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Old 2021-04-08, 01:17   #34
Xyzzy
 
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Originally Posted by PhilF View Post
As long as I have that blockchain, and BC still exists, then my bitcoins are safe from all the bogeymen that this thread says exists.
https://medium.com/stakefish/not-you...s-fad3d43c2713



We use this: https://trezor.io/
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Old 2021-04-08, 03:15   #35
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That article addresses what I was referring to. If you use a 3rd party wallet, like I am doing with coinbase, then indeed you don't have possession of your keys, and it's the highest risk way to hold BC. However, I don't lose any sleep over that.

But what I was referring to when I said "download the entire blockchain" is a "hardware wallet". Then you *really do* have possession of your keys. It is the safest way to hold long-term bitcoin:

Quote:
Hardware wallets are small devices that connect to the web only to enact bitcoin transactions. They are more secure because they are generally offline and therefore not hackable. They can be stolen or lost, however, along with the bitcoins that belong to the stored private keys, so it’s recommended that you backup your keys. Some large investors keep their hardware wallets in secure locations such as bank vaults. Trezor, Keepkey and Ledger are notable examples.

Last fiddled with by PhilF on 2021-04-08 at 03:17 Reason: typo
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Old 2021-04-08, 17:51   #36
storm5510
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Originally Posted by PhilF View Post
I can tell you my balance to the penny at any time by logging into my account on the non-shady website called coinbase<dot>com. They have a "debit card" system in the works, meaning if I want to buy ice cream at the counter with bitcoin I can do so just as easily as I can with my normal bank debit card.

I think it is a viable entity which is helping to ease us into the cashless society we are inevitably evolving into.
A correction I want to make on something I wrote above recently: Coinbase, Inc. is going public on the April 14th. Their current holdings are worth $68-billion, and insured, I read. How they store their data is not clear. They are not centralized and have no corporate HQ. I suspect they store their data within Bitcoin's blockchain.

If the above is not true, they would need their own blockchain to keep it decentralized. There may be hundreds of private full-nodes around the world. Most of these would always have the most recent data. Other regular nodes would attach to them as "peers" to keep their data current. Those peers would have other peers passing the data on. Bitcoin full-nodes must have a high-speed web connection and run a minimum of 6 hours each day. IIRC, the maximum number of peers for any regular node is 12. Full-nodes, I do not know.

In theory, anyone running a blockchain node would have a complete blockchain copy. If any drop off-line, then resume, their blockchain copies are updated, regardless of how long they were off-line. There is always another who has the complete data.

I have head it said that the best place to hide something is in plain sight. If Coinbase is "piggy-backing" Bitcoin's blockchain, then it is right there for all to see, if one can comprehend the data, which is most likely encrypted.
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Old 2021-04-08, 20:43   #37
ATH
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Originally Posted by PhilF View Post
As long as I have that blockchain, and BC still exists, then my bitcoins are safe from all the bogeymen that this thread says exists.
Not safe from the whim of a very unstable market, maybe some influential person/group/bank/country suddenly says crypto sucks, and your bitcoins are worth 10x less.
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Old 2021-04-08, 21:30   #38
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Not safe from the whim of a very unstable market, maybe some influential person/group/bank/country suddenly says crypto something sucks, and your bitcoins stocks are worth 10x less.
There, fixed it for you. Same difference.
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Old 2021-04-09, 05:08   #39
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There, fixed it for you. Same difference.
Round 2 goes to stocks! Just like bitcoins. :-D
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Old 2021-04-09, 12:37   #40
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It seems to me that Bitcoin lies in between currency and stocks, sharing elements of both.
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Old 2021-04-09, 14:12   #41
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Quote:
Originally Posted by PhilF View Post
...But what I was referring to when I said "download the entire blockchain" is a "hardware wallet". Then you *really do* have possession of your keys. It is the safest way to hold long-term bitcoin:
What about Bitcoin Core? Anyone running it has the entire blockchain, and their receiving address is local on the system where the process runs. There is an encryption option for the wallet as well as an option to backup the wallet to something like a USB drive.
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Old 2021-04-09, 17:19   #42
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Quote:
Originally Posted by PhilF View Post
...
But what I was referring to when I said "download the entire blockchain" is a "hardware wallet". Then you *really do* have possession of your keys. It is the safest way to hold long-term bitcoin:
A wallet is implementation dependent but boils down to being a convenient way to have a collection of keys, having a copy of the chain is immaterial except as a means to have a secure way to interact with the chain. The best backup for an existing wallet is to write down the private keys of any addresses with funds in them and put them in a safe place (this should be possible with hardware wallets too, hardware fails); whatever more convenient backups are made this is the backup to rule them all.

The safest way to create a long term cold wallet is to generate a single private key on an air-gapped PC that will never be online and make a paper backup of that, you can then send funds to the public key and the private key never sees the light of day. When you eventually want to move funds out of the cold wallet you can even sign a transaction with the private key fully offline (it's just a blag).
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Old 2021-04-09, 18:03   #43
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I read earlier today that Bitcoin is increasing its mining difficulty by 6%, I believe it was. Who does this benefit, I wondered? Utility companies, for one. Those using ASIC's for Bitcoin burn more electricity for no return. Bitmain, the manufacturer of most ASIC's, see their product demands rise because more want to get a piece of the action, so to speak.

GPU makers benefit greatly as well. Take a look at the attached image I plucked from Reddit. This is a single person's attempt to participate. I do not know what this individual paid for all this, but I would guess well into five digits. I would say there is a very good possibility most of this will end up on eBay sometime down the road.
As far as I aware, the days of being able to use a GPU to mine cryptocurrency are long gone. The ASICs have a hash rate around a million times higher than a GPU.

I see a lot of people on eBay selling "mining contracts", where you pay them to mine for x hours. Clearly they would not mine for others unless the return was higher than mining for themselves.

It's a shame there's no market to develop ASICs to search for Mersenne primes. I expect it is technically possible. I expect an ASIC could be made that would multiply large integers better than a general purpose CPU. But it's unlikey anyone would want to fund the research.

Dave

Last fiddled with by drkirkby on 2021-04-09 at 18:03
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Old 2021-04-09, 19:22   #44
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Quote:
Originally Posted by M344587487 View Post
…having a copy of the chain is immaterial except as a means to have a secure way to interact with the chain.


Quote:
Originally Posted by M344587487 View Post
The safest way to create a long term cold wallet is to generate a single private key on an air-gapped PC that will never be online and make a paper backup of that, you can then send funds to the public key and the private key never sees the light of day.
This is neat:

https://shop.trezor.io/product/cryptosteel-capsule
https://shop.trezor.io/product/cryptotag-zeus
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