Cryptocurrency

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cross-posted from: https://lemmy.ml/post/3448694

Got coding skills? Want to get paid in BTC and help the Bitcoin ecosystem? Apply for one of these many Bitcoin bug bounties.

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Archived version: https://archive.ph/dgaJd

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Honestly, who the hell actually thought this would be a good idea...

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What is the cheapest smart chain when it comes to transaction fees? I know Ethereum is out of the question with ridiculous fees and I want to use a L1 solution.

Would like to keep fees under 10 cents if possible when moving tokens around.

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cross-posted from: https://lemmy.world/post/2264480

From my experience, it seems that any service that offers cryptocurrency payments seems to always set them up as a one time purchase that you manually must renew periodically. Is there any standard that exists, or is in the works that supports recurring payments to a service directly from a wallet?

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submitted 2 years ago* (last edited 2 years ago) by [email protected] to c/[email protected]
 
 

"By cryptographically locking an exchange rate forward-contracts into a decentralized, blockchain-based escrow structure could protect an exporter and an importer from currency volatility over the timeframe of their trade deal without either party having to trust the other, or anyone else, to hold the funds. Voilà, no need for the dollar to sit in the middle.

Under this system, a Brazilian farmer could agree to provide a Chinese hoggery with soymeal feed for its pigs at a real-to-renminbi exchange rate fixed at signing, knowing that a smart contract would automatically deliver those funds upon arrival of the shipment in Shanghai. With the right oracles in place, all this would happen peer-to-peer without either side having to trust the other’s promise to deliver the funds or the goods.

As such, they could eschew the grossly inefficient current system in which a U.S.-regulated correspondent bank typically acts as the trusted third party in the deal, first exchanging the importer’s renminbi into dollars and then converting them into reals for the Brazilian exporter. If such arrangements proliferated, I have argued, it would reduce global trade-related demand for dollars and, by extension, diminish investment in dollar reserve assets such as U.S. government bonds."

I thought this was a very interesting article, especially this bit here. What do people think?

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First thing is first, I am not a cryptographer and therefore this may weaken your 12-24 seed for all I know. I am not responsible for anything that goes wrong if you decide to do this.

The Trezor Model T wallet has a cool feature called shamir backup and is not available in any other hardware or software wallet that I know of but this backup is better since you can split up your words and give them to people you trust for safekeeping. I found a way to convert any 12-24 word seed into a shamir backup.

This method can save money by not needing to buy a Trezor Model T and instead buying a Ledger or a Trezor One. Or you can not buy a hardware wallet and do this with any software wallet but I recommend getting a hardware wallet.

Generate Shamir Backup

1 - Generate or take your current 12-24 seed. In this example we will use this 12 word seed

trigger glance skirt welcome spread radar blast artefact earth adult wink polar

2 - Get the word list in your language (link below) and print them out for security. Find the words from your seed in the word list and write down the number the word is in the list. For example word 1 is "abandon", word 5 is "above" and word 1730 is "subway". In this example if you take my seed from above this will be the numbers of each word in order.

1861 0790 1622 1995 1689 1414 0188 0104 0556 0031 2015 1340

3 - Go to a SLIP39 mnemonic shares generator (link below) or to its github (link below) and download the website and run it offline which is recommended for security. For extra security use this on an air gapped computer.

4 - Under create in the master secret field. you will put the numbers in there but the length of the master secret field has to be either 64 or 128 characters in length. There are a few ways to achieve this. Only hexadecimal characters are allowed which means only 0, 1, 2, 3, 4, 5, 6, 7, 9, 9, A, B, C, D, E, F are valid characters. Therefore it is best to add a letter character like "F" between each number and at the beginning or the end to set the character length to be 64 or 128. By using my 12 numbers above, we can put it in the field in the following ways

1861f0790f1622f1995f1689f1414f0188f0104f0556f0031f2015f1340fffff

f1861f0790f1622ff1995f1689f1414ff0188f0104f0556ff0031f2015f1340f

1861a0790b1622c1995d1689e1414f0188a0104b0556c0031d2015e1340fffff

5 - Change the total shares and threshold for how many shares you want and how many share you need to regenerate the master secret.

6 - Write down each of the shares onto a piece of paper. By using the first example above of my master secret, this is what is generated for shares when I have the total shares set to 3 and the threshold set to 2.

ugly academic acrobat leader amount shadow discuss shame script airline switch editor skin human scholar brother email pulse public best headset vanish boundary scroll necklace submit round curly traveler fawn craft group aide

ugly academic beard leader afraid invasion staff lair broken raspy dwarf quiet papa pink response rumor twin garbage ruin erode papa hazard hand twin again ranked hamster playoff burden hawk sniff always valid

ugly academic ceramic leader armed deal worthy parking stilt tidy academic single raspy charity diminish pistol angel trip family slap unfold academic twice omit punish liberty machine escape response humidity process marvel aviation

7 - Now it is highly recommended that you verify your written down shares to ensure you written down the words correctly and in the right order. Under combine enter in each share to ensure it will work in regenerating your master secret. In this example we will the shares from above which will give me this as a master secret.

1861f0790f1622f1995f1689f1414f0188f0104f0556f0031f2015f1340fffff

8 - This is optional but you can print out the BIP39 word list to put with your shamir backup. Make sure when you print it out it has the number index next to the word. This will allow you to easily retrieve your 12-24 word seed from the master secret.

Recover 12-24 Seed From Shamir Backup

1 - Go to a SLIP39 mnemonic shares generator (link below) or to its github (link below) and download the website and run it offline which is recommended for security. For extra security use this on an air gapped computer.

2 - Under combine enter in your shares. In this example we will use these two shamir backups

ugly academic acrobat leader amount shadow discuss shame script airline switch editor skin human scholar brother email pulse public best headset vanish boundary scroll necklace submit round curly traveler fawn craft group aide

ugly academic beard leader afraid invasion staff lair broken raspy dwarf quiet papa pink response rumor twin garbage ruin erode papa hazard hand twin again ranked hamster playoff burden hawk sniff always valid

3 - You will see master secret was generated which contains the numbers you need to restore your 12-24 word seed. By using the shares above this is the master secret I get

1861f0790f1622f1995f1689f1414f0188f0104f0556f0031f2015f1340fffff

4 - Remove the letters from the master secret and so you will end up with 12-24 numbers. Using the master secret above this is what I end up with

1861 0790 1622 1995 1689 1414 0188 0104 0556 0031 2015 1340

5 - Get the word list in your language (link below) and print them out for security. Use the numbers to index the words. You will convert each number to a word from the word list. In this example if you take my numbers from above this will be word seed which you need to recover your wallet.

trigger glance skirt welcome spread radar blast artefact earth adult wink polar

Links

Mnemonic word lists

https://github.com/bitcoin/bips/tree/master/bip-0039

SLIP39 mnemonic shares

https://iancoleman.io/slip39/

SLIP39 mnemonic shares github

https://github.com/iancoleman/slip39

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submitted 2 years ago* (last edited 2 years ago) by [email protected] to c/[email protected]
 
 

Hey there.

All my scam-alarmbells are ringing, but I'd like to have a little perspective because I never got into trading with crypto at all.

A friend of mine apparently put about $70k in different crypto into masscoin.vip Then there seem to have been some hijinx with mistyped adresses, and talks with support later, masscoin.vip representatives tell my friend, that they need to fork over another 10% of their holdings, so another $7k, to validate their account or something.

This has to be a scam, right? The Money is gone, and since it was put in via crypto there is no way to recover it?

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Binance.US ceased USD deposits, and became a crypto-only exchange

Are there any ways to buy crypto in the US, with the ability to withdraw easily, without paying fees? Or at least something with cheap fees?

I've looked into BISQ, but I am afraid of law enforcement retaliation. I'm not doing anything illegal, but I read stories of people getting arrested for not verifying the identity of who they sold to. Don't want that to be me.

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And it doesn’t really matter if it’s technically a trust.

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This is very interesting 🤔

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I had assets on Atomic at one point...glad I moved em off

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