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Re: Tulips..........i mean bitcoins [efernand] [ In reply to ]
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Wallet is a bit of a misnomer in that the coins are not held in the wallet, they exist on the blockchain itself. A wallet is more like a front end that facilitates interacting with the blockchain in a human-digestable format. You can set up an address on whatever wallet, transfer a balance into that address, then immediately light that device on fire. That balance is still there on the chain. As long as you still know your private key, you can go anywhere else with an internet connection, using any compatible wallet, plug your private key in, and your balance will be available to do with as you wish.

If you put it in terms of this website, the blockchain is the database with all of our account information and posts, the wallet is your web browser, the address is your username and the private key the password that allows you to post under that username. What really matters is your password.

As far as wallet hacks... it's all just standard internet OPSEC failures. People go to get their daily fix of tentacle porn and unknowingly pick up a keylogger that phones home with anything formatted like a crypto private key. Or they keep everything on some shitty exchange and they never even had the keys in the first place, then the exchange itself gets hacked. The one immutable law of the land in crypto is that whoever has the private key is the rightful owner of those coins. If you expose your private keys to bad actors you have zero recourse if they clean you out.

As to the lockout thing... I'm assuming you mean Parity multisig wallet thing from a month or so ago. I've never used the wallet in question and only have a very rough understanding of what went down, but it basically amounted to an exploit of a rookie mistake by the Parity devs.


Last edited by: KoopaTroopa: Dec 14, 17 12:49
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Re: Tulips..........i mean bitcoins [Endo] [ In reply to ]
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Endo wrote:
You should never store your crypto on an exchange unless there is no other option.

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Meh... I'm not sure I'd be that dogmatic about this. For someone who's just splashing around with their beer money I'd say they're better off holding on a large, reputable US-based exchange like Coinbase/GDAX or Gemini than on some bullshit software wallet installed on a computer with an always-on internet connection.

But yeah, once you get to an amount of money that actually matters, spend the 100 bucks on a Nano S or Trezor and get it off the exchange.
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Re: Tulips..........i mean bitcoins [KoopaTroopa] [ In reply to ]
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Thanks for the info.

Another thing I was wondering about. Mining.

From what I can tell, the time to mine for coins has passed (at least for BitCoin). The other players are too big, and the reward is going down, and basically the cost of running the mining hardware exceeds what you might get in coins.

That said, and with the hard forks, and talk of more hard forks, to try to speed up the process, all the currencies will require a ton of ongoing computational power, just to process 'regular' transactions (for the small processing fee).

For say BitCoin, once all the 21m BTC are mined, is it really make sense for miners to keep all that hardware running, for a fraction of a coin?
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Re: Tulips..........i mean bitcoins [efernand] [ In reply to ]
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Depends how quick the tech catches up. It won’t run out for about 100 years. So who knows where we will be at with processing power.
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