1. Oops typed it in wrong in the transfer address accidentally I guess my entire life savings is gone forever.

  2. Pointless. Fun fact: even when your private key has 256 bits you only need 2128 tries to get it from the public one. You don't get extra security by adding bits beyond 128.

  3. It's the safekeeping and of course the transfer of those 12 words, for example in case of death, that is really really hard. At least I don't have a satisfying answer. - And don't tell me about muh multi-sig and safe deposit boxes at 3 banks.

  4. Or forfeiting family wealth because of dementia. Bitcoin at this juncture is just bartering but with more steps and all the risks of cyberspace.

  5. A seed which can be backed up an infinite number of times on an infinite number of pieces of paper. Stop defending this numbskullery.

  6. Yeah and it’s not only about not losing it, it’s no one else ever laying eyes on it. Imagine you trust someone at the time that has secretly memorised it then years later after a falling out they clean you out..

  7. Agreed. The OP take is reductionist and silly. One could also say that the “12 words” are equivalent to keeping FIAT under your bed. Both takes have issues and greatly simplify the adoption issues that Bitcoin (and crypto writ large) have going forward.

  8. I just ordered my ledger cold wallet, the nano x that I can store on my phone. But I can’t help thinking my coins on coinbase, after these exchange fiasco dust settles, could be the safest place, when considering security and ease of use and transferability.

  9. Ya, the OP is greatly over simplifying this. Like if the consequences of losing or compromising your seed was similar to losing an email address or even similar to losing the paper title to your car then most people would go ahead and do it. But if you lose your seed phrase, no government body or lawsuit against the perpetrator can get your bitcoin back. Losing your seed phrase can literally mean losing a lifetime's worth of work and savings.

  10. I am an IT guy. I can confirm that remembering any sort of password and interacting with a computer is too difficult for most people.

  11. I second this. Until the use of Bitcoin is as easy as current banking it will never have full mass adoption. Whether that is good or not.

  12. We’re also so dumb, that we’ve gotten to the point where it’s okay to accept a totalitarian regime, known for infringing human rights on all levels, to host a massive international sporting event. Fuck fifa and Qatar and boycott Fifa. For the good of Bitcoin and the intelligence of humanity

  13. So what's your suggestion for keeping the 12 words safe where no one else will ever see them and I'll never lose them?

  14. Lol and people could just own a safe with a three number code to hold thousands of dollars but for some reason choose to use a bank.🤔

  15. Difference: The content of the safe cannot be used to digitally transact anywhere in the world. And physical break in is exponentially easier than digitally cracking a Bitcoin wallet. Also fair to point out that banks do have Government insurance on the money, which neither a safe of cash/gold nor Bitcoin in cold storage or an exchange have, but that's only a small advantage.

  16. The problem isn't writing down phrase and keeping it safe. The problem is living with a partner that constantly throws your shit out without checking with you first

  17. People lose shit all the time. The risk is losing that piece of paper. This has nothing to do with being dumbed down but instead being presented with a prehistoric option that many of us would fail at

  18. That’s insane when you put it that way. People have become so inept at being responsible for their own…anything? Yeah if banks made the average pleb do anything to keep their money safe, it would go the exact same way as crypto has. Surprised people can even remember their 4-digit atm pin.

  19. I would consider it somewhat irresponsible to have my entire life saving dependent on a piece of paper, with absolutely no recourse if it gets lost, stolen, burned in a fire. In fact, it's nuts.

  20. Adding a password on top of the the word list makes it feel much safer. No need to worry about people accidentally finding your word list. Look up "25th word".

  21. Yeah that’s it, and not that they just don’t have to do it, because they have no pressing use for Bitcoin at all as a currency or store of value.

  22. I think you could improve on this with decoy wallets inside your power outlets. Just in case you are held up at gun point.

  23. False it's not as simple as saving/memorizing 12 words. Crypto as of now is too complex and the learning curve is too steep for the average user.

  24. Also have to pick the right software wallet and hope you didn't pick a bad one, and then better yet... Choose a cold wallet but the hope it doesn't break/didn't pick a bad one. This is where it gets challenging imo

  25. We expect people to operate thousand pounds steel devices powered by explosions. Moving faster than they can really perceive what they are moving towards.

  26. I was one of those lazy people, but this sub wore me down and I’m glad I listed to this sub and moved my coin off of an exchange. Took me a while, but I did it.

  27. People able to buy some sats and move them on a Ledger are already part of a sort of "elite". Most of the people have absolutely no clue of what does that's mean. My best friend looks at me like if I am a living god when I am helping him buying sats.

  28. The problem lies in the overall security of the devices used, the average device is full with potential harmful adware/apps.

  29. We live in a time where "Couple's/Married" people need to look up the phone number of their Partners they see and speak to daily... 12 words is WAY higher a standard ☝️🤣

  30. I don’t think widespread adoption is going to be helped by ignoring or belittling the fact that most people actually do want some protection and safeguards around their money. Accidents happen, losing all the money you own shouldn’t be a consequence. I’m sure it’s a solvable issue but internet hard man bullshit like this won’t help.

  31. Call it what you want to call it, but we live in a world where increased adoption is associated with ease of use. You can try to fight it all you want, but the market will still win.

  32. People make fun of the fact that 'people are too stupid to keep their own addresses'; they also ignore the coins that have been 'lost' because people are human and screw up. No human is ever going to *always* get it right. Eventually every person who self custodys with no way of recovery *will* lose access to their address.

  33. When has writing down twelve words and keeping them safe been a skill we needed at any point before now? What the fuck is that person saying?

  34. Well as a somewhat tech savvy person, I don’t mind crypto, but I will say it is a PITA when compared to traditional forms of payment. It’s got room to grow, and the shenanigans that have been going on aren’t helping.

  35. We live in a time where people think that losing a piece of information means losing your funds is totally acceptable.

  36. Biden/Trudeau: "Vote for me and get legal weed plus these nice fat stimulus checks for doing nothing. Don't worry, it won't cause price inflation, we have Nobel Prize winning PhD economists on our payroll who will testify to this."

  37. Its not so easy. How do I validate the words are correct. How do I validate my private key are derived from those words etc etc. We need a fool proof system where this is a none issue.

  38. I mean this is kind of obvious. I understand the sentiment but btc adoption will not make the strides that this community thinks without a more stream line/safer approach to holding btc.

  39. BIP39 is not supported by bitcoin core. BIP39 needs to use the same wordlist to recover the key, so the phrase isn’t necessarily transferable from one wallet to another.

  40. The only people that are trying to convince you of that are those who wish to prosper from the demise of Crypto or those who feel that crypto is a fad and therefore unsafe in which case that would put them in of which is lacking the capacity.

  41. I'm guessing you're going for the easy laugh here, and that you understand that much more knowledge and effort than this is required.

  42. What you don't remember them? I do. Come to think of it it wouldn't be a bad start to the 24 word phrase. Add the nine principles of war. Add 3 more fav words of mine and I'm done.

  43. Blame it on the smart phones that are teaching everyone to not write anything down because passwords can be automatically saved on the iPhone

  44. I really hate the suggestion that you'll lose your life savings by losing the paper with your phrase. Just buy a fraction of bitcoin, 10 % to start. There's really not enough btc for everyone to hold 1, seeing how some of us hold more than 1 coin and the supply is limited. Leave the FUD behind.

  45. Dude, I have 10 ga Titanium plates that came with my wallet. I etched the seed phrase into it, then sandwiched the plates together and welded the corners. Then I got a safety deposit box and in it went.

  46. And people are talking about how much easier it is to just trust the banks. I mean, sure, but that comes at more than one cost.

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