bitcoin core – “At first, anyone could spend anyone’s coins”?

I’ve been watching this Bitcoin video:

At the linked-to timestamp, he claims that:

Due to bugs, at first, anyone could spend anyone’s coins!

I’m not saying that I think he’s lying, but was Bitcoin really that buggy initially? That’s honestly a bit shocking to hear for me. I did think that Bitcoin was quite solid from the very first v1.0, and has only been “expanded upon” with BIPs ever since. I did not know that such serious bugs existed early on.

Exactly how early are we talking? I had coins in 2009 or 2010. So, back then, anyone could just spend those even though only I had the private keys? And this extremely serious bug was somehow fixed without breaking Bitcoin?

bitcoin core – Brother died and I am sole survivor..just found out he has a wallet. How do I go about getting his bit coins I have no info

I have no info..

Without information, you cannot get control of any Bitcoin your brother possessed.

You need some details of his wallet or of his account with a Bitcoin exchange.

How do I retreive

If he looked after his own money in a Bitcoin wallet on a computer or phone, you need to be able to log in to that device and run the wallet program and enter any password he set on the wallet. He may have kept a note of his wallet’s “private key” or its 12, 18 or 24-word “recovery phrase” written down somewhere safe. E.g. on paper or stamped metal in a safe. If so, you can use this information on a different computer to create a new wallet that controls the same money.

If he had an account with a business that looked after his money for him, you’ll need to find out the name of that business and his login details. It is possible you would find some details in his old email messages.

I have death certificate.

That might be of use if his money was in an exchange and you know his account name but not his account password. You or the executor of his estate would need to contact the exchange directly about this.

You will be contacted by people offering to help you. 99% of these will be scammers intending to trick you into trusting them with any details you find, or who will trick you into paying invented recovery fees but who will never give you access to your brother’s money. Be very very careful.

transactions – BTC coins I did not send sent to blockchain

I used some coinjoined BTC coins from my from my WASABI wallet to exchange for ADA on Godex. I sent coins from Wasabi wallet but had Godex deposit them in my Exodus wallet. It was around 500€.

There was no problem with the exchange with Godex but all the other BTC coins in my wallet that were coinjoined were sent to Blockchain and remain there unconfirmed. I did not send them. The coins are gone from my wallet but I can see them on the blockchain.

All these coins in my Wasabi wallet were not conjoined together and the same time.
They were sent in 7 separate transactions from my Exodus wallet to separate addresses in my Wasabi wallet and then coinjoined separately. Now all these separate coinjoin coins are listed as an INPUTS on the blockchain. Unconfirmed

The BTC coins seen on Blockchain are are Unconfirmed and UNspent


Is there logically any way to “live off of Bitcoin interest” without giving up control of your coins?

This is possible, but not exactly in the way you’re expecting!

Consider what you really want here: is it just an increased number of dollars or BTC? Nope! What you want is an increase in your buying power. Stop to think about the difference here for a second – it is important!

The goal is an increase in buying power, which means you want the ability to buy more tomorrow, than you could today.

Banks pay interest on deposits because they will use those deposits to make investments of their own, and those investments will (hopefully) do well and make the bank some profits. The actual cash money itself doesn’t just magically grow! In fact, the opposite is true: as the money supply grows (unpredictably!), each individual dollar will hold less buying power than it did before. So just keeping dollars stored under a mattress is actually a pretty bad idea: that money will have less buying power tomorrow, than it did today. If the goal is to increase buying power, then clearly just holding dollars is bad, and so the prudent individual will find investments that can increase in value over time. With enough money invested, they can ‘live off the interest’ of those investments.

Bitcoin, on the other hand, is a very different type of money, in that the supply of it cannot be inflated, so the act of just holding coins does not suffer from the same issue of unpredictable dilution that dollars do. If BTC maintains current adoption/use rates*, and society progresses and grows in GDP, then each BTC will accrue more buying power over time.

The difference should be obvious: dollars are a bad asset to hold, they lose purchasing power over time due to an (unpredictable) dilution of supply. Bitcoin does not suffer from this, so a holder might expect their purchasing power to increase over time. Many people call bitcoin a ‘hard money’, as in, ‘it is hard to produce more of’.

So all of that is to say: just like dollars, if you hold enough BTC, you could maintain a certain amount of purchasing power over time, while still living off the nominal increase in purchasing power of your BTC. The actual number of BTC you own would slowly shrink, but this is somewhat inconsequential if your goal is to just live off the interest while maintaining your net purchasing power.

*of course, bitcoin is currently in a young stage of growth, so it is a fairly volatile asset in regards to purchasing power over short time frames. But consider what the situation would be if it were as widely adopted as dollars – that is the more interesting situation in regards to the idea I mean to put forth here. Of course, if bitcoin continues to grow in popularity and use, then we might expect the buying power of a coin to increase, and vice versa.

❕NEWS – Do you think other crypto coins can skyrocket like Bitcoin in the near future?? | NewProxyLists

When you take a look at how the price of Bitcoin have skyrocketed to the top. You gonna see how fast the Cryptocurrency have become famous on the global scene. Everyone is talking about Bitcoin, and what will really happen in the price, after going on a record breaking landmark of achieving more than $22k in December 2020. Surpassing the previous record set in 2017, which was peaked at $20k landmark. Do you expect other top rising crypto coins to match Bitcoin price in the near future??

blockchain – Transactions for multiple crypto-currency coins in cold storage without downloading full block-chains

This is probably a question for a longer discussion, less for an q&a forum 🙂 There are too many opinions on how to, based on the desired outcomes and values (and paranoia). The higher the values, the more important is a proper stress tested storage system. My current solution would be a mix of virtual machines and different hardware.

I think of storing several altcoins in several cold wallets (offline). My major concern would be data loss due to broken hardware. Therefor I’d have two or better three backups. I would create several offline PCs in virtual machines/environments, and also have an offline Linux, and maybe an older MacOSX and/or some RaspberryPIs (all offline). All systems have one advantage over the other. In the virtual machines I would try to setup a wallet, by compiling myself. If not, I take a default wallet. Once the procedure is “clean”, I can do the same on an offline PC. It’s astounding, how many dependencies there are…

I would install the default wallets on the offline machines, note down the priv keys and/or seeds, capture a photo of the priv key/seeds (make sure your mobile doesn’t sync the photo to the network, and delete it after downloading!), and keep it written down and/or somewhere in a veracrypt container on the different offline PCs. It is good to distribute, hardly all break at the same time. Also I note down the public keys and/or addresses. Then in the exchanges, one could send keys to “my” addresses.

I wouldn’t download all the blockchain(s), that is not required. For example in Bitcoin, it is sufficient to have the priv key, to get it loaded in an SPV wallet like Electrum. In Ethereum there is MyEtherWallet. Other cryptos only have the “full client”, which make it a bit more difficult, when it comes to spending. The clients might not recognize the funds, which have been sent from an exchange to the cold storage since its inception. As long as there is no SPV type wallet, you would have to download the chain up to the point, where you received last funds, or assemble a tx yourself, and send it to the network. I have done this several times with bitcoin, but never for altcoins…

You asked for an efficient process, my guess is, there isn’t. I leave it to the audience, to convince me of the opposite 🙂 There are too many dependencies and different requirements, even if you have the technical understanding, implementing a wallet and being able to cold storage still requires a good thinking on process and trying it out regularely. I’d be very annoyed, if I think I have saved my data, just to discover one day, things have changed and I cannot access funds!

Here in the forum are many links to the keyword “cold storage”, and over at bitcointalk as well. So my post is not at all covering all and every options. Maybe people can share some more options.

legal – Bitcoin Core Desktop Wallet retaining my coins due to Gap Limit being exceeded

trying to send coins am unable to enter address. have to load from clipboard, cannot copy and paste, address bar goes red, disables send functions. i explore reasons, seems 20 unused address gap limit is probably the reason. researched solutions. only feasible solution seems is sending funds to unused addresses, did so with 11 addresses to no effect – i am still almost 80 over. looks like i exceeded 20 over a year ago. money sat in desktop wallet unusable for a week now. Block chain is up to date. cannot see any solutions here or anywhere else. 1. can anyone offer a solution? i am on Ubuntu – maybe there is a terminal gap limit extension solution i am unaware of? 2. how is this possible that an automated system can withhold my own money from me over a technicality which isn’t ever flagged to users? is this even legal? will it ever release my funds if i can’t sort this problem out and do i have redress if not? seems a ludicrous situation and design flaw. any suggestions or help would be appreciated, thanks.

bitcoind – How to generate valid BTC address to withdraw coins to

Your bitcoin client is generating a P2WPKH (bech32 encoded) address, which is a newer address format which has some benefits compared to legacy formats. The address is valid, but for whatever reason, the exchange mentioned has not upgraded it’s code to recognize and send to this address type yet.

The fix is easy: you just need to tell bitcoin-core to generate a legacy address. You can use the following command:

$ bitcoin-cli getnewaddress "(address_label)" "legacy"

You can substitute your own label in for the (address_label), this is just for local book-keeping purposes, it can also just be left blank if you’d like:

$ bitcoin-cli getnewaddress "" "legacy"

altcoin – Has/will there ever been any new “Bitcoin Gold rush” similar to the hard forks that allowed you to “trick” your way to new coins?

A couple of years ago, there was this really unexpected and bizarre thing for a few months (or weeks?) where a bunch of Bitcoin hard forks were created, such as “Bitcoin Gold”, whose only purpose seemed to be to allow for Bitcoin havers to gain extra Bitcoin. I was one of those who took advantage of this, and this is how it worked (grossly simplified, with tons of more problems/steps in practice):

  1. I downloaded Bitcoin Gold’s version of Bitcoin Core into a VM and let it sync its entire blockchain. This took many days.
  2. On my real machine, with the real Bitcoin Core, I created a new wallet.dat and transferred all my Bitcoin from my old wallet.dat to this new one.
  3. I took my now empty old wallet.dat and put it inside the VM and started Bitcoin Gold.
  4. It now saw as many Bitcoins (Bitcoin Gold) as I had when Bitcoin Gold forked.
  5. I transferred these Bitcoin Gold to an exchange (before they all forced photo id).
  6. I traded them for actual Bitcoin, because crazy people existed who actually wanted these “worthless” hardfork-coins.
  7. I transferred the Bitcoin from the exchange to my real Bitcoin Core.
  8. I now had slightly more Bitcoin than before I started!

Doing this over and over, with each one of these weird “hard forks”, I was able to gain several entire Bitcoins. While a ton of work, and super scary (it felt like I could lose all my real Bitcoin at any moment…), I found this really fascinating and cool. I had very few Bitcoin in my wallet when the forks happened, sadly, but imagine if you already had 100 BTC or something from the start… You’d have gotten tons of extra coins if you had done this! I bet many did.

Sadly, these “hard forks” died out pretty quickly, and this small window of opportunity was then over, seemingly forever. It never seems to have happened again, or, if it did, I certainly have missed it completely.

Since I find it utterly impossible to make money (whether it be fiat or Bitcoin), this was a golden (no pun intended) opportunity for me to gain some extra BTC.

How would I know if something similar happens again? Was I just incredibly lucky to have somehow heard of this while it happened? I frankly can’t stand a single Bitcoin news source (that I know of) as they are 99-100% all about cryptic (no pun intended) BS and fluff and almost never say a word about Bitcoin itself in any meaningful manner.

I guess it’s stupid to sit around and wait/hope for this to happen again, but I’m not even sure if this was widely understood/known, and I no longer have any means to get Bitcoin news other than Slashdot “articles”, which are very unlikely to report on anything other than how badly Bitcoin is doing at the moment.