Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[bitserve]

Hardware wallets may be convenient and "cool" but they are still a point of vulnerability. Multiple encrypted copies of paper wallets are much safer.

Jimbo, all the advices you give about paperwallets are really good, but I think probably have a misunderstanding about current hardware wallets: What is the point of vulnerability you are refering to?

I mean, you say as if they had a con in comparison to paperwallets... which is it?

Lack of redundancy. If you lose your hardware wallet or it's stolen or destroyed by some calamity aren't you out of luck?

Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations?

This is exactly what I thought. You have same misunderstanding I had before being sold on the concept. Why do you think I am almost beating everyone to buy one?

When you first configure your device a seed will be generated (you can modify it if your are fucking paranoid) the same as with software wallets.

YOu can write down that seed (24 word list) the same as you would do with a paperwallet, you could configure a second device with the same seed.... you could do whatever you want the same as you would do with a paperwallet. But the plus is, when you USE it, all the signing of transactions is done inside the device so you will never expose your private keys to a computer as you would have to do with a paperwallet when you decide to "claim it".
 
Look, you have a bunch of bitcoins (WAY more than me), don't be cheap and buy one now, it's less than 100 bucks, try it, play with it for a while.... even if only for some little part of your stash (sorta warm wallet, because its a secure as a cold wallet, but as convenient as a hot wallet), and I am sure you will love it. Trust me.

[JimboToronto]

Lack of redundancy. If you lose your hardware wallet or it's stolen or destroyed by some calamity aren't you out of luck?

Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations?

This is exactly what I thought. You have same misunderstanding I had before being sold on the concept. Why do you think I am almost beating everyone to buy one?

When you first configure your device a seed will be generated (you can modify it if your are fucking paranoid) the same as with software wallets.

YOu can write down that seed (24 word list) the same as you would do with a paperwallet, you could configure a second device with the same seed.... you could do whatever you want the same as you would do with a paperwallet. But the plus is, when you USE it, all the signing of transactions is done inside the device so you will never expose your private keys to a computer as you would have to do with a paperwallet when you decide to "claim it".
 
Look, you have a bunch of bitcoins (WAY more than me), don't be cheap and buy one now, it's less than 100 bucks, try it, play with it for a while.... even if only for some little part of your stash (sorta warm wallet, because its a secure as a cold wallet, but as convenient as a hot wallet), and I am sure you will love it. Trust me.

Thanks for the detailed explanation. One more question.

If you have multiple hardware wallets with the same seed, do they all update when you perform a transaction on one of them?

Or if you have multiple copies of the seed, do the transactions travel with the seed in case your original hardware is destroyed  and you have to rebuild on new hardware with the same seed??

[bitserve]

Maybe I'm out of date but can you keep multiple hardware wallets with the same addresses in multiple offsite locations?

For hardware wallet you need only keep a copy of the seed.

Cool. So you can obviously encrypt the seed and store it in multiple locations.

Will this seed work with another physical hardware wallet if the original is destroyed?

YESSSSS, it will even work in a BIP39 compatible software wallet (but the point is to avoid software wallets).

[2017Bubble]

looks like another round of up


 

[CoinHoarder]

It looks like the weak hands are slowly but surely being weeded out. The dumps are becoming less and less (as far as the amount dumped.)

It looks like $2k is a realistic near term possibility?

[bitserve]

Thanks for the detailed explanation. One more question.

If you have multiple hardware wallets with the same seed, do they all update when you perform a transaction on one of them?

Or if you have multiple copies of the seed, do the transactions travel with the seed in case your original hardware is destroyed  and you have to rebuild on new hardware with the same seed??

First question: Yes, of course. It's basically the same as if you have your software wallet in multiple computers.

Second question I don't understand it well. If you want to have access to the same addresses you had you need to rebuild another device or a software wallet with the same BIP39 seed. Also, you can configure the device with a different seed if you want. And there's much more to it.... you can establish a passphrase (besides the regular pin) that depending on which one you enter it will access a different set of addresses (as if it had a different seed... plausible deniability, etc...)

Really, just buy one, it's a good thing.

[rpietila]

[#301]

Cohiba Behike 54: *****

[BlindMayorBitcorn]

[#301]

Cohiba Behike 54: *****

Finally snapped?

[Biodom]

what's up with the price...too fast...are we about to go supra-exponential for a short time?
$3000-3500 in a mo, than sharp down to $1100?

[rpietila]

[#301]

Cohiba Behike 54: *****

Finally snapped?

N'ah. 5/5 is not the highest grade[:

******* Singularity
****** Atm, I can't think of much better happening to me.
***** MINDFUCK>=3
COMAND RESULTS:

Mindfuck=3 (or higher, if Possible=1).
**** Unique Experience
*** Attribute=3 (time paused if CAN; goes MAD((== (Sane=0))) about the sole thought (FUCK) of THIS [IS] HAPPENING)
** If this CAN be done (FUCKED 1 []), I wont care about (*) shit.*
* GIVE FUCK 1
(-) GIVE FUCK 0


* Referring to the grading of State (/GIRL/WINE/etc(x5)) (as explained in this post).]

[JimboToronto]

Thanks for the detailed explanation. One more question.

If you have multiple hardware wallets with the same seed, do they all update when you perform a transaction on one of them?

Or if you have multiple copies of the seed, do the transactions travel with the seed in case your original hardware is destroyed  and you have to rebuild on new hardware with the same seed??

First question: Yes, of course. It's basically the same as if you have your software wallet in multiple computers.

Second question I don't understand it well. If you want to have access to the same addresses you had you need to rebuild another device or a software wallet with the same BIP39 seed. Also, you can configure the device with a different seed if you want. And there's much more to it.... you can establish a passphrase (besides the regular pin) that depending on which one you enter it will access a different set of addresses (as if it had a different seed... plausible deniability, etc...)

Really, just buy one, it's a good thing.

Thanks again. I guess I'll have to read up on BIP39.

As long as I don't have to trust any hardware manufacturer and (or anyone else besides the Bitcoin network) and my coins are secure in the case of hardware loss, I'm all for it.

You're convinced me enough to buy one (or two) just to use as a landing place when I break one of my older multi-coin paper wallets to reassign the coins. That will give me a chance to experiment with worst-case scenarios after I've drained it of all but a few satoshis.

As you said, the cost of a Trezor is negligible compared to the coins it holds at today's prices.

[JimboToronto]

what's up with the price...too fast...are we about to go supra-exponential for a short time?
$3000-3500 in a mo, than sharp down to $1100?

$1100? Are you serious? We just spent half a week correcting and consolidating after breaking $1600.

Now we finally start moving up again and reach a new ATH just $55 dollars over last week's ATH at Stamp (about 3.4%) and you think it's some kind of bubble that will break to an unrealistic low?

If it does quickly run up to $3000-$3500 and then massively correct, expect it to correct to $2500 or maybe as low as $2000 at the very least.

This isn't going up all that fast. This is just good healthy growth.

[DaRude]

Weren't we suppose to get some kind of an announcement from Finex by Monday? oh and on a separate note they're about to cross 1750

[Elwar]

Thanks for the detailed explanation. One more question.

If you have multiple hardware wallets with the same seed, do they all update when you perform a transaction on one of them?

Or if you have multiple copies of the seed, do the transactions travel with the seed in case your original hardware is destroyed  and you have to rebuild on new hardware with the same seed??

First question: Yes, of course. It's basically the same as if you have your software wallet in multiple computers.

Second question I don't understand it well. If you want to have access to the same addresses you had you need to rebuild another device or a software wallet with the same BIP39 seed. Also, you can configure the device with a different seed if you want. And there's much more to it.... you can establish a passphrase (besides the regular pin) that depending on which one you enter it will access a different set of addresses (as if it had a different seed... plausible deniability, etc...)

Really, just buy one, it's a good thing.

Thanks again. I guess I'll have to read up on BIP39.

As long as I don't have to trust any hardware manufacturer and (or anyone else besides the Bitcoin network) and my coins are secure in the case of hardware loss, I'm all for it.

You're convinced me enough to buy one (or two) just to use as a landing place when I break one of my older multi-coin paper wallets to reassign the coins. That will give me a chance to experiment with worst-case scenarios after I've drained it of all but a few satoshis.

As you said, the cost of a Trezor is negligible compared to the coins it holds at today's prices.

As with any hardware you are trusting the manufacturer and everyone involved in creating it.

[Elwar]

Weren't we suppose to get some kind of an announcement from Finex by Monday? oh and on a separate note they're about to cross 1750

The announcement was that they hired a third party to verify their holdings.

[rpietila]

(HIM(2017-5-5)) Zechariah GIVE FUCK 1 [CONSUME CAN 0.5]

[Lauda]

Good morning gentlemen. Is Bitcoin about to go crazy whilst alt start going down? I'm quite surprised that it's almost at $1700 on Bitstamp. Here's some data:

Bitstamp | There are currently 1288.2105 bitcoins offered at or under 2000.0 USD, worth 2346384.55943 USD in total. | Data vintage: 0.0161 seconds
Bitfinex | There are currently 3827.5193 bitcoins offered at or under 2000.0 USD, worth 7116497.61397 USD in total. | Data vintage: 0.0050 seconds
Premium of Bitfinex over Bitstamp is currently 3.16962648336 %.

[BDO_44]

if you buy here you have more balls than brains 

https://i.imgur.com/ajQclKO.jpg

[Denker]

Hello ladies and gentlemen!
Today is big shitcoin bleeding right?! Good good! These guys have to learn it the hard way. BTC King will continue ruling them all!
Price is around $1764 over at coinmarketcap. I'm just curious if this is the beginning of the big altcoin dump and Bitcoin's huge slingshot to $2000+.

[Lauda]

Today is big shitcoin bleeding right?! Good good! These guys have to learn it the hard way. BTC King will continue ruling them all!
Price is around $1764 over at coinmarketcap. I'm just curious if this is the beginning of the big altcoin dump and Bitcoin's huge slingshot to $2000+.

It looks like almost all of them are bleeding; take a look:


We hit $1700 on Bitstamp!