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I recently asked ChatGPT if the bot assigned any value to Technical Analysis in helping to predict future BTC prices. Briefly, the bot responded yes. But, I would place relatively little value in that bot's analysis of TA (I have relatively little faith in TA as a price prediction tool).
Of interest to some perhaps is a new bot I ran into today: ChatBTC (not ChatGPT). This is a new AI effort focused on BTC.
https://chat.bitcoinsearch.xyz/
I just asked the below question:
Will the 12 BIP-39 words provide enough security in Bitcoin wallets for the next 10 years?
Bot response:
Holocat
Based on the provided context, it is clear that BIP-39 words are used for backup and restoration purposes in Bitcoin wallets. These words, typically consisting of 12, 18, or 24 words, can be used to easily backup, restore, or port private keys in multiple languages. However, the question specifically asks if 12 BIP-39 words will provide enough security in Bitcoin wallets for the next 10 years.
While the context does not directly answer this question, it does provide information about the use of BIP-39 words in Bitcoin wallets. BIP-39 words serve as a seed phrase that can be used to derive private keys. The security of BIP-39 words lies in the entropy they provide. With more words, the entropy increases, making it harder for an attacker to guess or brute-force the seed phrase.
Having said that, it is important to note that the security of a Bitcoin wallet depends on various factors, including the strength of the BIP-39 words, the protection of the seed phrase, and the robustness of the underlying wallet software. While 12 BIP-39 words can provide a certain level of security, it may not be sufficient for the next 10 years if there are advancements in attacks or if the seed phrase is compromised.
To enhance the security of your Bitcoin wallet, it is recommended to follow best practices such as using a hardware wallet, keeping the seed phrase offline and securely stored, and regularly updating the wallet software. Additionally, diversifying your storage by using multiple hardware wallets from different vendors can help mitigate the risk of vendor-specific vulnerabilities or server downtimes.
In conclusion, while 12 BIP-39 words can offer a certain level of security, it is always advisable to stay updated with the latest security practices and consider additional measures to protect your Bitcoin wallet.
Sources
https://bitcoin.stackexchange.com/questions/105825#105827
[2]: https://bitcoin.stackexchange.com/questions/88115#88125
[3]: https://bitcoin.stackexchange.com/questions/68546#71647
[4]: https://bitcoin.stackexchange.com/questions/54979#54981
[5]: https://btctranscripts.com/stephan-livera-podcast/2021-07-17-andrew-chow
(I copied & pasted above response, the Forum changed some formatting a bit)
I am not nearly an expert in AI, but the bots seem to provide at least some value for now. ChatBTC may be worth keeping an eye on.
I recently asked ChatGPT if the bot assigned any value to Technical Analysis in helping to predict future BTC prices. Briefly, the bot responded yes. But, I would place relatively little value in that bot's analysis of TA (I have relatively little faith in TA as a price prediction tool).
Of interest to some perhaps is a new bot I ran into today: ChatBTC (not ChatGPT). This is a new AI effort focused on BTC.
https://chat.bitcoinsearch.xyz/
I just asked the below question:
Will the 12 BIP-39 words provide enough security in Bitcoin wallets for the next 10 years?
Bot response:
Holocat
Based on the provided context, it is clear that BIP-39 words are used for backup and restoration purposes in Bitcoin wallets. These words, typically consisting of 12, 18, or 24 words, can be used to easily backup, restore, or port private keys in multiple languages. However, the question specifically asks if 12 BIP-39 words will provide enough security in Bitcoin wallets for the next 10 years.
While the context does not directly answer this question, it does provide information about the use of BIP-39 words in Bitcoin wallets. BIP-39 words serve as a seed phrase that can be used to derive private keys. The security of BIP-39 words lies in the entropy they provide. With more words, the entropy increases, making it harder for an attacker to guess or brute-force the seed phrase.
Having said that, it is important to note that the security of a Bitcoin wallet depends on various factors, including the strength of the BIP-39 words, the protection of the seed phrase, and the robustness of the underlying wallet software. While 12 BIP-39 words can provide a certain level of security, it may not be sufficient for the next 10 years if there are advancements in attacks or if the seed phrase is compromised.
To enhance the security of your Bitcoin wallet, it is recommended to follow best practices such as using a hardware wallet, keeping the seed phrase offline and securely stored, and regularly updating the wallet software. Additionally, diversifying your storage by using multiple hardware wallets from different vendors can help mitigate the risk of vendor-specific vulnerabilities or server downtimes.
In conclusion, while 12 BIP-39 words can offer a certain level of security, it is always advisable to stay updated with the latest security practices and consider additional measures to protect your Bitcoin wallet.
Sources
https://bitcoin.stackexchange.com/questions/105825#105827
[2]: https://bitcoin.stackexchange.com/questions/88115#88125
[3]: https://bitcoin.stackexchange.com/questions/68546#71647
[4]: https://bitcoin.stackexchange.com/questions/54979#54981
[5]: https://btctranscripts.com/stephan-livera-podcast/2021-07-17-andrew-chow
(I copied & pasted above response, the Forum changed some formatting a bit)
I am not nearly an expert in AI, but the bots seem to provide at least some value for now. ChatBTC may be worth keeping an eye on.
Andreas put out a relevant vid on this yesterday.
https://odysee.com/@aantonop:8/how-chris-lost-his-bitcoin-how-you-can:8