i'm not pretending anything. I'm seriously asking. I don't know how this stuff works. I was surprized when you said to do all this stuff with laptop securities, linux distros, etc. It seemed crazy complicated. Blackrock gave their bitcoin to Coinbase. Why the need for all these laptops? If i want to buy 100k worth of bitcoin, what do i do? I hope i don't need all these laptops and linux distros. Again, these are serious questions. Not snarky or anything else.
Fair enough, I overreacted and I apologize That was for a $1.1 Billion worth of bitcoin, 10,000 bitcoin, I laid out a plan how I would do it I created a thread here on ET on how to create a secure computer to store bitcoin and crypto assets and in one of the posts on the thread, I mentioned that it may seem overkill to have a dedicated laptop for what is essentially a small value holding say 1-5 bitcoin at the time was worth $30k-$150k but you treat the holdings now as if they are worth much more as they will be in the future... I'll give another scenario, in 2010, Laszlo purchased 2 papa john pizzas for 10,000 bitcoin, my guess is that there is a very high likelihood Laszlo's bitcoin wallet that he used for the transaction was not even encrypted those bitcoin were worth $0, there is no need to have any security on them I've used Blockchain.com (when it was Blockchain.info) online wallet for several years, still have access to my wallet there and many others did so as well, during the 2017 bull market, there was a hack on blockchain.com, people lost a lot of bitcoin, some were executives on wall street, an article even came out, I think he had 200 or more bitcoin stored there, and his excuse for not transferring them to a local bitcoin wallet he controls was because they were worth several hundred $ when he got them, but when he lost them they were worth over $2M (now worth over $20M) I used to have 5 bitcoin on an android Phone wallet I carried around just in case I needed to buy coffee where it was accepted.... nowadays, my bitcoin wallet has less than 0.25 btc tl;dr above but the message is the security is commensurate with the value of the bitcoin if you do not want to bother with changing your security model for the future, you treat the bitcoin asset that you own now as if they are worth 100x $100k worth of bitcoin is about 1 bitcoin, you do not touch for 10-15 years or longer which will be worth $5-10M, imho buy a dedicated laptop, wipe out Windows, install Linux, install the bitcoin wallet, do not use it for anything else, backup the private keys, encrypt the backup, you can store on your Azure or AWS if you trust they will not be hacked, and give to your kids at a later time(?)
No worries... I think it is a good idea for anyone to have bitcoin, even a small amount, even if it's not for the purpose of increasing your net worth or wealth Think of it as an insurance asset, like physical gold you can bring with you anywhere in the world On the subject of a bitcoin wallet, it is possible to have multiple different wallets, for example you can have a small mount say less than 0.5 btc on an Aqua wallet on your laptop, and install the same Aqua wallet on your phone Aqua wallet on the phone will have access to Lightning bitcoin, mainnet bitcoin, liquid sidechain for tokenized assets, Tether for quick fiat conversions back and forth to bitcoin and ability to spend at any brick and mortar that accepts bitcoin and of course online what's fascinating to see is the ability to transfer value to someone in another country or continent 24/7/365 without any intermediaries (within the bitcoin wallet, it forms the transaction details, and prompts you to sign using the private key on the local device and broadcasts it on the p2p network, lightning, mainnet, et al)
I may sound extreme but imagine in 2013-2015 reading some of the bitcoin maxi discussions on security (ironically when price of a bitcoin was much lower) generate a private key tossing a penny 256 times as the computer rng is not to be trusted backdoored by the 3 letter agencies have a laptop and destroy all radio interfaces, wifi, Bluetooth, even the keyboard is suspect, apparently the keyboard beeps could be converted to ASCII equivalence and mapped out, so an onscreen keyboard might be preferable that you would click for input put the laptop inside a faraday cage and that will be where you store private keys and it will be the signing device, store in a cabin in the mountain, do not tell anyone about it in order to make a transaction, you would use a cellphone or tablet or a computer but the last piece will be done on the laptop above for signing and then exported as raw ready to be broadcasted then broadcast the transaction over ham radio to somewhere in the world which in turn will broadcast over the internet Imagine one of these dudes, completely cut off living in the cabin in the mountains, gets a call on his basic phone and his long lost cousin saying he will text him a Bitcoin address to send 10 btc to buy a car for his niece who turned 18 and he would say why you trying to scam someone paying so little for a car, and the cousin would say don't worry about it bro I'll add the funds that are needed
Lol how is any any of that going to protect your seed phrases? Once a wallet has broadcasted a transaction, the public key is revealed, and with quantum computing on the horizon (Shor’s Algorithm), it becomes theoretically possible to derive the private key from that public key. That’s why a "sent" wallet — one that has broadcast a transaction — is cryptographically weaker than an "unsent" wallet that never has. Think of it like this: > Trying to crack an unsent wallet is like guessing someone’s bank account number from thin air. But once they’ve sent coins (broadcast a transaction), for a quantum computer its like you've written a cheque with all your account information attached. BIP-39 uses 2048 fixed words, known to everyone. That means every possible seed phrase is just a combination of 12 or 24 words from that limited pool. You're not picking from the full English language or using a custom passphrase — you're drawing from a fixed, known deck of 2048 words, which compresses the entropy and makes the entire system more predictable to a quantum adversary. Just more reason why holding raw Bitcoin makes no sense anymore when there are Bitcoin ETFs available.
Aren't most of these hacks more social engineering? Multisig wallets and encrypting keys and recovery phrase (offline) seems fine and don't put all your eggs in one basket. Of course, this doesn't matter if the wallet itself is compromised before you use it; for educational purposes only.
WTF is wrong with you? I obviously meant that banks are ABLE to do this ANYTIME they want to. Att least in better European banks where you don't have to wait until Monday for your money transfer. Read up on how people use banking in the rest of the world.
WTF is wrong with you? I specially asked you how long it would take to transfer this many coins because you said much fewer took hours and your answer was weeks. Put down whatever you are smoking, please.
Wow, we're always having banter and I try to annoy you at times, but you're always cool, Pek, didn't expect this topic to affect you, sorry about that Anyway, yes, I am aware of 24/7 transfers in banks outside of the US, I live in Asia for over 2 years, also QR payments and p2p payments (not crypto) like venmo/zelle are very popular I have not used a physical credit card in over 6 months, in fact I do not remember the last time I used one in a brick and mortar, my phone is my choice of payment method, again this is not crypto