking. The only way that will happen is if the dollar goes the way of the Venezuelan bolívar, but then $1 billion won't be worth much.
|
|
|
|
i hope you realize that using brainwallet like that is the worst thing you can do for generating a new private key because brainwallets are known to be insecure because people are rarely capable of creating a truly random "passphrase". so know that if you decided to create a paper wallet with a password there is a very good chance that someone is going to steal your funds pretty easily.
Yeah. This is one of my favorite threads on this site: Collection of 18.509 found and used Brainwallets |
|
|
|
I just found this article on Cointlegraph which said that on July 14 a spam attack was carried on the bitcoin blockchain.
The article is click-bait. This spam attack turned the bitcoin blocksize from 1MB to 3MB through invalid transactions.
That is impossible. I knew that spam attacks have previously been performed on the bitcoin blockchain but I never knew it could increase/decrease the blocksize.
The size of a block depends on the transactions it contains. If there are many "spam" transactions, then it will be bigger. BTW, what is a "spam" transaction? Anyway, since the transactions were invalid and probably got kicked out of the blockchain, it didn't create any impact on the price.
There is no such thing as kicking invalid transactions out of the block chain, and the size of the blocks have no impact on the price. |
|
|
|
Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.
It has nothing to do with Coinbase. That's how long it takes to transfer money between bank accounts in the U.S. |
|
|
|
What happens when BTC is worth $10 million ?  Then you won't get any change when spending $100 on a cheeseburger, since cents will be a forgotten memory at that point, and nobody will care that Bitcoin can't represent such trifling values. That's not necessarily true. When the economy grows, then the value of a fixed/deflationary money supply will grow with it. For example, 1 BTC is worth about $1 million if Bitcoin replaces all the money in the world, and 1 satoshi is worth about $0.01. But then if the economy grows at about 2% per year for 100 years, then 1 BTC will worth about $10 million in today's dollars, and 1 satoshi is worth $0.10. The price of a Big Mac Extra Value Meal will drop from 399 satoshis to 40 satoshis. |
|
|
|
The horizon always appears perfectly flat 360 degrees around the observer regardless of the altitude.
1. "appears" doesn't mean "is". Scale and distance are also factors. 2. You dismiss the legitimacy of any picture of the earth from an altitude at which you might see any curvature, so you really don't know if it is actually "regardless of altitude". In this first shot, the moon is observably in the distance.
In this shot, the moon is clearly and evidently local due to the increase in size.
Don't be stupid. Those images are different in scale or focal length. Flat earth or not, the size of the moon hardly changes as it moves around the earth. Flat earth theory attributes the constant size to atmospheric refraction. |
|
|
|
|
Show Posts
