GM 🐸

GM 🐸

You can't run a single-sig wallet with BitKey. It only works in a multi-sig configuration.

The ways to mess up are growing over time. For example, is it really self custody if you don’t also run your own node? I’d argue it’s not ideal because your hardware wallet has no idea about anything other than addresses and keys. The node you connect to in order to find out how much value is at each utxo is a potential attack vector.

Suppose you want to buy a coffee for $1. A maliciously node might report a value of 0.001BTC for the value of a utxo to use as an input and your transaction creation software will compute 0.00001 for the spend, 0.00099 for the change address (or less, allowing for tx fee). This would all be fine to sign with your hardware wallet if and only if the input value really is 0.001BTC…what if it really was 1 BTC? What happens then? Is the transaction still valid? Yes, it’s still valid, but your tx fee is now almost 1 entire BTC.

Remember, the tx fee is merely the difference between outputs and inputs. Anything not spent is by default a transaction fee. So, know your utxo! The only way to do that is for your transaction creation software to query your own node before constructing a transaction for your hardware wallet to sign.

Might even want to double check input utxo value on a few nodes if you don’t run your own!

I know so many smart, intelligent people who are afraid of self-custody—even some skillee software engineers who struggle to make the leap. This fear stems partly from the mindset we grew up with, where money was always entrusted to banks, custodians, or institutions. But the truth is, money belongs to its rightful owner—no intermediary required.

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In the near future, numerous penny stocks will likely purchase Bitcoin as a strategy to pump and dump their shares. This practice could inevitably harm retail investors, who might end up blaming Bitcoin itself. Acquiring the first 100 Bitcoins with $10 million doesn’t equate to building a legitimate Bitcoin treasury, instead it may be an attempt to exploit Bitcoin’s reputation for personal gain. I’m unsure what actions Bitcoiners should take or how much Bitcoin would prove their sincerity, but we’re facing the potential for serious damage here.

In the near future, numerous penny stocks will likely purchase Bitcoin as a strategy to pump and dump their shares. This practice could inevitably harm retail investors, who might end up blaming Bitcoin itself. Acquiring the first 100 Bitcoins with $10 million doesn’t equate to building a legitimate Bitcoin treasury, instead it may be an attempt to exploit Bitcoin’s reputation for personal gain. I’m unsure what actions Bitcoiners should take or how much Bitcoin would prove their sincerity, but we’re facing the potential for serious damage here.

Today, I prepared myself for going phoneless next year:

-Set up AlbyHub so I can have a non-custodial desktop lightning wallet

-Made sure to transfer any necessary notes/information to my pc

- Made sure I had backups to all my 2FA's

-Setup SimpleX on PC

-Decided on a Nostr web client

-Validated my VOIP works

-Deleted all my other apps to start getting use to not having a phone to look at all the time

Tomorrow, I will begin texting people my new VOIP number.

I'm only sad about leaving Phoenix wallet and my podcasting app behind. I had a time suck game on there (Brawl Stars), it's definitely in the top 10 reasons I am getting rid of my phone before I throw it in the pool (fu buzz lightyear).

My goal is to go at least a month phoneless, and in February, I'll sit down and figure out if it's doable long term.

#privacy #grownostr

No doubt. I was pleased to the Nunchuk Wallet has an integrated inheritance system so you can setup a plan that will allow your chosen heirs to access funds you have earmarked for them. It will prevent the very issue you describe.

Prediction: Some people will die with their #Bitcoin private keys, leaving no inheritance and knowing their pro-rata contribution to humanity.

No

Pompliano

Great message… and I concur with nostr:npub14am887cf6kvwkce89nt7dsw3v9qrrn0uppxyvr6a2jd7xdwuwccqwnudp2. 🤝

Take back your health.

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Yeah imagine what utter idiot Satoshi must be for not holding his 1M bitcoin in an ETF.