why nobody listens to bram's clawback suggestion?
more details please
“My PGP key is compromised, and at least many of my bitcoins stolen”
461–470 of 564 posts
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#462Earlier quoted context omitted.
And if you entrust it to a safe deposit box, then... ? And if you trust it to a safe in your bedroom, and your house burns down, then... ? Which is more likely?
A hardware wallet is a physical device that stores some private keys in a tamper-proof secure element. Those private keys can be regenerated from a recovery phrase[1] which acts as a seed to regenerate the keys in a deterministic way. The hardware device is typically itself secured by means of a pin. Without the pin, the device can’t be unlocked so can’t be used, too many incorrect pin attempts will brick the device.…
So don’t you have to secure this recovery phrase as well as the hardware wallet?
So if someone doesn’t have my wallet but has my recovery phrase they can regenerate my keys and brick my hardware wallet as it sits in my home safe??
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#463I still think the reason Satoshi vanished is that he lost his private key and couldn't handle the embarrassment.
I figured he’s a guy who works in the national security sector and didn’t want his extra curricular work drawing attention to himself. If he had to pass occasional polygraphs, it could create some weird situations. And if he signed a contract giving all intellectual output to his employer (including side projects), he could find himself in a lawsuit.
I've always believed that Satoshi is a pseudonym for a group of people working for some intelligence agency.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#464Earlier quoted context omitted.
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?
Coinbase unironically suggests using PKI to protect oneself. It’s unbelievable self-satire. https://www.coinbase.com/blog/celer-bridge-incident-analysis
It looks like this is about protecting your "web3" web application, not your individual self. In that context it's probably fine advice.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#465One 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
Isn't it surprising that an early Bitcoin adopter has "only" 216 Bitcoin? Didn't he join at a time where you'd be mining full blocks solo? (One of his later tweets claimed that "it's basically all gone" or something like that, implying this wasn't just a small fraction of his total coins.)
People forget bitcoin wasn't worth anything for a long time. You take care of an asset worth millions very differently than an asset worth pennies and too much of a pain to transact for cash anyway.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#466Earlier quoted context omitted.
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...
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Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#467Earlier quoted context omitted.
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…
Who is foisting anything here? I'm not aware of anyone who has been forced to use crypto
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Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#468One 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.
Does the FBI care about individuals losing bitcoins?
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#469Earlier quoted context omitted.
A hardware wallet is a physical device that stores some private keys in a tamper-proof secure element. Those private keys can be regenerated from a recovery phrase[1] which acts as a seed to regenerate the keys in a deterministic way. The hardware device is typically itself secured by means of a pin. Without the pin, the device can’t be unlocked so can’t be used, too many incorrect pin attempts will brick the device.…
So don’t you have to secure this recovery phrase as well as the hardware wallet? So if someone doesn’t have my wallet but has my recovery phrase they can regenerate my keys and brick my hardware wallet as it sits in my home safe??
Yes you absolutely do[1]. But that’s true of any wallet (software wallets also have the exact same recovery phrase system so for example if you lost the hardware wallet you could configure a software wallet by using the recovery phrase and get your crypto back).
Someone else using your recovery phrase to steal your private keys wouldn’t actually brick your hardware wallet. It would still work but obviously since the thing that it was there to secure (your keys) had been stolen that would be moot.
The subtext is that keeping all this stuff secure is hard and depending on your threat model may not be worthwhile. This is similar to the way in which for most people it makes sense to have a bank look after their funds. In the world of crypto though we’ve seen obvious examples of these centralised custodians being untrustworthy and since they are not regulated or FDIC insured or anything of that kind it’s much more risky.
[1] If you want the ability to recover your funds if the hardware device becomes inoperable, lost, stolen etc. If not you could just burn the recovery phrase so you don’t need to secure it.
Re: “My PGP key is compromised, and at least many of my bitcoins stolen”
#470Could this be a "boating accident" since it's tax season? Or maybe only his Twitter was hacked? No info from him at his mastodon https://mastodon.social/@lukedashjr@bitcoinhackers.org If true this is absolutely devastating. Somewhat funny too, but devastating. edit: Well, it's confirmed. Insane. https://twitter.com/peterktodd/status/1609655629903265795 https://twitter.com/peterktodd/status/1609666001251229696
I believe there is a relatively low limit for theft losses when it comes to tax writeoffs.
Also tax losses are usually calculated as cost minus value received. In this case the cost is probably minimal as I imagine he mined them way back.