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    Bitcoin Daily Discussion, February 13, 2020

    February 13, 2020

    Bitcoin Daily Discussion, February 13, 2020

    Daily Discussion, February 13, 2020

    Posted: 12 Feb 2020 11:00 PM PST

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    We have a couple chat rooms now!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    This guy didn’t hodl

    Posted: 12 Feb 2020 01:10 PM PST

    Bear season is over!

    Posted: 12 Feb 2020 01:19 PM PST

    Today's xkcd :-D

    Posted: 12 Feb 2020 09:53 PM PST

    I’ve lived this situation more than once xD

    Posted: 13 Feb 2020 02:52 AM PST

    Understanding this meme is key to your financial freedom#thistimeitsdifferent

    Posted: 12 Feb 2020 07:19 PM PST

    tweet from the future

    Posted: 12 Feb 2020 08:02 PM PST

    We can never be certain nobody sees as we enter our mnemonic seed, or passphrase, or pin.

    Posted: 12 Feb 2020 05:31 AM PST

    ������ Bitcoin Alert ������

    Posted: 12 Feb 2020 09:14 AM PST

    “Unbanked.. Underbanked.. Reduce friction in payments.. New Stable Digital Cryptocurrency backed by a reserve of real assets on Blockchain Technology.. CBDC’s.. DLT in Clearing & Settlement..”

    Posted: 13 Feb 2020 04:20 AM PST

    Bitcoin exchange Paxful stealing peoples bitcoin

    Posted: 12 Feb 2020 10:10 PM PST

    A little over a year ago the bitcoin exchange Paxful permanently banned my account without reason when I had about $200 worth of bitcoin in my wallet. I have contacted them numerous times for the last year now trying to get my bitcoin back and support refuses to respond to me.

    I did some digging and found multiple other people who had the same thing happen to them. Does anyone have any suggestions on what to do about this? I don't understand how is it legal for this company to just ban accounts and refuse to let people withdraw their bitcoin.

    ​

    Here are some of the other stories I found of people having the same thing happen to them.

    https://www.reddit.com/r/paxful/comments/czk9h9/my_account_was_baneated_and_i_cant_withdraw_my/

    https://www.reddit.com/r/Bitcoin/comments/bhuyab/paxfulcom_account_suspended_for_no_reason/

    https://www.reddit.com/r/paxful/comments/btftd4/paxful_seller_account_banned/

    https://www.reddit.com/r/paxful/comments/7e357v/paxful_scammed_me/

    https://www.reddit.com/r/paxful/comments/6psqj3/gcxbit_banned_paxful_vendor_coin_in_wallet_ive/

    https://www.reddit.com/r/BitcoinMarkets/comments/6jqlpp/stay_away_from_paxfulcom_the_moderators_are/

    https://www.reddit.com/r/Bitcoin/comments/5oyxi9/paxful_support_stole_my_btc/

    https://www.reddit.com/r/Bitcoin/comments/7fsvjc/paxful_hold_12000_vendor_coins_to_hostage_and/

    https://www.reddit.com/r/Bitcoin/comments/cpyr55/paxful_stealing_my_money_dont_exchange_be_wary/

    https://www.reddit.com/r/paxful/comments/d1z5oa/warning_paxful_moderator_scammed_me/

    submitted by /u/ENZA_DENINO_Cx
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    Bitcoin ATM business booming as Coinsource expands to 600 machines

    Posted: 13 Feb 2020 02:21 AM PST

    Meanwhile in Central Asia ...

    Posted: 12 Feb 2020 11:35 PM PST

    The video game, Escape from tarkov allows you to build a btc farm when you get enough graphics cards and other parts. The value of Bitcoin in game is roughly tied to the value of btc irl. You can trade for cash or items with other players. Really cool new game mechanic.

    Posted: 12 Feb 2020 10:16 AM PST

    What exchanges do you use to trade with? Coinbase charges too much.

    Posted: 12 Feb 2020 11:47 PM PST

    I use to trade on coinbase with 0% maker free, now they want 0.50% per maker fee. I only have 1k in bitcoins and do small trades, is there anywhere better for USA?

    submitted by /u/knkkskknk
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    I started working with Bitcoin and Crypto while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption.

    Posted: 13 Feb 2020 12:09 AM PST

    I started working with Bitcoin and Crypto while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption.

    Hello everyone, I am Rohan Agarwal! I heard the word 'Bitcoin' for the first time around 2013-2014 but it didn't creep up on the top of my mind until 2017.

    It was during my college days in 2017 when I was mostly working on android apps and attending hackathons to satisfy the competitive edge in me that I met my friend and CTO of Cypherock - Vipul through a mutual friend. During the same time, I went down the crypto rabbit hole after being bugged by the idea of decentralisation. During the 2017 bull run, I was continuously researching and trading Bitcoin, Ethereum and various cryptocurrencies while conducting workshops, writing blogs about the space.

    At the height of the 2017 bull market, I found that one of my friends couldn't recover his recovery phrase kept safe on paper due to an unfortunate house fire. At the same time, another one of the colleagues had kept his 24 word mnemonic phrase as a screenshot on his phone which got lost when the phone was corrupted. That's when I realized the need for a secure hardware wallet + with a recovery solution that caters to both data loss and data theft problems without a single point of failure.

    To facilitate mass adoption, it is necessary that -

    1. Regular, non tech savvy people should be able to use and secure crypto without the fear of losing it.
    2. The solution to secure and recover crypto should be a non-custodial solution and the support should be open to all assets.

    This was the belief that gave birth to Cypherock. Current hardware wallets secure the crypto but the unencrypted seed phrase on the paper becomes a single point of attack. We believe that seed phrases deserve the same level of security that your private keys have.

    So, we used 2 of 4 Shamir Secret Sharing (with the option to change the threshold in future) along with tamper-resistant hardware to secure your private keys. Simply put, it is like Multi-sig but for your wallet recovery phrase. Practically, it's much easier to use than multi-sig, if implemented correctly. Even Coinbase uses Shamir Secret Sharing to secure their own assets.

    More on what we developed

    - Each shard will be stored in a EAL6+ tamper resistant secure element chips. As comparison, your iPhone has the same level of security chip for securing fingerprints.

    - Nothing will be stored in the X1 Wallet on which the computation will be done.

    - Keys can be recovered by tapping any 2 out of the 4 cyCards on the X1 Wallet. Each cyCard can also be protected by a PIN just like your hardware wallet. The recovered keys are stored in a volatile memory on the X1 Wallet which gets wiped out as soon as the operation is done.

    - You can store 3 wallet recovery phrases in a single product.

    - The cyCards can be distributed around different places to increase security of the funds and protect against $5 wrench attacks.

    What this means is without the knowledge of location of atleast 2 cyCards and the PIN, it is impossible for the hackers to steal your assets. We'll be able to support multiple blockchains (read: coins) using this along with other digital assets like your passwords, secrets, non Blockchain private keys etc. You can secure the cards by distributing it among trusted people or keeping it secure in different places that only you know of.

    https://preview.redd.it/aqkuuizvfng41.jpg?width=1920&format=pjpg&auto=webp&s=1fc5bb71e79df86fef5ea5855c29d0fe154e5b05

    It has been a hell of a ride to provide an optimal solution for the mnemonic phrase/seed phrase recovery issue, without compromising the security of the user or the ownership of the assets.

    We recently got backed by Consensys which was a high point for us. It has been a huge journey for us coming from India, where blockchain or the related hardware isn't that big with consumers yet.

    The product is in the testing phase and we have started with the pre-orders. You can book one today with >50% off and if you don't like it, we will give you a full refund, no questions asked.

    Small Example to show how it works:

    1. You enter/generate your mnemonic phrase on the device or any other sensitive information like passwords.
    2. You tap four cyCards on the device to make 4 shards of your phrases.You'll need any 2 of them to recover your keys or perform a transaction.
    3. The cyCards can be stored at different locations or kept with different people for security.
    4. It can solve the issue with inheritance too with proper management of keys. (PM or comment to know more on this).
    5. To conduct a transaction, tap 2 cards on the device. The keys will be generated on the X1 Wallet for the transaction in a volatile memory which will be wiped off once the transaction is done (no current generation wallet has this). This allows for the hardware to have similar security as of multi-sig with the possible support of every asset.

    Any feedback appreciated.

    TLDR: With the dream of making storage of seed phrase an easy solution for everyone, started out with Cypherock and in the process found out a solution for removing single point of failure and a way for easy crypto inheritance. Would love any help from the community to take this further.

    If anyone would like to see the device functioning, they can refer to the following videos:

    1. Securing Seed Phrases with Cypherock X1: https://youtu.be/eD3CZMPumCk
    2. Trezor Hack and Transaction Using Cypherock X1: https://www.youtube.com/watch?v=19u2mKaHRoM&t
    submitted by /u/rohanagarwal94
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    Mnuchin Says U.S. Planning Cryptocurrency Rules on Transparency

    Posted: 13 Feb 2020 02:04 AM PST

    Discover How a Transaction Is Added to Bitcoin Blockchain and Secured via Mining in 9 Steps

    Posted: 13 Feb 2020 03:19 AM PST

    Remember that your BIP39 seed phrase is totally unlike any of your traditional, centralised, online credentials... Don't just donate your whole stash to scammers by storing it digitally... (Especially right at the start of a bull run)

    Posted: 13 Feb 2020 03:13 AM PST

    Framed The Block of The First Bitcoin I Ever Bought

    Posted: 12 Feb 2020 11:28 AM PST

    DGAF 2

    Posted: 12 Feb 2020 02:03 PM PST

    Stickers & Shirts 25% Off

    Posted: 12 Feb 2020 09:29 PM PST

    I need some help! For 2 years now I have accepted bitcoin on my e-commerce store http://stickerfool.com/shop/ and have not received any orders using BTC but 1000s of orders using PayPal. I want to make sure the payment processing is working fine before doing some advertising coming up next week so I am offering 25% off storewide to this Reddit group only using the code btcreddit at checkout!

    submitted by /u/Marktw69
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    Time to do the opposite of what mainstream media tells us!

    Posted: 13 Feb 2020 05:19 AM PST
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