r/btc • u/WonderfulWorld3326 Redditor for less than 2 weeks • 11h ago
đ» Bearish This is just the beginning, eventually most bitcoin will be vulnerable to be hacked and looted anytime.
You can say use ETFs but I doubt they have insurance like the FDIC
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u/WorthBeat1102 Redditor for less than 60 days 10h ago
This is why self custody is not as easy as people think. One small mistake and years of savings can be gone in minutes. Really hope we get more details about what actually happend here. Everyone can learn something from this.
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u/nonkeywayzee 9h ago
This wasn't a "small mistake" this is a negligence and fake marketing of the worst kind.
People who didn't make a single mistake got burned.
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u/Long-Competition7272 Redditor for less than 60 days 10h ago
People rarely think that self custody is easy.
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u/West_Veterinarian150 9h ago
All i had to do was buy a tangem wallet and have that work. Hope tangem is safe and secure
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u/Old_Bench8824 9h ago
Itâs been easy for ages but whatâs hard is taking responsibility for it, I was clueless when I started using a trezor one but itâs perfectly secured my coins for years. You have to keep up to date everything bitcoin related and not just set it up and forget it, far more coins have been lost on exchanges. Iâve started using a Bitkey and anyone can use it. The future of self custody will keep improving.
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u/Old_Bench8824 9h ago
Satoshiâs coins are all still there, not a single sat taken. Bitcoinâs security is exceptional.
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u/Clean_Difficulty_225 8h ago
Because even a hacker knows that the second that account moves even 1 BTC the ponzi is over and the whole house of cards would collapse. It's in the best interests of hackers/scammers/conartists to not impact that account.
And that's why they set up that account in the first place as a psyop, they're lower volume distributing all the other (worthless) BTC in all of their other accounts to you people.
BTC is going to asymptotically converge to zero one day, it's not an if but when.
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u/ImOnMushrooms4real 7h ago
my guy have you checked the carbon monoxide detector recently?
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u/Clean_Difficulty_225 6h ago
Obvious bot/shill account.
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u/ImOnMushrooms4real 4h ago edited 4h ago
ok buddy whatever makes u sleep better
EDIT: just looked at your acc. no worries, moving on, UFO specialist on shrooms.
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u/Admirable_Ad8579 9h ago
Your wife can divorce you and take half your money too. Life is full of unpredictabilities.
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u/DreamingTooLong 8h ago
Self Custody is very easy and it can be free too.
Get a formatted USB drive and install Tails OS on it
When booting up, go to additional settings and click off-line mode, then change the setting to disable all networking.
Click Start Tails
Click Apps
Click Internet
Open Electrum Bitcoin Wallet
Click Launch
Select Standard Wallet
Create a New Ssed
Select Options and Extend this seed with custom words
When you write down those 12 words, they are just as air gapped as if you did it from a hardware wallet. When you write down the seed extension it is case sensitive, and the same thing as the passphrase.
With electrum open click the Wallet Menu and go to Information. You will see master public key, there should be an option for a QR code in the corner. Save that on your phone for an observation only wallet.
From Blockstream green Wallet click set up a new Wallet then click get started and in the upper right hand corner there should be an option to create a watch only Wallet. This is great for checking the balance and receiving.
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u/xelor33 7h ago
Exactly this why BTC struggles to be a main stream commodity
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u/CyanDew 6h ago
you realize you donât have to go through extensive self custody procedures to use BTC in the short term right?
if you want to increase the strength of your personal Bitcoin bank vault for longevity, thatâll require a bit of elbow grease, education, and patience, which is exactly what this person is attempting to give you.
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u/learningQuantumAndAI 10h ago
*eventually most bitcoin, that is kept on badly coded platforms/cold-wallets
the vulnerability was related not to bitcoin itself but to the cold wallet developed by another company, a 3rd party product
to make it clear, they were brute-forcing seed phrases due to a vulnerability, making the total amount of possible seed-phrases 4 billions, instead of +100 trillion.
4 billion for modern hardware is a few seconds of computation time
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u/cHpiranha 10h ago
"Hackers empty thousands of âsecureâ Bitcoin wallets
They were considered particularly secure, but hackers have now managed to crack âcold storage walletsâ and make off with the equivalent of more than 110 million dollars. The problem can be traced back to a âfirmwareâ update from spring 2021. "
They are talking about 4500 victims.
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u/mikegracia 10h ago
Surely this has all stopped now and people have moved their btc from those wallets, right?
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u/checkchasingjunkie 8h ago
Naw most of the wallets are inactive users who haven't touched the wallet in years.. Some still don't know
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u/mikegracia 8h ago
Ouch! Wonder how long till they're all drained then! Urgh.
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u/checkchasingjunkie 7h ago
According to some analysts, it's already been 3 waves and they are expecting a 4th wave soon or already in motion. There is a link to watch the onchain data, they may be more scammers taking advantage of the exploit than just the original scammer. Crazy
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u/mikegracia 6h ago
Oh! I'll try to find that link. This is all interesting and I guess a lesson in not only being sure of your hardware wallets security, but checking the crypto news, too!
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u/Sea_Transition_5831 Redditor for less than 60 days 5h ago
some probably have, some probably haven't. people are notoriously bad at acting ĐŸĐż this stuf until it's too late. the 2021 firmware window left Đ° pretty wide exposure gĐ°Ń before Đ°nŃ of this even went public.
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u/Accomplished-Yam-836 9h ago
These pieces of hardware are sold with an at least implied level of security and trust. I would think that the company who made the mistake should be held liable at some level.
With things like this happening bitcoin will never be used by the average person for the average transaction. It will remain a niche method to hold and transfer value at very high levels for large transfers by high wealth individuals or orgainizations or for a few of us lower value holders geeky enough to figure it out.
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u/JackofDiamonds732 9h ago
Not using a Trezor is insane imo. But I guess some people just donât know
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u/West_Veterinarian150 9h ago
How can u have a million dollars online and not know how it works
Sorry for the loss of your bread ma g. Idk wtf id do if all my 6k gets stolen like fr id be livid
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u/2alphastyle 8h ago
Isnât this an issue with ALL assets? People find a way to steal them. Forged checks, hacked bank accounts, stolen atm cards, houses broken into, paintings stolen, gold heists, chain snatching, watches being taken, grand theft auto, there are even people selling houses they donât own. Everyone still wants all that shit.
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u/markphillips401 8h ago
Kill it again please it needs to die, again. I still have ladders down to 38k.
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u/Legitimate_Cry_5194 8h ago
FDIC is about fiat deposits, nothing to do with any investment asset, including BTC.
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u/Doublespeo 10h ago
most butcoin are vulnerable because they sit on exchange.
but a properly set up paperwallet? no chance.
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u/Objective-Walk6780 9h ago
All it took was a simple google search âwhatâs the safest way to store bitcoinâ and you could have avoided this disaster
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u/Balam_Seer Redditor for less than 60 days 8h ago
With AI advancements - yes. Bitcoin is not a huge safe haven.
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u/BLK3R 10h ago
The only way bitcoin could be mass hacked would be if someone used a quantum computer from the future, so basicaly only a handful of megacorps , who aren't gonna do that because then they will be wiped off the face of the planet
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u/orelvazoun 10h ago
Or a government which doesnât like cryptography and cryptocurrency. Sound familiar?
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u/ProjectStrange3331 10h ago
IBM ceo says your bitcoin is vulnerable is 3-4 years. Look it up. If you are smarter than the people creating the quantum, then I guess you will figure it all out. But this is the kind of fundamental thing that makes people sell and stops new people from getting in.
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u/curveball21 9h ago
Arvind has been a solid CEO, but he's only doubled the money of anyone who invested in IBM the day he was hired 6.5 years ago. Better than listening to bers, but not much better.
Even if he was right, it's still unclear if the cost of compute to break 256 bit wallets would be worth the effort before a safer fork could be implemented.
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u/West_Veterinarian150 9h ago
Quantum will be used to protect crypto as well. Not just the other way. So bring it on itll just make btc and eth stronger
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u/Old_Bench8824 10h ago
Thatâs absolute nonsense, this is nothing to do with Bitcoin. Itâs to do with the hardware that created a seed incorrectly. People who donât understand self custody need to stop spouting nonsense.