Password manager does not have the private key seed phrase private key seed phrase probably on password-protected Microsoft word/excel or text file stored on a cloud storage (i.e. drop box) secured by the password manager I remember there was a hack of last pass a year or so ago, lots of crypto assets were lost because of a similar setup above
Oh, this isn't how I understood it. I thought his password manager was only protected by an 11 character word, and once opened, this revealed the seed phrase. But since seed phrases didn't exist in 2012, the only thing he could have stored would be the private key, like what I guess you use. Now he may just mean private key instead of seed phrase, but its odd. And the password for the password manager was apparently only in the head of him and his father. But I guess with only 30 bits of entropy, that could be cracked.
Sorry kept ignoring your comment on seed phrase in 2012 I think it's possible he and his dad did not get hacked but blockchain.info (now blockchain.com) When I first started with Bitcoin in 2013, I used a few wallets, one of them was very convenient as it was a web-wallet (online) blockchain.info A particular address in blockchain.info was very important for my early transactions, I backed up the private key and imported into other newer wallets and have passed many bitcoins through that address I use it from time to time due to the important historical kyc transactions... but I received an email 6 days ago from blockchain.com so I will no longer use the address any more in the futures This could have been what happened to them if they had bitcoins from that long ago, they may have been stored on blockchain.info wallet address Blockchain.com Hi there, We are reaching out to inform you about an important security matter that requires your immediate attention. Details A wallet belonging to you has been identified as potentially containing funds held in legacy addresses that have been exposed to a third party software security issue. Immediate Action Required Wallet ID(s):
nvm, our theories, utxo inputs have been used in the past few years He sent the txid's of the transfers and amounts
Yup, saw that, and I also saw some good analysis already by Francis Poulet (spelled name wrong). So it does look legit, but who knows how it happened. I'm seriously considering going the multisig route, even for my small stash. I even think I saw that they wanted to update Bitcoin Core in order to have multisig functionality.
Or maybe trade the (perpetual) futures only. As a trader, this is the last thing I wanna worry about.
Us hardcore Bitcoin maxis aren't in Bitcoin for the trade or price appreciation. The fact that Bitcoin is a bearer asset cannot be overstated. I'm sure that at one point, an exchange will collapse and whatever profit you are owed will not be paid. If the idea is to hold Bitcoin long term vs. getting some price appreciation, then owning a futures product is as good as holding paper gold and expecting someone to give you actual gold when everything goes to shit and there is some collapse. Banks don't even pay out fiat in a collapse, and so they certainly aren't gonna give you owed gold or Bitcoin if all u have is a paper claim.
When Paul Tudor Jones bought "bitcoins" with 5% of his net worth as an allocation, he used futures. He doesn't own real bitcoins That takes away some important core-concepts of owning bitcoins, owning an asset that cannot be seized or censored or frozen, that you can take with you anywhere in the world... May not be important to someone like PTJ, but in the current state of global uncertainties, I speak from experience those things were and are very important for me and family