Mycelium Bitcoin Wallet

[BuySomeBitcoins]

I never used reversible payments, in the US, I accept Cash deposits only, and you can fall for a MITM scam (many fellow traders have).

If you feel like it, please explain how the MITM scam works.

An LBC trader [From Australia] already made a video about it : https://www.youtube.com/watch?v=Tk20pBdinWA  (8m in too long IMO)

can't watch, too long and too much talk about teddybears and my little ponies.

Can someone wrap it up?

sure, I will make it simple.

There are 3 persons in this scenario :

1. I, Tom who is a Bitcoin trader (Let's say on LocalBitcoins).
2. Ali, who is a scammer and who will act ad Bitcoin buyer (Will open a Buy trade from me Tom on Localbitcoins)
3. Carla, an old lady who doesn't know/care about Bitcoins.


Ali will post an ad on craiglist to sell / rent something, it could be a computer, a bike or whatever for a good price ($800 for example).
Ali would open a buy trade from me Tom on Localbitcoins of $800 and collect my bank details (name and Account number).
Ali would ask Carla to deposit the money in Tom's account (he could just say that if she does not get the item, she could report to the police).
Ali would ask Carla to take a picture of the receipt and send it via SMS/Email
Ali would upload the receipt as proof of payment for Tom on localbitcoins.
Tom will release the BTC for Ali.

I think you can easily imagine the rest of the story [Carla will report the scam to the police, get her money back and Tom is ducked.]

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[KyLins]

When the MT to start trading?

[KyLins]

No good news for MT ？

[hgmichna]

What is MT?

[hgmichna]

An acquaintance just relayed a story to me about his use of the Mycelium Local Trader. I will write it down here, because it contains useful hints about how to trade safely.

My acquaintance, I will call him the trader, wanted to buy bitcoins and had an open offer in the Mycelium Local Trader. One person entered into a trade and asked him to come into a fast-food restaurand late at night. The trader went there with a bundle of bank notes in his pocket. Both announced by Mycelium Local Trader chat that they were now in the restaurant. My acquaintance described himself, so the other person could find him.

Then communications broke off. The other person stopped chatting for good. So the trader started to worry. He was vulnerable because of the cash he carried and because at least one other person know where he was and what he looked like. He thought of a possible robbery. Not too likely in the middle of town, but who knows?

So he called a taxi and asked the taxi driver to park before the entrance, come into the restaurant and escort him out to the taxi.

What could have happened? There are several possible explanations, and I'd like to hear more, so if you can come up with another explanation, please reply.

• The person's mobile phone battery died exactly at the least favorable minute. I consider this highly unlikely.
• The person is an idiot and just wanted to get the feeling for a trade without actually carrying it out.
• The person saw the trader and did not like him.
• The person knew and recognized the trader and did not want to identify himself to the trader.
• The person wanted to identify, possibly photograph the trader.
• The person got cold feet and got afraid of being robbed himself after taking the cash.
• The person had planned not to do the trade but to wait until the trader leaves the meeting place, then rob him or have him robbed.

Lessons to learn:

1. If you carry a large amount of cash, do not identify yourself. Let the bitcoin seller describe himself and find him.

2. If something happens that leaves you vulnerable, call a friend, a taxi, or an Uber car, ideally by text chat with your smartphone, so nobody can overhear what you are doing, and ask the driver to escort you into the car.

3. Choose a meeting place where the distance to a taxi is short in the first place.

4. If the amount of cash you carry is too high for comfort, bring your own bodyguard. Let your bodyguard be near you at all times, but not in direct contact, so other persons cannot know that you have a bodyguard. The bodyguard does not have to be a professional and does not have to be armed. His purpose is two-fold. He should watch the surroundings attentively, spot followers in time, and warn you. And he should step in when an obvious problem comes up and act as a deterrent.

It all depends, of course, on how much cash is carried. I would not worry too much about four-digit dollar figures, but at five digits this posting becomes relevant.

[adaseb]

An acquaintance just relayed a story to me about his use of the Mycelium Local Trader. I will write it down here, because it contains useful hints about how to trade safely.

My acquaintance, I will call him the trader, wanted to buy bitcoins and had an open offer in the Mycelium Local Trader. One person entered into a trade and asked him to come into a fast-food restaurand late at night. The trader went there with a bundle of bank notes in his pocket. Both announced by Mycelium Local Trader chat that they were now in the restaurant. My acquaintance described himself, so the other person could find him.

Then communications broke off. The other person stopped chatting for good. So the trader started to worry. He was vulnerable because of the cash he carried and because at least one other person know where he was and what he looked like. He thought of a possible robbery. Not too likely in the middle of town, but who knows?

So he called a taxi and asked the taxi driver to park before the entrance, come into the restaurant and escort him out to the taxi.

What could have happened? There are several possible explanations, and I'd like to hear more, so if you can come up with another explanation, please reply.

• The person's mobile phone battery died exactly at the least favorable minute. I consider this highly unlikely.
• The person is an idiot and just wanted to get the feeling for a trade without actually carrying it out.
• The person saw the trader and did not like him.
• The person knew and recognized the trader and did not want to identify himself to the trader.
• The person wanted to identify, possibly photograph the trader.
• The person got cold feet and got afraid of being robbed himself after taking the cash.
• The person had planned not to do the trade but to wait until the trader leaves the meeting place, then rob him or have him robbed.

Lessons to learn:

1. If you carry a large amount of cash, do not identify yourself. Let the bitcoin seller describe himself and find him.

2. If something happens that leaves you vulnerable, call a friend, a taxi, or an Uber car, ideally by text chat with your smartphone, so nobody can overhear what you are doing, and ask the driver to escort you into the car.

3. Choose a meeting place where the distance to a taxi is short in the first place.

4. If the amount of cash you carry is too high for comfort, bring your own bodyguard. Let your bodyguard be near you at all times, but not in direct contact, so other persons cannot know that you have a bodyguard. The bodyguard does not have to be a professional and does not have to be armed. His purpose is two-fold. He should watch the surroundings attentively, spot followers in time, and warn you. And he should step in when an obvious problem comes up and act as a deterrent.

It all depends, of course, on how much cash is carried. I would not worry too much about four-digit dollar figures, but at five digits this posting becomes relevant.

This post gave me the creeps. Thanks for the warning. However why did he agree to go to the restaurant late at night. Why didn't he agree to meet at like a bank to do the exchange.

[TraderETH]

An acquaintance just relayed a story to me about his use of the Mycelium Local Trader. I will write it down here, because it contains useful hints about how to trade safely.

My acquaintance, I will call him the trader, wanted to buy bitcoins and had an open offer in the Mycelium Local Trader. One person entered into a trade and asked him to come into a fast-food restaurand late at night. The trader went there with a bundle of bank notes in his pocket. Both announced by Mycelium Local Trader chat that they were now in the restaurant. My acquaintance described himself, so the other person could find him.

Then communications broke off. The other person stopped chatting for good. So the trader started to worry. He was vulnerable because of the cash he carried and because at least one other person know where he was and what he looked like. He thought of a possible robbery. Not too likely in the middle of town, but who knows?

So he called a taxi and asked the taxi driver to park before the entrance, come into the restaurant and escort him out to the taxi.

What could have happened? There are several possible explanations, and I'd like to hear more, so if you can come up with another explanation, please reply.

• The person's mobile phone battery died exactly at the least favorable minute. I consider this highly unlikely.
• The person is an idiot and just wanted to get the feeling for a trade without actually carrying it out.
• The person saw the trader and did not like him.
• The person knew and recognized the trader and did not want to identify himself to the trader.
• The person wanted to identify, possibly photograph the trader.
• The person got cold feet and got afraid of being robbed himself after taking the cash.
• The person had planned not to do the trade but to wait until the trader leaves the meeting place, then rob him or have him robbed.

Lessons to learn:

1. If you carry a large amount of cash, do not identify yourself. Let the bitcoin seller describe himself and find him.

2. If something happens that leaves you vulnerable, call a friend, a taxi, or an Uber car, ideally by text chat with your smartphone, so nobody can overhear what you are doing, and ask the driver to escort you into the car.

3. Choose a meeting place where the distance to a taxi is short in the first place.

4. If the amount of cash you carry is too high for comfort, bring your own bodyguard. Let your bodyguard be near you at all times, but not in direct contact, so other persons cannot know that you have a bodyguard. The bodyguard does not have to be a professional and does not have to be armed. His purpose is two-fold. He should watch the surroundings attentively, spot followers in time, and warn you. And he should step in when an obvious problem comes up and act as a deterrent.

It all depends, of course, on how much cash is carried. I would not worry too much about four-digit dollar figures, but at five digits this posting becomes relevant.

This post gave me the creeps. Thanks for the warning. However why did he agree to go to the restaurant late at night. Why didn't he agree to meet at like a bank to do the exchange.

We can take lessons about this problem when will do trading face to face, we must do transaction on safe places are like on mall bank and other public places and we must always do transaction with many people, i hope this problem won't happening in the future.

[Valerian77]

After reading about all the f*kcing scams I must say that cash and also personal contacts with money exchange are always risky and can turn in a problem that nobody wants to experience. One I have been robbed of my coins myself after someone put some kind of KO drug into my beer. That was an expensive lesson. I was lucky that the loss of money was the only implication to my life.

I would highly recommend to prefer Bitsquare.io for small trades. That market is probably the most safe and anonymous market available. Scams are basically not possible. You never need to meet someone in person.

If you like to meet people in person for trading then choose a secure place with video surveillance like a bank or a shopping mall in a secure area. The bank may also be useful for the seller because they can check the validity of the notes.
Trade only little amounts like $100 which nearly anybody could have in his purse.

But always remember that there were people who have been killed for $2. Money attracts all kind of shady guys who want to trick it out of your pocket. Eg. in another contact over MC-localtrader somebody dared to ask me if I can borrow him BTC for one month     Another one wanted to sell 125 BTC when the price was around 200€ (makes 25.000€) in one transaction without identifying himself and where the coins came from. I could tell more funny stories like that.

Why take a risk if it can be done from home with Bitsquare without ever meeting alien people.

[cisA]

Guys, its easy, use the core client.

[RGBKey]

Guys, its easy, use the core client.

That's not the point. Nobody is debating the utility of Mycelium because it has a lot of features and it's good to use things made by people other than the core devs. What they're talking about is the dangers of meeting people you don't know, which doesn't really have anything to do with the wallet itself.

[mishax1]

http://news.wallet.mycelium.com/mycelium-wallet-status-update-for-november-2016/

[KyLins]

What is MT?

MT is  Mycelium Token

[juras54]

Hi, I participated in ICO and got Mycelium token. When  it will be possible to sell on exchange ?

[mishax1]

Hi, I participated in ICO and got Mycelium token. When  it will be possible to sell on exchange ?

https://bitsquare.io/

[PilotofBTC]

How safe and secure is locking USD into the Coinapult USD account in the Mycelium wallet?

[manfisto]

hi all,

i have a problem but not sure if it is mycelium or ledger wallet or bitcoin transaction issue.
currently i am stuck at signing transaction (please wait...) screen when i try to send btc since yesterday.
I've set miner fees to priority and it is still the same.

how do i solved this issue?
thank you.

[hgmichna]

I have emptied and archived my only HD wallet and created a new one.

Of course I need a fresh backup of the new master seed, but Mycelium tells me that I already have one and it refuses to produce a backup.

That is absolutely not what I would expect. What if my master seed got compromised and therefore I wanted to create a new one? What if somebody created a new HD account, transmitted bitcoins into it, then found himself unable to create a backup, and then his mobile phone broke or was stolen?

I am getting worried. How is it possible that a well-known and widely used bitcoin wallet contains such a critical security defect?

[trasla]

Creating an additional HD account does not create a new master seed. It gets derived from the same seed following BIP44 so the same backup covers it.

[hgmichna]

Thanks for the explanation. I already guessed that.

The question remains, why does Mycelium refuse to create a backup? This looks very much like a defect to me. It creates a risk to lose a lot of money.

The other question also remains, what do I do to get a new master seed? If I uninstall Mycelium and reinstall it, all non-HD accounts would get lost, which is inconvenient, to say the least. But would this at least create a new master seed? I guess it has to, because the old master seed should never be kept anywhere else.

[Millionero]

I have emptied and archived my only HD wallet and created a new one.

Of course I need a fresh backup of the new master seed, but Mycelium tells me that I already have one and it refuses to produce a backup.

That is absolutely not what I would expect. What if my master seed got compromised and therefore I wanted to create a new one? What if somebody created a new HD account, transmitted bitcoins into it, then found himself unable to create a backup, and then his mobile phone broke or was stolen?

If you lost your seed wordlist would you need to generate it again.  And you can.
You can create an "Additional Master Seed Backup."  Click the three menu dots at the top right of your screen, and select "Backup."
There's a warning and an "I understand" button that might stay greyed out for sixty seconds before it allows you to generate the words.  
The logic behind the warning is that, if you lost the list of words that you wrote down, then somebody else might have it, and your funds are at risk; it's better to generate another wallet and transfer the funds to the new wallet.  Then only you will have the seed.
And the logic behind making you wait sixty seconds is to make you read the warning.
But Mycelium does not "refuse to produce a backup."
And "if somebody created a new HD account, transmitted bitcoins into it, then found himself unable to create a backup, and then his mobile phone broke," well that means somebody was using a wallet that he didn't back up!  Naughty, naughty.