I am at crypto 101 baby step it hurts my brain to learn new stuff phase so I will venture this link if you care to imbibeOriginally Posted by ynot2k
https://www.sofi.com/crypto-guide/
Member
I am at crypto 101 baby step it hurts my brain to learn new stuff phase so I will venture this link if you care to imbibe
https://www.sofi.com/crypto-guide/
Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”
Moderator
Thank you vertical1.
Moderator
Email supposedly from Exodus Wallet... how many people will fall for it?
Dear customer,
We regret to inform you that we have experienced a security breach affecting approximately 90.000 of our customers, and that the wallet associated with your e-mail address is within those affected by the breach.
At this moment, it’s technically impossible to conclusively assess the severity, and the scope of the data breach. Due to these circumstances, we must assume that your cryptocurrency assets are at the risk of being stolen.
If you’re receiving this e-mail, it’s because you’ve been affected by the breach. To protect your assets, please update your 12-Word Phrase and follow the instructions to set up a new PIN for your wallet.
Update Now
Sincerely, The Support Team
Moderator
Speaking of '12 word phrase'... what is that used for? If it is used to access ones crypto, how exactly does that work? What would I need to do with the phrase to get to my crypto?
Moderator
I found that it is not needed by exodus, on needed by ones exodus non-custodial wallet. That is a plus.
I'll try to find out what happens if one loses or forgets their 12 word phrase.
Member
ynot2k IMO if you dont hold it you dont own it holds true in this arena my reading seems to tell me
that this is one of the best routes to utilize to protect your stuff....just don't loose the thumb drive.
vert=still in baby step mode and own 0 that is ZERO crypto
Q= Can you use a USB drive as a wallet?
A= USB drives have become reliable cold storage for cryptocurrencies. They are convenient and simple hardware wallets that do not store coins but store your private keys and credentials for accessing your funds. You can also set up an offline wallet on the USB drive and use it to make transactions.
Those 12 words are kept secure on a thumb drive ? yes? no? maybe?
Last edited by vertical1; 04-01-2023 at 08:43 PM.
Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”
Member
DO NOT UNDER ANY CIRCUMSTANCE GIVE OUT YOUR12 WORD PHRASE! Particularly in regard to an emaim! Scam. Thief.
Now there's no more oak oppression
They passed a noble law
Now the trees are all kept equal
By hatchet, axe and saw.
I will not comply.
The Tea Party... quietly plotting to take over the world,
and leave you the hell alone!
Moderator
The 12 word phrase being discussed here is for Exodus.. they provide a software wallet so there is no thumbdrive or physical wallet involved. I don't understand too much about it actually, I've just googled a few things as a result of this thread. I did find out that the wallet is a "hot" wallet meaning it is connected to the internet; a cold wallet would not have a connection.
Some of the information that came up quickly went beyond my knowledge. Apparently one has to keep ones on private key(s)... I've never been able to fully understand what private keys mean or are.
Bottom line of the stuff Todd pointed out is as long as one does not lose or forget (or have stolen) ones 12 word phrase then you can always access you crypto even if you lose your device (computer, tablet, phone) your wallet was on, by creating a new wallet using the 12 word phrase (I think). However they say if one loses device it is best to make a new wallet and then change the 12 word phrase.
Yeah, I'm a bit confused now as well.
Member
Basically, you do not "own" Bitcoin, you just have knowledge of a snippet of the code of the bitcoin algorithm that represents a fraction of the entire bitcoin blockchain. The actual address is a alphanumeric chain of 64(?) digits( I don't know the exact number)
The twelve (or more) word phrase is a human friendly pass phrase to make the key to your wallet easier to remember. You could also remember the algorithmic hash and get to the same place without using a wallet.
Like you said Y2k, a hot wallet is connected to the internet, a cold wallet is not. Back in 2014, when I purchased BTC, I stored it cold, on a paper wallet. The chance of theft is limited to the theft of the piece of paper.... Or fire..
This is written on a tablet and I will try to flesh out any questions when I get back to my laptop
Now there's no more oak oppression
They passed a noble law
Now the trees are all kept equal
By hatchet, axe and saw.
I will not comply.
The Tea Party... quietly plotting to take over the world,
and leave you the hell alone!
Member
Think of it this way... In the ocean of the universe, work has been done to concentrate enough gold atoms together to make a coin. If it is yours, you know the snippet of code to find those accumulated gold atoms... Go to fifth and elm. enter the door to the bank. Go to the teller. Show a piece of plastic to the teller. she checks the piece of plastic. She uses a computer terminal. She calls for someone with a key. They unlock the safe. They get your key from you and use it in tandem to open another door. You remove a box. you open the lid. you identify the accumulated Au atoms from among other items. Retrieve accumulated gold atoms.
If you have it in the bank, they have custodial custody of your accumulated Au atoms. If you keep it in your pocket, you have custody of your accumulated Au atoms. If you lose your information and key, the bank can help you recover your accumulated Au atoms. If you lose your accumulated Au atoms from your pocket, there is little hope of ever retrieving them.
Now there's no more oak oppression
They passed a noble law
Now the trees are all kept equal
By hatchet, axe and saw.
I will not comply.
The Tea Party... quietly plotting to take over the world,
and leave you the hell alone!
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