1.5x per year...
at least we crossed that 25600 line, finally. I wonder if we could cross 51200 sometime this year.
It's tempting to think we'll follow the 2019 recovery trajectory, but the budger rarely follows past patterns.
Updating "1.5x per year" trend...
I had not recalled that you compromised down from 2x to 1.5x.. even though you posted such in March..
Bitcoin greatly rewards order, and severely punishes chaos.
To anyone who has lost coins:
you're doing it wrong, but thank you for your donation!Some ways of holding coins are easier than other ways, and personally, I consider that it is not easy to attempt to stay somewhat vigilant in the ways that we are holding our keys and the various ways to try to back them up without necessarily leaving them vulnerable to others while at the mean time sufficiently preserving them so we do not lose them to our own complications and/or oversights.
Didn't you yourself, AlcoHoDL, either lose some bitcoin or maybe even come close to overly complicating some of your wallets? Or, am I getting you mixed up with another member? The more I think about it, I am pretty sure you told some stories of how some ways of storing keys might become too complicated, especially with the passage of time and thinking that we had sufficiently documented in order to trigger our memories, and then viola.. we are struggling to remember and/or figure it out.. so if we are sometimes struggling with our own systems, then how are we going to be passing those coins down with someone else being able to read our notes and/or fill in the gaps, even if the coins might be hiding in plain sight.
So far there is no easy solution, and it seems that it could be a while before easy systems come.. because some of us might currently be able to program our clock on our VCR (or microwave), but others struggle, and even us in time 1 know how to do it, but in time 2, we may have had forgotten how to do it, and did we keep too much information in our heads presuming that we were going to remember when the time comes.. but the time ends up being 15 years later rather than 5 years later.. where did all that time go?
No, it wasn't me who lost coins. I think a recent situation like this happened to either OutOfMemory or sirazimuth, IIRC. It can happen to anyone, and, let's face it, Bitcoin has radically changed the way we handle and protect our cash (of the digital variety, a.k.a. BTC). Even those of us who are very computer-literate can end up in situations like this, and you're right in that I've made several posts in the past emphasizing that fact.
Yes.. I am remembering posts from around 5 years ago and you were talking about ways to overly complicate keys.. so yeah, I may have misspoke to imply that you actually lost coins or said that you lost coins or that you might have been close to losing coins due to overly complications.. but you likely did post something about it, even though I cannot remember exact details that might not really matter too much in terms of the point about over complication can be a way (and is a way) to lose coins...and even reasonable, smart and diligent people likely lose coins from time to time.
I remember several years ago, when I had accumulated a decent amount of corn (I think it was about 15 BTC), I designed an extremely elaborate and complex sequence of steps to encode/encrypt and backup the seed. It involved a passphrase, a book, some pseudo-random (i.e., able to be regenerated) numbers, and some method of combining all bits together. I verified my newly created algorithm and it worked. But then it dawned on me that missing/forgetting just one of the several steps involved would prevent access to the seed, and, as you've correctly pointed out, we often forget much simpler tasks, such as how to set the microwave clock (has happened to me--the god damned thing doesn't even remember the time on a mains power cut, so I don't even bother anymore).
Exactly.. it's like
de ja vu all over again seeing you say these things in your own words, rather than me trying to inaccurately parrot you..
In such cases we can read the manual and find out how to do it, but in the case of my above mentioned, supposedly super-strong encryption algorithm, there's no manual to look up, and writing one would compromise its security. So, I quickly decided to apply the KISS principle: a seed with 24 words + a very strong (but not impossible to memorize) passphrase.
If you think about it, one of the issues with Luke Dasher was that he had his own system, rather than following a more basic open source system that would have had probably given more protections than his have had created his own system that was probably good, but was not sufficiently peer reviewed.. not that we have to have everything that we do peer reviewed, but it may well be better to follow tried and true basic systems rather than outsmarting ourselves with a good system that might have, like you said, one little flaw that ends up fucking up the whole thing... because once years pass by, it might become nearly impossible, if not completely impossible to resolve, especially if we don't even know the whole package, for example if two things go wrong, then we are missing more pieces that make it difficult to know the total size or if we have all of the parts.. even in the right order.
Has served me well. No security breaches, passphrase has now been practically etched in my memory cells.
You don't want that... because remember, we talked about hypnotism... when we meet in person, I will try to get you drunk or maybe I will trigger you into some kind of an outburst in which you splurt out the private keys... hahahaha
Anything more complex than that, and I run the risk of forgetting about it and locking myself out of my coins. No, thanks.
I won't argue with you on that part.
The above is the reason I support the idea of the banking institutions of the future providing custodian services for BTC holders. You just can't expect everyone to know about seeds, passphrase entropies and the like, and be able to apply them correctly. So, those of us who can handle it, can do it, as most of us do, but with extreme caution, and running the risk of losing our coins. The rest of us who are lacking the skill or don't want to take the risk, should have the option to pay someone else to do it for them, just as we all do with fiat using the banking system. NYKNYC is the price you pay in the latter case.
ditto, amen.. etc etc etc. that's what
I am you are talking about