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Researchers cracked an 11-year-old password to a $3M crypto wallet

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Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#181

Post by shermanyo »

therein wrote: post #6

So the version of password manager he was using was vulnerable because it was generating low entropy passwords. They also found the seed was from time and knew when he had created it. He got lucky there a little.

Nearly every crypto wallet I've created, I've initiated a transfer the same day. With the public ledger I can look up the first transaction for one of my wallet addresses and know with near certainty when that wallet was created. I wouldn't be surprised if this was the case for most people.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#182

Post by Delmololo »

behringer wrote: post #179
Delmololo wrote: post #164

Earlier quoted context omitted.

So how would that help me to make sure I retrieve a product or service? What happens when the product is faulty or not even arriving?

How do you get cash back in those cases?

You exchange cash only local and either take it back or call the police.

That's part of proof of stake of our society.

The same with lawyers and normal contracts.

All of it is part of our proof of stake.

Visa provides insurance and fraud detection.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#183

Post by a_dabbler »

Manabu-eo wrote: post #66
tosl559 wrote: post #35

Earlier quoted context omitted.

You want him to swap absolutely scarce Bitcoin for something that can be printed infinitely out of thin air? Swapping to dollars would be the risk here.

Only since crypto boom I see people (crypto aficionados) thinking of money as an investment. And that makes no sense, as you explain yourself. Dollars are much less volatile and thus less risky than any crypto currency I know. A perfect intermediate step before investing in some equity or some other thing that produces value.

I think it makes sense to consider money as an investment. Its somewhere you're deciding to hold value. Holding cash is a bad investment due to inflation so you need to spend it or store the value somewhere else. Its one of those things where deciding not to invest your money somewhere is a decision to invest it in money.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#184

Post by ozgrakkurt »

INTPenis wrote: post #24
malshe wrote: post #3

> Michael says he was lucky that he lost the password years ago because, otherwise, he would have sold off the bitcoin when it was worth $40,000 a coin and missed out on a greater fortune. This is so true for stocks too

Yes but stocks are usually tied to a business producing some sort of service that people want, and therefore have value. Crypto is tied to, checks notes nothing.

Cryto is excellent for keeping money and transfers. Especially if you don’t live in eu our us. Big coins are getting very stable and are good long term investments depending on how you see it will go :)

Bank system is terribly inefficient comparatively and it is a huge market

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#185

Post by ozgrakkurt »

unusualmonkey wrote: post #97
behringer wrote: post #76

Earlier quoted context omitted.

One of the greatest uses of crypto is the ability to transfer any amount of money to any point on earth for next to nothing and no questions asked. That is worth more than most any other use for crypto.

So you can use it to conduct illegal cross border money transfers... of course most cryptos aren't anonymous and even those are you still need to transfer it to a local currency etc. for that functionality to be useful.

Getting payment is crypto is excellent if you live in a third world country like me. And a lot of services are enabling crypto payments so illegal stuff isn’t really all of it. One example is grab app which is huge in asian market. Getting payment and transferring to local currency takes about 20 mins included manual clicks for me. Comparing this to bank system which takes a week and has at least 30x cost, it is obviously a huge improvement.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#186

Post by ozgrakkurt »

ryan_lane wrote: post #122
solumunus wrote: post #110

Earlier quoted context omitted.

It can be exchanged for other currencies.

Which requires KYC in most places, and then you're going to start getting asked about the source of those funds. You'll also need to claim it on taxes, which if lied about will cause additional issues. So, yeah, the "no questions asked" part is wrong. You can send money to anyone on earth, after a middleman takes a cut on your fiat exchange, the transfer, and the next fiat exchange, with questions asked, public for t…

Why is this a problem if you are not doing anything illegal? It is much easier to send and receive money using blockchains

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#187

Post by Natsu »

portaouflop wrote: post #177
Natsu wrote: post #71

Earlier quoted context omitted.

Young's literal translation is pretty good for those who don't read Koine Greek or otherwise aren't eager to break out a copy of Strong's concordance. It's interesting to see the minor difference between "a root" and "the root" for example: 9 and those wishing to be rich, do fall into temptation and a snare, and many desires, foolish and hurtful, that sink men into ruin and destruction, 10 for a root of all the evils…

God is the root of all evil, he created it after all.

Evil is not an object, so the verb "create" cannot be properly applied to it.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#188

Post by jpadkins »

baobabKoodaa wrote: post #173
jpadkins wrote: post #171

Earlier quoted context omitted.

Holding federal reserve dollars is guaranteed to lose value. Inflation is the stated goal of the Fed (as dictated by Congress in the dual mandate). So trading Bitcoin for dollars is almost always a bad trade.

Nobody advocates holding USD as an "investment", so none of what you said relates in any way to the discussion.

The OG stated

> What the ? You presumably go from not a millionaire to having $3,000,000, and you decide to risk it to triple it? That's some next level greed right there.

This implied selling btc to get dollars is less risky than holding BTC. I replied to that statement. You will likely lose more value holding dollars than holding BTC. Neither is an investment, they are both an asset.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#189

Post by jen729w »

ozgrakkurt wrote: post #185
unusualmonkey wrote: post #97

Earlier quoted context omitted.

So you can use it to conduct illegal cross border money transfers... of course most cryptos aren't anonymous and even those are you still need to transfer it to a local currency etc. for that functionality to be useful.

Getting payment is crypto is excellent if you live in a third world country like me. And a lot of services are enabling crypto payments so illegal stuff isn’t really all of it. One example is grab app which is huge in asian market. Getting payment and transferring to local currency takes about 20 mins included manual clicks for me. Comparing this to bank system which takes a week and has at least 30x cost, it is obvi…

OP for this bit of thread here; can confirm that as an Aussie who recently visited Malaysia, getting cash on to Grab was a proper pain in the ass.

Had I been able to transfer Eth, which I didn’t see as an option last August, I would have been delighted with such a choice.

Re: Researchers cracked an 11-year-old password to a $3M crypto wallet

#190

Post by DANmode »

demondemidi wrote: post #61
DANmode wrote: post #55

Earlier quoted context omitted.

I suppose you could count Venezuelans going hungry as "criminals". But I wouldn't.

Oh god this gets trotted out every time someone points out the evil that crypto facilitates. Give it a rest. It pales in comparison and there are many other solutions that your argument conveniently ignores.

Which solution(s) competed with Bitcoin for those Venezuelans?

Why didn't you name one?

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