Cryptocurrency

[northernladuk]

Yeh I had some crypto nicked off an exchange a few years ago....

Luckily only about £600 but it still pissed me off at the time. Yeh my fault for leaving it on the exchange and not enabling two-factor authentication....

I did track the blockchain to a VPN in germany. You could even see the money going into this one account that night. £1000s. I even reported it to fraud police for a laugh. They tracked it to russia then said "its gone".

Now I keep mine on a usb ledger thingy and not on an exchange at all....

But how much would that be worth now?

[BlueSharp]

and if you replace your phone and restore from backup make sure you have made a note of the wallet secrets. Only £50 lost but still....

[ChimpMaster]

Bitcoin investors: From buying a Bentley to losing it all - BBC News
We had a client whose Bitcoin wallet was fraudulently accessed and all the money was transferred out of it. He had intended to use it as a deposit on a house.
The man had been spooked by reports of fluctuations in the currency and decided to check his wallet. But he clicked on a fraudulent link, which led him to a phishing site, a complete clone of the real thing.
He had 84 bitcoins, and the fraudsters transferred 83 of them. At the time, in 2017, they were worth $475,000.
We tracked the payment on the blockchain [a kind of shared digital public ledger] - we could see it rolling across various wallets and finally it reached a wallet containing $15m of currency.
While the final identity of the fraudsters could not be identified, we were able to have the wallets frozen, so at least denying access to the stolen funds.
Our client was irate but philosophical. Today, that stolen Bitcoin would be worth £2.8m.
Once it's gone, it really has gone.

Well if he was going to buy a house anyway, he's only lost £475,000 because house values haven't gone anywhere since then (in the US).

[d000hg]

and if you replace your phone and restore from backup make sure you have made a note of the wallet secrets. Only £50 lost but still....

In my ongoing reading up on this, the one thing nobody seems to bother explaining is what you actually KEEP in your wallet. I was amazed none of the introductions I read talked about backing up and so on. AFAIK you hold your own local blockchain(s) but how big are these and are they simply encrypted binary files? I expected to see best practices on how many wallets to maintain per currency, that sort of thing but everywhere I look appears to gloss over this.

[BrilloPad]

Well if he was going to buy a house anyway, he's only lost £475,000 because house values haven't gone anywhere since then (in the US).

This is very true. But people tend not to think in those terms. Humans are illogical.

[_V_]

In my ongoing reading up on this, the one thing nobody seems to bother explaining is what you actually KEEP in your wallet. I was amazed none of the introductions I read talked about backing up and so on. AFAIK you hold your own local blockchain(s) but how big are these and are they simply encrypted binary files? I expected to see best practices on how many wallets to maintain per currency, that sort of thing but everywhere I look appears to gloss over this.

Buy a hardware wallet. The only thing you need keep are you private keys and the backup phrase to restore them if you device fails or is lost / stolen.

I got one of these. Ledger Nano X | Ledger

PS the crypto thing is in a bubble again, it will all come crashing down in the next few months. I've sold almost all my crypto assets to worthless fiat now.

Will buy a worthless massive house and worthless supercar with it.

[Paralytic]

PS the crypto thing is in a bubble again, it will all come crashing down in the next few months. I've sold almost all my crypto assets to worthless fiat now.

Will buy a worthless massive house and worthless supercar with it.

If suspect you're probably right - there was a post yesterday from someone (can't remeber who) who said their wife knew nothing about crypto but wanted to buy some so they could make some money.

Reminds me of the dotcom boom when people who had no previous interest in/knowledge of/idea about shares were suddenly having coffee-machine chats about investing in the latest penny stock that had gone up 100s of percent in the previous few days.

[_V_]

If suspect you're probably right - there was a post yesterday from someone (can't remeber who) who said their wife knew nothing about crypto but wanted to buy some so they could make some money.

Reminds me of the dotcom boom when people who had no previous interest in/knowledge of/idea about shares were suddenly having coffee-machine chats about investing in the latest penny stock that had gone up 100s of percent in the previous few days.

Random celebs on Twitter are tweeting "Buy Bitcoin!"

Perfect example of a pyramid scheme in action. Those jumping in now will become the crypto bag hodlers.

[_V_]

Someone who has missed the latest crypto pump. No Lambos for him.

[Paralytic]

Someone who has missed the latest crypto pump. No Lambos for him.

I love how he casually said "and all the other sh!tcoins", called Musk a "coke addict" and simply carried on with his rant