Earlier quoted context omitted.
If a Bitcoin Developer with >$3M in Bitcoin didn’t use a hardware wallet… God help the typical Bitcoin user. It’s a tragedy, and inexcusable.
I host my Bitcoins publicly as a gpg encrypted file
Cool. Link?
“My PGP key is compromised, and at least many of my bitcoins stolen”
381–390 of 564 posts
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#382Context now that the editorialised title has changed, this is a core Bitcoin developer. These things happen every day, but happening to a core developer (if confirmed!) who has a deep understanding of the systems and security indicates just how fragile crypto can be (in my opinion)
>These things happen every day, but happening to a core developer (if confirmed!) who has a deep understanding of the systems and security indicates just how fragile crypto can be (in my opinion) Based on the other comments in this thread it looks like he didn't bother using a hardware wallet (which is literally something that's recommended on bitcoin.org[1]), and kept his wallet.dat on a server exposed to the intern…
If a Bitcoin core developer couldn’t be bothered to keep a hardware wallet, why would a regular Joe be bothered to do so.
Also, how is having a hardware wallet supposed to be secure? Hardware wallets may get stolen, lost, damaged, etc.
Edit: Also, the link you have shared doesn’t even allow you to choose the “New” user type option if you pick a hardware wallet, allowing you to choose only the Experienced user type option.
IOW, a hardware wallet is something that’s only considered usable by someone who is experienced.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#383Earlier quoted context omitted.
Exactly! if the experts can’t secure their accounts, what hope does anyone else have? Soon you will see people saying you should have done this or that complicated thing, or how somebody so smart could should have known better. No matter what they say it is never enough. This is why lack of consumer protections suck.
> Exactly! if the experts can’t secure their accounts, what hope does anyone else have? A lot of hope, actually. If he followed the simple and oft repeated advice of using a cold wallet and/or offline computer, this attacked would have been mitigated. Hell, if some of the comments/speculation in this thread is true (ie. he kept his wallet.dat on a server connected to the internet), then this hack wouldn't have affect…
Agreed. The average user owns zero servers.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#384Malarky like this is why I am a nocoiner.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#385> The irony here is Luke being a dev probably made it easier for him to be complacent. His security setup was frankly a lot worse than what most plebs seem to use. > The standard advice of buy a Trezor and write down your seed on paper is much better than a Gentoo hot wallet. https://twitter.com/peterktodd/status/1609667983298658304
So most crypto users should: 1. Sign up for Coinbase (where you give your driver's license + bank account ACH and get validated as a legit US citizen or whatever) 2. Transfer USD into Coinbase 3. Purchase BTC with that USD 4. Transfer that BTC from Coinbase to a $80 Trezor Model One wallet from Amazon?
5. Make sure you didn't forget the pin to your Ledger wallet and you still have your magic words printed somewhere or in the Keepass file you haven't unlocked -- all in several years.
Coinbase is lower risk here. There are more things that can go wrong in process or memory than the above than Coinbase going belly up or getting fully hacked.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#386Earlier quoted context omitted.
So you’re saying that to use crypto properly, I have to secure a physical object that grants irrevocable ownership of my wealth? That sounds bad. Is there a way I can get my crypto held my an institution with SIPC insurance, the way I hold stocks at a brokerage, so I can outsource this issue to someone else who is backed by a government guarantee? (I obviously don’t expect them to guarantee the value of the crypto, j…
You can also use multisig holdings to ease this issue. > So you’re saying that to use crypto properly, I have to secure a physical object that grants irrevocable ownership of my wealth? That sounds bad. Welcome to reality. You'll laugh now, but if you want to hold something of lasting value, that's kinda how it works. Gold is physical and requires security. Dollars lose their value to dilution. Other securities incur…
>Welcome to reality. You'll laugh now, but if you want to hold something of lasting value, that's kinda how it works.
Yeah, when I own a bunch of equity, real estate and other intangible rights, I do my best to fit them all into my back pocket too.
Sure sucks trying to fit a few hundred acres of well placed development ready subdivisions in my jeans, though.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#387Earlier quoted context omitted.
Measured using fake dollars. Aka dollars made in other sham Crypto coins and loans. And now the same is happening to the regular markets since higher rates are sucking dollars from the market. My Amazon RSUs are 1/2 of my grant date and falling fast. Sh tcoins gonna sh t, but BTC hasn't failed in any way, and multisig makes it easier than any other commodity to secure.
What do you mean by fake dollars? We're talking about US dollars. Yes, US dollars do change in value (down), but overall they're more stable in terms of purchasing power than bitcoin.
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Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#388Earlier quoted context omitted.
I believe most of these "physical attacks" are datacenter support teams being socially engineered and not state-level actors. They hook up a USB rescue drive to "help" you back into your server, using full disk encryption or locking down the BIOS can thwart such attacks.
You know as much as I'm generally unhappy with what MS is doing with forcing TPMs on Windows 11, I have to say Bitlocker on Windows is basically single click and a perfect solution, and I'm a bit disappointed in the scale of every comparable Linux guide I just Googled up. I can see why the average company doesn't have it deployed.
LUKS isn't rocket science, you're looking at the wrong guides. using the TPM to encrypt a partition is a few commands on the shell.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#389Earlier quoted context omitted.
> Exactly! if the experts can’t secure their accounts, what hope does anyone else have? A lot of hope, actually. If he followed the simple and oft repeated advice of using a cold wallet and/or offline computer, this attacked would have been mitigated. Hell, if some of the comments/speculation in this thread is true (ie. he kept his wallet.dat on a server connected to the internet), then this hack wouldn't have affect…
If it was that simple and easy why wasn't he doing it. It's simply a ridiculous failure mode that you can lose your entire life savings with no recourse if you make a silly mistake. What a dreadful idea to foist upon ordinary people as the future of finance. We've never accepted this before and let's never accept this again. Every random walk down the timeline results in 100% of coins lost or stolen. [edit] You can o…
No one has to use it if they don't want to. Keep your money in whatever currency you want or your wealth in art or precious metal
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#390Earlier quoted context omitted.
Maybe don't keep "all of your wealth" and "daily spending money" in the same bucket.
To clarify, the idea is I need to keep my life savings in a fire-proof, theft-proof safe?
If you're keeping all your savings in crypto, I don't think a fire is your biggest risk. /s
In all seriousness, I completely agree. I'm not in crypto and this is part of the reason. There would be a huge influx of people like me if there weren't such a risk of theft (by individuals or platforms).