James Altucher Amends Timeframe For $1 Million Bitcoin ...

01-22 18:03 - 'The JohnKitover.com Podcast 1/22/18 with Bitcoin Expert James Altucher' (youtube.com) by /u/My30sblog removed from /r/Bitcoin within 102-112min

The JohnKitover.com Podcast 1/22/18 with Bitcoin Expert James Altucher
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Author: My30sblog
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I don't get how hardware wallet are useful

I'm a bitcoin newby. There's something about the mental model of "storing bitcoins" in wallets that I find very misleading.
From what I understand, bitcoins are not actually physically stored in wallets (software or hardware). The "wallet" just gives you access to your bitcoins. Just as your "home banking" app gives you access to your account balance. You wouldn't say you lost your dollars if you lost your phone orbanking app, but I see articles everywhere stating "man lost hard drive with 9214 bitcoins in it", which sounds absolutely absurd to me.
So I have two questions:
1 - Why is this such a widely accepted concept / mental model?
2 - Why do hardware walletsidea exist? Don't they just store a 12/24 word passphrase/private key?. isn't that something that you can just write down and keep safe?...
Hardware wallets seem like a horrible Idea to me. There's obviously something I'm missing. If you lose a paper with random words most people wouldn't know what to do with it and probably just ignore it. if you lose a hardware wallet people will google what it is out of curiosity is and probably find out how to get access to your bitcoins.
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The Intellectual Foundation of Bitcoin比特幣的智識基礎. By Chapman Chen, HKBNews

The Intellectual Foundation of Bitcoin比特幣的智識基礎. By Chapman Chen, HKBNews

Summary: Bitcoin was invented by the anonymous Satoshi Nakamoto as recently as 2008, but it is backed up by a rich intellectual foundation. For instance, The 1776 First Amendment separates church and state, and contemporary American liberation psychologist Nozomi Hayase (2020) argues that money and state should similarly be separated. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the anonymous creator Satoshi Nakamoto's desire for a “modernized gold standard” given rise to Bitcoin. Indeed, Bloomberg's 2020 report confirms Bitcoin to be gold 2.0. Montesquieu (1774) asserted that laws that secure inalienable rights can only be found in Nature, and the natural laws employed in Bitcoin include its consensus algorithm and the three natural laws of economics (self-interest, competition, and supply and demand). J.S. Mill (1859) preferred free markets to those controlled by governments. Ludwig von Mises (1951) argued against the hazards of fiat currency, urging for a return to the gold standard. Friedrich Hayek (1984) suggested people to invent a sly way to take money back from the hands of the government. Milton Friedman (1994) called for FED to be replaced by an automatic system and predicted the coming of a reliable e-cash. James Buchanan (1988) advocated a monetary constitution to constrain the governmental power of money creation. Tim May (1997) the cypherpunk proclaimed that restricting digital cash impinges on free speech, and envisioned a stateless digital form of money that is uncensorable. The Tofflers (2006) pictured a non-monetary economy. In 2016, UCLA Professor of Finance Bhagwan Chowdhry even nominated Satoshi for a Nobel Prize.
Full Text:
Separation between money and state
The 1791 First Amendment to the U.S. Constitution enshrines free speech and separates church and state, but not money and state. "Under the First Amendment, individuals’ right to create, choose their own money and transact freely was not recognized as a part of freedom of expression that needs to be protected," Japanese-American liberation psychologist Nozomi Hayase (2020) points out (1).
The government, banks and corporations collude together to encroach upon people's liberties by metamorphosing their inalienable rights into a permissioned from of legal rights. Fiat currencies function as a medium of manipulation, indulging big business to generate market monopolies. "Freedom of expression has become further stifled through economic censorship and financial blockage enacted by payment processing companies like Visa and MasterCard," to borrow Hayase's (2020) words.
Satoshi is a Modern Newton
Although most famous for discovering the law of gravity, Isaac Newton was also a practising alchemist. He never managed to turn lead into gold, but he did find a way to transmute silver into gold. In 1717, Newton announced in a report that, based on his studies, one gold guinea coin weighed 21 shillings. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the desire for a “modernized gold standard” given rise to Bitcoin. "In a way, Satoshi is a modern Newton. They both believed trust is best placed in the unchangeable facets of our economy. Beneath this belief is the assumption that each individual is their own best master," as put by Jon Creasy (2019) (2).
J.S. Mill: free markets preferable to those controlled by governments
John Stuart Mill (1806-1873) the great English philosopher would be a Bitcoiner were he still around today. In On Liberty (1859), Mill concludes that free markets are preferable to those controlled by governments. He argues that economies function best when left to their own devices. Therefore, government intervention, though theoretically permissible, would be counterproductive. Bitcoin is precisely decentralized or uncontrolled by the government, unconfiscatable, permissonless, and disinflationary. Bitcoin regulates itself spontaneously via the ordinary operations of the system. "Rules are enforced without applying any external pressure," in Hayase's (2020) words.
Ludwig von Mises (1958): Liberty is always Freedom from the Government
In The Free Market and its Enemies, theoretical Austrian School economist Ludwig von Mises (1951) argues against the hazards of fiat currency, urging for a return to the gold standard. “A fiat money system cannot go on forever and must one day come to an end,” Von Mises states. The solution is a return to the gold standard, "the only standard which makes the determination of the purchasing power of money independent of the changing ideas of political parties, governments, and pressure groups" under present conditions. Interestingly, this is also one of the key structural attributes of Bitcoin, the world’s first, global, peer-to-peer, decentralized value transfer network.
Actually, Bloomberg's 2020 report on Bitcoin confirms that it is gold 2.0. (3)
Von Mises prefers the price of gold to be determined according to the contemporaneous market conditions. The bitcoin price is, of course, determined across the various global online exchanges, in real-time. There is no central authority setting a spot price for gold after the which the market value is settled on among the traders during the day.
Hayek: Monopoly on Currency should End
Austrian-British Nobel laureate Friedrich Hayek’s theory in his 1976 work, Denationalization of Money, was that not only would the currency monopoly be taken away from the government, but that the monopoly on currency itself should end with multiple alternative currencies competing for acceptance by consumers, in order "to prevent the bouts of acute inflation and deflation which have played the world for the past 60 years." He forcefully argues that if there is no free competition between different currencies within any nation, then there will be no free market. Bitcoin is, again, decentralized, and many other cryptocurrencies have tried to compete with it, though in vain.
In a recently rediscovered video clip from 1984, Hayek actually suggested people to invent a cunning way to take money out of the hands of the government:- “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something they can’t stop” (4). Reviewing those words 36 years hence and it is difficult not to interpret them in the light of Bitcoin.
Milton Friedman Called for FED to be Replaced by an Automatic System
Nobel laureate economist Milton Friedman (1994) was critical of the Federal Reserve due to its poor performance and felt it should be abolished (5). Friedman (1999) believed that the Federal Reserve System should ultimately be replaced with a computer program, which makes us think of the computer code governing Bitcoin (6).[\](https://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve#cite_note-:2-12) He (1970) favored a system that would automatically buy and sell securities in response to changes in the money supply. This, he argued, would put a lid on inflation, setting spending and investment decisions on a surer footing (7). Bitcoin is exactly disflationary as its maximum possible supply is 21 million and its block reward or production rate is halved every four years.
Friedman passed away before the coming of bitcoin, but he lived long enough to see the Internet’s spectacular rise throughout the 1990s. “I think that the Internet is going to be one of the major forces for reducing the role of government," said Friedman in a 1999 interview with NTU/F. On the same occasion, he sort of predicted the emergence of Bitcoin, "The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A." (8)
Of course, Friedman didnt predict the block chain, summed up American libertarian economist Jeffery Tucker (2014). “But he was hoping for a trustless system. He saw the need. (9).
Bitcoin Computer Code as Constitution in the Buchananian Sense
American economist cum Nobel laureate James Buchanan (1988) advocates constitutional constraints on the governmental power to create money (10). Buchanan distinguishes a managed monetary system—a system “that embodies the instrumental use of price-level predictability as a norm of policy”—from an automatic monetary system, “which does not, at any stage, involve the absolute price level” (Buchanan 1962, 164–65). Leaning toward the latter, Buchanan argues that automatic systems are characterized by an organization “of the institutions of private decision-making in such a way that the desired monetary predictability will emerge spontaneously from the ordinary operations of the system” (Buchanan 1962, 164). Again, "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone" (Hayase 2020).
Shruti Rajagopalan (2018) argues that the computer code governing how the sundry nodes/computers within the Bitcoin network interact with one another is a kind of monetary constitution in the Buchananian sense. One of Buchanan's greatest inputs is to differentiate the choice of rules from the choice within rule (Buchanan 1990). One may regard the Bitcoin code as a sort of constitution and "the Bitcoin network engaging in both the choice of rules and choice within rules" (Rajagopalan 2018) (11).
Tim May: Restricting Digital Cash may Impinge on Free Speech
Cypherpunks are activists who since the 1980s have advocated global use of strong cryptography and privacy-enhancing technologies as a route to social and political liberation. Tim May (Timothy C. May [1951-2018]), one of the influential cypherpunks published The Crypto Anarchist Manifesto in September 1992, which foretold the coming of Bitcoin (12). Cypherpunks began envisioning a stateless digital form of money that cannot be censored and their collaborative pursuit created a movement akin to the 18th Enlightenment.
At The 7th Conference on Computers, Freedom, and Privacy, Burlingame, CA. in 1997, Tim May equated money with speech, and argued that restricting digital cash may impinge on free speech, for spending money is often a matter of communicating orders to others, to transfer funds, to release funds, etc. In fact, most financial instruments are contracts or orders, instead of physical specie or banknotes (13).
Montesquieu: Laws that secure inalienable rights can only be found in Nature
In his influential work The Spirit of Laws (1748), Montesquieu wrote, “Laws ... are derived from the nature of things … Law, like mathematics, has its objective structure, which no arbitrary whim can alter". Similarly, once a block is added to the end of the Bitcoin blockchain, it is almost impossible to go back and alter the contents of the block, unless every single block after it on the blockchain is altered, too.
Cypherpunks knew that whereas alienable rights that are bestowed by law can be deprived by legislation, inalienable rights are not to be created but can be discovered by reason. Thus, laws that secure inalienable rights cannot be created by humankind but can be found in nature.
The natural laws employed in Bitcoin to enshrine the inalienable monetary right of every human being include its consensus algorithm, and the three natural laws of economics (self-interest, competition, and supply and demand) as identified by Adam Smith, father of modern economics.
Regarding mathematics, bitcoin mining is performed by high-powered computers that solve complex computational math problems. When computers solve these complex math problems on the Bitcoin network, they produce new bitcoin. And by solving computational math problems, bitcoin miners make the Bitcoin payment network trustworthy and secure, by verifying its transaction information.
Regarding economic laws, in accordance with the principle of game theory to generate fairness, miners take part in an open competition. Lining up self-interests of all in a network, with a vigilant balance of risk and rewards, rules are put in force sans the application of any exterior pressure. "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone," to borrow the words of Hayase (2020).
A Non-monetary Economy as Visualized by the Tofflers
In their book, Revolutionary Wealth (2006), futurists Alvin Toffler and his wife Heidi Toffler toy with the concept of a world sans money, raising a third kind of economic transaction that is neither one-on-one barter nor monetary exchange. In the end, they settle on the idea that the newer non-monetary economy will exist shoulder-to-shoulder with the monetary sector in the short term, although the latter may eventually be eclipsed by the former in the long run. What both the Tofflers' The Third Wave (1980) and Revolutionary Wealth bring into question is the very premise of monetary exchange. The vacuum left over by cash in such a non-monetary economy may be filled up by Bitcoin as a cryptocurrency.
Satoshi Nakamoto Nominated for Nobel Prize by UCLA Finance Prof.
UCLA Anderson School Professor of Finance Bhagwan Chowdhry nominated Satoshi Nakamoto for the 2016 Nobel Prize in Economics on the following grounds:-
It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries such as Visa, Mastercard, Paypal or commercial banks eliminating time delays and transactions costs.... Satoshi Nakamoto’s Bitcoin Protocol has spawned exciting innovations in the FinTech space by showing how many financial contracts — not just currencies — can be digitized, securely verified and stored, and transferred instantaneously from one party to another (14).
Fb link: https://www.facebook.com/hongkongbilingualnews/posts/947121432392288?__tn__=-R
Web link: https://www.hkbnews.net/post/the-intellectual-foundation-of-bitcoin%E6%AF%94%E7%89%B9%E5%B9%A3%E7%9A%84%E6%99%BA%E8%AD%98%E5%9F%BA%E7%A4%8E-by-chapman-chen-hkbnews
Disclaimer: This article is neither an advertisement nor professional financial advice.
  1. https://bitcoinmagazine.com/articles/bitcoin-is-the-technology-of-dissent-that-secures-individual-liberties
  2. https://medium.com/hackernoon/why-sir-isaac-newton-was-the-first-bitcoin-maximalist-195a17cb6c34
  3. https://data.bloomberglp.com/professional/sites/10/Bloomberg-Crypto-Outlook-April-2020.pdf
  4. https://www.youtube.com/watch?v=EYhEDxFwFRU&t=1161s
  5. https://www.youtube.com/watch?v=m6fkdagNrjI
  6. http://youtu.be/mlwxdyLnMXM
  7. https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/IEA_1970.pdf
  8. https://www.youtube.com/watch?v=6MnQJFEVY7s
  9. https://www.coindesk.com/economist-milton-friedman-predicted-bitcoin
  10. https://www.aier.org/research/prospects-for-a-monetary-constitution/
  11. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3238472
  12. https://www.activism.net/cypherpunk/crypto-anarchy.html
  13. http://osaka.law.miami.edu/~froomkin/articles/tcmay.htm
  14. https://www.huffpost.com/entry/i-shall-happily-accept-th_b_8462028
Pic credit: Framingbitcoin
#bitcoin #bitcoinhalving #jamesBuchanan #MiltonFriedman #AlvinToffler #FirstAmendment #LudwigVonMises #TimMay #freeMarket # SatoshiNakamoto #FriedrichHayek #Cypherpunk #Cryptocurrency #GoldStandard #IsaacNewton
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CEO de Tron: el precio de Bitcoin superará los 100.000 dólares americanos en 2025 y ayudará a otras monedas. James Todaro: El rally de Bitcoin podría durar 1.000 días

CEO de Tron: el precio de Bitcoin superará los 100.000 dólares americanos en 2025 y ayudará a otras monedas. James Todaro: El rally de Bitcoin podría durar 1.000 días submitted by raaner12 to CryptoMonedas [link] [comments]

Stop telling people to stop leaving their funds in exchanges every time they get hacked or if an exchange gets hacked

You know, I keep seeing this, and repeating this non-stop every time someone loses their coins on an exchange doesn't help anyone. Self-custody is hard. Self-custody is not for everyone. Self-custody is not always superior to an account on a properly secured and managed exchange. It depends on the person.
Do you remember the password you used on your cell phone 10 years ago? Do you still have the hard drive backups you took 10 years ago? Do you still remember the PIN for your ATM card from 10 years ago? Can you guarantee your home will never burn down? Can you guarantee you won't get in an accident and lose your memory? Can you guarantee you'll never suffer from alzheimer's? Can you afford the cost of a safe-deposit box at the bank? (And a trip to the bank every time you want to spend?) Do you have the discipline to make regular backups, and secure them as safely as your primary storage? Has your smartphone or PC ever been compromised with a virus or other malware? Have you ever misplaced your USB key and not been able to find it a few years later? I think for many people the answers to these questions make it clear that self-custody might not be for them. At least not yet. Thus for now all you're doing is rubbing salt in the wound.
Absolutely be extremely careful about what exchanges you use. If the exchange doesn't require 2FA, or supports SMS, go elsewhere. (Use Google Auth or Yubikey that cannot be chipped) If the exchange cannot demonstrate full cold wallet balances, adequate use of multisig warm and cold storage, and adequate customer support, go elsewhere. Look for exchanges that prioritize security and that don't mind making it a little harder to trade if it means better protection of your funds. Eg, per-trade 2FA, auto-expiring API keys, and multiple notification paths for trades and account actions. (Like my exchange supported all the way back in 2012.)
If your favorite exchange doesn't have this stuff, demand it. Refuse to support them until they add it.
Sorry if I got a little carried away, but I've been around a long time and unfortunately have seen just about as many losses with self-custody as I have with exchanges. It’s always the same fucking people who joined the space a month ago who think they’re onto something or help anyone when they say shit like “you deserve it for leaving funds on an exchange”.
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Bitcoin's combination may turn to be a calm before the storm

Bitcoin's combination may turn to be a calm before the storm
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Late buy-in of Cryto as nonbuyer's remorse, pricing itself out of a recessione, rumblings of approval despite quantum decryption threats, use in crimes, and predictive NLP "Trump's currency is dividing us" says one thing: Get you to the blockchain and open that trapdoor

The title really says it all.
Some say I'm butthurt about the late buy-in on crypto. If only I had bought myself a bitcoin when I gave a bitcoin to James Corbett...I'd be RICH. Well yes. That's exactly what they want me to think. You missed the boat on the deepstates own currency--Sucka! And shame. Shame on you for not having a bunch of disposable income to throw into a highly speculative hobby. Too bad you aren't a dot com millionaire who basically recreated twitter and IPO'd at laughably nonsensical overvaluation of 200M that you couldn't throw most of those millions into bitcoin, because that would make you a billionaire at this point. You couldn've been playing giant robots with Bezos in his high tech romper room. Too bad! Plebe. Lumpen plebe. You suck.
The latest thing is the twighlight language trying to further divide us with more "love trumps hate" type of languge. The latest shitmeme is from DNC chair Perez: "Trump's CURRENCY is Dividing us". This is a twilight language because it's trying to use black transfer propaganda language abuse to tie "currency" to "Trump", which is trying to make you hate "currency". Ya dig?
So that when they offer a new 'currency', you will hate "Trump's Currency' which is the dollar. Screw Trump and all his dollars! Dollars are for Trumpers. Dollars are so 2016. Crypo man. Gotta get me some of that Crypto and get with the progs
Sorry, the source is Breitbart, which you should know is kind of limited hangout altright mainstream press.
So here's what happens. They are prepping people to use bitcoin. So when they cay ICO, it doesn't mean as much 'Initial Cryptocoin Offer' as it means "Illuminati Cult Offer"... That temptation of the money from crypto skyrocketting is pressing everyone's avariciousness buttons and only the dumbest among us go for it
Because here's what happens.
Scenario 1
Scenario 2
Scenario 3
Sorry I'm so cynical these days but I've seen how they've pulled every stop in the book to undermine americans irrespective of politics. They are hurting everyone equally in each their own ways. They=deepstate / new world order. Basically this is coming down to Technoneofeudalists versus Populists. Are you on the side of the fascist dominators? Or the side of people, truth and everything we gave ourselves in the constitution?
What inspired this post is the idea of honeypots. The honeypot is also the free-sandwich technique. Anything free is going to have strings whether you see them or not
With google it was they were telling you 'do no evil' and yet we now know they are a CIA appliance for surveillance, bulk collection of deep mineable data, gaslighting (filter bubbles), and a domestic human zoo management strategy. Now they are attacking journalism by deploying very heavy-handed strategies to limit speech they dont' like politically (ie populist speech--'open source intelligence' primarily)
They hate that we deal in facts and that the natural configuration of the truth is as a weapon against tyrants. Because they are the tyrants!
Bitcoin, I still believe, will turn out to be a honeypot. They will use it like the stock market (which they control on the back end through fast transactions and ai, in addition to having insider intelligence on gov contracts and war).
They will get everyone on bitcoin and then they will open that trapdoor. It's a money funnel..that's what it will be.
I do understand that it will destroy money also if they do that. But that's ok. They already have all the gold and all the infrastructure to spin up more shell games...to them money hasn't existed for a while. Their currency is stolen art, stolen guns, stolen minerals, stolen children, stolen women, stolen organs, drugs, embargoed oil sold on the spot market. They dont need money. They've been bartering since time immemorial
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VeChain Apotheosis: The Beginning – Masternodes, New Partners, Big Exchanges, and a Rebrand


On Nov 27th and 28th, the first ever VeChain Foundation Steering Committee meeting was held in Singapore. Over the course of this meeting, we have accomplished a lot. We are pleased to say that we have finalized members for our VeChain Foundation Steering Committee; we have revolutionized our blockchain foundation governance system; we have discussed the evolution of the our blockchain design and functionalities and an exponentially upgraded economic model for all of our stakeholders.
In celebration of the VeChain Foundation evolution, we have initiated a rebranding effort, or rather an escalation of our brand, which we will have finalized within a month and a half. More will be presented below.
VeChain believes that a well governed foundation is the key to longevity, growth and stability. Making an actionable governance system, that matches the identity we envision for our product, is the base in which we built on for our apotheosis. As such, the governance model of VeChain Foundation was at the paramount of discussions.
VeChain is going through an evolutionary period across all aspects of the foundation as directed by our Board of Steering Committee. At its core, the VeChain Foundation does not believe in a fully anarchically decentralization, nor does it believe in totalitarian governance. It is for that reason the board members envisioned something in between. Our governance structure is a new breed of a decentralized system through centralized channels, at its core it is a principal never seen before within the blockchain industry.
Being the centralized agency to govern the decentralized workflows, VeChain is as strong as our Board of Steering Committee enables us to become. The Board of Steering Committee oversees the various functional committees within a decentralized foundation. The board members, though a governing agency, ultimately guide units towards cohesive goals and enables collaboration, efficiency, and output across channels that traditional org charts cannot.
The Board of Steering Committee is the governing body of VeChain Foundation. It oversees the various functional committees within the foundation and represents the balanced interests of the VeChain blokchains stakeholders as a whole. Stakeholders include Blockchain Smart Contract Owners, VeChain Authority Nodes, and token holders. In addition, the Board of Steering Committee ensures the development, innovation, coordination and advancement of the VeChain blockchain ecosystem. Though not necessarily involved in day to day operational activities, the main functions include but not limited to the following:
The Board of Steering Committee must be comprised of brilliant and respected individuals across a multitude of industries and it is for that reason we are very lucky to introduce our complete Board:
Name Experience Responsibility
CY Cheung PwC Cybersecurity and Fintech Partner Head of Regulation Committee
George Kang CEO of Greater China Region, DNV GL Business Assurance Head of Public Relation Committee
Jay Zhang CFO, VeChain Co-founder Head of Operational Committee
Margret Rui Zhu Assistant Professor of City University of Hong Kong Head of Compensation & Nomination Committee
Peter Zhou Chief Scientist, VeChain Partner Head of Technical Committee
Renato Grottola Global Digital Transformation Director, DNV GL Business Assurance In charge of VeChain business development related affairs
Sunny Lu CEO, VeChain Co-founder General Secretary of the Foundation
C Y Cheung - PwC Cybersecurity and Fintech Partner
Chun Yin Cheung is a partner in PwC China's Risk Assurance Practice, based in the Shanghai office, having worked at PwC for over 14 years.
Mr. Cheung is an information security subject matter expert, with extensive experience in security assessment and regulatory compliance related advisory for financial service institutions in China and Hong Kong.
Mr. Cheung was educated at the Hong Kong University of Science and Technology and achieved a Bachelor of Business Administration (B.B.A.) in Information Technology
George Kang - CEO Greater China Region, DNV GL Assurance
George Kang has worked for one of the biggest state-owned automotive design and manufacturing company - SAIC Motor before joined GNV GL in 1999.
George has accumulated extensive experience in supply chain management, product assurance with a particular strategic focus on the food & beverage, healthcare and automotive & aerospace sectors.
George was graduated from Shanghai Jiaotong University with a bachelor degree in Engineering and EMBA from Xiamen University. ** Jie (Jay) Zhang - CFO / CoFounder VeChain**
Jay has worked at 2 of the ‘Big 4’ accountancy firms - PwC and Deloitte’s and joined VeChain as leader of their Blockchain governance framework design and digital asset management framework.
Jay has 14 years’ experience in IT assurance and advisory services. Jie’s major areas of expertise and experience include IT General controls, IT security, IT Governance and risk management, System Application Controls, etc.
Jay was educated at Shanghai Jiaotong University and studied Electrical and Electronics Engineering
Margret Rui Zhu - Assistant Professor City University of Hong Kong
Professor Zhu received her BA from Fudan University, China, MA in Economics from Indiana University USA and PhD in Finance from University of Texas at Austin USA. Professor Zhu is currently interested in corporate finance, corporate risk management and the interaction of capital market and product market.
Peter Zhou - Chief Scientist / VeChain Partner
Dr. Zhou obtained a Ph.D in Computer Sciences from the University of Southampton and serves as VeChain’s R&D Director. He has been involved in projects funded by the European Commission and Academy of Finland whilst working as a postdoctoral researcher for the University of Kent in the UK. He has been published in numerous international scientific research journals.
Renato Grottola - Global Digital Transformation Director, DNV GL Assurance
Renato is an experienced global Director with a demonstrated history of working in the advisory industry, skilled in Strategic Planning, Mergers and Acquisitions, Business Development and Management of complex international operations. Renato has been working on a blockchain backed project to introduce ship certifications to a private blockchain.
Sunny Lu - CEO, VeChain Co-founder
Sunny Lu, the Project Lead for VeChain, has a wealth of experience in IT and Information Security across luxury retail brands, with his most recent role prior to co-founding BitSE being as CIO, IS&T Director for Louis Vuitton China.
Part of the LVMH Group, other famous brands across the portfolio include luxury fashion brands Givenchy and Christian Dior, alongside Champagne Brands Moet et Chandon, Veuve Cliquout and Dom Perignon.
Sunny was educated at Shanghai Jiao Tong University and studied Electronics and Communication Engineering
A board of this magnitude will need outside forces keeping them in check and aiding in the design, implementation, and vision of VeChain. This is why VeChain has seeked out a promising Advisory Board to be a backbone that the foundation can lean on to provide immense wisdom and experience in the blockchain industry. VeChains Advisory Board is currently comprised as follows:
Name Experience
Bo Shen Partner, founder of FenBuShi Capital
Daniel Kelman General Counsel of Bitcoin.com
James Gong CEO of ChainB.com
Roland Sun Partner of Broad&Bright Law Firm
Ning Nan CEO of BitOcean
Bo Shen - General partner of FENBUSHI Capital
Bo cofounded Bitshares, Qtum, Zcash, etc. He is also a veteran of traditional financial industry, accumulating 12 years of senior management in brokerages, hedge funds and investment banks.
Daniel Kelman - General Counsel of GSR and Bitcoin.com
Daniel represented the interests of creditors who lost funds in the MtGox hacking scandal. Besides, he is also a co-founder of BitOcean Japan, a cryptocurrency exchange which will be licensed by Japanese regulator FSA.
James Gong - CEO of ChainB.com
ChainB is the most influential professional blockchain and cryptocurrency media in China.
Roland Sun - Partner of a full-service Chinese law firm named Broad&Bright
Roland has rich experience in providing law consultancy services in the following practice areas, such as cryprocurrency, blockchain, banking and trust.
Nan Ning - CEO of BitOcean
BitOcean is a cryptocurrency exchange which will be licensed by Japanese regulator FSA.
With the combined expertise of the Board of Steering Committee and the wisdom of the Advisory Board, VeChain has the foundation to be a revolutionary force within the blockchain industry and a global initiative for decentralization of businesses, truly embracing a digital way of life.


As mentioned above, VeChain stakeholders include Blockchain Smart Contract Owners, Authority Nodes and token holders (including VeChain Economic Masternodes/Nodes). Each of the stakeholder holds at least 10,000 VeChain tokens with a single public key will be considered to have ONE vote, and each stakeholder can have not more than ONE vote.
The following fundamental subjects will be voted by the stakeholders:
  • The election of new Board of Steering Committee;
  • The modification of fundamental consensus mechanism;
  • Other subjects that Board of Steering Committee deemed necessary for general voting.
The general voting activities shall be carried in the VeChain Blockchain voting platform, designed to ensure anonymity, accuracy and not subject to manipulation.

VeChain Rebrand

Our brand is not our name or logo, it is who we are. It is as much our governance model as it is our economic model. With VeChain undergoing its apotheosis it is imperative for our brand to grow with it. This evolution brings VeChain from a status of a blockchain solution to an one of a kind blockchain pioneer that can last indefinitely, offering a powerful and adaptable product for any business process that could benefit from trustless, immutable, and readily available data. This evolutional output requires us to reinvent the structure of our mainnet to coexist with an economic model design for indefinite stability and reward. As a result VeChain has become bigger, faster, stronger, disruptive, ambitious, incentivized and above all else, impactful. The board has made every effort to bring power to the stakeholders/people of VeChain. There are many attributes that make the Norse God “Thor“ and VeChain similar, and therefore:
VeChain is opting to upgrade the VeChain blockchain itself to VeChain Thor. The process of this transformation we call Apotheosis.
Our efforts towards apotheosis will last over the course of a month and a half from today, the full range of details will be released periodically from now until the mid of January.
Here is a glimpse at some of the changes being incorporated into VeChain Thor:
  • VeChain Blockchain will be upgraded to VeChain Thor Blockchain
  • Upon this release, we will be converting the existing VEN tokens for VeChain Thor tokens (VET). We are taking the appropriate measures to make this conversion seamless, we will begin this process by aiding current exchanges with the conversion first, all future exchanges will list our token as VET instead of VEN, including the ones we have been actively speaking to prior to this announcement of the name change.
  • Transactions on VeChain Thor Blockchain will not use VET token as expense. This is our way of giving back to the stakeholders. In turn the blockchain transactions will be incentivized through other reward structures. This allows VeChain to offer a stable and predictable budget for enterprise users. This new system also enables resource optimisation and adjustments by economical approaches for the indefinite future.
  • In order to take full advantage of decentralization and strong governance, the Foundation has decided to adopt Proof of Authority as the consensus mechanism of the VeChain Blockchain so that future developments are aligned with vision and direction the Foundation has designed;
  • As for Nodes and Masternodes, (Yes, we have them!) We categorize two major types of nodes on the VeChain Thor Blockchain, a total of four distinctive nodes all together:
    1. One Authority Masternode
    2. Three Economic Masternodes/Nodes

VeChain Authority Masternode

Thrudheim means ‘World of Strength’ and is the home of Thor. We announce Thrudheim Masternode as the senior and most privileged masternodes that VET token holders can own.
There will be a total 101 Thrudheim Masternodes on the VeChain Thor Network. Thrudheim Masternodes:
  • Receive the highest rewards of any node operators on VeChain Thor;
  • Hold the most power when it comes to voting rights
  • Are the most senior of masternodes that VET token holders can attain;
  • Stabilise the VeChain Thor blockchain network;
  • Are selected and rated based on the criteria the VeChain Foundation announce in the near future;
To successfully become a Thrudheim Masternode Owner operating a Thrudheim Masternode, the token holder needs to fulfill certain criteria:
   A) Owns a Qualified Thrudheim Masternode Candidate, the said candidate is a trackable address holding a minimum of 250,000 VET/VEN starting from Trust Tracking Day until the Date of Decision. Date of Decision will be announced soon, this date should coincide approximately with our main net launch date.
   B) The person who owns a Qualified Thrudheim Masternode Candidate is a Qualified Thrudheim Masternode Operator Applicant and will automatically enter into the application process, given he/she meets the below criteria:
  1. Due to the importance of these Masternodes, and the limited number available, VeChain Foundation will need a period of time to observe and review each applicant to determine their trustworthiness and value proposition within the network, and the decision of acceptance will take into consideration of the holder’s contributions to the Foundation as whole, therefore, the Trust Tracking Day of the Thrudheim Masternodes will start on December 21th. More detailed information soon to be released on The Decision Making Criteria of Becoming a Thrudheim Masternode Holder.
  2. The moment the token holding of Qualified Thrudheim Masternode Candidate is less than 250,000 VET, the address will lose the privilege of applying to become a Thrudheim Masternode when the blockchain launches.
  3. Hardware conditions: CPU, hard disk capacity, memory, overall performance will be reviewed individually.
  4. A full KYC and application procedure.
VeChain Foundation will release a detailed Thrudheim Nodes selection standards, procedure and rewards together in a later announcement.

VeChain Economic Masternodes and Nodes:

A VeChain Economic Masternode/Node offers stability to the ecosystem and acts as a distribution of power and privilege within the blockchain’s economy. VeChain Economic Masternodes/Nodes also have representation within the ecosystems voting periods. For an address with at least 10,000 VET/VEN held, a node represents one vote within the majority consensus. Unlike Authority Masternodes, Economic Masternodes/nodes do not produce blocks and ledger records.

Mjolnir Masternodes (Second highest-incentive Nodes)

Token possession: 150,000 VET and above
Incentive received: receive the highest reward among VeChain Economic Nodes.
Cannot be upgraded More information on Mjolnir Masternodes soon

Thunder Nodes (Higher-incentive Nodes)

Token possession: 50,000 - 149,999 VET/VEN;
Incentive received: receive the higher Thor incentive;
Can be upgraded; More information on Thunder Nodes to come.

Strength Nodes (Medium-incentive Nodes)

Token possession: 10,000-49,999 VET/VEN;
Incentive received: receive the medium Thor incentive, however, still more than none-node holders;
Can be upgraded;
More information on Strength Nodes to come.
Holders with less than 10,000 VET tokens receive default incentive.

Important Timetable and planned events:

  • Hold corresponding quantity of VET/VEN tokens in a trackable wallet (such as MEW) starting from 00:00:00 UTC+8 on 21st December; if your wallet has more than or equal to 250,000 VET/VEN, then you will be considered as an applicant to become a Thrudheim Masternode Operator, this is one of important must-have criteria when the Foundation selects Thrudheim Masternode Operators.
  • Any wallet holding a corresponding quantity of VEN/VET tokens for any other nodes begins to accumulate seniority and that will be used as a means of distributing incentives in the future.
  • An official strategic partnership announcement event is planned late January at London between DNV GL and VeChain.
  • A VeChain Rebranding event, in Singapore, is planned for mid-January.
  • A detailed economic model upon completion
  • Listing on a major exchange in December
  • A complete upgrade and rewrite of our current “VeChain Development Plan (Not a Whitepaper Document)
submitted by JoshuaSP to CryptoCurrency [link] [comments]

10-13 23:13 - 'Contact @james.regan231 on IG; for any related hack / recovery issues,Also If you have need to remotely intercept/spy on your spouse mobile phones, he’s the best man for the job and he would help you out. / WhatsApp: +1(312)2...' by /u/hellcat231 removed from /r/Bitcoin within 2-12min

Contact @james.regan231 on IG; for any related hack/ recovery issues,Also If you have need to remotely intercept/spy on your spouse mobile phones, he’s the best man for the job and he would help you out.
WhatsApp: +1(312)248-1879
[[email protected]]
Context Link
Go1dfish undelete link
unreddit undelete link
Author: hellcat231
submitted by removalbot to removalbot [link] [comments]

If you left platters exposed for a decade, would recovery still be viable?

My hard drive / data recovery ventures first started with the 2nd news round of the James Howells bitcoin hard drive situation. Mine, and many people in comments, thoughts were "would the drive even be recoverable after 5 years of being in a landfill?" I've been looking into data recovery since then.
During my reading, I've had a lot of questions that has lead me to more reading. I'm pretty clued up on mechanical hard drives and I gained a new found appreciation of the technical brilliance of them. And also just how sensitive and precise they are! For example, seeing a comparrison between the fly height vs human hair, fingerprint etc. was an eye opener.
Something that came up quite a lot was "opening a drive in a non clean room will severly reduce the chance of a succesfull recovery." Which makes sense, I even tested it myself with an old hard drive. I unscrewed the lid and left it ever so slightly ajar overnight, not fully exposed, just a corner, and not a corner that exposed the platters. I did this before going to bed, and the next day I screwed the lid back on and tried out the drive. It worked for about a minute whilst running a chkdsk on it, then it stopped. Obviously the reason was the head crashing with some tiny tiny particle(s) that got in overnight. Most of the articles I read also explained this as the reason. But some were more broad, and made it seem that even if you don't power back on the drive, exposing the platters to "dirty air" can impact recovery. This lead me to the specific question: Can exposing platters to room air for an extended period of time cause irreversable damage?
I've looked into water / flood damage on the thinking that this would be a "scaled up" version of dust and moisture in the air (humidity). My conclusion with this is, water isnt the end of the world as long as you act quick. The longer the platters are submerged, the more damage done. Theres also this article which has some sort of scans of platters after certain periods of time in water. I can't really make sense of them tho.
So all this leads to my question, would air cause any damage to the platters over an extended period of time? Would the combination of dust and moisture over time do anything? Or can it all be cleaned and put back together? From my research, the thickness of the magetic layer, carbon and lubricant layer is < 100 nm. Even if you were to lose 100nm of material every 10 years due to corrosion, it would take 100,000 years to degrade a 1mm thick platter (I'm not sure how thick they are). Although you can find answers to the most weird and wonderful questions on the internet, it appears this isn't one that's been answered so here I am, to fill that very very very small gap. Any thoughts / knowledge?
As a side note, I ended up putting the platter from my test dummy into a pot of water and just left it. It's been a while, and on my last inspection, there was visible damage there.
Tl;dr If you were to remove the lid to a hard drive and just leave it for 10 years, would it be recoverable?
submitted by JackOfAllDrives to datarecovery [link] [comments]

James Altucher Amends Timeframe For $1 Million Bitcoin

James Altucher Amends Timeframe For $1 Million Bitcoin submitted by remivee to tribetica [link] [comments]

Bitcoin [BTC] will hit $1 million if it replaces fiat currency, claims James Altucher

Bitcoin [BTC] will hit $1 million if it replaces fiat currency, claims James Altucher submitted by n4bb to CoinPath [link] [comments]

James Altucher Amends Timeframe For $1 Million Bitcoin

James Altucher Amends Timeframe For $1 Million Bitcoin submitted by leftok to atbitcoin [link] [comments]

James Altucher Amends Timeframe For $1 Million Bitcoin

James Altucher Amends Timeframe For $1 Million Bitcoin submitted by n4bb to CoinPath [link] [comments]

CNBC | James Altucher predicts bitcoin will reach $1 million by 2020

CNBC | James Altucher predicts bitcoin will reach $1 million by 2020 submitted by finalhedge to Bitcoin [link] [comments]

James Altucher Amends Timeframe For $1 Million Bitcoin

submitted by Ranzware to BitNewsLive [link] [comments]

[Tutorial] Creating a XMG specific, secure, air-gapped, Cold Storage Address/Wallet

This is a tutorial about securing an XMG wallet in an air-gapped, cold storage manner. Before you begin and, if you choose to proceed, while you are doing the steps, take a moment to be aware of what you are doing. This method is ultra secure and is based on a method that has been used to protect millions in BTC and other coins. But all that aside, part of this method is maintaining physical access to encrypted files, maybe for months or years ... keep this in mind and alter the method's storage options to suit your unique situation. In other words, try your best not to become this guy.
The Who, What, and Why?
​Protecting your cryptocurrency is a very important step when you enter the world of crypto. There are dozens of way to do this, with varying levels of security and varying levels of acceptance across the mainstream coins as well as the altcoins. Obviously, Bitcoin (BTC) is the primary coin upon which the value of all other altcoins are based, but it is also the main coin for which security protocols are developed. But just because you don't own 20BTC with a value of $200,000.00 doesn't mean you shouldn't get into the habit of securely handling your wallet contents and investments, which includes Magi Coin.
One of the better way of securing crypto is placing those coins into a cold storage that is "air-gapped" from the internet. Air-gapped systems are computer systems, or specially designed devices, that are completely disconnected from ​the internet. This protects against outside actors being able to access anything you store behind the air-gap. If nothing is ever detected, then no one would ever know it exists. There is a saying in the crypto community ... "if you don't have the key to your coins, then you don't own them according to the blockchain." This includes coins in Bittrex, Coinbase, GDAX, etc. If you can't send and receive the coin at will, or you don't own the key to where your coins are stored, then you don't own it ...period. As it is said, while inaccurate in real law, is totally applicable here, possession is 9/10ths of the law. These methods not only give you, and ONLY you, the keys to your coins but also protects them from company hacks, fraud, bad faith actions, and simple electronic glitches.
There are several pre-made products that allow storage of various coins, but your personal choice of altcoin might not have implemented support for these devices. As an example, a few of the more well known devices are the Ledger S Nano and the TREZOR. While dedicated devices are one solid way to secure your crypto, they can also be very expensive. I mean, $70.00-100.00 USD can buy a lot of XMG!
With these things in mind, this tutorial is one way to create a protected "cold storage," off-line*, m-wallet to help protect your investment. If followed, as is, when you finish this tutorial you should have a minimum of two local digital copies of a cold storage wallet for your XMG, as well as one (or more) copies stored in the cloud server of your choice.
  • Please note, coins stored in an offline wallet, while are exceedingly safe, will not stake. Take this into consideration when making decisions about this, or other, protected storage options.
Getting Started:
Cloud Storage Setup (Optional and can be completed after the main instructions)
If you decide to use a cloud storage like Google or Amazon, or even a local homebrew like Nextcloud, you need to make sure that access to said cloud drive is secure. You do this by signing up for a new account, using a username that you only use with that single service and a password that is a string of random words or a phrase. If two-factor authentication is available, use it.
If using random words for your "phrase", take a dictionary, and turn to random pages. While on these pages, close your eyes and put your finger on the page. The word your finger is closest too is the word you write down. Repeat this 10-12 times.
If using a phrase from a book, make sure it is something you will be able to remember, and it should be a minimum of 18 words long. Write it down and put it in a safe deposit box if you aren't sure you can remember it. Later, I'll discuss some other novel ways to secure a passphrase.
Once this is done, you will log out of the drive and proceed with the next step.
Note: This step isn't necessary, there are alternatives to using cloud services that are just as secure, but it is an acceptable option.
Creating the air-gapped Cold Storage Wallet (CSA)
First, download the m-wallet setup files from m-core.org and copy them to a flashdrive that has been freshly erased and formatted. If you are hyper-vigilant regarding security, secure erase the drive using your regular OS.
Then, choose one of the many "Live Operating System" choices out there. This is otherwise known as a "trial" use of the operating system that doesn't involve installing it on your hard drives/SSDs. These are typically images that are burned to a CD/DVD or written to a USB drive, then your computer is booted from this image. The OS creates a RAM-based virtual drive to run from and then uses the USB or CD like a storage device to hold files. When you turn off the computer, any in the RAM is lost, this is where the security comes into play. This allows you to load up an operating system without leaving physical data writes to any physical media.
Once you have your USB or CD Live OS, take a computer that is turned off and do the following steps to create the "air-gap" ...
  1. Remove any USB drives (flash, SSD, or HDD) from the computer.
  2. If you can physically remove the network card/dongle, do so.
  3. If you cannot physically remove the network/wifi device and you have a laptop that allows you to physically turn off the Wifi signal, so that instead.
  4. If connected with a network cable, disconnect this from the computer.
  5. Unplug the router that you typically connect to.
  6. Again, if you are hyper-vigilant, use a laptop and drive to some location where there is zero wifi signals and turn off your cell phone prior to going further.
These steps create the "air-gap" between you, the wallet data you will create, the computer, and anything that might identify that you are the owner of the address/wallet we are going to create.
Now, start up your live CD/USB, follow the directions and when it is loaded you want to put the flashdrive that is holding the wallet program into the computer. Expand it and install it. When it is installed, start it up and allow it to run. The wallet will not sync, clearly, but what it will do is create a new valid XMG address and the wallet.dat file. Cut and paste the new address into a text file and copy it your flash drive.
Now, go through the process of encrypting the wallet, which if done thought the wallet program. Pick a VERY strong phrase, that is completely random, for the encryption protocol. Make it 10-18 words long. DO NOT use the same phase that you used for the Cloud Services if you decided to go that route. Write this passphrase down and put it somewhere safe, without it everything you are doing is pointless, it will be the only way to access your XMG cold storage.
Navigate to the location where your OS stores the m-wallet's wallet.dat file and copy it to your flash drive. If you have access to some other device for storage, make a second copy at this time just to be safe. Remember, once we turn the computer off all of this data will disappear forever. You MUST make a copy of the wallet.dat to a secondary device to ensure you still have it when the computer is shut down. Verify twice so you don't cry once!
This encrypted wallet.dat and the address you pasted into the text file, is the basis for your cold storage. Sending XMG to the address places it into the blockchain and later, when you decide to access your cold storage, the wallet.dat will sync with the blockchain and show your stored balance.
Put a copy of the encrypted wallet.dat file on various drives, put it on the cloud services you signed up for, or burn a copy to a CD and hide it. Some people suggest sending a copy to friends or family, but I disagree. Looking at what bitcoin has done, plus the media it has garnered, asking friends and family to hold copies could alert them to your financial holdings. This could make you a target. If you want to make sure someone knows in the event of your untimely death, put it in a will or a "last wishes" document that explains what the data is and how to decrypt it.
One way to store your wallet.dat info, that takes it up a notch, is to buy a special USB drive that includes built in encryption ... that's right, you're encrypting your encrypted file. One of the better ones is the following.
​Apricorn Aegis Secure Key 3Z​​​​ $70-75.00 Con: As expensive as a hardware wallet. Pro: Can be used for other sensitive, non-crypto related, files​.
For myself, I just like to have a solid USB drive designed to withstand a nuclear blast. Well, not really, but it is pretty solid... I use this one.
​Corsair Flash Survivor Stealth ​32​GB​ $20-30.00 Con: Accessible by anyone who has the physical drive (but the wallet.dat file is encrypted, so that part is useless to the person without the passphrase). Pro: Will withstand far more than the average flash drive, you could bury it if you wanted.
Note: The links above go to Amazon, they do NOT contain any affiliate links and are merely shown as visual examples.
Using the Cold Storage Address (CSA)
Simply send coins to the address. As I stated, these coins will not stake, but they are secure from nearly anything when it comes to digital theft. The coins in your ​CSA will be on the blockchain, but no one can access them without your passphrase AND the wallet.dat file. As such, make sure you keep your passphrase secure as well, keep it in at least three spots that only you know about. These spots could be inside a book, a safe deposit box, or merely glued/written under your desk drawer. You could even take it one step further and encrypt the passphrase with an old school book cipher using a book at the library. This might be overkill, but in a rapidly expanding digital world, old school can often be a great way to keep secrets safe.
Thawing your Cold Storage Address (CSA)
The process to thaw your CSA is basically the reverse of how you created, however driving to the middle of nowhere isn't required. You can thaw your CSA on your regular computer, or any other computer. The steps are as follows...
Before you start, while isn't strictly needed, it is a good idea to disconnect your computer from the internet again and reboot your Live OS. This prevents any digital fingerprints on your regular computer, plus it won't interfere with the m-wallet already installed on your computer (if there is one).
  1. Grab the m-wallet software fresh from the m-core.org website​.
  2. Install it using the normal steps. (then disconnect from the internet if you are using a live CD) ​3. Run m-wallet until it starts syncing, then shut it down.​
  3. Navigate to the place where your OS stores the wallet.dat file and remove it. You can delete it, or you can save it, but it really isn't needed.
  4. Get your passphrase from your hidden place, as well as a copy of your encrypted wallet.dat file from your CSA.
  5. Copy the encrypted wallet.dat file into its proper location in your OS (where you deleted the other one) ((reconnect the internet at this point if using a live CD))
  6. Restart m-wallet, it will load the encrypted wallet.dat.
  7. Decrypt the wallet using your passphrase.
  8. Voila, you have now thawed your CSA and can use/spend/trade/stake the coins stored there like normal.
List of good live operating systems ...
If anyone see any factual errors in this tutorial, please let me know, thanks!
If you use this and like it, think about sending a small thank you ... in XMG, of course, and, just FYI, it's going into a CSA.
submitted by abraxsis to coinmagi [link] [comments]

This guy is the ultimate hodler...

he thrown away his hard drive, now it is under tons of garbage in a landfill. Best way to hodl
submitted by gbitg to Bitcoin [link] [comments]

Because everything old is new again: responses to Satoshi Nakamoto's original post on [email protected]

Satoshi Nakamoto, 01 Nov 2008
I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party.
The paper is available at: http://www.bitcoin.org/bitcoin.pdf
James A. Donald, 02 Nov 2008
We very, very much need such a system, but the way I understand your proposal, it does not seem to scale to the required size.
For transferable proof of work tokens to have value, they must have monetary value. To have monetary value, they must be transferred within a very large network - for example a file trading network akin to bittorrent.
To detect and reject a double spending event in a timely manner, one must have most past transactions of the coins in the transaction, which, naively implemented, requires each peer to have most past transactions, or most past transactions that occurred recently. If hundreds of millions of people are doing transactions, that is a lot of bandwidth - each must know all, or a substantial part thereof.
James A. Donald, 09 Nov 2008
This does not work - your proposal involves complications I do not think you have thought through.
Furthermore, it cannot be made to work, as in the proposed system the work of tracking who owns what coins is paid for by seigniorage, which requires inflation.
Satoshi Nakamoto, 10 Nov 2008
If you're having trouble with the inflation issue, it's easy to tweak it for transaction fees instead. It's as simple as this: let the output value from any transaction be 1 cent less than the input value.
Ray Dillinger Mon, 17 Nov 2008
But in the absence of identity, there's no downside to them if spends become invalid, if they've already recieved the goods they double-spent for (access to website, download, whatever). The merchants are left holding the bag with "invalid" coins, unless they wait that magical "few blocks" (and how can they know how many?) before treating the spender as having paid.
The consumers won't do this if they spend their coin and it takes an hour to clear before they can do what they spent their coin on. The merchants won't do it if there's no way to charge back a customer when they find the that their coin is invalid because the customer has doublespent.
Satoshi Nakamoto, 17 Nov 2008
This is a version 2 problem that I believe can be solved fairly satisfactorily for most applications.
Perry E. Metzger, 07 Nov 2008
List Moderator's Edict of the Day:
A bunch of people seem anxious to branch the discussion of cryptographic cash protocols off into a discussion of the politics of money. I'm a rabid libertarian myself, but this isn't the rabid libertarian mailing list. Please stick to discussing either the protocols themselves or their direct practicality, and not the perils of fiat money, taxation, your aunt Mildred's gold coin collection, etc.
submitted by kd0ocr to Buttcoin [link] [comments]

Bitcoin 'easily' can get to $1 million by 2020 Formula Capital's James Altucher

Bitcoin 'easily' can get to $1 million by 2020 Formula Capital's James Altucher submitted by SpontaneousDream to Bitcoin [link] [comments]

Bitcoin 'easily' can get to $1 million by 2020 Formula Capital's James Altucher

Bitcoin 'easily' can get to $1 million by 2020 Formula Capital's James Altucher submitted by 042Silencer to videos [link] [comments]

Hackers who infected 200,000 machines have only made $50,000 worth of bitcoin

This is an automatic summary, original reduced by 31%.
Hackers who locked files on 200,000 computers globally and asked for a bitcoin ransom payment to unlock them, have only made around $50,000, an industry source told CNBC, despite the large scale of the attack.
On Friday, a virus known as WannaCry infected machines across 150 countries.
In this case, the hackers asked for $300 worth of bitcoin.
James Smith, CEO of Elliptic, a London-based start-up that helps law enforcement agencies track criminals using the cryptocurrency, said his company had uncovered that since Friday, around $50,000 worth of bitcoin payments have been made to the hackers by 7 a.m. ET on Monday.
This was up from $45,000 at 4 a.m. ET. "We have seen the number of payments start to go up today," Smith told CNBC Monday.
After 72 hours from when the attack started on Friday, the hackers said the fine would double to $600, and after seven days, the files would be permanently locked.
Summary Source | FAQ | Theory | Feedback | Top five keywords: Hackers#1 payment#2 Friday#3 attack#4 Smith#5
Post found in /Bitcoin, /btc, /Buttcoin, /CryptoCurrency, /BitcoinAll and /NBCauto.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

James Crypto Обзоры Bitcoin - YouTube James Altucher, Bitcoin at 1 Million: Reasonable James Altucher, $1 Million Prediction on Bitcoin Bitcoin James - YouTube

James says using Bitcoin Rush can transform anyone into a literal millionaire within a months time, and even quicker if you have money to back the trades, we do know that the Bitcoin Rush is real and you can start using it to make millions of your own! Apparently this cryptocurrency Bitcoin Rush software is terrifying for big banks because experts are already saying that it could completely ... James Altucher: Bitcoin at $1 Million. Popular best-selling author and former hedge fund manager James Altucher came out in 2017, saying that Bitcoin is going to reach $1 million by the year 2020. According to him back in the days, wealthy investors were supposed to buy Bitcoin because they will “need some exposure.” He also reiterated on the fact that Bitcoin is predetermined in terms of ... $1 a Day in Bitcoin Over 5 Years. Managing Partner at Blocktown Capital James Todaro shared a captivating video clip on Twitter. It shows what would have happened if you’d invested $1 a day in bitcoin over the last five years… Spoiler alert: you’d have $22,263 worth of BTC today. What it would look like if you invested $1 a day into bitcoin over the past 5 years. Less than the cost of a ... One person who is hoping Altucher’s original timeframe for the $1 million bitcoin doesn’t slip is John McAfee. After all, if bitcoin doesn’t hit that price by the end of 2020, he says he will wolf down his winkle on the telly. Several other analysts have made predictions of Bitcoin going to $1 million. From IBM Exec, Jesse Lund, who ... Best-selling author and former hedge fund manager James Altucher is not backing down from his $1-million-dollar bitcoin call that he boldly made back in 2017. His timelines may be a little different however. Altucher made the call two years ago when bitcoin was trading around $11,000, he called for the crypto to hit $1 million by 2020. Now just one year away from that mark, Altucher said if ...

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James Crypto Обзоры Bitcoin - YouTube

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