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“My PGP key is compromised, and at least many of my bitcoins stolen”

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Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#421

Post by nullc »

echelon wrote: post #261
dns_snek wrote: post #234

Earlier quoted context omitted.

Since nobody has offered a response, I'll offer my 2c. Your suggestion flies in the face of what Bitcoin and other cryptocurrencies that operate according to the same principles were designed to be (trustless, some degree of anonymous) and it would make the system ripe for abuse (more than it already is). What if Luke Jr is lying and he spent those bitcoins in return for goods and services? Suddenly you have to estab…

Thanks for the response! I appreciate it much more than the downvotes, and it gives me a position to consider. I still find myself in disagreement - there need to be safeguards at the protocol level, and not just for ordinary people. Escrow and restitution could be built as a feature where trustless and anonymous transactions can still take place. Taking into account my previous post, imagine this setup: There are no…

It's already part of Bitcoin: You'd simply assign your coins to a 2 of 2 multisignature with your escrow service. It's implemented in practice too, in varrious forms including ones with timeouts in case the escrow service goes down or tries to extort you itself.

It turns out people mostly don't want this.

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#422

Post by reedjosh »

capitalsigma wrote: post #352
reedjosh wrote: post #341

Earlier quoted context omitted.

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…

Gold also loses value due to dilution, when more gold is mined.

You're so silly. Everyone else was reasonable in response or directionally correct. Lol

Yeah, more gold is mined in general, but the rate of which is tiny, and the cost of which is way too high.

Of course if we achieve multiplanetary whatever then gold may become worth less, but not worthless.

Still, that's why BTC may be better, buy then what's better? Digital of physical sarcity.

There's a lot of depth and nuance that humans don't have perspective enough to really weigh in on yet here so...

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#423

Post by pa7x1 »

fshbbdssbbgdd wrote: post #346
reedjosh wrote: post #341

Earlier quoted context omitted.

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…

This thread is actually about security and custody, not valuation. Those are different issues, but we can talk about valuation. My crypto has lost more value than any of my other investments. Since crypto (unlike stocks and bonds) doesn’t entitle me to any cash flows, and (unlike dollars) doesn’t allow me to repay any debts, why shouldn’t the value keep dropping?

Ether is a productive asset, you can get cash-flows through staking.

You can also get access to debt and pay it. Aave, MakerDAO, Alchemyx...

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#424

Post by hinkley »

gruez wrote: post #271
samwillis wrote: post #42

Context 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…

Doctors make the worst patients.

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#425

Post by dustymcp »

fshbbdssbbgdd wrote: post #365
rewtraw wrote: post #362

Earlier quoted context omitted.

https://en.wikipedia.org/wiki/Bearer_instrument

Most people don’t use these anymore. Like crypto, the main utility is for crime.

I still have yet to use my crypto on crime, i have however bought numerous things with various coins..

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#426

Post by darthrupert »

I used to be a proponent of anonymous money transfers. Then I read a few books about the extent of money laundering of criminal organisations, largest of them Putin's Russia, and how difficult and dangerous it is to investigate those crimes.

Now I think the priority should be maximum transparency. The job of solving a money laundering scheme should be as simple as a single search query, or a GPT bot question. BTC could be a part of this solution, since its ledger is open.

This is not a perfect solution, but the amount of power these criminals distill from money laundering is far too great.

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#427

Post by lrvick »

thinkmassive wrote: post #409
lrvick wrote: post #270

Earlier quoted context omitted.

Non-issue if you only use the key once, then do a new split each time. Plenty of tooling exists to make this easily in reach with a simple shell script.

Why would you use Shamirs when the Bitcoin protocol has a superior mechanism built in? SSS is a good solution for other key material, and for storing a paper key to be used for recovery purposes, but it's completely inferior to multisig for normal management of a shared and/or large Bitcoin wallet.

Well, bitcoin is not the only type of secret one needs to protect. GPG keys, other cryptoassets, password manager master encryption keys, etc etc.

I like to have one solution that can work for my entire cryptographic life.

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#428

Post by tsimionescu »

lrvick wrote: post #272
tsimionescu wrote: post #202

Earlier quoted context omitted.

Why just two lock vaults and not some army bunkers, together with the nuclear codes preferably? At some point this level of care becomes more than absurd.

What do you think banks do? When you store a -lot- of value like a pile of gold bars, you are going to need more than a foam and aluminum hotel safe.

For me as a consumer, storing money in a bank is far simpler and more convenient and more likely to not get me burned than it is to store various hardware tokens with various banks (having to physically retrieve them when I actually want a purchase).

So, if the only way to secure BTC is to this cold wallet dance, then it's clear BTC is not a usable store of value compared to USD.

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#429

Post by yifanl »

rewtraw wrote: post #192
paulpauper wrote: post #164

Earlier quoted context omitted.

read Reddit. way more people being hacked than 1/1,000,000 . Having malware that changes the destination address for example.

That's not the hardware wallet being exploited though, it targets the user's computer. Verifying the address on the screen of a hardware wallet during confirmation would reveal the mismatch. But most HW wallets have tiny screens that make users apathetic to validating tx data.

It might be a bit presumptious, but wouldn't there be a point where the friction in user interface reduces the security of the system?

Re: “My PGP key is compromised, and at least many of my bitcoins stolen”

#430

Post by integricho »

sillysaurusx wrote: post #358
Raed667 wrote: post #96

One of the linked transactions: https://www.blockchain.com/explorer/transactions/btc/432ded9... The destination address ( https://www.blockchain.com/explorer/addresses/btc/1YAR6opJCf... ) seems to have received ~216 BTC yesterday in the span of 4 minutes

The hacker will have a rough time converting these to USD without exposing himself. If they’re in Russia they probably don’t need to care, but there’s a reasonable chance they live in a country that the FBI can reach. On the other hand, no one can do anything until the coins are moved or more information is uncovered. What a nightmare to lose $3.6m overnight.

couldn't he convert it to monero, perform a couple of wallet to wallet transfers (maybe even divide the amount along the way), and then sell from there?
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