Barry McCockinner Posted June 8, 2021 Share Posted June 8, 2021 1 hour ago, More Cowbell said: From what I read the criminals sent the bitcoin through 24 wallets and the FBI was able to to hack the last one it was in. The pipeline company was working with the FBI from the start. It seems they knew where the bitcoin was going and just had to wait until it went someplace that was vulnerable enough that they could go in and take it. It also seemed ro scare a lot of investors about security. I think some people thought this was a safe haven for drug money or similar and just went into cash I don't know what that means to "hack the wallet" though. We know the FBI had the private keys. The question is how did they get them. The most simple explanation is the hackers put the keys on a cloud server and the FBI got the server. If the FBI got the keys to your house and entered would you describe it as them "hacking your door"? I'm very interested in the details from a geek out POV. Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted June 8, 2021 Share Posted June 8, 2021 31 minutes ago, Barry McCockinner said: I don't know what that means to "hack the wallet" though. We know the FBI had the private keys. The question is how did they get them. The most simple explanation is the hackers put the keys on a cloud server and the FBI got the server. If the FBI got the keys to your house and entered would you describe it as them "hacking your door"? I'm very interested in the details from a geek out POV. The article actually said they cracked the password. Is that what you mean by keys? Quote Link to comment Share on other sites More sharing options...
JoJoTownsell1 Posted June 8, 2021 Share Posted June 8, 2021 2 hours ago, More Cowbell said: So if this is a good thing, why did all the crypto currencies take a drop today? LOL, you think the value of crypto is tied to this one issue? Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 8, 2021 Share Posted June 8, 2021 23 minutes ago, More Cowbell said: The article actually said they cracked the password. Is that what you mean by keys? Whoever wrote the article (I haven't seen it) either doesn't know what they're talking about or was trying to speak in layman's terms for simplicity. Bitcoin wallets don't have passwords - they use private keys. Without the private keys you cannot access the wallet. Private keys (and public keys) are encryption tools. It's a huge topic that I won't get into but if you're interested in learning more, start here. I don't understand encryption well enough to be teaching someone else about it. I only have a high level understanding. https://en.wikipedia.org/wiki/Public-key_cryptography Some wallets do also have a password to enter when sending funds, but that's just an additional thing. The core functionality relies on encryption keys and having the password without the keys would be useless. We know the FBI had the keys, it's stated in the documentation published. Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted June 8, 2021 Share Posted June 8, 2021 Just now, JoJoTownsell1 said: LOL, you think the value of crypto is tied to this one issue? So what is your explanation for it? Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 8, 2021 Share Posted June 8, 2021 8 minutes ago, More Cowbell said: So what is your explanation for it? I think the market is definitely effected by the news but it also has been going down since May. I think people don't understand what happened and that's why the news is effecting the market. The FBI didn't break bitcoin. They got the private keys somehow. The most likely way is the hackers being careless/foolish/ignorant. Quote Link to comment Share on other sites More sharing options...
JoJoTownsell1 Posted June 8, 2021 Share Posted June 8, 2021 3 minutes ago, More Cowbell said: So what is your explanation for it? Talk of increased regulation and various other issues (including nonsense like Elon Musk Tweets)that drive the price of bitcoin up and down. Bitcoin went from about 15k to 3k before going up to 60k and now back to 31k. No one ever promised a straight line up. IBM was at 181 in 2017. Then dropped to 95 in 2020. Welcome to investing where the road to riches is never a straight line. Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 8, 2021 Share Posted June 8, 2021 5 minutes ago, JoJoTownsell1 said: LOL, you think the value of crypto is tied to this one issue? LOL you think it isn't significant. Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 8, 2021 Share Posted June 8, 2021 3 minutes ago, Barry McCockinner said: I think the market is definitely effected by the news but it also has been going down since May. I think people don't understand what happened and that's why the news is effecting the market. The FBI didn't break bitcoin. They got the private keys somehow. The most likely way is the hackers being careless/foolish/ignorant. Agreed because if they did hack a private key that means criminals can hack a private key. A currency backed by a meme can't survive that. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 8, 2021 Share Posted June 8, 2021 Just now, Biggs said: Agreed because if they did hack a private key that means criminals can hack a private key. A currency backed by a meme can't survive that. Honestly if the FBI figured out a way to magically generate the exact private key bitcoin is dead. The likelihood of that being what happened is virtually nil. 1 Quote Link to comment Share on other sites More sharing options...
JoJoTownsell1 Posted June 8, 2021 Share Posted June 8, 2021 3 minutes ago, Barry McCockinner said: I think the market is definitely effected by the news but it also has been going down since May. I think people don't understand what happened and that's why the news is effecting the market. The FBI didn't break bitcoin. They got the private keys somehow. The most likely way is the hackers being careless/foolish/ignorant. I think the hackers took their shot and likely were smart enough to take significant steps to cover their tracks, but clearly the government has enough resources to break the code and find the bitcoin. 1 1 Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted June 8, 2021 Share Posted June 8, 2021 2 minutes ago, Barry McCockinner said: I think the market is definitely effected by the news but it also has been going down since May. I think people don't understand what happened and that's why the news is effecting the market. The FBI didn't break bitcoin. They got the private keys somehow. The most likely way is the hackers being careless/foolish/ignorant. I honestly don't think that is the case for this reason. Upon reading a bit more, the FBI took the bitcoin from Darkside. I don't think Darkside performed the hack on Colonial, but they wrote the software that the hackers used to break into Colonials network so these were some sophisticated people they stole from. It's possible even a sophisticated code writer can be careless but we are talking about millions in currency here so i don't believe a lower level person was the one in charge of the bitcoin security. I could be wrong of course but this would be my guess. Quote Link to comment Share on other sites More sharing options...
JoJoTownsell1 Posted June 8, 2021 Share Posted June 8, 2021 4 minutes ago, Biggs said: LOL you think it isn't significant. If the bitcoin was found yesterday and on that same day a few nations said they would NOT attempt to regulate the use of bitcoin the price would have gone up. So yeah, it is not significant and not likely the reason the price dropped. The price had been dropping since before the hack, after the hack and now after the bitcoin was found. So not sure why you would think the drop yesterday was tied to the story. Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 8, 2021 Share Posted June 8, 2021 2 minutes ago, Barry McCockinner said: Honestly if the FBI figured out a way to magically generate the exact private key bitcoin is dead. The likelihood of that being what happened is virtually nil. We finally agree. I'm not a conspiracy guy but just the annoucement by the government drove the profit of the ransom down. I don't think they broke a private key. Someone ratted them out and they probably were paid to do it. Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted June 8, 2021 Share Posted June 8, 2021 16 minutes ago, JoJoTownsell1 said: Talk of increased regulation and various other issues (including nonsense like Elon Musk Tweets)that drive the price of bitcoin up and down. Bitcoin went from about 15k to 3k before going up to 60k and now back to 31k. No one ever promised a straight line up. IBM was at 181 in 2017. Then dropped to 95 in 2020. Welcome to investing where the road to riches is never a straight line. Everything you wrote is old news, including Musks tweets from last week. The effects are most likely baked in already. Todays news I would say caused this. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 8, 2021 Share Posted June 8, 2021 29 minutes ago, JoJoTownsell1 said: I think the hackers took their shot and likely were smart enough to take significant steps to cover their tracks, but clearly the government has enough resources to break the code and find the bitcoin. Math says you're probably wrong. Unless we have some alien super computing power available to us. They almost certainly got the private keys because they were stored somewhere the FBI could get them. Quote Longer key lengths are better, but only up to a point. AES will have 128-bit, 192-bit, and 256-bit key lengths. This is far longer than needed for the foreseeable future. In fact, we cannot even imagine a world where 256-bit brute force searches are possible. It requires some fundamental breakthroughs in physics and our understanding of the universe. One of the consequences of the second law of thermodynamics is that a certain amount of energy is necessary to represent information. To record a single bit by changing the state of a system requires an amount of energy no less than kT, where T is the absolute temperature of the system and k is the Boltzman constant. (Stick with me; the physics lesson is almost over.) Given that k = 1.38 × 10−16 erg/K, and that the ambient temperature of the universe is 3.2 Kelvin, an ideal computer running at 3.2 K would consume 4.4 × 10−16 ergs every time it set or cleared a bit. To run a computer any colder than the cosmic background radiation would require extra energy to run a heat pump. Now, the annual energy output of our sun is about 1.21 × 1041 ergs. This is enough to power about 2.7 × 1056 single bit changes on our ideal computer; enough state changes to put a 187-bit counter through all its values. If we built a Dyson sphere around the sun and captured all its energy for 32 years, without any loss, we could power a computer to count up to 2192. Of course, it wouldn't have the energy left over to perform any useful calculations with this counter. But that's just one star, and a measly one at that. A typical supernova releases something like 1051 ergs. (About a hundred times as much energy would be released in the form of neutrinos, but let them go for now.) If all of this energy could be channeled into a single orgy of computation, a 219-bit counter could be cycled through all of its states. These numbers have nothing to do with the technology of the devices; they are the maximums that thermodynamics will allow. And they strongly imply that brute-force attacks against 256-bit keys will be infeasible until computers are built from something other than matter and occupy something other than space. https://security.stackexchange.com/questions/25375/why-not-use-larger-cipher-keys/25392#25392 Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted June 8, 2021 Share Posted June 8, 2021 2 minutes ago, Barry McCockinner said: Math says you're probably wrong. Unless we have some alien super computing power available to us. They almost certainly got the private keys because they were stored somewhere the FBI could get them. I think @Biggs was spot on with his explanation. They found someone who knew where the keys were and either paid them off or leveraged them somehow. 1 Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 8, 2021 Share Posted June 8, 2021 37 minutes ago, JoJoTownsell1 said: Talk of increased regulation and various other issues (including nonsense like Elon Musk Tweets)that drive the price of bitcoin up and down. Bitcoin went from about 15k to 3k before going up to 60k and now back to 31k. No one ever promised a straight line up. IBM was at 181 in 2017. Then dropped to 95 in 2020. Welcome to investing where the road to riches is never a straight line. IBM has something Bitcoin doesn't have. Cash flow, earnings and dividends. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 9, 2021 Share Posted June 9, 2021 20 hours ago, Biggs said: IBM has something Bitcoin doesn't have. Cash flow, earnings and dividends. True but bitcoin offers separation of money and state, which is far more important to humanity. Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 9, 2021 Share Posted June 9, 2021 27 minutes ago, Barry McCockinner said: True but bitcoin offers separation of money and state, which is far more important to humanity. In the world of survival of the fittest that you seem to be advocating Bitcoin has no value at all. Any asset value is based on organized society that has built in mores and trust backed by communities. Without that all assets are worthless and simply taken by the strongest. Those communities are the states. States are evolving constantly to meet the future needs of the community. We may not like it, it may not be fast enough for us but without it we would undoubtedly be much poorer. Not that there wouldn't be winners and losers just far less winners and much more losers. I don't support a world where private companies or individuals operate with impunity. Ayn Rand is interesting but clearly out of his mind. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 9, 2021 Share Posted June 9, 2021 4 minutes ago, Biggs said: In the world of survival of the fittest that you seem to be advocating Bitcoin has no value at all. Any asset value is based on organized society that has built in mores and trust backed by communities. Without that all assets are worthless and simply taken by the strongest. Those communities are the states. States are evolving constantly to meet the future needs of the community. We may not like it, it may not be fast enough for us but without it we would undoubtedly be much poorer. Not that there wouldn't be winners and losers just far less winners and much more losers. I don't support a world where private companies or individuals operate with impunity. Ayn Rand is interesting but clearly out of her mind. The bitcoin community is massive and growing exponentially. Nation states are adopting bitcoin as legal tender and adding it to their reserves. I realize my comment about separation of money and state invokes political discussion so I take the blame for that. I will not be continuing that discussion though. Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 9, 2021 Share Posted June 9, 2021 13 minutes ago, Barry McCockinner said: The bitcoin community is massive and growing exponentially. Nation states are adopting bitcoin as legal tender and adding it to their reserves. I realize my comment about separation of money and state invokes political discussion so I take the blame for that. I will not be continuing that discussion though. Barry good point agree this isn't the place. Just so you know I have no malice toward you and really hope you do well financially. 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 9, 2021 Share Posted June 9, 2021 Just now, Biggs said: Barry good point agree this isn't the place. Just so you know I have no malice toward you and really hope you do well financially. I never thought you were attacking me. We can disagree, that's fine. I hope the same for you. Quote Link to comment Share on other sites More sharing options...
neckdemon Posted June 12, 2021 Share Posted June 12, 2021 i was actually considering doing a little diversified crypto investing. i was thinking some in cardano, some in ripple, some in doge, some in ethereum. any suggestions? i saw someone mention rsr. Quote Link to comment Share on other sites More sharing options...
RutgersJetFan Posted June 13, 2021 Share Posted June 13, 2021 9 hours ago, neckdemon said: i was actually considering doing a little diversified crypto investing. i was thinking some in cardano, some in ripple, some in doge, some in ethereum. any suggestions? i saw someone mention rsr. If you’re asking for investment advice here you shouldn’t be buying anything. 2 1 Quote Link to comment Share on other sites More sharing options...
neckdemon Posted January 8, 2022 Share Posted January 8, 2022 This one looking like it can be the next big one. Being talked about on nasdaq https://www.nasdaq.com/articles/dear-saitama-crypto-fans-mark-your-calendars-for-jan.-8 Quote Link to comment Share on other sites More sharing options...
neckdemon Posted January 8, 2022 Share Posted January 8, 2022 On 6/13/2021 at 2:51 AM, RutgersJetFan said: If you’re asking for investment advice here you shouldn’t be buying anything. I was asking not for advice but if anyone knew any tokens that looked like they had potential. In crypto that's how you can sometimes learn about an interesting project. Your comment sucks 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted January 8, 2022 Share Posted January 8, 2022 2 hours ago, neckdemon said: I was asking not for advice but if anyone knew any tokens that looked like they had potential. In crypto that's how you can sometimes learn about an interesting project. Your comment sucks keep an eye on sundae swap - it's a big dex launching on the cardano network. I think you can get coins at launch by staking to a sundae swap approved pool. this has potential to blow up like uniswap did. also - if you do have cardano - give me your receiving address and I'll send you a NYJETS token. Quote Link to comment Share on other sites More sharing options...
RutgersJetFan Posted January 9, 2022 Share Posted January 9, 2022 13 hours ago, neckdemon said: I was asking not for advice but if anyone knew any tokens that looked like they had potential. I mean I’m not a dictionary but that sounds an awful lot like asking for advice. 1 Quote Link to comment Share on other sites More sharing options...
neckdemon Posted January 9, 2022 Share Posted January 9, 2022 10 hours ago, RutgersJetFan said: I mean I’m not a dictionary but that sounds an awful lot like asking for advice. That's because you dont know wtf you're talking about. Quote Link to comment Share on other sites More sharing options...
neckdemon Posted January 9, 2022 Share Posted January 9, 2022 21 hours ago, Barry McCockinner said: keep an eye on sundae swap - it's a big dex launching on the cardano network. I think you can get coins at launch by staking to a sundae swap approved pool. this has potential to blow up like uniswap did. also - if you do have cardano - give me your receiving address and I'll send you a NYJETS token. I dont have any cardano. Although with the market bleeding the way it is it might be a good entry point for some I'll do some research on sundae swap.... Quote Link to comment Share on other sites More sharing options...
RutgersJetFan Posted January 9, 2022 Share Posted January 9, 2022 4 hours ago, neckdemon said: That's because you dont know wtf you're talking about. Could you please tell me where I could learn what I’m talking about. Don’t advise me though just give me guidance to help me make a decision. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted January 15, 2022 Share Posted January 15, 2022 On 1/9/2022 at 6:23 AM, neckdemon said: I dont have any cardano. Although with the market bleeding the way it is it might be a good entry point for some I'll do some research on sundae swap.... This is going to be a profitable coin to get into early IMO. You can basically get it for free too - just buy some cardano and stake it to one of the stake pools they're using for the ISO. At the end of the ISO they'll air drop the tokens to everyone who staked to their pools. Then you can just sell your ADA if you don't want to hodl it. Obviously you have to think about the price changing but this ecosystem is just getting started and I think the price will be going up over the next year or two. @HessStation Quote Link to comment Share on other sites More sharing options...
neckdemon Posted January 16, 2022 Share Posted January 16, 2022 16 hours ago, Barry McCockinner said: This is going to be a profitable coin to get into early IMO. You can basically get it for free too - just buy some cardano and stake it to one of the stake pools they're using for the ISO. At the end of the ISO they'll air drop the tokens to everyone who staked to their pools. Then you can just sell your ADA if you don't want to hodl it. Obviously you have to think about the price changing but this ecosystem is just getting started and I think the price will be going up over the next year or two. @HessStation thnx for the info. here's one i am pretty high on. just released a month ago, really early as it only has 4500 holders and a 25 million market cap. and a good use case imo. https://www.totallyarugpull.com/ Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted January 16, 2022 Share Posted January 16, 2022 4 hours ago, neckdemon said: thnx for the info. here's one i am pretty high on. just released a month ago, really early as it only has 4500 holders and a 25 million market cap. and a good use case imo. https://www.totallyarugpull.com/ Are you suggesting sundae swap is a rug pull? I've been following this project since the beginning and it's one of the most professional and transparent projects I've ever seen in the crypto space. I'd be absolutely shocked if it were some sort of rug pull. Quote Link to comment Share on other sites More sharing options...
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