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i strongly advise against it. blockstream is a company and centralized companies should never be trusted in bitcoin world. they WILL definitely track and store all your addresses and IP addresses and link them together. and while using an Electrum node you are sending all your addresses to that node so it is an easy task to achieve. if anything i would suggest banning that node or disconnecting from it anyway you can.
random nodes run by individuals has a much lower chance of recording your information.
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And anyone ever confronted with the question whether he or she controls a certain public address could answer "since its private key is in the public domain, not only I but every person on Earth controls that address".
everything is timestamped in bitcoin and on the internet. the bitcoin part: there is a time your key received a transaction and a time when you spent that output. the internet part: there is a time when you first submitted that key to public which is after the previous two timestamps. result is that you can not deny owning that key while it had a balance just because it became public AFTER it was empty! |
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you are trying to connect two very unrelated matters together. storing data in bitcoin's blockchain has absolutely nothing to do with its block size. it is all about the purpose of bitcoin. bitcoin is created to be a currency (A Peer-to-Peer Electronic Cash System), in such a system the blockchain is defined as chain of blocks that contain transactions. transactions that are only used to transfer money. it is not even supposed to store random data.
it is like complaining why people aren't using their monitors as cutting boards in their kitchen to chop carrots for instance and then claim that the cost of a monitor is high to discourage people from using it as a kitchen appliance.
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You mean that reduction is purely theoretical because of 'birthday paradox', right?
i am trying to point out that the reduction happened because this is a puzzle not a truly random private key. |
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there are two problems that i see preventing or at least slowing down such adoption.
first is the very small adoption of bitcoin itself. so far not that many people know about bitcoin and from those people a small percentage have actually bought bitcoin. and finally from that small percentage, even a small percentage are also willing to spend their bitcoins as they would any other currency and instead prefer holding it as an investment.
so when the demand for the grocery store to accept bitcoin is very little to non-existent in some places, we can't expect them to start accepting bitcoin.
second problem is the fees. not just them being high from time to time (although that is also a downside) but them going up during spikes. it creates bad experience. imagine paying with the recommended fee then suddenly there is a spike and your fee is no longer high enough. it has happened to me multiple times and at most i had to bump the fee 3 times to get it to confirm after making a trade. and that turns people away and that little percentage i mentioned above also joins the other percentage in holding as an investment instead.
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price rise in the long run is mainly demand but that is not all of it. it will rise against USD partially because of the way governments are printing money out of control, specially during the COVID-19 pandemic and similar events with the huge amount they print they are causing a lot of inflation and as fiat loses value bitcoin price against fiat goes up.
$1 million might seem big now but it won't be that big very soon...
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i think you are confusing price with development. Grin price died the day they decided it is a good idea to have a gigantic supply and no cap. that is not news. i said it the day this forum started accepting it as payment. but that has nothing to do with the project being dead or developers leaving. and it is stupidly simply to check. you simply pop over to their GitHub repository and see what they are doing. for starters here is the commit frequency: https://github.com/mimblewimble/grin/graphs/commit-activitylooking at individual commits, they are still pretty active and working on the project. and that is not how a project with "90% of developers left" look like. this is what an abandoned project looks like: https://github.com/dogecoin/dogecoin/graphs/commit-activity and that's a semi-popular coin  |
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I found out recently that my PC has been infected with the clipboard hijacker malware for the second time.
I have now idea how or when this happened since I've been very cautious and never downloaded any file from the Net!
you sometimes don't have to get your PC infected from the internet. sometimes connecting an infected device to your PC can do the same thing. like connecting a USB disk with the malware on it and opening it would simply infect your system. |
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this sounds more like begging and donations. it is not crowdfunding or investment. specially with your example.
in which case a token is completely useless, there simply is no reason for the person making the donation to receive a token in return. not to mention that it greatly reduces the number of target audience because the person participating has to have a cryptocurrency wallet, and not just any wallet a wallet that supports that token!
basically when you want to create something new for something that is already happening you have to first think about how it is being done already and how your new thing is improving that or what it is solving.
for example take a look at bitcoin. as a payment system it solved the issue with people not being in full control of their own money among many other things. if bitcoin came and did what was already being done by payment systems in a worse way it would have never lived past the first month let alone 11 years.
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a bitcoin exchange is not something that you can afford to be cheap about its security. searching the internet and finding random newbies or random not-reviewed source codes is like begging to be hacked on the first day. you'll also need a much bigger budget than $10k to hire competent developers and security experts to both design and maintain a secure platform constantly.
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the problem i see is that price is only accurate if there is an actual market with a minimum volume size that could be considered "big enough" such as the bitcoin exchanges we have including Coinbase, Gemeni, Bitstamp,... and the price is fetched from there.
usually when we see price reported in different countries, the price is from P2P markets including localbitcoins. those prices usually have a bigger overhead since people charge more due to less supply and more demand. and sometimes the values are very inaccurate due to the volume being very small. like a handful of sellers on localbitcoin from a certain country who can put any price they want!
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~
now you have the encrypted mnemonic with a new set of words!
So, instead of keeping in secret only one piece of data, which is unencrypted seedphrase, the average user will have to keep several pieces of data. Encrypted seed phrase needs to be hidden just in case to avoid undesired leaks of information, I don't want to expose even encrypted one. A passphrase to decrypt our AES encrypted file needs to be hidden, otherwise, it becomes a lot easier to crack our security (in case we used additional passphrase to our unencrypted seed). A passphrase to our unencrypted seed phrase needs to be hidden. We also need a back up of our seed phrase, just in very possible case we forget or lose our key used to encrypt a seed phrase. What s the point of such complexity in the first place? only 2 not several: 1 piece is the encrypted result and 1 piece is the password used for encryption. and yes it is a little more complicated than just writing down the unencrypted mnemonic but that is how security is. it requires a lot of effort. P.S. note that what i posted above is just an example showing the idea. i don't know how secure the site used for AES encryption is, or the method might have some flaws. |
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encryption is missing here.
although it may not be the critical factor for many since the backup is stored at home and usually outside of reach of anyone, but it still is a good idea to encrypt what you store too.
unfortunately i have not seen any tools or proposals about encrypting mnemonics but it still isn't a complicated thing since you can easily treat it as a text that you encrypt and then print the encrypted result on paper.
BTW we can't consider Shamir Secret Sharing as an alternative to encryption. it is for secret "Sharing".
I think that part of the reason we haven't got any proposals or solutions regarding encryption of mnemonics yet is because this contradicts the idea of the mnemonic phrases themselves. Encrypted mnemonics are no longer easy to remember, it would be look like getting back to storing of single private keys to each address, which was not very convenient approach, quite the opposite. It also contradicts to the idea of plausible deniability, since there will be the only one key to decrypt your mnemonic. Of course, you still can encrypt it with additional passphrase, but it might become very complex security, which means you have to keep too much private key, possibility of losses increases. you are thinking about it all wrong. mnemonic is the human readable encoding of raw data. that raw data can be your entropy (which is what BIP39 or any similar proposal does) or it can be the encrypted result. for example the phrase could be encrypted using AES-256 to get a fixed vector result then that "raw data" can be encoded using the same scheme used by BIP39 to get similar looking set of words with different lengths depending on the length of the input. example mnemonic: legal winner thank year wave sausage worth useful legal winner thank yellow
AES-256-CBC encrypt using ( http://cryptojs.altervista.org/secretkey/aes_cryptojs-v3.html) passphrase: 8352dd9eb8b64669e0a8347fd37ae6e5
{
"iv":"b73afe9d14be3180f8e2001c9b86e601",
"mode":"CBC",
"padding":"NoPadding",
"keySize":256,
"cipher":"aes",
"salt":"0ed17b7de6e75d7d",
"ciphertext":"VTJGc2RHVmtYMSsvekJFdXpRTHlnUVc2R0RvaTAyQlNBdnRnSERnYlRCZm90enFDZGxKWlBhV2hSUVB3ZEdycAo5Z2R4dkdTR0hIZWNKci9mYlNOZGRhWnZaUFUyWkprdEk5MERMNXlzZUlMQzRoQTBsRVBMdmpKWktRPT0=",
"time":0,
"status":"success"
}
playing with the encrypted result (ciphertext) ignoring salt and IV for simplicity: base64: VTJGc2RHVmtYMSsvekJFdXpRTHlnUVc2R0RvaTAyQlNBdnRnSERnYlRCZm90enFDZGxKWlBhV2hSUVB3ZEdycAo5Z2R4dkdTR0hIZWNKci9mYlNOZGRhWnZaUFUyWkprdEk5MERMNXlzZUlMQzRoQTBsRVBMdmpKWktRPT0=
base16: 553246736447566b58312b2f7a4245757a514c796751573647446f693032425341767467484467625442666f747a7143646c4a5a5061576852515077644772700a3967647876475347484865634a722f6662534e6464615a765a5055325a4a6b74493930444c35797365494c43346841306c45504c766a4a5a4b513d3d
base2: 01010101 00110010 01000110 01110011 01100100 01000111 01010110 01101011 01011000 00110001 00101011 00101111 01111010 01000010 01000101 01110101 01111010 01010001 01001100 01111001 01100111 01010001 01010111 00110110 01000111 01000100 01101111 01101001 00110000 00110010 01000010 01010011 01000001 01110110 01110100 01100111 01001000 01000100 01100111 01100010 01010100 01000010 01100110 01101111 01110100 01111010 01110001 01000011 01100100 01101100 01001010 01011010 01010000 01100001 01010111 01101000 01010010 01010001 01010000 01110111 01100100 01000111 01110010 01110000 00001010 00111001 01100111 01100100 01111000 01110110 01000111 01010011 01000111 01001000 01001000 01100101 01100011 01001010 01110010 00101111 01100110 01100010 01010011 01001110 01100100 01100100 01100001 01011010 01110110 01011010 01010000 01010101 00110010 01011010 01001010 01101011 01110100 01001001 00111001 00110000 01000100 01001100 00110101 01111001 01110011 01100101 01001001 01001100 01000011 00110100 01101000 01000001 00110000 01101100 01000101 01010000 01001100 01110110 01101010 01001010 01011010 01001011 01010001 00111101 00111101
groups of 11:
01010101001 -> 681 -> festival
10010010001 -> 1169 -> mutual
10011100110 -> 1254 -> orphan
....
now you have the encrypted mnemonic with a new set of words! |
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Interesting... But how (why?) does this reduction work 2^116->2^58?
Does it mean that if I have for example private key in a range 2^144 and if I know public key then problem is reduced to 2^77?
Willing to learn more about it ;-)
For that key is more suitable Pollard's Kangaroo method. At current time, it is still uncrackable in years. Yes, of course; it was just an example - to see the possible approach. It means that exposing public key changes really a lot... it really does not. brute forcing has always been about reducing the space you need to search. having the public key only changes the method but it will never reduce the search space. you still have to search the 256 bit space by only having the public key. this puzzle was possible to brute force because it first reduces the search space to 144 bits then reduces it a little more by the last hint down to 116 bits. and finally with symmetry the search space is reduced down to half that value meaning 58-bits. |
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the same thing that has been for the past month or more.
price goes up to $10k then comes back down to $9k then goes back up to $10k again to rinse and repeat. sometimes the weaker hands get overly excited and price goes outside of these bounds (a little higher or a little lower) for a little while but it comes back inside the range again.
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though I only see transaction history for the first one I imported - the others, I have to go to "addresses" and click details on each address to see the txns
i have never encountered this issue and i have imported both addresses (as watch only) and private keys (full wallet capabilities) in Electrum many times and all the history of all addresses show up correctly in the History tab. are you sure your client is already in full sync with the network? if you had a very large number of transaction history it could take some time for the node you connect to to send back all that history that should then be written to disk. Electrum is also known to be slow when the wallet size becomes big. i'm curious what the addresses you imported were. for example how many transactions did each of them have? and were these transactions made recently or many years ago? |
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I recently came across this ( https://medium.com/@johncantrell97/how-i-checked-over-1-trillion-mnemonics-in-30-hours-to-win-a-bitcoin-635fe051a752 ) very cool "experiment" this person did by checking over 1 Trillion mnemonics in 30 hours to win a BTC. According to him, to test a single mnemonic we would have to generate a seed from the mnemonic, master private key from the seed, and an address from the master private key. He basically wrote a CPU benchmark tool, version in Rust to benchmark performance of a CPU solver to guage how long it would take to solve on a CPU for a certain number of unknown words. He even open sourced all of the projects he used to solve this problem. it would have been interesting if he wrote all of it in Rust instead of only the initial very slow solution then end up using all the libraries written 100% in C. the final solution is basically a wrapper written in Rust around those C libraries! |
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Ethereum ---> 17,900%
a decade (10 years) ago Ethereum didn't even exist. and not to mention that it started with the value equal to 0.0125 BTC and it is currently worth 0.024 BTC so its rise is only about 92% which is a lot smaller than majority of altcoins. Netflix ---> 4,280%
Amazon ---> 1,250%
Apple ---> 840%
in my opinion it is wrong to compare bitcoin with a company's share in stock market. there is just no common ground to compare the two. bitcoin is riskier but is a lot more rewarding due to its innovative and new nature while these stocks are less risky and have good returns because the companies behind them are very successful in the world. |
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| _________________ | | | Bitcoin | | | BCash | | Creation | | | Original | | | Poor copy | | Decentralized | | | Yes | | | No | | Immutable | | | Yes | | | No | | BlockSize | | | 1.3MB | | | 0.12MB | | Useful | | | Yes | | | No | | Competent Devs | | | Yes | | | No | | Trusted | | | Yes | | | No | | Miners support | | | >95% | | | <5% | | Node support | | | >95% | | | <5% | | Community support | | | Yes | | | No | | Main utility | | | Payment system | | | Pump and dump |
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the trend is Bearish
Actually right now the trend is neither bullish nor bearish. So you have 50% chance to be correct with the general short-term trend in your chart (basically because anything can happen). I'm also thinking of this right now. I thought the sentiment of the market is with bullish since it's broken $10,000 and when it started to correct, then our thoughts was into bearish. So, this is correct. It's just par bullish and bearish. the problem is that most people like OP seem to define being "bullish" in bitcoin as price going up constantly and every day in at least 20% sizes and if anything other than that happens they call that "bearish". the reality is that the market trends are not just these 2! believe it or not there are a lot more in between the two. i disagree with the sentiment being bullish though, the sentiment in my opinion is greatly undecided. that is why most investors are currently waiting for a signal (a breakout) to start buying. which is also why we see big jumps with a lot of FOMO right after these sideways trends end every single time. |
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