Latest posts of: hypersafe2020

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on: June 10, 2020, 12:53:57 AM

Quote from: LeGaulois on June 09, 2020, 06:25:39 PM The value it was when you got it doesn't matter. What matter is the day you sold it (so CA$ with your example) - You got paid on 1st January 1BTC ($8000/BTC the day of the payment) - You sell it on 31 December (1BTC/$10000) and transfer $10k to your bank account You need to report $10k, not $8k This will be the case for selling something in a garage sale and if I was to receive BTC as a donation? Makes sense since the gains when I sell it will be 10k.

on: June 07, 2020, 03:32:16 PM

Quote from: LeGaulois on June 07, 2020, 08:46:27 AM If it works differently what matter is the difference between the price you bought the item (in CAD) and the price you sell the BTC at the market rate (in CAD) So if I receive 1 BTC and the price for 1 BTC is 10 Canadian Dollars. And I hold onto that 1 BTC until it is worth 20 Canadian dollars and then sell it in exchange for 20 Canadian dollars. How will I report this?

on: June 07, 2020, 03:17:12 AM

To my understanding, if I sell an item in a garage sale or on Kijiji. When I receive the BTC I must record the amount and convert it to Canadian Dollars. And then when I sell the BTC to Canadian Dollars I must record the price of it in Canadian Dollars and record my gains/loss. Is this correct or am I wrong? I am not a business accepting BTC. Will some bitcoin business tax regulation apply?

on: April 15, 2020, 04:20:28 PM

I looked into the Trezor wallets and they have a feature were you can create as many wallets as you like with one 24 word seed. You can use just the 24 word seed or use the 24 word seed with a passphrase on top of it. Now if my 24 words got out there but not my passphrase, how long would it take for someone to crack my passphrase? How much more vulnerable would I be with 24 words known but my passphrase is still secure?

on: April 10, 2020, 02:50:27 AM

If I was to open the Keepass file with the 24 word phrase on a computer connected to the internet to see what it was years later, will this be a bad idea? Should I always open the file on a offline Tails OS computer to recovery my word phrase?

on: April 10, 2020, 12:15:13 AM

Quote from: jackg on April 09, 2020, 08:55:14 PM If you can, use at least 8 random words, there are examples everywhere of how to do this... Can you send me some links on this. I cannot find anything on adding words to increase security of your 24 word seed

on: April 10, 2020, 12:04:33 AM

Quote from: BitMaxz on April 09, 2020, 09:19:35 PM It is not safe if you are using KeePass on online mode not on offline/airgap PC this should be offline forever to keep your seed safe in your PC. Any documents or important backups like 24-word seed are always safe to store on the PC which is completely offline(Never connected to the internet). Since this is related to hardware wallet are you planning to use the ledger hardware wallet on the PC with ledger live? It needs the internet so if you use your PC online it is not safe to save the "24-word seed" on the KeePass even this software is offline. We don't know exactly if this password manager is not sending any data when the PC is connected to the internet. Unless if you are a programmer and you can verify that it is running completely offline and not sending any data from KeePass to internet when the PC is online. But for us who doesn't know if KeePass is safe while connected to the internet. We will always choose to save it to paper wallets instead or save somewhere safe than KeePass. Would be safe to use a computer you used to boot up into Tails OS offline and save the 24 word phrase into a Keepass file. Or should I get a brand new cheap computer, boot up into Tails OS offline and save the 24 word phrase into a Keepass file?

on: April 09, 2020, 11:54:23 PM

Quote from: hatshepsut93 on April 09, 2020, 11:47:16 PM If it's encrypted, it's not different from a password-protected wallet file. By password-protected wallet files, are you refering to a encrypted JSON file?

on: April 09, 2020, 10:38:43 PM

Quote from: hatshepsut93 on April 09, 2020, 08:57:59 PM If you are storing and using your wallet offline, then there's nothing wrong with using a good open-source password manager. Can you tell me who said that this is wrong, I'd like to hear their reasoning. If this was done on an online machine, there are inherent risks to it, like malware that somehow pwns the password manager and steals your seed, or a clipboard malware, etc. But since we are talking about cold storage setup, the password manager would just be used as an encryption/decryption tool. I always read online when it comes to storing your 12 or 24 words, never to store them digitally. I assume this is because most people will put then in an unencrypted file like a TXT or DOCX file and not use a password manager like KeePass. I was thinking of using Tails OS offline to create a new KeePass file and enter the 24 words in the file, save the file and put it on a USB stick. Turn off the Tails OS. And make copies of the keepass file on top other drives.

on: April 09, 2020, 08:43:41 PM

It says it is not recommended to store your 24 word seeds digitally and I can see why it is bad to save it in a non encrypted file like a word document, but why is it a bad idea to store your 24 words in a password manager like KeePass which is offline, you can copy the files into other drives for backups, and the file is encrypted? I do not see any security flaws in this except if you have a keylogger.

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