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HODLer holding no more - This time it really looks different
Long time hodler here. Won't post my wallet address but click on the imgur link and you can see on the screenshot I took when I started hodling. Back when MultiBit wasn't even MultiBit HD and Peercoin was still a thing. Alas, with the drop in price, this week I'm giving up on Bitcoin. Maybe not forever, but for an year or two, in case things change. Here's my reasoning, I post it here in the hopes someone can prove me wrong. As they say on UFO, "I want to believe" Reason #1 - This time adoption is actually falling Back in the day, Microsoft started accepting BTC. Then Expedia, Steam... Now they are all bailing out. People will tell me about lightning, what brings us to... Reason #2 - This time the tech is not going forward. Don't get me wrong, I know that in theory (and even in testnet) Lightning seems to work perfectly but that's not where my bitcoins are. My bitcoins are on mainnet, a place where devolpment has stalled, objectively speaking. Segwit adoption hasn't even broken 50% and the most known wallets are not using it (BRD, which used to be called bread wallet, blockchain.info, etc.) and lightning is far more complex than segwit. The programming of watch towers alone for Christ sake, is more complex than implementing segwit 5 times over. Reason #3 - There are no newbies left to be converted. Back in 2013, even if the price fell 90%, it didn't matter much. Because most people hadn't heard about it. Now, everyone and their uncle are aware that bitcoin exists and that it went all the way up to $20,000 and now it's down to $6,500. It is far easier to convince someone who does not know anything about bitcoin to use it than it is to convince someone who lost 60% of what they invested in this "internet money" to come back and give it another chance. If you ever find yourself divorced, would you rather find a new girl or go back to your ex, whom you can't even think about without feeling a sour taste in your tongue? Reason #4 - The competition will be hard to beat. Back in 2012, you could tell your friends about this "magical" thing that was sending someone money over the internet, with the click of a button. Now we have apple pay and NFC. Even with Lightning, I find it hard to believe that bitcoin will ever be less cumbersome than the methods of payment we have now. Reason #5 - Even if the price goes back up, the network is still broken. I hate to side with Bcash supporters but the truth is Bitcoin "classic", BTC, is still now ready to be used by everybody. Even if, by some unkown reason, we get everyone we had in December '17 back and the price goes all the way up to $20,000, fees will be the same they were back then. It's still taboo to talk about a reasonable block size increase. Do you remember when it cost $20 to send a transaction? That's still the case if bitcoin gains adoption. I mean, we may get it down to $16 with batching and 37% of the wallets using Segwit but the problem is NOT solved and lightning as a fix is at least 5 years away. Reason #6 - The speculation money is all on ICOs. If we have no widespread adoption we have to rely on speculators to drive prices up. Back in 2013 we had them on board. Now they're gone, there is no easy money to be made in BTC. And there will never be a CryptoKitties that will make you rich overnight. Bitcoin is just too old to be a talented child that can join the Jackson Five and still to young to play with KISS. It's a teenager that is too embarassed to go to school with mom but too young to drive. Reason #7 - We can't buy and can't mine anymore In theory we can, of course. But I still remember 2013 when I bought one whole bitcoin every month, with what was left from my salary. Now I can't even buy 0,1 BTC with the same money. And I can't mine either. Back than if you didn't have any money you could get BTC that way. Now... It's too expensive to be bought and too cheap to be sold. Maybe that's why we call ourselves HODLERS. Holding is all one can do now. Reason #8 - It's not "my club" anymore From time to time I still check Satoshi's profile on bitcointalk.org. And Gavin Andresen's blog. And Mike Hearn's. Now they're gone. One can't help but feel old. I know this is not a logical reason to give up on bitcoin but still... I feel like the guy who's still trying to hook up with the cheerleader from high school while all of my friends have moved on... I know it's an old cliché. But this time, it really looks different.
From inputs.io homepage: Two hacks totalling about 4100 BTC have left Inputs.io unable to pay all user balances. The attacker compromised the hosting account through compromising email accounts (some very old, and without phone numbers attached, so it was easy to reset). The attacker was able to bypass 2FA due to a flaw on the server host side. Database access was also obtained, however passwords are securely stored and are hashed on the client. Bitcoin backend code were transferred to 10;[email protected]:[email protected] (most likely another compromised server). What about my coins there? If you stored more than 1 BTC, send an email to [email protected] with a Bitcoin address (preferably, an offline, open source light/SPV wallet like Multibit or Electrum). Use the same email you're using on Inputs. Please don't store Bitcoins on an internet connected device, regardless of it is your own or a service's. I know this doesn't mean much, but I'm sorry, and saying that I'm very sad that this happened is an understatement.
Here's what happened: My elder brother (he was 23, I'm 17) had gotten into Bitcoin a few years ago. I, personally, had no interest. He had been buying since the $30 days. He was also an avid trader, and worked (part time) for a cryptography blog, where he was paid in bitcoins. He never told us exactly how many bitcoins he had, but he said there were more than 500 and less than 1000. He said he had them stored in multiple places: hardware wallets, "paper" wallets and trading platforms. A few days ago, he lost his 6 month battle against cancer. My family and I are working on retrieving his Bitcoins. Here's the breakdown of what we have discovered so far: 1.2 BTC in Coinbase (through his phone) 0.5 BTC on the Blockchain app 85 BTC on MultiBit HD on his MacBook On his laptop, we found an encrypted text file labelled "Btc Private Keys" and my dad is bruteforcing it right now to decrypt it. That should yield something. I also know for a fact that he has an account on Poloniex with upwards of 50 BTC, and through his emails we found out that he uses Bitfinex as well. I have never used Bitcoin in my life and nor have any of my family members. I'm scared that if I try to transfer anything anywhere, I could risk losing the money. I'm making a throwaway for very obvious reasons. Could you guys give me advice on: a) What to do with these funds (sell them or what?) b) Where and how to withdraw them safely c) How to know if he has bitcoins elsewhere Thank you so much. Edit 1: We've gotten into the file. I did some further research on Bitcoin, and if my understanding is correct there should be "private keys" that are a string of numbers and letters. We have found ten "public" keys, and using BitRef I found out they contain a total of 372 BTC. One of them contains 85 BTC which is presumably the address for the MultiBit wallet. Below each address is a bunch of random words (eg. car, brush, house). However, there are no private keys to be found. Can someone help me understand what these are or what they mean?
This is my handout for paranoid people who want a way to store bitcoin safely. It requires a little work, but this is the method I use because it should be resistant to risks associated with:
Bad random number generators
Malicious or flawed software
If you want a method that is less secure but easier, skip to the bottom of this post. The Secure Method
Download bitaddress.org. (Try going to the website and pressing "ctrl+s")
Put the bitaddress.org file on a computer with an operating system that has not interacted with the internet much or at all. The computer should not be hooked up to the internet when you do this. You could put the bitaddress file on a USB stick, and then turn off your computer, unplug the internet, and boot it up using a boot-from-CD copy of linux (Ubuntu or Mint for example). This prevents any mal-ware you may have accumulated from running and capturing your keystrokes. I use an old android smart phone that I have done a factory reset on. It has no sim-card and does not have the password to my home wifi. Also the phone wifi is turned off. If you are using a fresh operating system, and do not have a connection to the internet, then your private key will probably not escape the computer.
Roll a die 62 times and write down the sequence of numbers. This gives you 2160 possible outcomes, which is the maximum that Bitcoin supports.
Run bitaddress.org from your offline computer. Input the sequence of numbers from the die rolls into the "Brain Wallet" tab. By providing your own source of randomness, you do not have to worry that the random number generator used by your computer is too weak. I'm looking at you, NSA ಠ_ಠ
Brain Wallet tab creates a private key and address.
Write down the address and private key by hand or print them on a dumb printer. (Dumb printer means not the one at your office with the hard drive. Maybe not the 4 in 1 printer that scans and faxes and makes waffles.) If you hand copy them you may want to hand copy more than one format. (WIF and HEX). If you are crazy and are storing your life savings in Bitcoin, and you hand copy the private key, do a double-check by typing the private key back into the tool on the "Wallet Details" tab and confirm that it recreates the same public address.
Load your paper wallet by sending your bitcoin to the public address. You can do this as many times as you like.
You can view the current balance of your paper wallet by typing the public address into the search box at blockchain.info
If you are using an old cell phone or tablet do a factory reset when you are finished so that the memory of the private keys is destroyed. If you are using a computer with a boot-from-CD copy of linux, I think you can just power down the computer and the private keys will be gone. (Maybe someone can confirm for me that the private keys would not be able to be cached by bitaddress?)
To spend your paper wallet, you will need to either create an offline transaction, or import the private key into a hot wallet. Creating an offline transaction is dangerous if you don't know what you are doing. Importing to a client side wallet like Bitcoin-Qt, Electrum, MultiBit or Armory is a good idea. You can also import to an online wallet such as Blockchain.info or Coinbase.
Trusting bitaddress.org The only thing you need bitaddress.org to do is to honestly convert the brainwallet passphrase into the corresponding private key and address. You can verify that it is doing this honestly by running several test passphrases through the copy of bitaddress that you plan on using, and several other brainwallet generators. For example, you could use the online version of bitaddress, and brainwallet and safepaperwallet and bitcoinpaperwallet. If you are fancy with the linux command line, you can also try "echo -n my_die_rolls | sha256sum". The linux operating system should reply with the same private key that bitaddress makes. This protects you from a malicious paper wallet generator. Trusting your copy of bitaddress.org Bitaddress publishes the sha1 hash of the bitaddress.org website at this location: https://www.bitaddress.org/pgpsignedmsg.txt The message is signed by the creator, pointbiz. I found his PGP fingerprint here: https://github.com/pointbiz/bitaddress.org/issues/18 "527B 5C82 B1F6 B2DB 72A0 ECBF 8749 7B91 6397 4F5A" With this fingerprint, you can authenticate the signed message, which gives you the hash of the current bitaddress.org file. Then you can hash your copy of the file and authenticate the file. I do not have a way to authenticate the fingerprint itself, sorry. According to the website I linked to, git has cryptographic traceability that would enable a person to do some research and authenticate the fingerprint. If you want to go that far, knock yourself out. I think that the techniques described in this document do not really rely on bitaddress being un-corrupt. Anyway, how do we know pointbiz is a good guy? ;-) There are a lot of skilled eyes watching bitaddress.org and the signed sha1 hash. To gain the most benefit from all of those eyes, it's probably worthwhile to check your copy by hashing it and comparing to the published hash. "But we aren't supposed to use brainwallets" You are not supposed to use brainwallets that have predictable passphrases. People think they are pretty clever about how they pick their passphrases, but a lot of bitcoins have been stolen because people tend to come up with similar ideas. If you let dice generate the passphrase, then it is totally random, and you just need to make sure to roll enough times. How to avoid spending your life rolling dice When I first started doing this, I rolled a die 62 times for each private key. This is not necessary. You can simply roll the die 62 times and keep the sequence of 62 numbers as a "seed". The first paper address you create would use "my die rolls-1" as the passphrase, the second would be "my die rolls-2" and so on. This is safe because SHA256 prevents any computable relationship between the resulting private key family. Of course this has a certain bad security scenario -- if anyone obtains the seed they can reconstruct all of your paper wallets. So this is not for everyone! On the other hand, it also means that if you happen to lose one of your paper wallets, you could reconstruct it so long as you still had the seed. One way to reduce this risk is to add an easy to remember password like this: "my die rolls-password-1". If you prefer, you can use a technique called diceware to convert your die rolls to words that still contain the same quantity of entropy, but which could be easier to work with. I don't use diceware because it's another piece of software that I have to trust, and I'm just copy/pasting my high entropy seed, so I don't care about how ugly it is. Why not input the dice as a Base 6 private key on the Wallet Details tab? Two reasons. First of all, this option requires that you roll the die 99 times, but you do not get meaningful additional protection by rolling more than 62 times. Why roll more times if you don't have to? Second, I use the "high entropy seed" method to generate multiple private keys from the same die rolls. Using the Base 6 option would require rolling 99 times for every private key. I'm a big nerd with exotic dice. How many times to roll? Put this formula in Excel to get the number of times to roll: "=160*LOG(2,f)" where f = number of faces on the die. For example, you would roll a d16 40 times. By the way, somewhat unbelievably casino dice are more fair than ordinary dice The "Change address" problem: You should understand change addresses because some people have accidentally lost money by not understanding it. Imagine your paper wallet is a 10 dollar bill. You use it to buy a candy bar. To do this you give the cashier the entire 10 dollar bill. They keep 1 dollar and give you 9 dollars back as change. With Bitcoin, you have to explicitly say that you want 9 dollars back, and you have to provide an address where it should go to. If you just hand over the 10 dollar bill, and don't say you want 9 dollars back, then the miner who processes the transaction gives 1 dollar to the store and keeps the remainder themselves. Wallet software like Bitcoin-Qt handles this automatically for you. They automatically make "change addresses" and they automatically construct transactions that make the change go to the change address. There are three ways I know of that the change problem can bite you:
You generate a raw transaction by hand, and screw up. If you are generating a transaction "by hand" with a raw transaction editor, you need to be extra careful that your outputs add up to the same number as your inputs. Otherwise, the very lucky miner who puts your transaction in a block will keep the difference.
You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the paper wallet. The change is not in the paper wallet. It is in a change address that the wallet software generated. That means that if you lose your wallet.dat file you will lose all the change. The paper wallet is empty.
You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the change address that the wallet software generated. If the transaction did not need to consume all of the "outputs" used to fund the paper wallet, then there could be some unspent outputs still located at the address of the paper wallet. If you destroyed the paper wallet, and destroyed the copy of the private key imported to the wallet software, then you could not access this money. (E.g. if you restored the software wallet from its seed, thinking all of the money was moved to the wallet-generated change addresses.)
For more on this, see here The hot paper wallet problem Your bitcoin in your paper wallet are secure, so long as the piece of paper is secure, until you go to spend it. When you spend it, you put the private key onto a computer that is connected to the internet. At this point you must regard your paper wallet address as hot because the computer you used may have been compromised. It now provides much less protection against theft of your coins. If you need the level of protection that a cold paper wallet provides, you need to create a new one and send your coins to it. Destroying your paper wallet address Do not destroy the only copy of a private key without verifying that there is no money at that address. Your client may have sent change to your paper wallet address without you realizing it. Your client may have not consumed all of the unspent outputs available at the paper wallet address. You can go to blockchain.info and type the public address into the search window to see the current balance. I don't bother destroying my used/empty paper wallet addresses. I just file them away. Encrypting your private key BIP 0038 describes a standardized way to encrypt your paper wallet private key. A normal paper wallet is vulnerable because if anyone sees the private key they can take the coins. The BIP38 protocol is even resistant to brute force attacks because it uses a memory intensive encryption algorithm called scrypt. If you want to encrypt your wallets using BIP38, I recommend that you use bitcoinpaperwallet because they will let you type in your own private key and will encrypt it for you. As with bitaddress, for high security you should only use a local copy of this website on a computer that will never get connected to the internet. Splitting your private key Another option for protecting the private key is to convert it into multiple fragments that must be brought together. This method allows you to store pieces of your key with separate people in separate locations. It can be set up so that you can reconstitute the private key when you have any 2 out of the 3 fragments. This technique is called Shamir's Secret Sharing. I have not tried this technique, but you may find it valuable. You could try using this website http://passguardian.com/ which will help you split up a key. As before, you should do this on an offline computer. Keep in mind if you use this service that you are trusting it to work properly. It would be good to find other independently created tools that could be used to validate the operation of passguardian. Personally, I would be nervous destroying the only copy of a private key and relying entirely on the fragments generated by the website. Looks like Bitaddress has an implementation of Shamir's Secret Sharing now under the "Split Wallet" tab. However it would appear that you cannot provide your own key for this, so you would have to trust bitaddress. Durable Media Pay attention to the media you use to record your paper wallet. Some kinds of ink fade, some kinds of paper disintegrate. Moisture and heat are your enemies. In addition to keeping copies of my paper wallet addresses I did the following:
Order a set of numeric metal stamps. ($10)
Buy a square galvanized steel outlet cover from the hardware store ($1)
Buy a sledgehammer from the hardware store
Write the die rolls on the steel plate using a sharpie
Use the hammer to stamp the metal. Do all the 1's, then all the 2's etc. Please use eye protection, as metal stamp may emit sparks or fly unexpectedly across the garage. :-)
Use nail polish remover to erase the sharpie
Electrum If you trust electrum you might try running it on an offline computer, and having it generate a series of private keys from a seed. I don't have experience with this software, but it sounds like there are some slick possibilities there that could save you time if you are working with a lot of addresses. Message to the downvoters I would appreciate it if you would comment, so that I can learn from your opinion. Thanks! The Easy Method This method is probably suitable for small quantities of bitcoin. I would not trust it for life-altering sums of money.
Download the bitaddress.org website to your hard drive.
Close your browser
Disconnect from the internet
Open the bitaddress.org website from your hard drive.
Hi guys I am not very bitcoin savvy so please forgive me if this ends up being a very dumb question. Im hoping it is, since I'm worried that I may have lost some BTC I bought my BTC a few years ago and had it stored in the multibit (classic) desktop wallet. Ignored it for a few years. Now I was trying to extract the bitcoin cash (BCH) that I should be entitled to after the fork. I went on a couple of bitcoin forums and found some advice. Heres what I did: I downloaded Electron cash 2.9.4 Created a wallet in electron cash exported a private key from my multibit wallet used the "Sweep" function in electron cash to import the BCH into that new wallet. This worked fine and my BCH are now in that wallet. But at the same time, all of my BTC is gone from my multibit wallet and I dont see any bitcoins or even a line for bitcoin in the electron cash wallet. Those bitcoins went somewhere- to a wallet with the same address as my electron cash wallet. How do I regain access to them? Sorry if this is a stupid question, I have been searching forums and cant find a simple explanation Thanks
hi to all! i am new here and face a problem that i cannot solve. so i thought i ask you to tell me what could be done: i use awebpage wallet where i can buy btc and bch and yesterday i sent btc to another wallet(shpaeshift) so the could exange it to bch. the transactions where all confirmed by around 175 blocks and the status shows that it was sent. but the receiver said that nothing attived. and what is thise balance think here on the blockchain? 14BCH i also checked the details on blockchain info. here i can see the word (unspent/not used) next to the wallet address of the receiver. from my site it looks that all is done correctly. but receiver says that he did not receive. what is the problem? why it is somehow stuck? what can i do now? i checked in the help section of multibit and tried different things.. but the result is still the same. receiver says he did not get. i hope someone of you guys can help me and tell me what i need to do. thank you very much in advance. thise is the link to the my adresse on the block chain https://explorer.bitcoin.com/bch/address/1H5pNwit1hvRsa8tTzSsfupsinmt7v77PN my addresse is ofc bitcoincash:qzcxkwwspvrse3n9uaacn5c2389n8zzceqv0nhv50k and all the once from 28 may- 29may are not yet in my wallet. why and what like i said is thise 14.464BCH balance. if i search up my btc addresse it says 0 btc balance. does thise mean something? on shapeshift its all done and good. they never failed me before
I think I just lost 90BTC! Are they stolen?? Help!!!
Here's my wallet: https://blockchain.info/address/1781pfQvte9o9NsHwtgiwXjq6RegSKRAr5 It's a brain wallet with a pretty darn good passphrase Why is my transfer grouped with another transfer of 87.999BTC?? I used a Xubuntu Live CD and generated the privkey from my passphrase using a downloaded html from bitaddress.org. I used MultiBit and exported my wallet to a file, then modified the file to contain my priv key, then I transferred 12BTC to my blockchain wallet. Then I deleted the wallet, closed MultiBit and shut down the PC. Are my bitcoins lost forever??? edit: still struggling. I've done a "cat /dev/sdb > usbstick.bin" and copied the casper-rw file directly. mounting the casper-rw file works and I browsed to ~/MultiBit. There's one wallet there that looks interesting, but I cannot read or copy it in any way... $ ls ls: cannot access multibit-20130321171949.wallet: Input/output error log multibit-20130321232736.info multibit.blockchain multibit.properties multibit-20130321171949.wallet multibit-20130331160220.wallet multibit.info multibit.wallet searching for org.bitcoin.production through the casper-rw gives me 3 hits. I also extracted this from the casper-rw: multiBit.info,1 walletVersion,2 receive,1BndiDjH6eLsGajv5mzenNTx1z33hf9udT, property,walletDescription,Your%20wallet%20description property,walletFileLastModified,1363908467000 property,walletInfoFileLastModified,1363908467000 property,sendPerformPasteNow,false property,receiveLabel, property,walletBackupFile,%2Fhome%2Fxubuntu%2FMultiBit%2Fmultibit-20130321232754.wallet property,walletInfoFileSize,492 property,receiveAddress,1BndiDjH6eLsGajv5mzenNTx1z33hf9udT property,walletFileSize,104 edit2: when trying to read the wallet file from casper-rw, dmesg says: [ 7994.345782] EXT2-fs (loop1): error: ext2_lookup: deleted inode referenced: 64322 edit3: MultiBit is using bitcoinj, which stores the wallets in a protobuf format. I downloaded protobuf and the bitcoinj source, extracted the wallet.proto stucture and wrote a small C++ program that searches in the USB stick bin file for the string "\x0A\x16org.bitcoin.production", and tries to parse it as a protobuf wallet of size 8-50000 bytes. I found a couple of wallets, but only empty ones and my brainwallet. The structure with a header and reversed bytes that 4461462665 is refering to seems to conform with what I've read about how protobuf serializes data. I really think the wallet is lost. I'm going to quickly set up a sandbox that selected hackers can have a stab at. If anyone manages to recover the bitcoins, they are free to keep 30%. edit4: TLDR; The story: I used a fresh MultiBit client, imported my brainwallet private key, made a 12btc transaction and then deleted the wallet. Turns out MultiBit picked up a 100BTC "input" and transferred the "change" (88btc) to the first key in my wallet (one generated by MultiBit before importing my own key). I have searched (hard!) for the key. I'm giving up, and will let the hackers of the internets take a stab. edit5: I really think the bitcoins are lost. Looking at .wallet files from MultiBit, they all seem to store the private key in plain hex, prefixed with the string 1A 6E 08 01 12 20. I have searched for this string but all I could find was the wrong private key.
MultiBit Classic Wallet shows zero !! but have $400 worth of BTC ;( pls help
I have the MultiBit Classic wallet and had about $400 worth of bitcoins in it, however about 15 days ago I opened it and it says zero. Also all the transaction history that I had about 60 transactions on is now gone. So I thought it was just a lag so I opened the wallet everyday, however still nothing. This is strange because if you put my address into blockchain, the money is there. https://blockchain.info/address/1QGYPwNRrBnr7iCvVminWTbx6fKpgQetPx Please someone guide me on what I can do. I need to use the bitcoin but can't. Does anyone know how private keys work? What wallet can I import them to? Would the money then show up in that wallet?
Hey there, So I'm sure you guys have gotten plenty of these posts, so I do apologize. I was mining back in 2010 on both a PC and a Macbook Pro and was storing everything in, what I thought was my MultiBit wallet. I've found the wallet on an old hard drive and restored from it, but it's only showing I have a tiny fraction of what I thought I had. I though I had between 5-10BTC and this wallet has .00006108 in it (LOL). It has been synchronozing for some time and still not done, so maybe there is hope there. There is a possibility that I also had a BitcoinQT wallet where I put most of the coins, but I cannot find it. I'm trying to remember the ways in which to recover wallets. Do you need the wallet.dat file or do you just need the crazy word phrase key to unlock the address? I know I have it somewhere but I can't find right now. Thanks for input. Cheers, yetisalmon
Am I understanding the Bitcoin system correctly? Any corrections/clarification/advice would be appreciated.
So weeks (or months?) ago I started researching Bitcoin because I want to get a VPN subscription that takes payment in BTC, and because I just have a general interest in it and may buy 1 or 2 BTC as a long-term investment. It has been a confusing and somewhat daunting thing to grasp so far, and I've been reluctant to jump in until I feel fairly confident that I understand what I want to do and why. It seems that some websites/videos either focus on oversimplifying BTC to the point that they basically aren't saying anything, or they focus on the complex (to me) math and programming that drives BTC. I looked through the newest 500 or so posts in this subreddit which yielded some insight as well, but I want to just lay out my current understanding of BTC and if anyone has any corrections or advice I'd be happy to hear it. This isn't meant to be a guide. It is just me organizing my thoughts so I can better understand how BTC really works. So I'm sure I'll get some things wrong, and when I do please let me know. THE BITCOIN PROTOCOL/SYSTEM I understand Bitcoin as a protocol or single system that all users must interact with to buy and sell bitcoin. It is basically a giant ledger that tracks and records all BTC transactions that have ever happened on the blockchain. It started with a Genesis block which created the initial supply of BTC. After that all new BTC have to be mined in a resource-intensive process that solves a very large/difficult equation to a certain standard, in a manner that is designed to find a new solution every 10 minutes or so on average. Aside from mining BTC and receiving the reward for solving a block the only way to obtain BTC now is to receive it in a transaction, either by buying it from a seller or by receiving it as a payment/gift. I'm not too concerned ATM with how mining works in detail, as I care more about how transactions work, or how I can use BTC. A bitcoin essentially doesn't exist as a physical object or as an ID number, rather the Bitcoin system merely tracks "who" holds BTC, or more accurately "where" BTC resides. This is accomplished via a private/public key system that uses cryptography and authentication to securely transmit and verify transactions. This is one spot where I had trouble understanding the difference between public keys, addresses, private keys, recovery seeds, wallets, etc... I think I have a better understanding of it now so hopefully the next part makes sense. KEYS, ADDRESSES, SEEDS, WALLETS, WTF, FML To join the Bitcoin "network" you must first have a wallet. There are a number of different types of wallet programs, services, or devices, but in the end they all accomplish the same goal, providing and managing public and private keys. A wallet is not one address, it is not one private key/public key pair, it is not a file or folder that holds any of that information. A wallet as I understand it is what I have heard some call a "master private key", or a very long string of letters and numbers that is randomly generated by the protocol that drives Bitcoin. This "Master" is then hashed or something to give you a smaller, more manageable number that is your recovery seed. The recovery seed can be further hashed? to give you a list of 12, 16, or 24 words, which is your mnemonic recovery seed. This unique Master (or at least very, very likely unique number due to the magnitudes of randomness) is used to generate public/private key pairs when needed, and often(or always?) does so in a deterministic manner. This means that the Master would always give the same key pairs in a specific random order. So if you lose a computer or forget a password at any time, if you wrote down your recovery seed or mnemonic recovery seed you can "recover" your wallet or Master. ?1? What I don't understand ATM is how the seed knows whether you already used a key pair. Meaning if I used the first 3 key pairs of my original Mastewallet and my computer was destroyed or I lost access to my wallet software account, then say a month later I found my recovery seed written down(or someone else did) and I used the seed to set up a new account in a different wallet software and/or on a new computer, would the first 3 key pairs I request from the resurrected Master (we'll call it Jesus) MATCH the first 3 key pairs I used months ago? Or does Jesus know that those first 3 pairs were already used and immediately know to give me the 4th key pair when I use Jesus for the first time? Does the seed check the blockchain to see if its first 3 pairs have been used already before it spits out the next available pair? I assume in wallet software/hardware wallets that the wallet.dat? file is what remembers your preferences and previous address/key usage, but the seed has to somehow work on its own, independent of a saved file correct? What prevents a wallet set up from the recovery seed from reusing addresses/keys? ?1? Once you get your Master and write down your recovery seed, you are basically ready to receive BTC. You can buy BTC from an exchange which will require lots of ID verification and linking to your bank account. This is the cheapest way to buy BTC but is also the least private and most time-consuming(setting up and providing documentation). Also an exchange keeps your purchased BTC within its own wallets until you request that they send them to another address (one you control). You could buy from an individual and pay cash, which is quicker and normally requires little to no identification, but it is normally the most expensive. The individual sends BTC to an address you control after you pay. When you buy BTC in order to receive it a transaction has to take place. You use your wallet to create your key pair, which gives you your public key/address. You give the sender your address, which is basically a hash of your public key in your selected key pair. The sender then initiates the transfer in Bitcoin software by "signing" the transaction with his private key and publishing his public key so everyone in the system knows which addresses are involved in the transaction. The BTC software checks that the sender's private key corresponds to his provided public key/address, and notes that your public key/address is the destination. If you want to send your BTC to another address the process is the same. You get the recipient's address/public key, initiate the transaction and sign it with your private key (the private key that corresponds to the public key/address you used to receive the BTC originally), and the BTC software checks everything. You don't actually have to know or type your private key, as the BTC software does it for you. The only typing or input you provide is the recipient's receiving address/public key and your own "sending" address/public key. And sometimes if you have an online wallet or certain wallet software it will automatically select your public key(s)/address(es) that contain enough BTC to cover the transaction. Once a transaction has been submitted to the BTC system, it has to be confirmed by miners to be finalized and added to the blockchain. This can take minutes or hours depending on what transaction fee you pay (higher fee means higher priority and more likely to confirm fast). Once your transaction is in a block on the blockchain it is best to wait until it has 5 or 6 new blocks ahead of it on the chain to make sure it is really final, which normally takes an hour or so. If you need to receive more BTC in the future you can use the same address as before but you SHOULDN'T since your private key was used already. You should request a new key pair from your wallet/Master and provide that new address/public key to receive new BTC. So over time you will have a history of used key pairs that you don't want to reuse, but this won't be a problem since one Master can provide an almost unlimited number of key pairs. ANONYMITY/PRIVACY The biggest advantage or benefit of Bitcoin is the fact that is exists and operates outside of the control of any bank, company, nation, or government. It is only a program or protocol, so to take part in it you don't need anyone's permission, you just need the technical capability to interact with the system and create a wallet. The caveat of course is that you need software that works with BTC, and if you are joining the system for the first time you need someone to send you some BTC. The Bitcoin system itself is merely a chain of transactions, identified by the address/public key. So Bitcoin itself doesn't identify any person or company on the blockchain. In this way it is KIND OF anonymous, however every transaction must be forever public and visible on the blockchain, so you could follow any recent transaction back to any number of previous transactions. So if someone was able to identify YOU as the owner of a particular address, they could say that YOU sent BTC to a specific address at a specific time in a specific amount. I'm still a little fuzzy on this stuff but I have some things basically down I think. With online or hot wallets and probably most others you would generally install a program to your PC or phone, and/or create an account through a website. I imagine that most require an email in the least in order to sign up, although there may be some that require no personal info, and some I'm sure require more info. There is also the issue of your IP address being visible or connectable to a particular wallet website/service, and if your PC is insecure then outside entities could intercept your info. If you buy from an exchange you will normally have to fully identify yourself, often in excessive amounts, and link your bank account in order to pay. Obviously this means that exchange service will know that you bought this amount of BTC on this date. I don't think they HAVE to tell anyone else that you bought from them, but in the case of a government investigating a person or a BTC transaction they often will probably comply I'm guessing. If you buy from an individual they normally won't need any info from you, especially if you are paying in person with cash or via cash deposit into their bank account. This seems to be the most anonymous method to buy BTC to me. ?2? From what I've read there are many wallet services that cycle or mix BTC within their system, I think it is called shared addresses or something? Basically once you receive BTC to your address within their wallet service, they will hold it. But if it sits there long enough they may transfer it internally among their own addresses in order to keep the majority of their users' BTC safely stored on a few addresses in cold storage. They would digitally credit you with that amount of BTC, then when you want to send some of 'your' BTC they would move the amount that you want to send back to an address under your specific wallet, then you would use that address to make the transaction. So the BTC you received initially probably won't be the BTC you actually send later on. Or more accurately the receiving address you initially got the BTC on won't be the sending address you use to send that BTC later? I know that there are also mixing services that cycle addresses to obscure the trail of transactions for a fee. ?2? Regarding your IP address, I believe many wallet services support using Tor to access their website, which should help with anonymity. So if you had to buy from an exchange, you could potentially send the BTC to a personal wallet that has shared addresses, wait a while to let it cycle, then send to another personal wallet in another program/service, and potentially your the trail from you buying from the exchange to eventually holding the BTC in your personal wallet would be obscured? MY PERSONAL PLAN I haven't created a wallet or bought BTC yet personally, but want to soon. See if this scenario makes any sense.
Create a mobile wallet in say MyCelium, in order to receive my first BTC.
Buy some BTC via an individual willing to do cash deposit into their bank account. (If I do this will the bank ask for ID from me, or as long as I just fill out the deposit slip with the person's acct number and hand it to them with the cash will they just take it?)
Once they confirm I paid and send BTC to me I confirm that the transaction is on the blockchain an hour or two later.
If MyCelium doesn't do the shared addresses thing where they essentially act as a mixer, I could either send by BTC to a mixing service or to another wallet that I create in say Electrum or Multibit HD(assuming one of those do the shared mixing thing).
Then once I feel confident that everything has been mixed I can send my BTC to another wallet, maybe Electrum/Multibit HD (whichever one I didn't use already) to act as my final BTC wallet.
After that I could send all or part of my BTC to a hardware wallet like KeepKey in order to safely hold my BTC for extended periods.
?3? At what points in the above scenario should I use Tor to obscure my IP address, assuming each of those wallets support it? Also, am I going completely overboard if I will be buying from an individual via cash deposit? I figure this process would be better applied if I bought via an exchange, but if I buy local is this all pointless? All I'm planning to buy is a VPN service, and possibly buy more BTC to hold as an investment. It's not like I'm buying drugs or doing other dark web stuff. I'm mostly just interested in increasing my privacy in relation to my ISP and advertisements, especially in light of the new ISP/internet laws that have been passed/repealed. (I'm in the USA). ?3? TLDR: My main questions revolve around how wallet addresses/seeds work in practice, and how I can maximize my privacy/anonymity when using BTC. Thanks for any comments
Hello, I need help accesing my btc wallet. So about 3 years ago I purchased 1.75 btc. And I spilled water on the laptop I had them on. I left my laptop broken for the last 2 years and recently had it fixed. After installing a new motherboard, hard drive and keyboard I was excited to turn on my newly refurbished laptop and access my bitcoins. Well, I turned it on and while the software multibit was stll on there, my wallet was gone. I've searched for weeks in my files and throughout the multi bit software but to no avail. Well, today I finally found an old email that had my btc wallet address and the bitcoins are still on there (they weren't stolen... yay!!!!)... I viewed the wallet on blockchain. My question is, what is the best way to access my bitcoins? My laptop isn't working again, right now (I'm gonna take it in to get fixed soon). I have a Samsung Galaxy smartphone and an iPad. What's the best way for me to access my bitcoins now that I know the wallet address again? Thank You guys for any help!
Hi everyone, I know very few people will see this and that's okay. I decided after a week of severe depression, anxiety, self-loathing, and general fucked up thoughts that I needed to talk about what I did. On the scope of a confession, it isn't much to some people, but to me it is a huge and daunting fuck up that I'll be paying out the nose for. The reality is I might even be homeless due to this. I used a throwaway for this because a few people I know have my primary acct and I can't bear the shame of them knowing yet. To get to it, I made a huge mistake and lost all my money. ALL OF IT. If it isn't obvious already, I don't have a lot of money. I am not a all that familiar with bitcoin and only recently began taking part in the community. /Bitcoin has been my bible and go to source nearly every day for the last 6 months. But again, I don't have much money and I decided that I have a this tremendously good feeling about where bitcoin is going so I warily invested in a couple coins around January 2nd at about 809 a coin from coinbase. I was terrified of losing what I put in. Then the next day, the price jumped about $30! I was ecstatic! I was amazed! I couldn't believe that my investment had begun working for me after only a day! It was a great feeling. At the same time of all this, I had just finsihed up a huge ordeal with Bank of America over fradulent charges on my debit card that sent my account into the negative and had intitially accured almost $1000 in overdraft and other fees. It took months to get all my money back and in the end still lost out on about $200 dollars. Needless to say, I was more wary of my bank than bitcoin at this point and bitcoin was GIVING me money instead of giving it away. So I did the only logical thing I could think of at the time and put the rest of my savings into BTC. And guess what? It went up again! I was so happy with my decision that I started reading more and more about BTC. Then the fluctuations in the BTC market started happening. I started to get nervous because the only cash I had was losing value and fast. I knew that it had a habit of fluctuating like that but I never had any money invested before. The anxiety was real for me every day I'd hop on /Bitcoin and see the news about mtgox ( then after that the silkroad 2 hack.) So, about a week ago when coinbase's price was plummeting still due to gox's problems and bad press and so on I started getting nervous. More nervous than I had been before. My "investment" had lost almost 200 a coin and I was sick to my stomach watching and waiting for the price to come back up like it "always" does. I was posting around a few forums and asking questions about what I should do? What could I do in the mean time? Should I pull out and take my losses? I got to talking to this guy on one of the forums who seemed to know what he was talking about. He mentioned the dice site satoshi bones and how he was in the same spot as me, made one bet and came out 10BTC richer. Even sent the tx ids. It was awesome to see and was even more awesome to imagine. He went as far as to send me .05 btc (holy shit!) and said "Make a few bets and watch, some of the odds are great." So I did that. I sent a few bets of .001btc and made nearly .5 btc in 5 minutes. I was hooked. I was going to make my money back. I was going to make a few bets and get out with what I put in, no more. So I proceeded to make bigger bets. I was making money. I was getting good at watching and "considering the odds." It wasn't really the case, I was just geting lucky here and there. I had no idea what the fuck I was doing. Then the transaction malleability thing happened. Or, rather, it was probably happening the whole time. I don't know. I don't know what it did to my MultiBit account, but it was sending my coins and not updating my balance. I was losing more than I knew because the double spends ended up looking like I had more in my overall account than I did. At one point, it appeared that I had TRIPLED my initial BTC investment over all and I was nearly crying with joy. Then I couldn't access my funds. It said I had a "Balance" of 30btc, but "Spendable" was .05. I knew that it took a little while for the transactions to get through the system and clear but minutes turned into hours and hours into days. When the whole story about the transaction malleability broke into full swing I started tracing my tx IDs back. I was a nervous wreck at that point. I had so many double spends and unconfirmed transactions that there was no way to actually find out how much I truly had left. When I looked through multibit's logs, it had mulitples of the "wins" that I knew I had but numerous tx Ids. I couldn't keep track of it all. Attempting to "reset" the blockchain on Multibit would only cause it to crash (probably because I had sent and received sooooo many unconfirmed transactions back and forth between that game.) I decided to grab my private keys and attempt to use Bitcoin-QT to sort it all out to no avail. It too said I had a balance around 30 BTC unconfirmed (a mind blowing amount of money for me!!!!!) I relaxed and decided I would just have to wait it out to get my money and I'd hold off on grocery shopping until the weekend (today.) Even if I had half of that after it all cleared up, I'd have made a HUGE profit. About two days ago everything calmed down and my balance began fluctuating like mad on both the Multibit client and Bitcoin-qt. It went UP at one point to 40 BTC even! Then transactions started to disappear. Mostly, the transactions that disappeared were the "wins." I assume this is because all of the unconfirmed txs or double spends started being pushed out of the system? I have no idea. I'll take a second to mention that I've never had an interest in gambling whatsoever. I've been to vegas, played a few slots, sat in for some poker and blackjack, would lose and just walk away. However, the last couple days I was consumed by the dice game. I thought I was making incredible money, hand over fist. Yesterday, my balance completely cleared up. I'm broke. I have nothing left. I pissed away even my winnings (maybe 3btc) I had before the transaction malleability started fucking things up. I cried for the first time in 10 years yesterday. Today, I cried again. Over the last week I fell into a depression and was overcome by this urge to just stop existing. Not really suicide at first, but, more of a "I want to close my eyes and let it all blow over." Then, when that didn't happen, I did start considering suicide. I have no money left. I don't know what the fuck I'm going to do for rent, for food, for gas, for my fucking books next quarter. I moved to california on my own about 3 years ago and have zero family in the area. I don't have family to lean on finacially whatsoever (I come from a seriously bad luck/misfortune/poor family.) Monday I'll be heading to my university to find out what I can do and if I qualify for any loans. Or something. I don't know. But right now, I need to tell people and persevere and try to make it out of this. But, my point of posting here isn't a pity party or to draw out "sorry for the bad luck" responses. I did this to myself and this pales in comparison to the bad luck others have had. I want people to use my sincere and obvious FUCK UP as a lesson. I got caught up thinking I was making money. I wasn't fully aware of what was happening during the transaction malleability shit and made decisions without fully comprehending the situation (and it is NOT the fault of Mulitbit or the dice game even if I wanted something to blame.) Most of all, I was GAMBLING my money away. It was greed and poor decisions. But mostly greed. So, I fucked up. I don't want YOU to fuck up like I did. Please look at the story and realize that it can happen to anyone without fully thinking through your decisions and having a grasp on the situation. And SERIOUSLY consider when you're putting too much money at stake when gambling. You could regret it and be in a shitty spot like myself. Thanks for reading. TL;DR Holy shit I wrote a novel. Sorry. In short, I inadvertently gambled away my only $7000 during the transaction malleability crisis and it is no one's fault but myself. I am now broke and terrified and I don't want YOU to suffer like I did. Do not gamble and do research before you do anything with your money especially if it is all you have. EDIT: Though my intial reason for posting was NOT to focus on why my balance said one thing and the actual balance was another, here is what the balance looks like on my Multibit client right now. However if you look at the blockchain, that's clearly not the case and hasn't been for days and days. These are the addresses I used off and on. Not all of them but those were the most active I think. 17cHzgxRLumqfu6UAddUrJmTujd7goHLrx 1BAKHq37qj1xekitr7adXapLqFrVtAhm8A 1KLug6D1mXoyS12BZipyQ8WHAdNzDmQxMp. Also, when I opened the Client today it seemed to send or revieve "stuck" transactions? I don't know what to tell you all beyond that.
Let's use Mike Hearn's Coinbase Reallocation to stop the censoring scammer KnCMiner!
Mike Hearn posted Coinbase Reallocation this morning to let the honest majority of hashing power regulate criminal miners like BitUndo. It's a really simple idea! Dishonest blocks and the miners who mine them are identified out-of-band by the community of reputable mining pools. For BitUndo that means submitting double-spends via the service and watching for them to be included in blocks. When they are the honest miners vote with their hashing power, just like they voted on whether or not Bitcoin needs new soft-forked features like P2SH. When a coinbase output, the reward for mining, reaches the 100 block maturity the protocol simply counts up all the votes for the block. If a majority agrees the block is honest, great! But if not the coinbase reward is put into a pot of funds that subsequent honest blocks are allowed to claim for themselves. Unlike re-orging out dishonest blocks this isn't disruptive - confirmations are never undone - and at the same time it ensures that the bad miners can't profit from their malicious actions. It's compatible with nearly all major clients too because SPV clients, like Android Wallet and Multibit, just check that transactions are included in blocks and leave validation up to the mining community. (the idea being that majority of hashing power is honest and wouldn't include invalid transactions or give themselves un-earned Bitcoins) KnC has been ripping off customers by self-mining rather than shipping hardware out the door. Their solo pool all pays to the address 1BGbGFBhsXYq6kTyjSC9AHRe1dhe76tD6i. We can stop this fraud right now with just the co-operation of just three people: the operators of GHash.io, BTC Guild, and Discus Fish, together a majority of the hashing power. Of course, they might try to hide their illegal mining activities and make their blocks indistinguishable from others, like by paying out to a random address in each block. This is easily fixed too by voting to reallocate funds from any block without proper identification on hand. When that identification is provided to the honest and reputable hashing power the funds can be easily released from the pot and given back. Remember too that if we had proper identification for miners available the BitUndo criminals would be facing legal liability, a potent tool to stop fraud. (I guess P2Pool shares could be accompanied by identity proofs based on smartcard-enabled passports, although it'd be even better if that hashing power moved to a professionally run and secure pool that has the resources to comply with their reallocation regulation duties) Finally, we can't forget our tax obligations. As much as we hate paying taxes - I know I'm putting off my April 31st deadline with Revenue Canada - they're an integral part of lawful society. With Coinbase Reallocation the honest majority can make sure that mining income not allocated properly to the relevant authorities is reallocated appropriately. If Bitcoin is to succeed it has to be reputable, and reputable means recourse from fraud. Please tell the hashing power majority, GHash.io, BTC Guild, and Discus Fish, that we want a regulated and safe Bitcoin! Serious edit: Of course, as nearly everyone realized, the above is satire. What far fewer realize is what I'm saying with that satire: Mike proposed a simple mechanism that essentially acts as a way for miners to vote with their hashing power to blacklist block rewards. Yes, you can do that already, but blacklists via reorgs are expensive, risky, and very difficult to co-ordinate; automated voting on what to blacklist is cheap and easy. I'm sure he intended it to be used for exactly one thing - punishing miners who violate his notion of double-spending rules - but once such a mechanism is in place it can be used for a lot more than originally intended. If you were a big publicly known mining pool, could you really resist the pressure to just flip "one little switch" and vote to blacklist blocks produced by a "bad" pool at no cost to you? As I showed above, the definition of "bad" can extend to a lot more than just double-spends, and the pressures on pools to blacklist can and will be legal and regulatory.
My first experience with bitcoin was NOT positive :( + Questions
After seeing an interesting comment on /funny in which bitcoin currency is used to make tips across reddit I started to investigate and learn about the Bitcoin. I had heard about it before but I didn't know how it worked or what I had to do in order to use it. A dozen Bitcoin Wiki entries later I download bitcoin-qt and create my first wallet. The system seemed very easy and straightforward and I had already started to apply for "free starter bitcoins" when I met "synchronization". Now synchronization is not necessarily a deal breaker but it was annoying as hell. I'm using an old computer and it seemed as if it would take at least a day if not more to complete the whole process... and during that time my computer was getting slow as hell. Now I'm quite a tech savy person and I know why in this P2P based system this is important, but for anyone else this would be unacceptable. Imagine elder people or not so tech savy persons trying out the system for the first time and noticing that they can't use it without occupying 2+ GiB of their HardDrive and having to wait a lot. I did not complete the sync and tried to use the multibit instead. But since I had already applied to the Free starter bitcoins on some websites I wanted to keep my old wallet. I try to look for an import/export button but it seems that Bitcoin-qt doesn't support exportation and I needed to use a third party application called pywallet (command line!) to export my wallet and convert it into another plaintext format since the format used by bitcoin-qt was not supported by multibit. And one would assume that the first thing you do when creating such a currency is to define a standard for the wallet and the applications. Again, I know how to use the command line but anyone who doesn't and who just wants to try out the system for the first time would be inmediately turned off by this limitation. These are all issues that need to be fixed and addressed. Also, at the current situation it is much more comfortable and easier to set up an e-wallet than using standalone software on my computer. And if you ask me, it beats the purpose of creating a decentralized currency when in the end the most popular e-wallet services are going to hold most bitcoins and suppose a great security risk. So I ask you: do you know any solutions to the above mentioned problems? Is there any way to reduce the impact by those hindrances? And now to the questions: Since I'm a very inquisitive mind and I'm still very much interested in bitcoins I would like to ask some questions I couldn't find properly answered in the wiki about the nature of the bitcoin system and how exactly it works. I'd be very grateful if you could answer any of the following questions: 1. What exactly is a bitcoin? A string of text? A hash? A file with a string of text? 2. If I'm not mistaken, a bitcoin wallet is made of a public key and a private key. If I want to transfer my wallet from one program to another or a piece of paper... would I need to export or print out the strings of text that form the bitcoins itself or do I just need those two keys? 3. How does the bitcoin system know how much balance is inside an wallet/account. Does it typically ONLY check it against the chainblock or does it also make use of any bitcoin strings stored inside the wallet? 4. Cryptographically speaking... what happens when I transfer bitcoins? Thank you! *Please don't downvote me just because my first experience was negative. I'm still very interested and would like to learn a lot more. * Edit: Thank you very much for all your answers! I can't reply to all of you (mainly because it's very late over here) but I feel that I understand the concept much better and also feel much more comfortable knowing that the only thing I ever need is my private and public key. It makes me care much less about software and wallet.data files, knowing that I can have everything I need written on piece of paper or saved in an encrypted file of my own. Then, when I need to spend bitcoins or check my balance I can use whatever software I deem best at the moment. Thank you!
Please Help! Lost BTC moving BTC from Multibit (2013) to BlockChain..
Hi folks I managed to salvage some bitcoin (0.58 btc) from an old multibit wallet (from 2013/2014) and I uploaded the private keys into the wallet and luckily (I thought) that the 0.58 btc appeared. However, I thought that multibit was too old to be storing them (and have read online that it is now not recommended) and decided to try move them to a Blockchain wallet account (I'm new to all this and bought the coin back in 2013/2014). So anyhow, I thought it might be a good idea to reset the block-chain just to get everything running ok- and after I did that - the wallet said that I had only something like 0.33 as a spendable amount. I was worried about this so I decided to test a small bit of coin (.0005) and send it to my new Blockchain wallet. It went through quick , and then I thought I will go ahead and send a little less than the 'spendable amount' (still not the full amount but thought it's something) , after I did this- nothing happened- apart from my balance was now down to .02 btc or something- but the transfer of BTC never arrived in the new blockchain wallet. I waited an hour and I then panicked, and I reset the the multibit again. after 45 mins - it synced with the blockchain- and my balance is now .20 bitcoin. I am afraid to move anymore in case I lose more btc, I checked the new blockchain address (where I supposedly sent the coin to) and there has been no activity on it, and I checked my original wallet on my multibit on bolckchain (from 2014) and it shows the full balance (minus the small btc that successfully transferred as I mentioned). So my question is- what happened to my btc? is it still on my pvt key (from the 2014 btc multibit wallet) or is it stuck somewhere on the way to the new blockchain address that i created? . Bear in mind, I am new to all this and have been trying to understand the tech of btc as I have moved along this issue. Please Help! Not sure what to do, afraid to move the BTC, afraid to use multibit but have some balance in it, and have no clue how to recover the missing btc... :(
I hope to keep this short and succinct. If you own Bitcoins right now, I want to make it clear to you, that the vast majority of you won't be able to sell your Bitcoins when you plan on doing so. As a consequence, you will be left holding the bag when the scheme implodes. You can pat yourself on the back if you escape this madman's scheme with half your present paper value. Here are a few reasons:
You have a wallet that doesn't work. Multibit used to be the most popular wallet, but it no longer functions. The Bitcoin core wallet needs to synchronize with the rest of the network before you can send your coins, this will take hours if you're lucky, days if you're not. Don't place your faith in things designed by computer programmers.
You're going to screw it up. You'll send your bitcoins to a wrong address, you'll send them with too little fee, or you'll send them to an exchange that stopped accepting deposits, or you do something else that leaves you without your coins, or with the coins hanging in limbo. This already happens continually. Good luck figuring out what went wrong when you're busy panicking.
Your usual place to sell your coins will stop functioning. Most exchanges tend to shut down or fail to function during moments of chaos. If you directly sell your bitcoin to another party, the party may run out of money to pay you for your coins.
It takes time for you to sell your Bitcoins. You spend 33% of your time asleep. You also can't sell while you're showering or driving. I remember when Bitcoin crashed 50% in four hours. That can easily happen again. Keep this in mind: Even if you find a place to sell, sending your bitcoins to the exchange will probably take hours. When you want to sell, the blockchain will be filled to the brim with transactions. I sold early, because I anticipated that it could collapse spectacularly, leaving me with no way to get out. I won't risk such a thing.
Bitcoin wouldn't have value without the institutions that support its use. The Bitcoin protocol is likely to fail. What do I mean with failure? It can't scale well. It currently uses 0.12% of the world's electricity, but it can't handle a fraction of the transaction a bank or a credit card company manages to handle. If it grows in use it grows in value, which means its electricity use grows too. As a consequence, governments become forced to intervene. The Chinese government could kill Bitcoin overnight, by forcing miners to mine empty blocks. This would be sufficient to end Bitcoin as a practical force to be reckoned with. Perhaps most importantly, the exchanges can't handle the growing demand for Bitcoin. If everyone tried to sell, a big choke point would be the withdrawal of dollars from an exchange. If the exchanges fail badly enough, like Mt Gox did, you won't even be able to tell the price of Bitcoin. Similarly, the wallet services can fail. If Google can't handle the death of Michael Jackson, how would blockchain.info handle the collapse of Bitcoin? Perhaps worse, entire full nodes have been disconnected from the internet through DDOS attacks, simply because they ran an unpopular version of the Bitcoin protocol. When the blocksize war erupts again, you may find your own Bitcoin wallet will be unable to connect to full nodes. The more potential points of failure a system has, the greater the chance that the system as a whole eventually fails to deliver its product. Bitcoin has a ridiculous number of failure points.
As someone who bothers to read before investing in something, I can inform you that Bitcoin is a nice technology but fundamentally flawed and growing much too fast. Most of the intelligent people who entered the cryptocurrency world years ago have moved on beyond Bitcoin by now. There are many different problems with Bitcoin: A hardcoded 1MB blocksize limit, a dependence on wasting energy, a 2 week period before the difficulty algorithm is reevaluated, a mining algorithm that favors centralization in the hands of a Chinese cartel, and a public blockchain that's easily subjected to blockchain analysis. The consequence people don't understand is that Bitcoin is a profoundly risky investment. There exists an illusion of control, of decentralization. You think you know what you're doing, you think you know how to get out, you think you know how the system behaves. If we assume that Bitcoin is a bubble, it follows from this that the gains of the early adapters, must come at a cost to those who bought in at a later stage. Those who are most vulnerable, are those who were skeptical at first but proceeded to buy in after all after witnessing the wealth gained by the initial investors. They're buying in now, hoping to find a "greater fool" in the future to sell to, but it's likely that the greatest fools will tend to be the people who look for greater fools to sell to. For more on this, I recommend reading this article and this article. You think you own thousands of dollars worth of Bitcoin, but when the time comes to claim that theoretical value, you'll find that it won't be there. A lot of gullible people are going to find themselves hurt by this. The human mind is very much a responsive phenomenon. It doesn't anticipate disruption, it extrapolates the past onto the future. People who buy Bitcoin, buy it because they see it's rising in value and expect that this will continue. They don't buy it because they use it. When was the last time you used Bitcoin to make a purchase? An object can't derive sustainable value from the fact that people expect it's value will rise in the future. My suggestion is to get out while you can. The phenomenon of cryptocurrency won't go away, but Bitcoin is an embryonic technology that will be replaced by superior alternatives. Until then, I'm quite happy if I can help prevent a suicide or two.
Bitcoin Gone From Wallet; But Visible on Blockchain
I have a MultiBit Classic Wallet, 5 days ago my bitcoin was shown as zero and there are no transactions listed under my address. However I had about $350 worth in bitcoin and over 50 transactions (over the past 1 year). So I thought maybe it was a lag, but checked day to day and still nothing. But, when I put my address into blockchain it says I have 0.14028805 BTC What do I do? I want to make sure my BTC is safe and I also want to use it.
Part 1 is located here Part 2 begins here: You just now have to put all of these passwords and knowledge to use. I will now go through all of the steps i would take to make a purchase on the Silkroad or another darknet website. Step one: Coinbase Go to "buy/sell bitcoin" and make a bitcoin purchase on coinbase. It will give you the date these coins will arive. Step two: Wait Wait until your coins arive Step three: Transferring your coins via coinbase and Block chain. Open your blockchain app on chrome. Copy your bitcoin address (located on your "wallet home" tab). Now go to coinbase and select "send/request". Now click "Send Money". Paste your Block Chain bitcoin address as your receiving address. Click send money. Now open up Blockchain app again and check "my transactions" within the next 30-60min your bitcoin should arrive and be confirmed. The bitcoin will be on your account after you have about 6-7 "confirmations". To check your "confirmations" click your transaction. Step four: Sending bitcoin to Silkroad anonymously Open your bockchain app and select "Send money", then select "Shared coin". It is important to use Block chain's "Shared coin" option if you wish for your bitcoin to be completely anonymous. In the "from:" area select "any address". In the "To:" area copy and paste in one of your Silk Road wallet addresses. Your silkroad wallet addresses can be found on your silkroad "account" tab. To get here select "account" at the top of your silkroad page. Once there you will find your silkroad deposit addresses. Back on Block chain select the amount of bitcoin you wish to send. You cannot send all of you coins because it costs a very small amount of money to send your coins. I recommend leaving about 1 $ on your Block chain account to cover the cost of sending your coins, for present and future purchases. Next select the amount of repetitions you wish to have. I would recommend somewhere between 5-10 repetitions. The more repetitions the more secure, but the greater the cost. The cost, however, will be minimal no matter how many repetitions you choose. Step five: Wait I've heard of it taking anywhere from 10min - 24 hours for your silkroad to receive your bitcoin. Step Six: Making a purchase on the silkroad. Once you've received your bitcoin on silkroad it's now time to make a purchase on silk road. To do so add the items you wish to buy to your cart (be sure to select a shipping option), and include an encrypted address you wish to have it sent to. To encrypt your address you need to use PGP. First you need to get the public key of the person you're buying your product from. Go to their silkroad listing of the product you wish to buy and copy and paste their key to a notepad file and safe that file to your PGP folder. This is what a public key looks like: -----BEGIN PGP PUBLIC KEY BLOCK----- Version: GnuPG v2.0.21 (MingW32) xQENBFBuNAMBCACrjNBSs7P8EUBSH42K2x3g2LUQ6S3RjcAHUxlKT3XKisKQQPwd 39j2USyocyrDPdJzAWW9EhqnISlv4COVlS8v2dpqwBqoH+eiK21wsOPxbWIyhPQu zRrPxqxqdzp5TJeCofGqlt250AicNpicSIsmEWwwRcPqBKqKmrCMlm1O2kcfZCfd 4JEJ60+dg1gh3Omqd8R4ooE4JUofcWU6NXhA3KV5ZcOgXV/7t0DVqJhplbH5qD28 zp8RUn+OvHAgU+C+CKY2fRIGHuKlqijKN40/4W9hPKHsF8NkEOK/ixHbcgaIX5yF sl/CXjgzJ8vRP+AV78q7ZLAXRc5VJ2dBxDDXABEBAAG0I0JsdWVWaWtpbmcgPEJs dWVWaWtpbmdAbGF2YWJpdC5jb20+iQE4BBMBAgAiBQJQbjQDAhsjBgsJCAcDAgYV CAIJCgsEFgIDAQIeAQIXgAAKCRCOymUppVxR2sWoB/sGfDqyii2LpFs0u9MOG1VT XTIpEtxKo+4UvNJYSdtXuaLc2bczpqK7yVPiYSTHq87OOq5Iomk52ziwzsRYBARe 40cqC7ijJ+aStf56vUYxFJRmgx0JGDqZeeeluOjhOdaluw+5Y5Pm4ToUDqQSolPG bki/Vhs3cXBpdrq6B2mmiLwhS40/4W9hPKHsF8NkEOK/ixHbcgaIX5yF sl/CXjgzJ8vRP+AV78q7ZLAXRc5VJ2dBxDDXABEBAAG0I0JsdWVWaWtpbmcgPEJs dWVWaWtpbmdAbGF2YWJpdC5jb20+iQE4BBMBAgAiBQJQbjQDAhsjBgsJCAcDAgYV CAIJCgsEFgIDAQIeAQIXgAAKQENBFBuNAMBCACrjNBSs7P8EUBSH42K2x3g2LUQ6S 39j2USyocyrDPdJzAWW9EhqnISlv4COVlS8v2dpqwBqoH+eiK21wsOPxbWIyhPQu zRrPxqxqdzp5TJeCofGqlt250AicNpicSIsmEWwwRcPqBKqKmrCMlm1O2kcfZCfd 4JEJ60+dg1gh3Omqd8R4ooE4JUofcWU6NXhA3KV5ZcOgXV/7t0DVqJhplbH5qD28 zp8RUn+OvHAgU+C+CKY2fRIGHuKlqijKN40/4W9hPKHsF8NkEOK/ixHbcgaIX5yF sl/CXjgzJ8vRP+AV78q7ZLAXRc5VJ2dBxDDXABEBAAG0I0JsdWVWaWtpbmcgPEJs dWVWaWtpbmdAbGF2YWJpdC5jb20+iQE4BBAvxIZ2udI1KVCx+hzhZ9pGU+MbB2xotX+ n/Se05zimkbm2f7h4lNmZWyE5PeBI57l2IIi6REhzYKqlj9aiXqIu1B4BM7R1v Q41wDyre+yfUFDSWeXMU41LeIzM4DmB7r3CN0Ha2WNAmJeHTUBp1MhScIXV7D4+J woc2PPcCoC0AyZQFpCk9vzABPbaBWCNvT79bmDEzV+XvC73vgpJbaws8fuplZcTU 0xSRvyDoYEQ1cvcX4jemafng2Dh2/EO8i3qy3IbdLJRlWA== =lC3C -----END PGP PUBLIC KEY BLOCK----- Be sure to copy the whole key. After you've copied their key and saved it in your pgp folder open "GPA" and select "Import". Go to the location of your pgp folder and select the file with the key of the person who you are buying from and import it. Now select the "Clipboard" option at the top right of the gui. Type your address in. Be sure to type your REAL name and REAL address. You must do this if you want to receive your package. For example:
Billy Joe Bob 8876 Creek Road N. W. Montgomery, Alabama, 36103 (USA)
After you've typed your address select "encrypt" and then select the public key of the person you're buying from on silkroad. Be sure to select the "Sign" option in the encrypt gui and sign with your key. Click OK. You will now see your encrypted pgp message. Copy and paste this message into the address section of your order on silkroad. Now the person you are buying from on silkroad knows where to send your package. I repeat, be sure to type your REAL name and REAL address. You must do this if you want to receive your package. Don't worry, the address you typed in is encrypted so only he person your are buying from can see it. Step seven: Retrieving your leftover bitcoin. To get your leftover bitcoin, and you WILL have some leftover after making a purchase, go to the "account" section of your silkroad and copy and paste your Blockchain address to your "withdraw funds" section on silkroad. Type your pin and the amount you wish to send and select "withdraw". Once you receive your bitcoin on block chain you can now send it to your secure multibit address. To do this, once again, select the shared coin option on blockchain and send the coin to your multibit address. This is the only time in the entire process you need to use multibit. I do, however, highly recommend using multibut because it is the most secure place to store your bitcoin after you're done making a transaction. Step eight: YOU'RE DONE! Remember, if you have leftover coin in multibit, you can use that coin in the future simply by sending it to your Blockchain address and then using the shared coin feature to send that coin from blockchain to silkroad.
Upgrading from old multibit to new wallet never confirmed after many days, bitcoins seemingly gone. Help would be really appreciated.
Hi there, slight newb with a quick question for the community here. I haven't accessed my bitcoins in a while and recently found that the old version of multibit I had been using was archived and that they recommended transferring your money to a newer wallet so I created a new one and decided to send all my BTC over to the new one in a single transaction. It was taking days and days for the transaction to get even 4 confirmations, but it never fully confirmed or got to the new address I sent it to. You guessed it. The old wallet shows 0 BTC now. It's like my coins are stuck in limbo somewhere and I'm kind of concerned. I used to be able to look up the unconfirmed transaction on block explorer, but now it's not pulling up anything. I thought this was a good thing because the transaction was never confirmed and assumed my money would simply be returned to my wallet, but it's still empty. https://blockchain.info/tx-index/df41394d97969141c70f88c4dabc31b43d6e0336500f871db2a751fda8086c80 09 May 2017 16:53 Sent to (1JBFtXSEeVnTdo5XKri9qXrhtrjnevq66x) Amt -10.51086565 TxID df41394d97969141c70f88c4dabc31b43d6e0336500f871db2a751fda8086c80 I did some reading and I think I must have computed my fee too low when I sent it, since the old version of multibit didn't have dynamic fees as an option. After some troubleshooting online people recommended "Reset blockchain and transactions" in my old client and resynching with the network. I did that, and my recent unconfirmed transaction doesn't show up at all in my transaction log but my bitcoins aren't back and the wallet is empty. Any suggestions on how to get my bitcoins back or info on what I did wrong?
Alright here's where I'm at. I have the wallet.dat file, and I have a file labeled multibit.key (which I'm assuming has to do with bitcoin, not doge). I didn't have the Dogecoin-QT app on my computer anymore but I did have a backup of my computer so I restored the app and now have it open but it is not syncing. According to the ELI5 that doesn't matter though. It says in recent transactions I tried to send out all of my doge to my reddit account but since it wasn't synced I don't know if that went through (although balance says 0). I tried using the help-debug-console where you do dumpprivkey "address" and it says that "Private key for address 'address' is not known (code -4)". I forgot to unlock before trying to get the private key. I now have my private key, but when I try to import to MultiDoge it wants a file instead of pasting the private key in. Would anyone know where to go from here? I used dogechain to import private key and it now shows full balance. I think I did it? Yep, I did it. Keeping the post up for future searches, hopefully it helps someone else. Side question: Since the old dogetipbot is gone I can no longer access history or balance, what happened to the doge I had in that account? Is there a way I can access it?
Dear all, sorry for my non-native English. I post here asking for suggestions being that google and stackoverflow did not help me clarifying my doubts. I had a web site where I can send and receive Bitcoins. To archive this I used Blockchain API to process notificiations of received Bitcoins and the same to process sending Bitcoin to other addresses. Due to the fact that Blockchain forced me to change my calling method because they changed the API using node.js I was considering to move away from them. However I found lots of issues. The Blockchain wallet can be exported to multibit-hd and the source code is available but due to my limit knowledge of Java I am not able do replicate the same use case flow. Also, due to the fact that multibit-hd does not run as a service I cannot use it on a vps server being that in case of restart the program does not start automatically. So I tried to use Bitcoinj directly to process payments the software use the following steps I create a new wallet with a new address. When the software starts it ask via web services the remote site to see if there is some payments do be send to other addresses create a transaction and then process it. But again due to my limit knowledge of Java I was not able to intercept the payment received on the address of the wallet. I had also a problem because on the testnet the software works but when I move to production network the program seems to start downloading all the Blockchain. Being that I am much better at C# I also tried to use NBitcoin but again with no success. So I Google a while and found that it is possible to run Bitcoin core and use rpc call to process payment but Bitcoin-core need first to download and validate all the Blockchain that is nearly 91GB. So my question is this: What I need is to code a service that use a local wallet on a vps server (nix or win does not matter) with only a Blockchain address. When a new payment is received in the address the program gets the amount of the transaction and communicate it to a website using web-service. Programmatically the same software asks the website if new sending payment should be processed and in this case send the Bitcoin from the address. The limitations are the following 1) I do not want to use third party services or APIs like Blockchain or Coinbase. 2) I do not want to download and process all the Blockchain. Out there is there anyone that have faces the same difficulties and that can give some suggestions? Thanks for any help
I am seeing this in instances even when I know the bitcoin address I have entered is valid because I have successfully sent coins to the address from other sources. This seems to happen with almost every address I try to send to from MultiBit Classic (0.5.19) other than a new wallet I created with MultiBit HD. MultiBit is a bitcoin wallet for your desktop. It’s available for Windows, Mac, and Linux. Find out how the software works today in our MultiBit review. What Is MultiBit? MultiBit, found online at MultiBit.org, is a bitcoin wallet for desktop operating systems like Windows, Mac OS, and Linux. The wallet promises to offer easy setups, a straightforward UI, and KeepKey support. Will all my MultiBit wallets be linked to Glidera ? No. Glidera only require a Bitcoin address from you when you purchase bitcoin. This is similar to making a purchase through a merchant. If you do not wish to use their service then there is no requirement to do so. My region is not covered. When can I expect it ? Glidera have told us that they intend to cover more regions in the upcoming ... My suggestion would be to choose 1 address out of them.... send ALL your bitcoins to your own address and this would organize it for you. Now query blockchain and that one address should have all the worth of bitcoins which should be equal to the figure being shown by multibit. MultiBit recommends using a different receiving address for each person that is sending you bitcoin so that you can tell them apart. You create new receiving addresses by clicking on the "New" button on the "Request" tab. In the "Label" field you should add a label to the receiving address to help you remember who is sending you bitcoin.
If you don't have any Bitcoin wallet and want to create your first Bitcoin Wallet then go a head and watch this video. In this video, I will teach you How to create a Desktop Wallet with Multibit. Trying to send bitcoin from Multibit to Coinbase. Transaction failed. Where did it go? part two of my tutorial on how to decrypt the android bitcoin wallet to find the seed and transfer it to multibitHD so that you can (if you choose to) claim bitcoin cash (assuming you had bitcoin ... Found my wallet backup from 2014 and tried to sync it. It wouldn't sync but the solution for me was to update to the latest version of Multibit and resync. Multibit is no longer supported so its ... In this video, I talk about a much asked question, which wallet should I get the bitcoin.org multibit or the bitcoin core version? Well my friend in this video I will explain just that and cover ...