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    Bitcoin Mentor Monday, December 07, 2020: Ask all your bitcoin questions!

    December 07, 2020

    Bitcoin Mentor Monday, December 07, 2020: Ask all your bitcoin questions!

    Mentor Monday, December 07, 2020: Ask all your bitcoin questions!

    Posted: 07 Dec 2020 03:00 AM PST

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    I made this for my boyfriend and he says he feels seen

    Posted: 06 Dec 2020 10:21 AM PST

    My BTC was stolen, sharing my thoughts

    Posted: 07 Dec 2020 01:11 AM PST

    I think this is my first post here. Long time lurker, but a shame it had be this kind of post.

    Welp, that's it folks. All the BTC I had to to my name has been stolen on 11/13.

    After checking my wallet a couple of days ago, I noticed an unfamiliar transaction that sent my remaining Bitcoins to some address on 11/13.

    Not sure if it's a good idea to post the transaction ID, but I suppose I could if it sheds light on anything.

    After I saw this, a rush of emotions came over me - despair, hopelessness, I had a pit in my stomach that was so dense, I nearly wanted to throw up. I could barely eat or sleep the day after. Even though it's been a few days now, those feelings are still very strong and I feel they probably will be for a long time. I keep waking up and checking the wallet hoping it's some sort of mistake, but it's real unfortunately.

    It took a while for me to process through the situation just enough to put some thoughts together for this post, but I guess the point of this post is two fold:

    1. It's a bit cathartic for me to be able to get some thoughts out
    2. I hope that other people learn from my mistake - coin holders need to take security seriously. Be patient, learn about security of your coins, and enact what you learn. Be diligent. Convenience is an enemy of security.

    The coins I had were originally mined back some time in 2013 if I remember correctly.

    I really had no idea what I was doing at the time, but a friend turned me on to mining and I figured why not, may as well put my GPUs to use for something else while I wasn't gaming. When he first told me about mining, I thought hmm - I bet all this computing power is going to something like helping the government crack into things, but after some light reading on Bitcoin - it stood out to me as something special, so I decided to do some research, joined a pool and started mining some coins not long after.

    Over the years, I sort of forgot about them and they stayed within my Bitcoin core wallet what I had used originally when mining, but three to four years ago my interest in the technology renewed and I really started reading more into the details of the technology and talking about it with coworkers.

    However, after some time I noticed that the Bitcoin core client was becoming quite cumbersome having to store all of the blockchain data and I had moved on to laptops with less storage available than my old desktop and so I started looking at some of the more modern wallets and landed on Electrum.

    I started using Electrum and it seemed to do the job well for what a wallets was designed for. I guess it's my mistake for not keeping up with the real (security related) news surrounding Bitcoin and wallets and various hacks and scams. My memory is a bit fuzzy, but I'm pretty sure I fell victim to a phishing attack vector within the Electrum wallet and possibly was led to download an update from a location other than the main site (github releases section seems to be faintly a thing that I remember). It was either this, or maybe my system was compromised some other way - either way it's a painful lesson in how not keep your coins secure. I really should have just put my coins into cold/offline storage.

    It's a real shame, I was really proud of owning these coins having mined them originally myself and I was hoping one day that I could split them between my two sons when they were old enough to understand and appreciate the technology in 18-20 years and who knows how widespread the technology and understanding will be by then. I feel like I failed them.

    I'm not really sure where to go from here, still trying to work through that. I've definitely been reading up more on security and how to make sure that something like this doesn't happen again should I find my way back into crypto. I wish I would have taken security more seriously up front, it ended up being a very costly mistake not doing so.

    I don't have nearly the disposable income to get back what I have lost. At the current price, it'd take years upon years, and it's highly unlikely that the price will retreat significantly. However, I truly still do believe in the technology, I just find it a bit sad that the main way to participate now is to convert USD to BTC - I wish mining was still a thing for the average person.

    Stay diligent and vigilant people, don't become lax like me. Read up on methodologies and practices for keeping your coins secure. Be patient and take the time to make sure things are done right.

    If this post helps even one person to take their coins more seriously and read up on better security, then I suppose it would be worth it getting these thoughts out. I wouldn't wish the feelings that I've experienced over the past couple of days on anyone, they are truly feelings of despair and regret.

    submitted by /u/finalremedy
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    Monday Art - Stoxart

    Posted: 07 Dec 2020 03:06 AM PST

    she's asking the right questions. Bitcoin fixes this

    Posted: 06 Dec 2020 04:39 PM PST

    While we're celebrating gains, one of us is still in trouble. Ross Ulbricht was life-sentenced for operating the SilkRoad. He believed in freedom, in a liberal vision wherin crypto is used for the sake of good! Check out his case, be aware!

    Posted: 06 Dec 2020 08:56 PM PST

    Daily Discussion, December 07, 2020

    Posted: 06 Dec 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.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Bitcoin just closed the highest weekly candle in all of its existance

    Posted: 06 Dec 2020 04:28 PM PST

    My Kindle Bitcoin ticker - $40 total

    Posted: 06 Dec 2020 07:49 AM PST

    My little trick to get all the news about the Lightning Network! ;-)

    Posted: 07 Dec 2020 02:18 AM PST

    Jameson Lopp on Twitter - Let’s not mince words those who want to further “regulate” Bitcoin... are threatening violence against a peaceful Revolution... this is the kind of argument that guys like Allaire, Armstrong, and Powell need to be making.

    Posted: 07 Dec 2020 03:38 AM PST

    The average person will probably never know someone who owns a whole Bitcoin

    Posted: 06 Dec 2020 10:41 AM PST

    There are currently ~780k addresses with 1 BTC or greater (Source: Glassnode)

    The world population is ~ 7.8 billion.

    So there is 1 address with 1 BTC or more for every 10,000 people. Even assuming individuals with multiple addresses with fractions of a BTC, it's unlikely that the average person will ever know someone with the private keys to 1 BTC or greater.

    Bitcoin is incredibly scarce.

    submitted by /u/cainethelongshot
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    My Push To Get Bitcoin Over 20k

    Posted: 06 Dec 2020 12:47 PM PST

    This cycle feels different. Last time, people entering the market were desperate for riches. This time they seem to be desperate for freedom.

    Posted: 06 Dec 2020 10:29 PM PST

    Monday Art - Styve Kavayirwe

    Posted: 07 Dec 2020 03:06 AM PST

    My dad wants to put 12000 into bitcoin

    Posted: 07 Dec 2020 02:22 AM PST

    Is this a good idea and reasons

    submitted by /u/Kebabeo
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    Commercial logo not your keys not your money

    Posted: 07 Dec 2020 02:48 AM PST

    Someone with design skills want to design a logo, not your keys not your money like intel inside or something like that.

    I think this is the most imoortant message to new comers, I think branding it will help.

    I have no design skills.

    submitted by /u/pdlvw
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    Why the US dollar could be the big loser of 2021 (CNN)

    Posted: 06 Dec 2020 10:31 PM PST

    How to sell BTC and receive money using UPI/PayTM in INDIA

    Posted: 07 Dec 2020 02:48 AM PST

    Saudi Arabia and the UAE to launch their own CBDC. Very first mention of Bitcoin and LN!

    Posted: 07 Dec 2020 12:51 AM PST

    When you fomo buy resistance and it pumps.

    Posted: 06 Dec 2020 10:12 AM PST

    WalletScrutiny.com is now tracking 240 Android apps. Only 5 are reproducible!

    Posted: 07 Dec 2020 12:25 AM PST

    Monday Art - Coaster89

    Posted: 07 Dec 2020 03:06 AM PST

    Hey Canada! Buy bitcoin

    Posted: 06 Dec 2020 03:01 PM PST

    We're Still Early - CNBC Hilariously Tries to Explain Bitcoin - They Still Don't Get It - December 6th 2020

    Posted: 06 Dec 2020 12:52 PM PST

    Getting wealthy in 10 years : A playbook

    Posted: 06 Dec 2020 09:52 PM PST

    A playbook to get wealthy in 10 years

    1. Hold onto a job, live frugal, buy bitcoin with all the remaining amount. Everytime.
    2. Hold your keys. Coldcard with dice roll is the easiest. Multi-sig is hard but anyone can learn it given a 10 year time horizon
    3. Backup keys onto a titanium plate
    4. Tell your family how to recover your keys if you get hit by a bus
    5. Thats it. That is literally it. There is nothing else to do

    Anyone telling you this is a bad idea, and you should not put all your eggs in one basket is lying through their teeth. In this particular case, the more eggs you put in this basket called Bitcoin, you are going to be doing your entire genetic line a huge favor

    ​

    (Update Edit): Most redditors replying to this post with 'all eggs in one basket is bad idea' are already proving my point. I'll restate my case: All eggs in the bitcoin basket is the best contrarian thing you can do for yourself and your family. Just because an advice is applicable most of the time doesn't mean it works all of the time. Bitcoin is quite literally a massive leap in human innovation and such moments dont come very often. In 10 years we've gone from 0$ to 20K. This train is not stopping. please go ahead an downvote this post as much as you like. Only a few people understand what I'm saying anyways, and the rest of you can do your S&P + Vanguard + Bonds + Bitcoin "SAFE & VERY HEALTHY PORTFOLIO" lol. I dont want a fucking "PORTFOLIO". I want a slice of this fundamental human innovation the likes of which we wont see for another 100 years

    submitted by /u/heptagon_h
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