Is anyone else starting to become a bit excited?

Lex Luthor

Frozen Veg wrote: »

$10k BTC will be a big milestone. Media attention will flow from there.

It was already on CNBC yesterday

q85dw7osi4lebg

Technically nobody stores crypto anywhere, it stays on the chain.

Always better to have your own keys however. It takes 10 minutes to set up and get used to having a wallet yet millions of BTC are still kept on exchanges. Not for me.

Bob24

Lex Luthor wrote: »

technically, you are not actually storing the crypto on the Ledger

Yes, at the end of the day what matters is your seed-phrase (i.e. keys) and the device itself is disposable. So if the seed phase is treated appropriately it is definitely safer than an exchange, but this there is an educational part for people to understand how critical the seed phrase is.

This is why I always give a word of caution when people suggest Ledger/Trezor as a solution to beginners who don’t have a clear understanding of how it works, and without explaining.

I suspect there are loads of people who have a hardware wallet with their seed phase written on a piece of paper at home and feel safe, without realising their are not handling their keys in a secure way at all.

It would be interesting to know how many bitcoins have been lost/stolen due to personal keys mismanagement v.s. how many have been lost/stolen due to exchange hacks. But the first aspect tends to be overlooked as by nature it is difficult to measure.

cnocbui

Lol - the pass phrase written on the piece of paper at home is the safe bit. I think it unlikely there has been a single instance of someone having their home burgled a piece of paper being found with a pass phrase on it and them loosing crypto as a result.

Bob24

cnocbui wrote: »

Lol - the pass phrase written on the piece of paper at home is the safe bit. I think it unlikely there has been a single instance of someone having their home burgled a piece of paper being found with a pass phrase on it and them loosing crypto as a result.

You never know what a geeky burglar or (more likely) an ill-intended person aware of what you are holding can do.

But probably the more likely issue, there are numerous reports of people losing coins because of fire damage/water damage/degradation/misplacement of the piece of paper their keys were written on. These things just happen. And 10-20% of bitcoins are lost forever due to keys mismanagement (which is possibly more than coins lost due to exchange hacks)
This of course doesn’t mean self storage isn’t safer than exchanges (it is safer when done right) but it shows that many people don’t do it right, hence the educational bit I was saying is required before telling people to go for a hardware wallet.

Lex Luthor

the hardware wallets are a bit to get the head round
I've had to give my missus a crash course on what to do if something ever happened to me and she needed to get access to the wallet/exchanges etc

I've spoken to a few people and none of them have shared that info...its a risk not worth taking

q85dw7osi4lebg

Lex Luthor wrote: »

the hardware wallets are a bit to get the head round
I've had to give my missus a crash course on what to do if something ever happened to me and she needed to get access to the wallet/exchanges etc

I've spoken to a few people and none of them have shared that info...its a risk not worth taking

This was something I was only thinking about recently myself, so grim!!!!!!

FFVII

Addison Fancy Macrame wrote: »

This was something I was only thinking about recently myself, so grim!!!!!!

https://www.theverge.com/2019/2/3/18209586/cryptocurrency-quadrigacx-loses-190-million-founder-died-password

Same thing

unkel

Lex Luthor wrote: »

I've had to give my missus a crash course on what to do if something ever happened to me and she needed to get access to the wallet/exchanges etc

This is also something that has been on my mind of late. Need to get this sorted.

Dohnjoe

Getting close to the point when 24 hour markers will start to go red after the madness, will be interesting to see if this all holds

Lex Luthor

Addison Fancy Macrame wrote: »

This was something I was only thinking about recently myself, so grim!!!!!!

it is a grim thought, but it was herself who brought it up first

but when I sat down and realised all the barriers that are there to get into these exchanges with 2Fa, passwords, usernames, etc, it suddenly dawned on me that she wouldnt have a clue

forget about the passwords, etc, she hadnt even got the names of the sites that the exchanges are being used

I have a mate who has a stock/crypto portfolio exceeding half mil and he only has the details...he does a lot of international travel and I said to him about bringing up with the wife and he looks as if to say :rolleyes:

Bob24

Lex Luthor wrote: »

I have a mate who has a stock/crypto portfolio exceeding half mil and he only has the details...he does a lot of international travel and I said to him about bringing up with the wife and he looks as if to say :rolleyes:

Whatever is on crypto exchanges or with a stock broker should be less of a problem - I presume she just needs to know it exists and if the worst was to happen she would be able to gain access to it with some paperwork/legalities.

But self stored keys are another story. My recommendation is to arrange for someone (wife/etc) to have the capability to retrieve the keys shall something happen, with some type of 2FA (physical access to something the person will only get if something happens, combined to a piece of information only they know and which is less sensitive than the whole key).

That could be a seed phrase with an extension word, and then storing the seed phrase without the extension word with a solicitor and instructions this needs to be provided to the wife only in case of death of the husband (of course concealing the seed phrase and without really telling the solicitor what it is they have custody of). And then giving the wife the extension word with instruction on how to use it with a seed phrase, and telling her it has been arranged for the rest of the information to come to her shall something happen.

Or there might be better ways, but this is what comes to mind for now.

Anyway - glad I apparently got a few people to think about keys management - that was the goal of my previous posts :-)

Grumpypants

Wasn't there a story about a big crypto exchange or investment company that only one guy had the password for their account and he died.

q85dw7osi4lebg

Tell missus where wallet is
Tell her where keys are
Show her how to transfer to an exchange with her own account


She runs off into the sunset

Grumpypants

Crypto bros pretending they have wives and girlfriends :pac:

Dohnjoe

Grumpypants wrote: »

Wasn't there a story about a big crypto exchange or investment company that only one guy had the password for their account and he died.

QuadrigaCX - $190 mm worth (at the time) permanently gone

Lex Luthor

Addison Fancy Macrame wrote: »

Tell missus where wallet is
Tell her where keys are
Show her how to transfer to an exchange with her own account


She runs off into the sunset

She'd probably pick up my USB drive thinking it was the Ledger
They look very similar

q85dw7osi4lebg

Lex Luthor wrote: »

She'd probably pick up my USB drive thinking it was the Ledger
They look very similar

Speaking of USB's, they are a handy offline way of keeping a single word document with your keys on it.

I bought 3 on wish for €1, going to do it shortly.

Arrival

Addison Fancy Macrame wrote: »

Speaking of USB's, they are a handy offline way of keeping a single word document with your keys on it.

I bought 3 on wish for €1, going to do it shortly.

Definitely wouldn't be trusting something like that bought off Wish with such information, if you're going to do that then just spend the extra few quid to get some from a shop here. Even then I hope that's not the only way you'd try to have access to the seeds, obviously it's very unlikely but imagine if all 3 failed

q85dw7osi4lebg

Arrival wrote: »

Definitely wouldn't be trusting something like that bought off Wish with such information, if you're going to do that then just spend the extra few quid to get some from a shop here. Even then I hope that's not the only way you'd try to have access to the seeds, obviously it's very unlikely but imagine if all 3 failed

It's plan C, they likely won't fail but good to know there's multiple offline digital backups of the keys.

Know them off by heart anyway !

Grumpypants

Nice to see €8k this morning. Welcome back buddy

Frozen Veg

The boom is back.

Chain link my big hunch $$

Lex Luthor

what exchanges are people using ?

I'm currently using Kraken and so far, no issues, but was thinking of setting up another exchange account just in case Kraken went down and I needed to liquidate in a short space of time

rapul

Binance

Bob24

Lex Luthor wrote: »

what exchanges are people using ?

I'm currently using Kraken and so far, no issues, but was thinking of setting up another exchange account just in case Kraken went down and I needed to liquidate in a short space of time

I tend to suggest Bitstamp as it is based/regulated in the EU, has been around for a while with a good reputation, and offers EUR trading pairs. The drawback is that it offers of fairly small number of cryptos, so it depends on how large a selection you are looking for.

Grumpypants

Coinbase Pro for me. I just think it works the best and I have more confidence in it sticking around.

Bob24

Latest on Craig Wright’s endless flow of news and lawsuits: https://bitcoinist.com/craig-wright-latest-court-action-round-up/

So apparently the courrier which was supposed to have delivered to the court keys proving that he own Satoshi bitcoins only brought a list of 16000 BTC addresses which he says contain his bitcoins.

CelticRambler

Grumpypants wrote: »

Coinbase Pro for me. I just think it works the best and I have more confidence in it sticking around.

I went a bit luke-warm on Coinbase Pro after they introduced maker fees, but am giving them the renewed benefit of the doubt now that I've seen their new multiple "portfolio" option, making it easier to ringfence certain coins/sets of transactions.

Dohnjoe

Grumpypants wrote: »

Coinbase Pro for me. I just think it works the best and I have more confidence in it sticking around.

Used CB loads but have never touched CB pro, is it a fiat gateway? how is it compared to normal CB?

Grumpypants

Dohnjoe wrote: »

Used CB loads but have never touched CB pro, is it a fiat gateway? how is it compared to normal CB?

Just transfer money to coinbase then move it to pro for free.

Can then use Euros to buy a good few others.

You can buy at market or set limits.

q85dw7osi4lebg

Just to add, logged into pro this evening for the first time, uses the same login credentials. Handy.

I've been DCA'ing with relatively moderate amounts so standard Coinbase has been fine for me until now, not a fan of the increased fee's however.

GodlikeRed

Bob24 wrote: »

Latest on Craig Wright’s endless flow of news and lawsuits: https://bitcoinist.com/craig-wright-latest-court-action-round-up/

So apparently the courrier which was supposed to have delivered to the court keys proving that he own Satoshi bitcoins only brought a list of 16000 BTC addresses which he says contain his bitcoins.

This is going to end in tears....

q85dw7osi4lebg

T - less than a day until a Jesus candle

q85dw7osi4lebg

Addison Fancy Macrame wrote: »

T - less than a day until a Jesus candle

There ya have it

q85dw7osi4lebg

https://medium.com/@100trillionUSD/efficient-market-hypothesis-and-bitcoin-stock-to-flow-model-db17f40e6107

An interesting read to go with your Sunday afternoon coffee

Bob24

5% dip within the past hour. Curious to see which direction it goes next.

q85dw7osi4lebg

Bob24 wrote: »

5% dip within the past hour. Curious to see which direction it goes next.

I think it'll have another go at the 200ma this week and possibly get rejected again.

Lex Luthor

CME futures closed at about $8,900 so whether it was above it after the weekend it would have probably come down to fill it
Now that it’s below it, chances are it will come back up to fill it

That was a quick dip this morning in the space of a few min
Expecting a bit of a sell off this week before starting to get back on the horse next week

Wanderer78

interesting!

Peter Schiff
‏
'I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!'

q85dw7osi4lebg

Wanderer78 wrote: »

interesting!

Peter Schiff
‏
'I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!'

Deserves it for bashing Bitcoin daily. $2000 worth, he'll manage I'm sure.

However pretty sure he's a troll, not as dumb as he looks. Just likes getting social media followers.

he's been slagging Bitcoin saying it's going to zero since 2013, same year he called $5k gold!

Bob24

Wanderer78 wrote: »

interesting!

Peter Schiff
‏
'I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!'

I saw that yesterday and I was laughing. I think there is a tweet to Pomp whereby he said “my wallet forgot my password”. Doesn’t help his credibility to claim a wallet can forget a password (whatever he means).

Edit: here is the tweet:

https://twitter.com/peterschiff/status/1218919039373701123?s=21

Wanderer78

Addison Fancy Macrame wrote: »

Deserves it for bashing Bitcoin daily. $2000 worth, he'll manage I'm sure.

However pretty sure he's a troll, not as dumb as he looks. Just likes getting social media followers.

he's been slagging Bitcoin saying it's going to zero since 2013, same year he called $5k gold!

ah could be worse, he could be saying $10k!

Grumpypants

Guy with huge vested interest in Gold say Gold is better then bitcoin and everyone should invest in Gold not Bitcoin. :rolleyes:

cnocbui

Wanderer78 wrote: »

interesting!

Peter Schiff
‏
'I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!'

So why doesn't he just use his passphrase to recover his keys?

q85dw7osi4lebg

cnocbui wrote: »

So why doesn't he just use his passphrase to recover his keys?

Because that would go against his agenda

Wanderer78

cnocbui wrote:

So why doesn't he just use his passphrase to recover his keys?

Fcuk knows, but shur we all love a good bitch

Lex Luthor

Addison Fancy Macrame wrote: »

Because that would go against his agenda

Exactly

Too busy bashing crypto to get gold price to rise

el diablo

I've no idea why people in crypto give this Schiff bellend so much attention. Why are the so desperate for his approval and validation? He has been consistently wrong about everything since 2008.

q85dw7osi4lebg

el diablo wrote: »

I've no idea why people in crypto give this Schiff bellend so much attention. Why are the so desperate for his approval and validation? He has been consistently wrong about everything since 2008.

Majority don't want his approval or validation, the comments are hilarious, mainly people trolling him and gold.

I follow him because he's gas.


Pretty sure he is playing us all.

Lex Luthor

From the sound of it, yesterday’s crash was due to a massive sell off due to the gap created in the CME FUTURES since Friday

The price was likely to drop 300+ USD once the CME reopened so the big whales decided to get in there first

Gits...!!!