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Author Topic: OMG did I just loose $4000? electrum not working on mac!  (Read 5863 times)
bf4btc
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December 29, 2014, 01:01:07 AM
 #21

Electrum works differently than bitcoin-qt. It doesn't randomly generates new addresses like B-QT but produces them off the seed in a deterministic way (but yet unpredictable for someone who doesn't have the seed). The seed is all you need to recover your addresses. If you are uncomfortable using this mac, install electrum on a different computer and restore from the seed.
Once again, as long as you know the seed you haven't lost anything. All is good.


That's true. In fact, I've had numerous times when I reformatted my computer, deleted anything related to Bitcoin, and then started over again. The only thing I had to gain access to my bitcoins again was the 12 word seed in my head.

I don't know much about this. What if someone discovered your seed? 12 words is secure?
Yes, 12 words is secure enough so that it would be near impossible for someone to guess (or attempt to mine) your seed.

If someone discovered your seed then the result would likely be the same as if someone discovered your private key - your funds would be taken from you

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December 29, 2014, 01:11:20 AM
 #22

Electrum works differently than bitcoin-qt. It doesn't randomly generates new addresses like B-QT but produces them off the seed in a deterministic way (but yet unpredictable for someone who doesn't have the seed). The seed is all you need to recover your addresses. If you are uncomfortable using this mac, install electrum on a different computer and restore from the seed.
Once again, as long as you know the seed you haven't lost anything. All is good.


That's true. In fact, I've had numerous times when I reformatted my computer, deleted anything related to Bitcoin, and then started over again. The only thing I had to gain access to my bitcoins again was the 12 word seed in my head.

I don't know much about this. What if someone discovered your seed? 12 words is secure?
Yes, 12 words is secure enough so that it would be near impossible for someone to guess (or attempt to mine) your seed.

If someone discovered your seed then the result would likely be the same as if someone discovered your private key - your funds would be taken from you

But private keys are stored _encrypted_as wallet.dat files, not a dozen words you might be foolish enough to write down and put in your drawer

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December 29, 2014, 01:34:43 AM
 #23

Electrum works differently than bitcoin-qt. It doesn't randomly generates new addresses like B-QT but produces them off the seed in a deterministic way (but yet unpredictable for someone who doesn't have the seed). The seed is all you need to recover your addresses. If you are uncomfortable using this mac, install electrum on a different computer and restore from the seed.
Once again, as long as you know the seed you haven't lost anything. All is good.


That's true. In fact, I've had numerous times when I reformatted my computer, deleted anything related to Bitcoin, and then started over again. The only thing I had to gain access to my bitcoins again was the 12 word seed in my head.

I don't know much about this. What if someone discovered your seed? 12 words is secure?
Yes, 12 words is secure enough so that it would be near impossible for someone to guess (or attempt to mine) your seed.

If someone discovered your seed then the result would likely be the same as if someone discovered your private key - your funds would be taken from you

But private keys are stored _encrypted_as wallet.dat files, not a dozen words you might be foolish enough to write down and put in your drawer
There is no rule that says you need to write down your seed. You can (and many people do) save their seed as a text file and then pgp encrypt the message/text file. Additionally in the event that your computer is damaged to the point that you cannot recover any data, you can easily access your wallet via your seed (if you need write it down and keep it in an actual safe place)

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January 03, 2015, 03:59:22 AM
 #24

If you have the seed or know the seed, then you are fine.

It's all you or anyone else for that matters needs to recover your funds.


~BCX~
I am not sure why so many people are talking about a wallet.dat file or QT. Neither of these apply to the OP if he is using electrum. The above is correct, all you need to recover your wallet is the seed.

If you are unable to get electrum to work on your computer then I would suggest doing the following

1 - Read up on PGP, find a gpg keychain manager (that you are sure you can trust) and install it on your computer.

2 - Choose and install a new wallet service (perhaps multibit or blockchain.info).

3 - Find a very reputable escrow service on the forum with a lot of positive trade experience.

4 - Message them with your problem and ask them if you can give them your seed, and they will return the bitcoin that is in the wallet controlled by your seed.

5 - Once you find someone very trusted that can do this encrypt a PGP message to the escrow with your seed

6 - give the escrow a newly created address from your new wallet service in step 2

7 - you now should have control of your bitcoin again

it would be safer just to get a virtual machine up and running and install electrum on that and import the backup via the seed.

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January 08, 2015, 02:54:44 PM
 #25

so....did you recover them?

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February 09, 2015, 03:56:31 PM
 #26

I like to know this as well.  This is one of the reasons that i'm worried about using a client like electrum even though i read its pretty safe.


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Lorenzo
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April 15, 2015, 05:15:50 AM
 #27

Is all of this in addition to having a wallet.dat backup key?

Yes, well sort of...

Electrum doesn't use a wallet.dat file although I think earlier versions did (and even back then, I'm not sure if it was compatible with the official Qt client's wallet.dat). I'm currently using the portable version of Electrum and the program creates a folder in the same directory with a file called "default_wallet" located in the "wallets" subfolder. This file works in pretty much the same way as wallet.dat does in the Qt client and you can encrypt it or create backups of it if you want to. Those who are running the non-portable version of Electrum would have the wallet file stored in their user directory.
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May 10, 2015, 06:57:59 AM
 #28

so....did you recover them?

I COULD NOT RECOVER USING ANY OF THE METHODS PEOPLE SUGGESTED, I THANK GOD I HAD A PREVIOUS APPLE TIME MACHINE BACKUP WHICH WAS ESSENTIALLY A SNAPSHOT OF THE MAC FEW MONTHS AGO,
WHICH HELPED ME PUT MY ENTIRE MAC TO THAT TIME, INCLUDING THE ENTIRE ELECTRUM WALLET.

I'D BE WARY OF THESE UNLESS YOU CAN BACKUP VIA TIME MACHINE LIKE I DID.

THE MONEY EACH BTC HOLDS IS HUGE ,SO BETTER DO YOUR HOMEWORK TO PREVENT CRYING LATER...

JUST MY OPINION AFTER GOING THROUGH THIS SHIZ.

oh well  Shocked
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May 10, 2015, 07:07:12 AM
 #29

so....did you recover them?

I COULD NOT RECOVER USING ANY OF THE METHODS PEOPLE SUGGESTED, I THANK GOD I HAD A PREVIOUS APPLE TIME MACHINE BACKUP WHICH WAS ESSENTIALLY A SNAPSHOT OF THE MAC FEW MONTHS AGO,
WHICH HELPED ME PUT MY ENTIRE MAC TO THAT TIME, INCLUDING THE ENTIRE ELECTRUM WALLET.

I'D BE WARY OF THESE UNLESS YOU CAN BACKUP VIA TIME MACHINE LIKE I DID.

THE MONEY EACH BTC HOLDS IS HUGE ,SO BETTER DO YOUR HOMEWORK TO PREVENT CRYING LATER...

JUST MY OPINION AFTER GOING THROUGH THIS SHIZ.

oh well  Shocked


Let this be a wake up call to you and all other crypto users.. Always make backups of your wallets.

I have lost a small amount of BTC (~0.05) by accidently deleting wallets and not having copies of them or the provate keys.
The nature of crypto dictates that you should always prepare for the worst and have multiple backups of your privkeys in safe locations.
Paper wallets in safes are a great idea, so is having a USB drive locked away with all of your private keys as well.
Practice security and common sense at all times to avoid things like this.
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May 10, 2015, 03:57:11 PM
 #30

As long as you have the phrase, then no matter what happens to your computer, is it 100 percent fine?


What happened to the phrase?  Did you wrote it down but left it somewhere?


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                     ,╓@▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓Ñ╖    ,@▓▌
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         └▓█▓╜       ,@▓▓▓▓▓▓▓▓▓▓▓▓████████████▓▓█▀
          '"       ╓@▓▓▓▓▓▓▓▓▀▓▓▓▓█████████████▀╙        ,
                 ╓▓▓▓▓▓▓▓▓▓╜    ╙▀▀▀▀▓▓▓▀▀▀▀╜          ╓▓▓▓╖
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            ,g▓██████████▓▄,                    ,╓@▓▓█▓▓▓█▓██╜
            ▓████████████████▓▄▄p╖,,     ,,╓µ▄▄▓██████████▓╜
            ▓█████╜╙▀███████████████████████████████████▀`
            ▓██▓╜     "▀▀███████████████████████████▀╜`
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December 08, 2015, 05:27:53 PM
 #31

so....did you recover them?

I COULD NOT RECOVER USING ANY OF THE METHODS PEOPLE SUGGESTED, I THANK GOD I HAD A PREVIOUS APPLE TIME MACHINE BACKUP WHICH WAS ESSENTIALLY A SNAPSHOT OF THE MAC FEW MONTHS AGO,
WHICH HELPED ME PUT MY ENTIRE MAC TO THAT TIME, INCLUDING THE ENTIRE ELECTRUM WALLET.

I'D BE WARY OF THESE UNLESS YOU CAN BACKUP VIA TIME MACHINE LIKE I DID.

THE MONEY EACH BTC HOLDS IS HUGE ,SO BETTER DO YOUR HOMEWORK TO PREVENT CRYING LATER...

JUST MY OPINION AFTER GOING THROUGH THIS SHIZ.

oh well  Shocked


As a new Electrum user, this sounds like a horror story.  Shocked

Why weren't you able to recover everything with the seed, considering it is meant to serve that purpose?  Huh

Fatti non foste a viver come bruti, ma per seguir virtute e canoscenza.
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January 08, 2016, 09:08:27 PM
 #32

As long as you have the phrase, then no matter what happens to your computer, is it 100 percent fine?
Yes, the Op could've simply added the 12 word phrase on his Mac or any other computer and his wallet would be restored.
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January 08, 2016, 09:15:52 PM
 #33

1. backup wallet.dat to USB memory just in case.

Quoted for emphasis!
Make a copy, put it on a USB stick (or other media). Put that screenshot with it for safe keeping. Now you have your private keys and your seed (password).
No matter how badly you may botch things on your computer you will be fine if you have these. However if you loose either of these, you are hopelessly screwed.

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