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1261
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Bitcoin / Bitcoin Discussion / Re: Solution to high rates? Maybe not, but it's an idea...
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on: December 27, 2023, 07:46:48 PM
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And large miners seize upon this fact of carrying ability attacking sha 256 in many ways. It is not just ordinals. It is down clock all of foundry pool for a few days make a log jam of fees . then over clock foundry pool and grab the high fees. you literally save power and make more fees this way.
Hence I say that Ordenals are just a tool to generate this fee problem, but it is not the only tool. Pools and large miners have already figured out the most appropriate mechanism to ensure that rates remain high most of the time. It's because? Because Bitcoin already has a movement that allows it to generate this type of situation. I think that was what we had to think about combating, or better yet, minimizing this impact. Because I believe that miners should always earn for the work they do. so why insist on using the sledge hammer for values under 100 bucks.
if you want to the ways are :
KYC at an exchange that will allow you to use LN
Put cash in there.
Buy BTC
USE that exchanges LN wallet.
I did a thread that does show it works.
Obviously only do a little of you wealth as this is the workaround for small wealth movements.
Your idea in itself is not bad. And it looks very interesting to explore. But we're back to the same thing, you're just hiding the fees, they're still there. If I'm a new user (I'm buying BTC) or I'm a miner (I'm earning BTC), it's not complicated to manage it. Place the new BTC you obtain on an exchange directly, and then migrate to LN. The problem is for someone who already has BTC and wants to use it. The person is not going to move thousands of BTC to LN, they just want to move what they want to use in the next few days/weeks. If you do this, you will have to suffer from the high rates charged. They do not have to move small numbers constantly. If you have 5 btc or more in cold storage leave it there. Do KYC at kraken exchange put in 500 cash no fees so far. Buy btc and send it via kraken on LN. a small fee to buy the new BTC a small fee to send it on LN no hard maintain a LN node yourself. If you have the 5 BTC or more stored offline putting in 500 in cash and doing kya does not reveal much about you. Now if you have 0.2 btc or less it is more of an issue. also if there is not an exchange you can use LN on with KYC it is an issue. and keeping $500 on an exchange if you have only 0.2 BTC total is a bigger loss if there is a fuckup.. ie 500/8600 is about 5.8% loss while 500/215,000 is only 0.23% loss the question is how many with 0.001-0.200 btc are getting crushed by this. I do not know |
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1263
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Bitcoin / Bitcoin Discussion / Re: Solution to high rates? Maybe not, but it's an idea...
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on: December 27, 2023, 03:51:18 PM
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The idea is as follows: Ensure a percentage of space in the blocks so that older transactions, regardless of the fee amount, can be processed.
I'll try to explain. Imagine that 10% of the block is allocated to process transactions that are over 48 hours old, regardless of the fee used. Similar to the current process, transactions still enter a queue, arranged from the highest to the lowest fee. However, an additional element is introduced to create the queue: the transaction date. In this way, if a transaction is not processed after 48 hours, it enters the queue based on its release date. From that point onward, the blockchain will process the oldest transaction first, regardless of the fee.
It has been proposed a numerous of times, the end result will be the same, it allows spammers to spam cheaper. Instead of flooding the mempool with 30-50 sat/b they now know for sure that for a fraction of that cost 1sat/b they are going to clog 10% of the block space, so in the end you will end up with worse results. It costs around $4 for a 10kvb tx, so with $40 a block one spammer could just make this 1sat/vb impossible, so you will select only 2sat/kvb then 5sat/kvb then the order book for the old tx part will look the same as the normal book since a competition will happen there too, you just start with a different first attribute but in the end the fee will dictate this also. Furthermore, with just 90% of the block left for people wanting to get a quick confirmation the rate race will intensify and the fees will spike even higher. The problem is not order is capacity.
You have 2 liters of water/s pouring in a 1 ton tank and only 1 liter/s coming out, the tank will inevitable flood.
What you propose is to change that for 900ml/s and a 100ml/s way out of the tank, situated at different levels, the inevitable will still happen, the only difference is just that different molecules of waters (see them as tx) will get out before the tank floods.And we do not talk about this a lot (I do) scrypt has 2 LTC and 10 Doge blocks for every 1 block that sha 256 BTC does. So they naturally can do 12x the volume that BTC can do. And large miners seize upon this fact of carrying ability attacking sha 256 in many ways. It is not just ordinals. It is down clock all of foundry pool for a few days make a log jam of fees . then over clock foundry pool and grab the high fees. you literally save power and make more fees this way. The time idea would be defeated this way. Lastly whatever sha-256 does in second layer scrypt can copy it and do it at 12x the volume. So if you want a small change money/wealth movement with BTC you will always be fight against the 12x capacity of doge/ltc Storage of wealth large value movement BTC is clearly better. Small wealth and large volume LTC/DOGE is clearly better. every ½ ing will show this to be so. Think of 2 hammers  so why insist on using the sledge hammer for values under 100 bucks. if you want to the ways are : KYC at an exchange that will allow you to use LN Put cash in there. Buy BTC USE that exchanges LN wallet. I did a thread that does show it works. Obviously only do a little of you wealth as this is the workaround for small wealth movements. |
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1264
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Other / Meta / Re: Admin/Mods: Please ban "jvanname"
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on: December 27, 2023, 01:55:06 AM
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The account has been deliberately provocative for far too long and not only that, he is a troll who quite clearly has given up on trying to utilise the account via a signature campaign and has resorted to making a nuisance of himself because he has far too much free time on hand. On top of that, he is misusing the name of someone who does not even know his name is being used in such a manner to create the fiasco in the first place. I second the motion. Having a retard like that who keeps opening stupid threads while boasting about his supposed superiority because of his supposed PhD does not bring anything good to the forum.
Well whatever the mods and theymos wants, but honestly I feel empathy and sorrow for him as he is an obviously very unhappy person. |
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1265
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Bitcoin / Bitcoin Discussion / Re: Thoughts on this article?
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on: December 26, 2023, 10:41:43 PM
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For some the article is behind a pay wall so I pasted it below https://www.forbes.com/sites/digital-assets/2023/12/26/blackrock-will-completely-destroy-bitcoin-shock-price-warning-as-huge-spot-etf-update-suddenly-revealed/?sh=66a7acc2c2c7"12/26 update below. This post was originally published on December 24 BitcoinBTC 0.0% has rocketed higher this year, with the bitcoin price surging this month to highs not seen since early 2022—with a China earthquake suddenly appearing on the horizon. Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" ahead of next year's historical bitcoin halving! The bitcoin price touched $45,000 per bitcoin before dropping back slightly, climbing steadily since October as the market braces for a "Biden bailout" in 2024. Now, after Wall Street giant BlackRock primed the market for a major upheaval, one legendary trader has predicted the world's largest asset manager's looming bitcoin spot exchange-traded fund (ETF) could be about to "completely destroy bitcoin." Bitcoin's historical halving that's expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market "If ETFs managed by [traditional finance] asset managers are too successful, they will completely destroy bitcoin," bitcoin and crypto trader Arthur Hayes, who cofounded crypto derivatives pioneer BitMex, wrote in a blog post. Hayes argued that if BlackRock, which is in "the asset accumulation game," vacuums up all the bitcoin, there will be no more bitcoin transactions and those who secure the bitcoin network in return for fees and newly minted bitcoin, known as miners, "would be unable to afford the energy it costs to secure the network. As a result, they would shut off their machines. Without the miners, the network dies, and bitcoin vanishes." 12/26 update: Institutional investors will take a more active interest in the crypto markets next year if a spot bitcoin ETF is approved, the Federal Reserve cuts interest rates and lawmakers finally create some regulatory clarity, according to analysts surveyed by The Block. "Since late October, there's been a noticeable uptick in institutional activity, largely driven by the anticipation surrounding the potential ETF news expected in January and strategic positioning by clients for this event," Deribit chief commercial officer Luuk Strijers told The Block. Hayes, who has also predicted China is about to "flood the world with yuan credit," said the death of bitcoin would "create space for another crypto monetary network to grow in its place. This network could just be a reboot of bitcoin or something different that is an improved adaptation of the original bitcoin. Either way, the people will once again have a non-state-controlled monetary asset and financial system." Hype around BlackRock's bitcoin spot ETF application, widely expected to be given the green light by the U.S. Securities and Exchange Commission (SEC) early in the new year, has fed expectations that a surge of Wall Street cash could be about to rush into bitcoin. This week, a leak of the confidential discussions between the SEC and executives of the 13 asset managers in the race to get a bitcoin spot ETF to market revealed the SEC has set a December 29 deadline for "final updates" to their applications, it was reported by Reuters. Two executives told Reuters that the SEC indicated it could approve a "wave" of bitcoin spot ETF applications in the first few business days of 2024 as BlackRock's latest filing shows it's ramping up preparations for approval. "BlackRock expecting to seed [its bitcoin spot ETF] with $10 million on January 3," Bloomberg Intelligence analyst Eric Balchunas posted to X. "Notable the date and that it is a pretty big bump up from the $100,000 [BlackRock] seeded in October." Bitcoin and crypto market analysts are predicting a bitcoin price boom if the SEC follows through with the expected approval of the slate of bitcoin spot ETF applications. "We are expecting the SEC to approve bitcoin spot ETFs in January," Markus Thielen, head of research and strategy at Matrixport, wrote in emailed commentary. "This should lift bitcoin prices above $50,000 by the end of January 2024. The SEC has responded swiftly and frequently, and after productive meetings between the SEC and ETF issuers, there appears to have been enough progress. BlackRock has met five times and Grayscale four times with the SEC during the last few weeks." Note I bolded: "If ETFs managed by [traditional finance] asset managers are too successful, they will completely destroy bitcoin,"I suppose that it could be a problem, but "if" is the largest inclusive word in the English language. So 'if' blackrock sold an unreal amount of these what would happen. Well if they have to back the ETF with a BTC the price could go over $1,000,000 a coin. I think eventually hodlers would sell off at a high enough price. Could BlackRock effectively own to much BTC they could, but what is to stop BTC from issuing changes in the protocol to protect against it. Nothing as BTC is not beholden to BlackRock. |
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1266
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Bitcoin / Bitcoin Discussion / Re: Have You Accomplished What Brought You to Bitcoin?
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on: December 26, 2023, 10:26:49 PM
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What brought you to Bitcoin? How much of it have you accomplished? For me, it is the desire to earn a living off the internet without the encumbrances of a 9-5 job and having clients from all over the world pay me for my services without the limitations and regulations of fiat (a pity Bitcoin is being fiercely regulated too). I wouldn't say that I have accomplished that since I still support my earnings with "regular" jobs. I like the liberty of being in control of my time and how I work though I still have not gained that liberty completely. Nevertheless, I believe that with the plans I've implemented, being completely free from a 9-5 or "regular" is possible in 2 years.
What brought you to Bitcoin and how much of it have you accomplished?
nice question. I had a Mac mini hot-rod upgrade business on ebay. I came to bitcointalk because apple decided to spot weld the Mac mini and upgrades were not practical. (thank you Jobs and Cook) I wanted to have some part time work and I like to post. I accomplished that. It has been a long journey. I went from a Mac Pro with 1 gpu mining on Bitminter burning 350 watts to a 275kilowatt farm. Never was a buy and hold guy I was and am a miner so watts into wealth is what I did. I have been okay but will say I am not as wealthy as I want to be. Just far more than I thought was possible in 2012. |
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1267
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Other / Meta / Re: Admin/Mods: Please ban "jvanname"
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on: December 26, 2023, 10:19:31 PM
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Thanks for raising this question. This user offens everyone who don't agree with him and then pretends that he is victim. I think he have some mental problems, but it's not an excuse. Such things can't be tolerated. But I'm not sure what can be done. Banning him would be an option, but I'm not sure about it. During my time here I saw worse and more annoying trolls, but I don't think that they got banned. I doubt that he earned to be permabanned, but he deserves at least temporrary ban to cooldown. Well he also is the only person to give me a negative trust.
his reason is I am stupid.
You've been here for more than 11 years, you're one of the most active forum members and only now you got your first enemy? What I can say - impreesive. He is my second enemy and I have a frenemy. So 3 people in 11 years and 40,000 plus posts is pretty good record. I had a perfect record on ebay till someone gave me a neutral . that was from 2003 to 2022 and over 2000 buys and sells. I work at it, but you can't please all the people all the time. |
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1268
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Other / Meta / Re: Admin/Mods: Please ban "jvanname"
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on: December 26, 2023, 05:46:37 PM
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Well he also is the only person to give me a negative trust.
When a user is banned, what is the trust they give? Are they removed from users who received them, or does it stay there forever? as far as I know, the tag stays just like the posts the account made before being banned. This is a bit unfair, continuing with the tag after the account has been banned. If an account has been banned, the match is no longer trustworthy/credible. So why continue with the tags he left? I am only human I do not deserve a perfect record. Actually I think it is the real person and that he sees reverse computing as an achievable real thing. Only he has not been smart enough to make it happen thus he blames all of us on this forum for his own failure to manifest reverse computing into the 'real' world. I have a partner that actually believes in flat earth theory so far he can't prove it and gets a bit frustrated about that. My self being 'stupid' I know shit like reverse computing and flat earth are above my pay grade. I also care for a person suffering dementia and have spent 3 long stays in psychiatric wards back in the early 80's (hallucinations drugs) so I know crazy when I am faced with it. I usually do not bother trying to fix it. I tend to let it be. |
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1269
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Economy / Speculation / Re: A big buying opportunity might be on the horizon
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on: December 26, 2023, 03:41:20 AM
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What if a new rugpull is in plan for crypto?
SEC denial of the approval can cause crypto to crash massively, if the ETF isn't approved by January buckle up for a spiral run down the hill kinda market behavior.
But alas, ETF approval have been around for year's and it has never been approved before, if it's a nO this time around it still won't stop Bitcoin from creating a new all time high.
The way consumers accept this bad news will determine how far Bitcoin can dip but understand that it's going to be a big opportunity to get more Bitcoin, do not follow the masses, as they can be easily lead astray.
Not yet logically too much money is going into the mining section of bitcoin I simply do not see A rug pull. for the time being. |
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1271
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Bitcoin / Bitcoin Technical Support / Re: This is beyond craziness
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on: December 26, 2023, 02:31:49 AM
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Does it make sense to say that there is a cartel between bitcoin ordinals team and big mining corporations? Maybe. We'll probably never know. But even if there is, any miner that isn't part of the cartel profits the most. I can't even use ViaBTC anymore: they're instantly full every hour, and I don't even get to see a number larger than 0 anymore. 12 tries to get it to work. it is a timing issue. not too soon and not too late. you are likely a fraction to slow when you click it. |
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1272
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Bitcoin / Bitcoin Discussion / Re: Bitcoin HODL: what happens to Bitcoin holders during impressive price increase?
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on: December 26, 2023, 02:23:32 AM
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Good day, distinguished crypto enthusiasts on this forum, and a Merry Christmas to those who celebrate.
Recently, HODL has been running through my mind, and I definitely understand that most people consider it to be the way forward when planning on investing in Bitcoin. It is a method that can amount to good profit, especially when the period of holding is lengthy.
As 2024 approaches, two major events awaits us: The Bitcoin spot ETF approval and Bitcoin halving, respectively. with the occurrence of these two events, there is certainty that the market would be affected in positive ways, thereby seeing impressive pumps. The situation might also go the other way where the unexpected might happen.
Question: With the coming of these two major events, assuming the price of Bitcoin turns out to be very impressive and massively different from today's current price, will the majority of Bitcoin holders keep(continue) holding?, or might price temptation just result in them selling to make a profit?.
Thanks for your time.
interesting question. I think it depends on how long thy have hodled and at what price they got in. Finally what do we go up to. Lets say you purchased 10 coins in 2017 at 10K around dec 1st of 2017. I think if EFT comes and we go to 200k those holders may dump 1 to 3 coins but if you grabbed 10 coins in 2021 at 65k and we go to 200 k they would sell 4-5 coins. |
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1273
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Economy / Economics / Re: No petrol/diesel car sales by 2035/ Reality or dream?
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on: December 25, 2023, 09:03:30 PM
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The irony is that biggest jump in EV adoption is happening in some of the developing countries such as India and China, where EVs are competitively priced against the gasoline and diesel run vehicles. In the developed nations, EVs are a lot more costlier and therefore the adoption is much slower.
What a load of crap: https://www.autocarpro.in/analysis-sales/ev-sales-soar-to-139000-units-in-october-and-123-million-in-first-10-months-of-2023-117640While electric two-wheelers (691,536 units) account for 56 % of the total EV sales in the January-October 2023 period, three-wheelers (471,153 units) have a 38.17% share of the India EV pie. A total of 67,151 electric cars and SUVs and also vans were also sold, which gives them a 5.44% share, with commercial vehicles comprising goods carriers and buses (1,579 units) getting a 0.12% share (see EV segment-wise retail sales data table above). Norway alone beats India in terms of electric car registrations: https://www.electromaps.com/en/blog/electric-car-sales-third-quarter-2023-europeOf the 95,499 cars registered in the first nine months of 2023, 83,617 were electric or plug-in hybrids, representing 90.4% of the Norwegian market.
Also, in the normal world, a scooter is not a car! Scooters are big in NYC more than 100,000 of them. They get around well on crowded streets many restaurants deliver with them. BTW I think the USA will never go fully electric maybe ⅓ will be hybrid-and ⅔ electric. I spent today with my dementia suffering bro-in-law. He does not have a charger and is not going to get one. Most electric cars can not do the round trip to my home and his. Charging today publicly on christmas would be hard to do. I would need to drive a slower way and top off on the way up and on the way back. Adding 90 minutes to a hard trip in the first place. I need a 500 mile car to be able to make the trip with no issues. |
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1274
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Other / Meta / Re: 2FA added
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on: December 25, 2023, 08:57:45 PM
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and the email access would be the key.
Yes, you are correct. In the case of Google Authenticator, email access is enough to access the 2FA/Authenticator app. It is better to use an alternative that has extra security features like encryption or a master password. For example, Authy. But I'm not sure whether it's open source or not. I was lucky I had serious money coins in my coinbase but no-one had access to the phone with the google app on it. since then I got a yubi key . I wonder does bitcointalk allow a yubi key? |
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1275
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Other / Off-topic / Re: Watch: CNN Caught Editing RFK Jr Speech To Mislead Viewers
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on: December 25, 2023, 08:50:02 PM
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Well, you can't win them all! That was only one time with only one person, and they will certainly discipline him... LOL. Nothing like this happens very often, right? Lol. Watch: CNN Caught Editing RFK Jr Speech To Mislead Viewers
https://www.zerohedge.com/political/watch-cnn-caught-editing-rfk-jr-speech-mislead-viewersThe dishonest ambush came on Dec. 15 as Kennedy was interviewed by former MSNBC anchor Kasie Hunt. Hunt showed a video of Kennedy speaking at a January 2022 rally in Washington, which includes a passage in which he said... "Even in Hitler's Germany, you could cross the Alps into Switzerland, you could hide in an attic like Anne Frank did. Today, the mechanisms are being put in place that will make it so none of us can run and none of us can hide." Hunt had framed the clip to suggest Kennedy was specifically comparing Covid mandates to Hitler's Germany. As we'll soon show, that was false. In the passage from which the above excerpt was drawn, Kennedy was broadly addressing the rise of technology that threatens to enable a "turnkey totalitarianism" that would wildly surpass the capabilities of Hitler's Nazi regime. To spice things up, Hunt next displayed a tweet from Kennedy's own wife, Curb Your Enthusiasm actress Cheryl Hines, which came a few days after the speech. At the time, Hines had been repeatedly nagged by NBC News reporter Ben Collins and others on social media asking if she stood by Kennedy's remarks. She eventually folded and posted a tweet in which she threw her own husband under the bus, embracing the ridiculous, politically-correct notion -- propped up by the likes of the Anti-Defamation League -- that nobody's allowed to compare anything to the Holocaust: ...
 This is why I like you. much like a squirrel looking for buried acorns you find a really good one. I am on a shitty ipad hard to move stuff , but if the transcript is true that you found cnn is guilty of election interference. Here is the problem I have found the left and right lie like mother fuckers. You found a good twisting ot the truth. Maybe there is a clip to back you up. But truth be told USA is pretty much doomed. I am glad am almost 67 and likley will be gone before the full collapse. |
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1276
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Bitcoin / Mining speculation / Re: 2023 Diff thread now opened.
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on: December 25, 2023, 08:23:04 PM
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I was referring to the difficulty adjustment. With such a high adjustment we can expect even higher fees for transactions.
Ok, I see your point now, and I think it is based on this assumption you made in the first post as there will be fewer machines mining!?
You base your assumption on what seems to be rational actions, whereby, with profits this tight, you would expect higher difficulty would drive some miners away, but minimg is far from rational.  Look at the previous epcoch, we had 7% increase, does it seem like there are fewer miners today? Nop, in fact it seems there are 6% more hashrate, so we finding 6% more blocks than what we should, there is no guarantee the next diff would be any different. As i said in my previous post, it is crazy American money, you can not predict anything, large corps could be mining at a loss and still manage to get investors to fund them, i see no end to this madness, the halving will stop some of it, but not all. Many of us have endless tax write offs and Jan 1 is a cut off date. So dec means spend spend spend. lots of other angles. I went to college for accounting I got my degree in 1989. I have three hundred not three plus books on tax law. Just the federal tax laws. Never mind that the states have a ton of laws on taxes. write offs and angles to play are next to endless.
https://newhedge.io/terminal/bitcoin/difficulty-estimatorLatest Block: 822965 (5 minutes ago) Current Pace: 106.7437% (438 / 410.33 expected, 27.67 ahead)Previous Difficulty: 67305906902031.39 Current Difficulty: 72006146478567.1 Next Difficulty: between 73831608656786 and 76916091001213 Next Difficulty Change: between +2.5351% and +6.8188% Previous Retarget: last Saturday at 1:01 AM (+6.9834%) Next Retarget (earliest): January 5, 2024 at 3:47 AM (in 10d 6h 23m 4s) Next Retarget (latest): January 5, 2024 at 4:48 PM (in 10d 19h 23m 24s) Projected Epoch Length: between 13d 2h 46m 21s and 13d 15h 46m 41s |
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1277
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Other / Meta / Re: Was the forum better before without Merit or is it better now with Merit?
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on: December 25, 2023, 07:59:51 PM
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Members, reputable members. Was it better before back then when this forum was without merits or is it better or even much better now with merits? Please explain your answer so users like me can get an idea how it was and what you prefer.  Before the merit system, some users didn't have to pay more attention to the BitcoinTalk, I'm not considering all the users here but just some of them. When the merit system came every individual is in struggled to get more merit through his posts and his better activities on the BitcoinTalk so his BitcoinTalk ID could be in the front of the last of the better users who were active there, and their posts quality was even better. It has a better impact on Bitcointalk as users can help each other by sending merits and giving merits to each other's posts regarding their qualities. This way, the community of BitcoinTalk is growing day by day and engaging in different talks here in different forms. i think it is better |
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1278
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Bitcoin / Mining speculation / Re: 2023 Diff thread now opened.
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on: December 25, 2023, 07:24:40 PM
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If it really becomes difficult to adjust these possible 7%, can we expect a next cycle with even higher rates, as there will be fewer machines mining!?
Your question is not clear, please elaborate. I was referring to the difficulty adjustment. With such a high adjustment we can expect even higher fees for transactions. I believe what the halving could cause is an increase in the value of Bitcoin, as miners will want to settle with higher values so as not to spend as much BTC. hard to tell. first off. smaller block counts and or higher block counts in first 500 blocks move a lot. big pools can fuck around with 10-20% hash rate by over or under clocking. right now they could be overclocking as they are still getting good fees. and the next 7 days they can back off. Foundry makes 48 blocks they can up or down say 40 or 48 or edit 54 not 64 we can not see what they do. zero stats a full black box with 33% of the hash. |
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1279
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Other / Beginners & Help / Re: Bitcoin is highly uncertain
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on: December 25, 2023, 07:19:03 PM
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some people believe that cryptocurrencies could play a more significant role in the future, it's challenged to paper money for using in future but is it really possible to beat paper money for Bitcoin ? Prediction about Bitcoin is more complicated rather other cryptocurrencies.will it possible entirely replace traditional paper money in the next 10 years where few countries already taken step and work for vision 2030.AI and others developed technology already worked in it and people accepted happily.Public acceptance will heavily influence in every invention.It's essential for me to understand what will happen if the paper money is out of Bank how people survive with new currency ?
We are not replacing paper money anytime soon 🔜. But if it rains like mad a poncho helps you. does that mean we only will own ponchos? nope but bitcoin has a purpose for people in many cases. it will stick around for quite a while. |
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1280
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Other / Meta / Re: 2FA added
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on: December 25, 2023, 07:14:26 PM
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yeah so if I use google auth vs email and have the phone with app as a stay at home security phone for auth various accounts. Would not I be safe if my email gets compromised in the future since no one has my “special”
I ask this because this is how my coinbase was protected.
the villains got into it but all was protected by my google auth on a “special” phone.
Not the compromised cell or the compromised email.
Sorry but I didn't get your question. Previously google authenticator didn't had any backup feature. So if the authenticator phone is lost all is lost. No way to recover the keys. But recently they added the backup feature. So if my gmail is compromised, so is my 2FA. Anyone can login the compromised mail and then install and get the codes. I don't see any extra security that protects the authenticator app. Like a master password. That's why I am using Authy along with google authenticator. So if anyone successful access the Authy app, they'll still need the master password to decrypt the keys (Which I set). I don't know if I used the right words. Two phones 1 was the number I gave coinbase. The other had the auth app. So no one knows the phone with the auth app. it never leaves my house. so in the case of coinbase even though they got my account access my email access and the listed phone they clone sim stole from me. they did not have the other phone in my home that had google auth. thus they could not get into my coinbase. so in the case of this website. if they get into my email does the google auth protect me. from what I read I would not be protected. and the email access would be the key. |
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