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There are secret-splitting schemes that allow you to create shares in a way that doesn't compromise the security of your secret. Shamir's Secret Sharing is the most famous such scheme, and Ian Coleman has an online tool for it on his site - https://iancoleman.io/shamir/So, why settle for a fraction of security if you can keep full security? I have looked into the shamir schemes but unfortunately this is not a solution at the moment as the scheme is not compatible to split BIP39 Mnemonics into a human readable format (Writing down long strings of HEX by hand is not the best idea), It would need to be compatible with my Ledger. They are supposedly working on a SLIP39 implementation, like Trezor just released. This would be the ideal solution as it retains 128-bits of security even if 1 share is compromised. This calculation is incorrect. It's not as simple as just adding 88 bits to 12 bits to reach 100 bits. The majority of seeds which could be brute-forced from knowing 16 out of 24 words won't be valid because the checksum will fail, and so there is no need for an attacker to then start brute-forcing diceware words for them - they can simply be discarded. It is more accurate to work out the length of time to brute-force 83 bits to calculate all possible seeds, and then the length of time to brute-force 12.9 bits for each seed.
Your estimation of 1 quintillion guesses per second is obviously way out of the current scope of computing power, but if you are looking decades down the line to potential inheritance, then who knows what will be possible. For illustration, reducing the entropy in the calculation from 100 bits to 83 bits, then your number of 40,000 years instead becomes around 4 months.
Shamir's Secret Sharing as mentioned by hatshepsut93 is another option, but be aware that there is no standard implementation of it. If you do use Ian Coleman's site do split your seed this way, you should be keeping a couple of copies of the code in various places in case his site and GitHub disappear from the internet in the future.
You make a valid point and this makes sense, plus in theory the adversary would only need to produce a list of all valid combinations that pass checksum and skip checking each combination for a non-zero balance until he/she is brute-forcing the passphrase (which would be trivial at 12.9bits). Seems this method may be less secure when using a weak passphrase since the adversary would be able to bypass the key-stretching and address checking for the majority of the attack. the problem with that method is that it is not an encryption technique and also you will have to have 3 completely separate, isolated and secure places to store each part at and it is not easy to have it. if you are just storing all at home, it is not safe and you can't trust any other person to store it with them either.
adding an extra string (known as passphrase in BIP39) could be a good idea to add another layer of security but i personally prefer simply encrypting the whole thing with AES using a very strong password and then storing that single result in a safe place and the password of it in another.
I already have my unencrypted 24-words in 3 completely separate locations. One of these copies is with a trusted 3rd party. Im not worried about the person who is caring for it compromising it, more from other people who may come across it (Thieves, Burglars, Snoopy Guests, Guests Children etc.) or if I was to leave a copy in a safety deposit box that it couldn't be compromised by malicious staff or security camera immediately. Id rather have some security from this then none. Adding a passphrase would only be an option if it was high entropy (over 85bits, anything under this would have less security then the missing 8 words), and then I would have the same issue of having to store the passphrase somewhere safe. I really appreciate the responses  |
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Hello BTCitcoiners, been lurking these forums for a few years. This is my first post. I have been looking for ways to secure my 24-word BIP39 backup. I am worried about the possibility of someone finding my seed and being able to access my funds, but also want a trusted 3rd party to be able to recover the coins with instructions incase the need arose. An interesting solution that has come up is using the Split BIP39 Mnemonic Scheme from the Ian Coleman Website secured with a BIP39 passphrase. Basically here is how the Split BIP39 Mnemonic Scheme works: - Your 24 words are split into 3 Shares - Each Share contains 16 of 24 words, - The words are in order with the missing words replaced with XXXXX - You keep the Shares in different places - It takes 2 of 3 shares to recover the Mnemonic Now my idea was to take the above scheme and also add a BIP39 passphrase in the form of a 3 word diceware Mnemonic. I would place 2 words on each Share so each share would represent 2/3 of the BIP39 Mnemonic and 2/3 the passphrase. (I would leave the seed associated with just the 24 words empty) From my understanding, each word in the BIP39 sentence represents 11 bits of entropy (except the checksum) so the 8 missing words represent between 83-88 bits and the missing diceware word would represent 12.9bits. This would give each share approximately 100bits of entropyNow if there was an adversary the could guess at a rate of 1 Quintillion times per second it would take ~40000 years to guess all possible permutations in the key space. 2^entropy / Guessing Speed per Second = # of seconds to guess all possibilities The efficiency of an adversary would also be greatly reduced by the key-stretching involved (PBKDF2 2048 iterations) and having to search the blockchain for a non-zero balance. I would like to hear from some experts on the pros/cons of doing this, and if any of my assumptions are incorrect. Tried to post in Technical Discussions but I am not allowed |
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Nice. What about this cost of transactions will be reduced by half thing?
If your talking about the halving that everyone refers to, that has nothing to do with the cost of transactions. It refers to the halving of the coinbase rewards miners receive for validating transactions and securing the blockchain. |
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The main thing is that people are talking about bitcoin. Wether it is Good or bad, at least its being talked about.
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we are not doing a rollback and we are preparing a fork to patch this up.
Sorry to mess up this thread and topic a bit, but after i do not get for hours an answer on twitter, neither does the email function on the Verge homepage work, nor does someone respond on the Verge Bitcoin thread i have to try my luck here. I visited some hours ago the official Verge Twitter profil to read the news about the hash hack. While reading the tweed i noticed several messages offering a compensation for the attack by Verge. Send x Eth and you get some bonus back. Sounded legit to me as it was affilated to the hash attack and i suffered from it as well having had some hours only orphaned blocks on all my baikals, hence i fall victim to this damn scam on the official twitter page. Now, while i have myself for sure some vault for this i'am seriously angry about how on the official verge twitter page 100s of scams and fake messages that say they got the ETH back are tolerated and nobody cares about it?!?! How is this possible. After i realized i got scammed i even made a post in this tweet that its a scam and to remove it asap, nothing happened and people still fall after that scam. Only on that scam by now 12+ Eth have been transfered the last hours. . Damn, i'am not a twitter guy and very rarely use it, but from an official Verge twitter profil i personal await its clean and at very least if this for some reason is not possible that there are warning messages about these scams!!!! But no, nothing, the whole official Verge Twitter profil is FULL of scams that are tolerated and people like me, fall victims to it. Fine, i lost some 1.8 ETH, but hourly these scams seems to collect a huge amount of ETH that way and nobody there at Verge cares? Seriously, so far i wondered about the twitter decision to ban crypto, but i begin to understand the decision. They must get shitload of complains from victims like me..... And what makes me even more angry ... no response: - Messaged some hours ago verge on twitter .... nothing, scams are staying and getting more and more - Put a tweet on the Verge tweet to remove the scams .... nothing, scams are just staying there - posted in the official bitcointalk Verge thread, nothing ...... - tried to email Verge about the ongoing scams .... email function on the homepage isn't even working, it just loads forever. And after 5 attempts to load it still loads after 2 hours, lol. I'am writting this as a XVG miner and lover, but this all makes me really sad and angry ..... Sorry to say, but this has been a huge problem for some time. Bots post on every single crypto profile with the same exact scam, people probably ignored you because they thought you were joking about it, since people literally joke about getting ripped off by these scammers,,, because we have seen it literally every post for months. Im very sorry for your loss sir, but you cant go placeing blame on others |
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Thank you for this resource |
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My plan is to just keep buying small portions whenever I can afford too and hodl. That way I am not putting in more then I can afford to lose. This has made me much more conscience of my spending, so I am finding ways of saving to put a bit more here and there towards coins. My goal is long term, I dont plan to start selling for the next 2-5 years.
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Maybe the question we should be asking is who will be the first bitcoin trillionaire  |
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Not sure if these are still a thing or are even worth it anymore, but you could look into crypto faucets. They pretty much give you a tiny bit of free crypto for viewing ads.
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first of all you can never say how long a transaction would take to confirm if you pay a lower fee, that is only an estimation. and also reporting fees in dollar terms has no meaning. fees should be reported in bitcoin (or satoshi) per size (in bytes or kilobytes whichever you prefer) because you are not paying fee based on your amount, but based on the size of your transaction.
for example right now fees are about 2-5 satoshi per byte so i can make a transaction with that much fee but pay a total of $0.02 or $10 depending on the size of my transaction.
secondly for the past 9 years that bitcoin has been around fees were only high for a couple of months for a couple of reasons including some spam attacks against bitcoin network.
Can fees become lower then 1 satoshi per byte in the future? Like if the price of bitcoin was to increase exponentially again, wouldn't even a 1 satoshi per byte fee be somewhat prohibitive for micro-transactions? Sorry for the noob questions. |
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Hi guys, I have only recently got into Bitcoin and have been fed this narrative that bitcoin is both slow and very expensive to use. I sent my first transactions to my ledger wallet and to my amazement it was only 0.08$ usd. and showed in my wallet almost instantly. I know things are not as bad as a few months ago from looking at the avg. fee charts, but I was still expecting a few dollars at least, and some people even recently tried to make me believe it would be 10$-20$ and take 5-10 hrs. How did it get so high to begin with? Why is the current public perception that bitcoin is slow and has high fees, when this clearly is not the case anymore.
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Its really cheap to use right now, my last segwit tx was 0.09$ usd. I only assume this will get even better as better tech becomes available.
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Im just starting to look into airdrops. Hopefully it is not a big waste of time.
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Rain is caused by water guys !
What does this mean? |
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Ive started slowly accumulating btc again. It may drop further, but imo the worst is over. Hopefully it starts to recover, but a week or two of sideways would not be so bad either.
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Not anytime soon, but eventually everything comes to an end doesnt it?
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Normally this would have been the case and we would be expecting a bull market in march but with so much FUD and also Mt Gox selling off such a large amount of coins on the open market, it has affected the market greatly, the recovery pattern isn't very strong and also market value isn't picking back up as fast as it should so I don't think we should expect any bull market this march.
Apparently the Mt. Gox sell-off did not happen on the open market. Here is a quote from the article. I sold BTC & BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible. The Sauce: https://www.reddit.com/r/Bitcoin/comments/853j4i/mtgox_trustee_confirms_he_did_not_sell_btc_at/ |
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