~ I am not the best of coders out there, but I do agree with the picture, and I am confident that my password would be neigh impossible to crack, unless google sells, it which is even less likely
There are a lot of ways that an online account can be hacked that doesn't require brute forcing or that much effort. The most common way is stealing users' password through phishing attacks in which case it doesn't matter how long the password were! There could also be vulnerabilities that are unknown today but found in the future in their servers that could be exploited. To add an example, here is the most recent massive hack in case you still think your google account is safe just because your password is long: https://www.washingtonpost.com/politics/2023/01/05/twitters-latest-hack-is-big-one/235 million Twitter accounts and the email address and phone numbers connected to them are hacked and the records are being sold online. They exploited a vulnerability in Twitter only found last year.
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there is still a metamask wallet as long as the private key or seed phrase that you will use is safe.
As far as I can tell metamask looks like the most terrible option! For starters it is only for ethereum based tokens not for any decent cryptocurrency. Additionally it is a browser based wallet, or better said script, which is unsafe by design because it relies on your browser and that is not the safest option to use as a cryptocurrency wallet.
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I doubt that US is going to let this war end anytime soon. The plan was always to recreate what happened to NATO over the past 20 years for Russia in Ukraine. All sides are predicting a very dire 2023 because of this specially since we haven't seen any signs of deescalation from neither US nor Russia.
The US must be getting some sort of benefit by prolonging the crisis between Russia and Ukraine. If it wanted to end the conflict already, it would've intervened directly without hesitation. Perhaps, the US and its allies are letting Russia continue with the war to help accelerate their plans of a global economic reset. Ever-increasing inflation rates, and a severely-disrupted global supply chain will pave the way towards the introduction of CBDCs. That means the elimination of Fiat in its physical form (paper money) and possibly the elimination of national debt will happen soon. The future is widely unpredictable, so we can only hope for the best. Just my thoughts US is both being hurt and benefiting from this conflict at the same time since a lot of things didn't go according to the plan. The best case scenario for US would have been to decrease energy prices so that they don't enter recession themselves but failed to do so which is why the US economy is hurting too even though they reduce its effects by dumping it all on EU. Which is proof that US has no allies, only other countries that they use. As for the benefit, it is two part. First is destabilizing the world and weakening Russia while US itself is not losing troops since they are fighting Russians through a proxy. And second is their failing military industry that had lost a gigantic portion of the global weapon sales over the past couple of years. When they started the proxy war with Russia, they regained all of that lost profit and more by increasing their prices up to 12 times in some cases and increase the amount of garbage they sell to other countries.
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Big innovations like Bitcoin that change the world are always rare. If they happened everyday they wouldn't have been as exciting to watch them unravel. This is one of the reasons why we haven't seen any groundbreaking innovations in this scene. There is also the problem of greed. Developers at some point started wanting to make money and only caring about profit, so they stopped taking the hard route of invention and started using the simple route of duplication and token creation to make quick and large amounts of money.
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~ I am not the best of coders out there, but I do agree with the picture, and I am confident that my password would be neigh impossible to crack, unless google sells, it which is even less likely
There are a lot of ways that an online account can be hacked that doesn't require brute forcing or that much effort. The most common way is stealing users' password through phishing attacks in which case it doesn't matter how long the password were! There could also be vulnerabilities that are unknown today but found in the future in their servers that could be exploited.
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Why don't you consider uploading it to the cloud?
That is what I did with metamask phrases. I remember the password of my email. And in fact, all I need to remember is the password of my email, I synced everything, so when I log in to Gmail, everything automatically gets synced, and I have the doc where my seed phrase is saved.
I'd recommend that, it is convenient, easy.
It seems convenient but storing your seed phrase on a cloud service is is one of the most insecure way of seed storage. A lot of things could go wrong for you, from a simple account hack where your password is leaked to bigger catastrophic events where the cloud service itself gets hacked and everyone's accounts and their content is leaked where users aren't even informed for a long time while the company covers it up.
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People were saying the same thing about FTX, Cryptsy, MtGox, and a whole lot of other centralized services too (which is what closed source wallets like TrustWallet are like). They were saying "they have been running for X number of days, have Y number of users and Z million dollars go through them; it is impossible for them to run away". The rest is history...
Besides it is not always about the company itself scamming its users, or not all its users (ie. selective scamming), but another risk is a third party hacked exploiting the backdoors in the closed source software that the company has placed in it (intentionally or unintentionally) and stealing your funds. Kind of like Windows where the risk is not only Microsoft hacking you but other hackers exploiting the backdoors Microsoft has placed in their product to hack you.
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I believe we must have seen or heard about fire outbreaks, where buildings are completely erased by fire. Imagine if the owner or occupant of such a building has some Bitcoin assets, and has his/her phone, tablet, laptop and the seed phrase piece of paper in the building and everything was lost to fire.
The solution is very simple, you change the medium. For example use a metal plate instead of paper. Take a look at this topic that contains useful references and information about a custom setup: Securing Your Seed Phrase with WashersNow, this brings me to the question... Can seed phrase be memorized? It's advisable to memorize seed phrase?
It can be memorized but it is not supposed to and it is not recommended. Over long term, it is so much easier and more likely for the seed phrase to be forgotten than your physical storage be lost to something like fire. Forgetting some of the words or their order could lead to complete loss of your funds.
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why people store their digital assets on crypto exchanges.
It depends. Some newbies who never bothered educating themselves about cryptocurrencies and bitcoin do it because they think that is the way to store them! For a very long time I saw people who thought blockchain.info is like PayPal and is the "owner" or "creator" of bitcoin so you have to only use that site if you wanted to use bitcoin!!! Others who are short term traders do it because they know that altcoins pump and dump nature requires them very quick access to their shitcoins so that they can dump them in an instant instead of having to make a deposit and in some cases having to wait for thousands of confirmation before their account is funded and they are allowed to dump them. What would happen if Binance got hacked tomorrow and lost the majority of its cryptocurrency? Would they be able to reimburse customers or would they become insolvent?
It depends on what happens to Binance after the hack. If people all go away, specially if after the hack another "good CEX" comes along and takes all their customers away, they could go under and won't be able to pay their users. After all that is what Binance did to the previous exchange that got hacked when they took all their customers away and pushed them under.
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There is nothing anarchist about Bitcoin. In fact Bitcoin is the most governed system in the world. There are tens of thousands of law enforcement with zero corruption or possibility of corruption called full nodes that are watching this system 24/7 to keep it healthy and clean of any corruption. Bitcoin was also not created to "demolish" payment system. But instead to create a non-corruptible global money as an alternative to the existing corrupted systems.
If the traffic cop that is supposed to enforce the law is corrupt (eg. pulls you over for no reason and accepts bribes), you don't demolish the entire police department. Even if the whole department is corrupt, you still don't demolish it. Instead you remove the corruption and install an alternative in its stead.
The whole text you shared is just pretty words but empty and meaningless underneath. Complaining about US regime's corruption while you vote for them and pay their salary makes no sense! Specially when it comes from someone who is (or was) part of that corrupt system.
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I sent some sats from my mobile's BlueWallet, straight into the address.
You should look into bitcoin's testnet for things like this, so that you can use coins that have no value and can be acquired freely (eg. from a faucet) so losing them (in case of a bug) is not going to cost you anything. You'd also move your test transaction to testnet instead of mainnet (ie. less spam). https://en.bitcoin.it/wiki/Testnet
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Unless we see a solid signal by breaking $17k resistance it remains very hard to predict the market. But there is a good chance that we are going to see a very boring market in the first week or two of January since this is just the start of the year and markets are still cold and in their winter sleep. After that we can look at the world economy to decide which direction is more likely to go.
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"Digital dollar" has existed long before bitcoin did in centralized form and it is not going to change. Each time you use Paypal, credit cards, internet banking, online payments, etc. you are using digital dollar! It does not fall under the same category as bitcoin simply because it is centralized and because of that talking about "threats" is like comparing apples and oranges. that-handles-17-million-transactions-per-second
That's pathetically low for a centralized payment system.
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Rather, it's because Binance is already popular in Ukraine, it is a reputable service,
There is no such thing as a reputable centralized exchange. There are only centralized exchanges that haven't gone under or run away yet. Another negative thing about news like this is that usually the payment processors sell the cryptocurrency they receive right away and pay the merchant with fiat. This means they aren't really receiving cryptocurrency, they receive fiat. The only positive thing is for users who want to pay with cryptocurrency and now they can.
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Generally speaking you should never hold more fiat than you need (eg. emergency funds for an emergency situation). After you deduct your expenses, however much fiat you are left with you should invest in something that can be considered a store of value while trying to diversify as much as you can. In my opinion it doesn't matter how much your income is and how much interest rate your bank gives you, you still need to invest your fiat into something better.
Bitcoin, gold and real estate are the best choices in my experience. Things like stocks depend a lot on the economy and could crash hard while the risk of the same scenario is lower in those 3 markets I mentioned (it is not zero though).
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It is true that the weather in the US is very unfavorable in terms of low temperatures and large amounts of snow, but when was the last time you looked at the air temperatures in the EU? Winter practically looks like spring, with temperatures generally between 10-20 degrees Celsius, of course in some parts of the EU a little lower, but mostly above 0 degrees.
I was mainly talking about the crazy weather in US but Europe despite seeing a higher temperature overall is experiencing below zero degrees too. For example on Tuesday when I made that post London had seen the -2 degrees the night before. And of course the Nordic countries and some in Eastern Europe are cold as balls by default. The Russian agenda that the EU will freeze without their gas is obviously completely wrong,
People should seriously stop repeating this FUD whether it was created by Russia or EU. Whether EU temperatures drop to -50 or go up to +50 the energy crisis is still very real and the industries that shut down already and the businesses that were forced into insolvency are also very real. The money they are constantly printing that will cause high inflation in long term is also very real. The recession that has also influenced bitcoin price is very real too.
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I have no idea what you mean by "xor scheme" but security of your wallet depends on how you use it. For example if you have a 15-of-15 multi-sig wallet but you store all 15 keys in one place that can be compromised all at once (eg. on your online PC), you don't really have any security. Compare that with a simple single-sig wallet that you keep on an air-gap PC that is encrypted.
A single-sig wallet can be safe enough if the user puts a little effort in. A multi-sig setup can provide additional security if the user needs it as long as the keys are created and stored separately and all in secure environments. A 2-of-3 setup is better than 2-of-2 because the third key is used as a failsafe in case any of the first two keys were lost. But when you use muti-sig, you are increasing the size of your transaction hence paying higher fees for each transaction you want to make. Of course you can always use Taproot and pubkey aggregation but there still is not user friendly way of doing that.
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- Handle your crypto on a burner laptop which is only used for handling crypto wallets, this eliminates getting your crypto stolen by a trojan you may of downloaded.
It should be an air-gap system not just any laptop that you only use for cryptocurrency wallets. That means no internet, network cable, Bluetooth, USB disks,... That means for beginners it is best if they buy a hardware wallet if they know they can't create a secure cold storage on their own. - Split your crypto portfolio ~~
Nobody should have a "crypto portfolio" since that makes no sense to buy things that are useless, get dumped in long term and are guaranteed to dump each time bitcoin has a major fall or rise. This is specially true for beginners who you want to target, they should not buy any altcoins at all!
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Btw can a mixer freeze such coins knowing that they are tagged stolen in the event they try to clean them They won't and should not because to do so requires working with blockchain analysis companies which exist to invade people's privacy and to deanonymize bitcoin transactions, this goes against the very reason the mixer exists.
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One method that blockchain analyzers use is to create the link between input and output addresses that are of the same type and consider it less likely for different types to be linked. That's just a poor assumption. Shuffling your coins on addresses with or without different types provides the same levels of privacy. Just because one chain analysis treats different types as likely different individuals it doesn't mean another doesn't, and actually it doesn't make sense for even a chain analysis employee to justify such thing. I imagine blockchain analysis methods are like a scoring system. There is of course a lot of things that are considered and analyzed but when the transaction checks all the boxes it has a higher chance of addresses being linked compared to a case where it doesn't (like having different address types among its outputs or round amounts, etc.). This is also why using it alone and like this makes no sense.
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