Riddles and Brain-Teasers for Bitcointalk Members (Newbies – Members)

[*1Bishop1*]

If Anna did everything right, and Bitcoin did not come... Perhaps a problem with the blockchain network? Transaction did not receive confirmation? It is necessary to either wait yet, or turn off support for help.

[*1Bishop1*]

I'm still not familiar with this wallet. But I can assume that if she did everything right, and there are no problems, but Bitcoin does not see, then maybe she checks the wrong wallet? Maybe she bought BTC, and now checks BCH? She just needs to check its BTC wallet (address). By the way, it can check the translation status for example in blockchain.com. So she will definitely know that her coins came to her address.

[Pmalek]

<Snip>

Anna has purchased Bitcoin Cash by mistake. The site Bitcoin.com tried to trick people in the past by giving the real Bitcoin a wrong name on their site. They referred to it as Bitcoin Core. When you pressed on the buy button, the site would set up your purchase for Bitcoin Cash just like you can see on the screenshot. Bitcoin Cash gets automatically selected. People who purchase Bitcoin for the first time got tricked this way because they thought they were purchasing the real Bitcoin and not Bitcoin Cash which is an altcoin.

That's what happened to Anna. She now owns Bitcoin Cash that she accidently sent to her Bitcoin non-custodial wallet. Luckily for her, she has full control of the coins because her wallet allows her to see and extract private keys for its addresses. What does she need to do with the private key of the address the coins were sent to?      

[Theoboy]

What happened here, and how did Tom lose his bitcoin?
What did he do wrong, and how should he have acted?   

1. He decided to make use of the first result he saw without doing any research which lead him to a big problem encountering a scam.
2. He watched a video on YouTube and just decided to rush in to something he doesn't really have an insight on, That's wrong, he would have done at least a little research before going into that

I won't blame his reaction but it's his fault, but he should sit down and find out where he went wrong

[Theoboy]

Why is her wallet empty? What did she do wrong, and how can she correct the situation?

This no joke, had similar problem but I figured it out later and made a post about it some months back
https://bitcointalk.org/index.php?topic=5309358.msg56092960#msg56092960

Why is her wallet empty?
Her wallet is empty because she made use of the wrong address, she decided to buy Bitcoin but instead she bought Bitcoin cash but made use of a Bitcoin wallet address as the receivers address

(But I think the site that she's buying from should had warned her that the address is not for BCH)

She can correct this by importing her current wallet by making use of her keys to another wallet that supports both BTC and BCH and when this is done she will probably see what she purchased

[*1Bishop1*]

Anna has purchased Bitcoin Cash by mistake. The site Bitcoin.com tried to trick people in the past by giving the real Bitcoin a wrong name on their site. They referred to it as Bitcoin Core. When you pressed on the buy button, the site would set up your purchase for Bitcoin Cash just like you can see on the screenshot. Bitcoin Cash gets automatically selected. People who purchase Bitcoin for the first time got tricked this way because they thought they were purchasing the real Bitcoin and not Bitcoin Cash which is an altcoin.

That's what happened to Anna. She now owns Bitcoin Cash that she accidently sent to her Bitcoin non-custodial wallet. Luckily for her, she has full control of the coins because her wallet allows her to see and extract private keys for its addresses. What does she need to do with the private key of the address the coins were sent to?      

As I wrote earlier, she just can check the purse's balance on the site for example blockchain.com. And since she has a private key, it can at any time import a private key to any software wallet and she will see their coins there and will be able to send them where he wants.

[Pmalek]

I think I can consider this as solved now. Thanks *1Bishop1* and rosenbauer02 for giving it your all.

What I wanted to hear is that her coins are not lost. She was just using the wrong software to check the blockchain. Because she has a non-custodial wallet and access to private keys, Anna needs to export the private key of the address she funded, and import it into a Bitcoin Cash wallet. One wallet that she can use is Electron Cash. Case closed.

[o_e_l_e_o]

Note a couple of additional points:

• When doing this, it is far better to export and recover the private key of the individual address in question rather than trying to recover from your entire seed phrase in a BCash wallet. It avoids any problems you might run in to with incompatible phrases or incorrect derivation paths, and it also means you are not exposing your entire seed phrase and therefore risking every wallet derived from it. Exposing a single private key is a more straightforward and safer option.
• To be doubly safe, you should move any bitcoin on that address to a new address before exporting that address's private key. This is so there is no risk of your bitcoin on that address being stolen after you have exposed the private key to that address, and it has also been necessary in the past when some forks of bitcoin (and potentially in the future with future forks of bitcoin) have not implemented relay protection, meaning any transaction you make on the altcoin chain can be duplicated on the bitcoin chain.

[rosenbauer02]

I think I can consider this as solved now. Thanks *1Bishop1* and rosenbauer02 for giving it your all.

What I wanted to hear is that her coins are not lost. She was just using the wrong software to check the blockchain. Because she has a non-custodial wallet and access to private keys, Anna needs to export the private key of the address she funded, and import it into a Bitcoin Cash wallet. One wallet that she can use is Electron Cash. Case closed.

Oh, exporting private keys is all it needs.  Hahaha I should have answered it that way.

Anyway, I learn from this scenario and wanted to get mor OP and since you permit it then I am glad to take part of it. Hopefully you will not get bored of my answer though I have some background and google to rely on but still google will not always get you the right answer. It is still the experience is the best teacher and to learn on. Sharing it here for free would be the most exciting thing here in the forum. I can't wait for the next riddle of the OP.

If ever I know the answer, then I will remain silent to give others the chance to discuss it with but if I do not.know the answer then I will be happy to try my best to answer and learn from it. It would be a pleasure also to meet legend users here in the forum doing all this for free. This is an extra baggage for them to carry just to share valuable knowledge and learnings. I am glad to participate and actively discuss. We will going to see the next riddle and again if I know the answer then I will remain neutral ans silent but if I do not know the answer then I will do mu best. Google search engine is also ready for reference. Hahahah

[*1Bishop1*]

In any case, I would seek the right answer from us on the forum. There are many experts! Thank! It was very interesting! Very waiting for new mysteries!

[Pmalek]

All newbies, Jr. members, and members can freely participate in every riddle or brain-teaser I post. Even if you took part in the previous ones, got merited, or didn't get merited. It doesn't matter. The point is to get new members interested and have them discuss common problems and misconceptions about bitcoin and crypto.

@*1Bishop1*, @rosenbauer02
If you think you know that answers to the next questions, don't hesitate to share your opinions. Googling the answers is not a problem. No one knows everything, but learning how and where to look for problems is equally important.

[Marvelman]

All newbies, Jr. members, and members can freely participate in every riddle or brain-teaser I post. Even if you took part in the previous ones, got merited, or didn't get merited. It doesn't matter. The point is to get new members interested and have them discuss common problems and misconceptions about bitcoin and crypto.

That's great. Since I answered the first riddle, I decided to skip this last one.

Keep them coming, Pmalek.

[Pmalek]

Riddle #3

Peter is fresh out of college and is looking to make a quick buck. He checks the internet for recent investment trends and learns about bitcoin and crypto. While searching for new coins to invest in and make as much money as possible, he comes across tweets by John McAfee, the notorious businessman and investor.

John seems to know it all and has a huge following. He appears confident and knowledgeable and is precisely the person Peter was looking for. Someone to guide him on the path to success. He starts following McAfee and trusts everything John says.

John is such a selfless man. He tweets and recommends to his audience what coins to invest in. Bitcoin is, of course, a significant part of an investor’s portfolio, so Peter buys bitcoin before anything else. John says it’s going to be worth a million $ a coin after all.

But it’s not just bitcoin you should invest in. John shares exclusive info with his followers that privacy coin Verge is going to be the next big thing. Anyone who doesn’t see it coming and doesn’t jump in early is an idiot, Peter thinks. He invests a big chunk of his savings into Verge.



Mr McAfee’s 2nd golden ticket is bezop.io – a decentralized marketplace that will overtake Amazon in the years to come. Amazon on the blockchain, how cool is that Peter thinks, as he places his buy order worth $3000.




What does Peter’s portfolio look like now, a few years after his initial investment? Verge is down 85% and Bezop’s value has fallen by 95%. The only thing that looks good is bitcoin.

But Peter did everything right. How could this happen?
Where did Peter go wrong?

[Marvelman]

But Peter did everything right. How could this happen?
Where did Peter go wrong?

I believe Peter's first mistake was to blindly trust someone on social media, especially with regards to investment advice. Peter, like everyone else in this situation, should perform his own research before making any decisions.

[Pmalek]

That's correct Marvelman.
Peter's first mistake was to trust a social media influencer and online personality. Influencers are marketers and salesmen. They get paid for advertising, aka, shilling certain products and services on the general public. John McAfee was just like that. Each tweet he made suggesting his followers what project to invest in, was a paid tweet.

Before Peter invested his own money, he should have conducted his own independent research on the platforms, the development teams working in the background, and what issues are solved with that particular coin and network. However, Peter didn't do any of that. He believed in the recommendations of others and it resulted in him losing a big part of his investment.   

[rosenbauer02]

In additon to @Marvelman answer about doing some research before jumping into investment. Peter should only trust only investing on bitcoin (BTC). All coins in the market are only an alternative coin to bitcoin. Investing altcoins is too risky and that will not give an assurance to earn compared to bitcoin. If only peter had invested bitcoin then after some time he could have more money with bitcoin.

I myself had only been eyeing on bitcoin alone and no other crypto that can guarantee earnings or profit like bitcoin. Since Peter is new to cryptocurrency, then he would have only believe in bitcoin.

To all new to cryptocurrency and wanting to invest. As a newbie to cryptocurrency, I suggest to invest in bitcoin alone and leave it for a while. Hold it and see some time like 3 to 5 years what could happen to your money with bitcoin. History repeats itself and the 2017 ATH of bitcoin was already being surpass with the current market and still counting.

[Myleschetty]

In addition to what others have said. I believe Peter's mistake started from not seeking knowledge about how to make a profitable investment in crypto first and also having the thought of cryptocurrency to be quick to the rich scheme which was also the same mistakes most newbies of this day make.

[Mr.right85]

Thanks for yet another round of riddle, somehow, I missed to participate by means of trying to figure out the answer on this one but yeah. You guys are write on the ground that, Marvelman committed the error of blindly following a project based on recommendation. Its wrong! Especially when the recommendation is based on a social media advert. He should have first wondered if the advertiser would have done otherwise apart from praising and projecting the company or coin above others in the market. Is the way of things and a personal investigation or research is all that is needed to safe guard the available funds. I look forward to the next round.

[Minerall]

Riddle #3
...
But Peter did everything right. How could this happen?
Where did Peter go wrong?

If he made 2 mistakes and did everything right, then I think like this:
1. he confided in a stranger. It could be a swindler.
2.1 Maybe Peter invested almost all of his funds in bitcoin? He had heard about bitcoin, but not about other things, so he invested almost all his money in bitcoin? And the rest only a little.
2.2 And Peter could have invested all his money in bitcoin, but he simply did not have enough for other projects. This was a problem for him then. But later he realized that he was lucky.
If there is any other way Peter could have made a profit in this case, I'm curious to know. Thanks!

[Jenningss]

This is a very good learning format. This is the puzzle that make think a beginner and they may be faced with such situations in reality.