How Chris Lost His Bitcoin & How You Can Avoid Doing The Same - June 2023
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- Опубліковано 26 сер 2024
- Our friend, Chris, recently lost some bitcoin because they used a non-random seed (accidentally). Watch this video to understand what happened and avoid losing your bitcoin in the same way. FYI - Chris did give us permission to discuss this on the Q&A session and also to share it with the UA-cam audience. He is hoping that you won't make the same mistake he did.
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Another mistake is trying to create your own "random" seed phrase. Even if you attempt to pick words or numbers at random from mind, you will pick items close to each other or in some sort of pattern.
Our minds cannot do random. Use dice or a trustworthy hardware wallet.
Great stuff. Thank you. You are one of those Bitcoin OGs that helped me TRULY UNDERSTAND Bitcoin as an ideal, not a “coin to trade to make some fiat”. 💪👏👍
You don't put out hardly any content. You're one of the greatest thinkers in Bitcoin. You should put out way more content.
He has hundreds of hours from 2014 to 2019. But wish he still more active.
He's a busy man these days
He's active on Patreon, as far as I understand
Have you considered that maybe one of the reasons he's one of the greatest thinkers in Bitcoin is because he has better things to do than babble on sOcIaL MeDiA for likes on a weekly basis?
@@NateB since he already has hundreds of hours on his website, no.
Thank you Andreas! I am a patreon sub (JCMO) but just wanted to thank you for putting this out there to the world as a PSA. You have the biggest heart of anyone I've ever encountered in this space.
Is his Patreon worth subscribing to?
Yes.@@FBFJDKOEUEURJFJDJ
I read about a guy who printed out a "paper wallet" on his home printer. Sometime later when his printer quit working, he threw it in the dumpster.
Someone found it, plugged it in, read the memory buffer, and stole all his bitcoin.
omg that's horrible.
@@Vi3ioN_BTC if and when you create a seed phrase randomly.... burn the extra copies of the phrase. a seed phrase never touches an internet connected device ever. Only a hardware wallet which is really a 'signing device'.
What if you hand picked a very personalized seed phrase AND had a pass phrase as well?
Adding a pass phrase would have like prevented him from losing funds, but it’s still not as good as a truly randomized seed phase.
Very informative, thank you Andreas.
If any of this occurs on a device that is linked to "someone" all the info involved is being mined and stored from their end. We can track it right, so that tracking data can be mined stored and viewed by all the companies that are already doing it with everything we've done on devices since they became personal.
Thanks Andreas! The idea of a non-random seed phrase actually crossed my mind a couple of times but I never thought much or took action. Thanks for showing us why it's a terrible idea!
Are ledger seeds safe how they are created and how can not be brekeable? They are words also cant be dictionary attack can be used?
Ledger has closed-source software and cannot be trusted. The words simply correspond to binary, look at BIP-39 for a more full explanation. There are 2^160 possible wallet addresses, and 2^256 possible private keys. the best way to protect against this kind of attack would be creating a multi-sig wallet.
The dictionary is too large to brute force the seed space. The problem in the situations that Andreas is describing is that the dictionaries (and thus, the seed spaces/keyspaces) that the victims used were much too small.
Impossible dude. Ledger has 24-words in their seed and will take years of computation to break ONE wallet. And imagine if that wallet was empty or had like $6.12 on it. 😂😂
@@henryjohnson-ville3834 Your comment doesn't actually answer the question. It doesn't matter if you use 24 words if there are only a handful of possible choices for each word.
@@JivanPal True but each word added adds so much more variations, lengthening the process to brute force.
Thanks for sharing Mr. Antonopoulos! These are things we all need to know in order not to fall in these traps that look comfy, but end up being lethal.
Thanks for your sharing!❤👍
Thank you for your videos Andreas. I occasionally read the r/cryptocurrency subreddit but it feels like there is so much misinformation and hype on certain topics that it makes me want to unsubscribe from that news source. When I hear you talking it's finally feels like an adult has entered the conversation.
So if your key is generated from anything less than the full range of possibilities that is standard for a private key and truly random someone else may easily have access to your funds. I've been thinking much about this lately. Not sure I trust a hardware wallet generating my key. It may be open source but does that guarantee something else isn't secretly in there.
Thanks again for all these valuabel pieces of information! Take care! All will be good.
RIP Chris.
Hi Andreas, what are your thoughts about looking at Bitcoin as the network and looking at sats as the currency? We are arriving to a point where its easier to talk in terms of sats imo
So then the obvious question is how much computing power does it take to generate this for all possible public and private keys, and the amount of storage needed to put it into a database.
The private keys are 256 bits long, meaning there are more possible keys than atoms in the universe. If you select it randomly, no one is getting the same as you.
Awful to hear about Chris. Awesome content A. Thanks!
Thank you, Andreas!
Wow Andreas logo now correspond not only on his top but also on his front 😅
Wow you smart smart man
@petrolo72 Andreas is … I’m just a joker 😊
So educational!
I was contemplating this so I won’t forget my seed, but needless to say, it’s another dumb idea I can bin now.
But how about using one of those 12/24 same words seed phrase but combined with a strong pass phrase?
Digging the facial hair Andreas. Keep up the great work.
More of you please ! Thank you
No ,Thank you
Fascinating
excellent and to the point.
all your videos are informative...
Sad we are still having these issues after all these years 😢
These issues will exist as long as crypto does.
@@infinitemonkey917 things will get better
always appreciated!
Justuse BC vault wallet and problem with seed solved.
Welcome brack fren..
Miss you bud!
What about adding passphrase?
If you have all the words of the seed you have the private key.
@@pluto9000They are talking about BIP-39 passphrases, a.k.a. "13th word" or "25th word".
@volodymyrmoisiuk5614 If the seed is trivially brute-forced, then you would be relying entirely on the security of the passphrase. If the passphrase is itself weak (meaning it has low entropy/security), then the passphrase itself can be brute-forced.
The funds are on the block chain accessible to anyone who has the private key which is the seed phrase. The pass phrase only protects the device.
@@wesleyashley99 You are assuming that the OP is talking about a local device/wallet passphrase rather than a BIP-39 passphrase.
What cold storage wallet do you recommend in 2023?
ColdCard Mark 4
Thanks Andreas! :)
why go through all the trouble to create a seed that ppl can guess
wow, good info
twelve repeated 12 times is a valid mnemonic
How do you feel about the new tech behind Tangem. Where you don’t even know your own seed.
Lost my bitcoin? No. I lost all my money on bitcoin.
Deangelocrack
E can assist you
if u r lucky u can learn some of these lessons vicariously , but unfortunately many more are only able to learn these lessons the hard/expensive way , more still do not learn the lessons at all sadly , ironically enough , learning these lessons in the hard/expensive way can have the potential to be much more impactful , so take that for what it is XD =] ; GL everyone and stay safe
Trezor or bust!! ((::
I lost 3 Bitcoin to Celsius. Hard way to learn not your keys not your coins.
That's crazy! Sorry dude. I remember investing thousand buck-a-roos in some sh!t coin and regretting it. Comparing it to you is a drop in a pool.
I don't understand this idea of a public ledger where it's even possible for thieves to get away with this. Can't we all see their address as well then watch any subsequent transfers?
A thief would surely Coinjoin the bitcoin as soon as they could. If done properly, there would not be any way to trace the coins further.
@@NiagaraBTC why does the technology for conjoin even exist? Sounds like the perfect tool for crime.
@@BrandonAbel01 Because Bitcoin is a tool for liberty not safety.
Well a coinjoin is really just a collaborative bitcoin transaction. "The technology" has to exist if bitcoin exists. Bitcoin isn't especially great for crime. The vast majority of crime is still committed using the US dollar and the fiat banking system.
Why do cars exist? Think about how much harder it would be for bank robbers to get away if they had to just run. This is kind of like that. The benefits of Bitcoin for society are so great and outweigh the negatives.@@BrandonAbel01
@@BrandonAbel01i believe it was primarily designed with big brother in mind.
Sparrow wallet has the border-wallet feature. How secure is it? I'm not sure to trust this kind of seed phrases. 🙏 Thx
Chris was dumb, don't be like Chris. Be smart.
Chris should've used my suitcase's password, 12345.
And another thing to consider is that, Chris may not in fact be a generally dumb person, he might be quite smart, but for some reason he thought the idea of creating a simple seed phrase was a smart idea. Many people think their ideas are smart but are in actual fact dumb. It can be hard to know, until something happens to make you realise your idea is dumb. And you need to be open minded, to allow yourself the possibility that your idea might not be so good, otherwise you would fail to conclude it was really dumb. So don’t be arrogant, keep an open mind, don’t assume your idea is smart, do some research.
How about doing 1,000,000 times sha256 of a word as a private key? Would it be unsafe?🤔
👍
♥
My original Bitcoin mentor. 🙏 God bless you sir.
❤️❤️❤️
🖖
What? Ive seen this video. Im having time travel memories. 😳
I like the outros done by your son
Chris sounds like a noob! I am not even that tech savvy and I know not to try to this
Make a video what happens when blockrewaed cannot pay electric bills.
Dont bs me with transaction fee pay miners.