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I expected the number of hacks to go down over time because security practices would improve, but the opposite has happened. Every year the number of hacked exchanges has risen. It is becoming a more frequent occurrence every year.
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Since i got access to those private keys i assume i got access to the wallet, maybe the method i used was wrong or i get confused, sorry to waste your time guys.
You have access to the private keys because you were given the seed. |
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ok so this flow should be possible?
ACR-> binance -> coinbase(or gemini) -> bank account
or do i still need another wallet in front of binance?
I think that will probably work, though I have never done it. |
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Hi guys,
I live in a Flat which is has electric heating.
I thought that i can reduce my heating bill in the winter by using a Mining Rig since it shouldn't matter if i use a GPU or a space heater.
The plan isn't to heat only with GPUs but i could support the normal heating with them.
That do you Guys think of that idea?
I think its a good idea, but noise might be a problem. |
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1) Is Bitcoin environmentally sustainable? (Argument: the amount of energy required for computing power in mining is inordinately high).
2) If it does not transition from being an asset speculated on to being used primarily as a currency, does that make it akin to a pyramid scheme or ponzi scheme with nobody in charge?
3) Are miners "painting the tape"?
4) What is the best criticism you have heard made against Bitcoin?
5) As it has not experienced a full business cycle before, what is most likely to happen to Bitcoin once the recession/depression that is around the corner finally hits?
1. It's difficult to predict. The amount of energy consumed depends on the cost of the energy and the value of a bitcoin. 2. Yes, but there is no such thing as a "ponzi scheme with nobody in charge". 3. There is definitely a problem with exchanges reporting and generating fake volume, but that doesn't have anything to do with miners. 4. It is hard to use and not widely accepted. 5. It depends on the nature of the downturn, but I think Bitcoin will behave like gold. |
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Yes, your friend needs to report that as well. He will just need to say he bought at $xxx and sold at $xxx (to you). What would be great is if you can sign a paper between both to just to say he sold it to you. No tax if no gain of course.
If you buy bitcoins on July 12, 2019, the value to consider is the price on July 12, not the day your friend bought the coins. You can't say the bitcoins were your before that because it was your friend
Beware of random strangers on the internet giving tax and legal advice. |
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If you have done arbitrage before, then you know what can and can't be done. If you are skeptical of their claims, then why consider it any further? Ponzi schemes based on bogus trading systems are very common. I have no doubt that it is a scam.
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so none of the wallets will allow you to exchange from BTC to USD?
why would an exchange lock my account for being involved with gambling activities and a personal wallet website not?
in terms of comparison between gemini and coinbase is the former considerably less expensive in terms of fees?
* Many wallets partner with companies that buy/sell BTC. * Exchanges don't want to get into trouble with U.S. laws, and online gambling is illegal in the U.S. * The differences in cost depend more on the convenience than the company. |
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So my question is does my friend have to report his purchase to the IRS after he transfer them to me?
You generally report sales rather than purchases. Also should I ask my friend to continue keep it on coinbase/GDAX or transfer them to a temporary wallet until my ledger nano s arrive?
The risk of loss is low, but the effort of transferring to your own wallet is lower. Download a Ledger-compatible wallet and transfer the coins. Then, when you get the Ledger, move the coins to the Ledger. |
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@OP,
What about those wallets which change addresses after each transaction takes place in a one-time use address (just for the sake of our privacy) like blockchain.com (formerly blockchain.info)?
As they advice us not to use those addresses again, it means we're not going to get private keys of those addresses to sign a message, what about such wallets? I use Electrum and it gives me access to all the privkeys associated with each and every address in my wallet.
Blockchain.com has a fairly simple wallet. They don't provide some of the features that other wallets provide, but you can always copy your private keys to another wallet that does provide the features you are looking for. |
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I think it might be interesting to know your classification. I don't think it is has much value beyond that.
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It's a scam. Don't send them any money.
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Bitcoin (and other cryptocurrencies) can replace some of the functions of banks, but not all. Bitcoin can't make loans, for example.
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Bitcoin maximalists are narrow-minded, by definition.  More importantly, Bitcoin maximalism is a fantasy. Being a Bitcoin maximalist makes as much sense as being a gold maximalist. I challenge anyone to name any kind of organization or system or protocol that has only one instance. Anyway, the video rambles for about 8 minutes before the topic is actually addressed. If you want to skip all that, use this url: https://youtu.be/6GhS55uaFCE?t=488 |
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I haven't seen any confusion here with the terms wallet,address, and wallet address ... since even articles use the term "wallet address" when they are referring to the address of your wallet. ...
There is no such thing as "the address of your wallet". You just demonstrated the confusion. A wallet contains addresses. it is worth mentioning that there is a difference between "seed" and "mnemonic". what is mentioned here (the recovery phrase which is a set of words) is "mnemonic" which is commonly (and falsely) referred to as "seed". the seed is actually derived from mnemonic using PBKDF2 function using mnemonic as its salt.
That is true. However, I wanted to keep it simple and I feel like there is no problem if a person doesn't know the difference between the mnemonic and the seed. |
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The most crucial point to be noted here is what will happen after the reward of a block is reduced to a point where it's not even possible to make a profit.... forget profit what will happen if you're not even getting enough bitcoin to pay for electricity and hardware,
Because of the difficulty algorithm, it will always be profitable for someone to mine. Also, as the subsidy is reduced to 0, the security will depend more and more on transaction fees. |
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Here is a very good podcast that talks about the story behind the captcha: https://www.npr.org/sections/money/2019/04/24/716854013/episode-908-i-am-not-a-robotPlanet Money
#908: I Am Not A Robot
If you've ever signed up for anything online, you've probably taken a CAPTCHA test. Maybe you deciphered some scrambled letters and numbers. Maybe you clicked on a bunch of pictures of stop signs. Or maybe you just clicked a box that said "I am not a robot."
These tests are one of the annoyances we put up with to do stuff on the Internet. But the story of CAPTCHA is shockingly interesting. It includes the rise of artificial intelligence, the quest to digitize millions of old books and newspapers, and a shady underworld of human beings paid to solve thousands of CAPTCHAs a day.
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The argument over subsidy vs. transaction fees boils down to who is to pay for the security. The subsidy charges Bitcoin holders (through inflation), while transaction fees charge Bitcoin users.
BTW, it is important for holders to understand that as the subsidy is reduced, the integrity of their "store of value" depends more and more on Bitcoin being used as a "medium of exchange" because that is the basis for its security.
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In case there is any confusion about terms: - Address: Bitcoins are sent to an address. An address is derived from its public key. It is not a public key or a wallet.
- Private Key: Used to control the bitcoins at an address. A private key is not a password or a seed.
- Public Key: A public key is used in a transaction. It is rarely used directly by a person. A public key is derived from its private key. It is not an address.
- Wallet: A wallet contains and controls private keys and their associated addresses. A wallet is not an address. A wallet typically uses a seed to generate its private keys.
- Seed/Recovery Phrase: Used by a wallet to generate private keys and their associated addresses. A seed is not a passphrase or a private key. A seed is also known as a recovery phrase because all of a wallet's private keys and associated addresses are derived from its seed.
- Passphrase/password: A passphrase is used to encrypt a wallet, private key, or seed. A passphrase is not a private key or a seed. However, sometimes a seed will contain an extra word that is used like a passphrase.
Here are sets of terms that are frequently confused with each other: - Public key <==> Address
- Address <==> Wallet
- Private key <==> Seed <==> Passphrase
Terms that should be avoided because they are ambiguous or probably being used incorrectly: - Wallet address: A wallet does not have an address associated with it.
- Public address: Use of this term typically indicates a confusion between the terms "address" and "public key". All addresses are public.
- Public Key: Typically this term is mistakenly used in place of "address".
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I thought I would list some important terms and clear up some common confusion: - Address: Bitcoins are sent to an address. An address is derived from its public key. It is not a public key or a wallet.
- Private Key: Used to control the bitcoins at an address. A private key is not a password or a seed phrase.
- Public Key: A public key is used in a transaction, and it is rarely seen elsewhere. A public key is derived from its private key. It is not an address.
- Wallet: A wallet contains and controls private keys and their associated addresses. A wallet is not an address. A wallet typically uses a seed phrase to generate its private keys.
- Seed/Mnemonic/Recovery Phrase: Used by a wallet to generate private keys and their associated addresses. A seed phrase is not a passphrase or a private key. A seed phrase is also known as a recovery phrase because all of a wallet's private keys and associated addresses are derived from it, and, every wallet will generate the same private keys and associated addresses if given the same recovery phrase.
- Passphrase/password: A passphrase is used to encrypt a wallet, private key, or other information. A passphrase is not a private key or a seed phrase. Sometimes a seed phrase can contain an extra word or phrase that may be called a passphrase, but it is not.
Here are sets of terms that are frequently confused with each other: - Public key <==> Address
- Address <==> Wallet
- Private key <==> Seed/Mnemonic/Recovery Phrase <==> Passphrase
Terms that should be avoided because they are ambiguous or are probably being used incorrectly: - Wallet address: There is no such thing as the address of a wallet. As stated above, a wallet contains private keys and their associated addresses.
- Public address: Use of this term typically indicates a confusion between the terms "address" and "public key". All addresses are public.
- Public Key: Typically, this term is mistakenly used in place of "address".
I would like to point out that some of the confusion with "wallet address" may be due to how people use Ethereum wallets. A typical Ethereum user's wallet has one address (though it could have more) and that could be considered to be the address of the wallet. Edit: minor tweaks after some suggestions. |
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