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 Bitcoin and other Cryptocurrencies, Comprehensive guide on first page.

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Secruoser
post Jul 4 2017, 03:05 PM

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QUOTE(wengherng @ Jul 4 2017, 02:42 PM)
No, you just need to buy another hardware wallet and use the recovery phrase to restore all your coins.
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Which makes me wonder, how does the new hardware recognizes the recovery phrase? Who and what stores the recovery phrase besides yourself?

QUOTE(blueblueoutofblue @ Jul 4 2017, 02:58 PM)
Could see sea of green.. but i dont feel happy at all...
this just temporarily.. then storm gonna come again...
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Isn't this the same for stocks, forex and most investments? There's always the boom and bust cycle, but in the end the reward goes to the most resilient ones.

Secruoser
post Jul 4 2017, 05:46 PM

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QUOTE(wengherng @ Jul 4 2017, 05:22 PM)
In hierarchical deterministic wallets, all the private keys are derived from a single root (also called a seed).
This seed, when implemented correctly, gives you access to all the private keys, using mathematical algorithms.
The 24-word (or 12-word) recover seed is just a more human-readable form of the root key, and is mathematically derived from the root.
That's why it doesn't matter if your hardware wallet is broken or lost, because this seed is not stored anywhere. It is a mathematical derivative. The same 24 words in the exact same sequence will always compute into the same root key.

So, in summary, the 24-word recovery seed calculates into the root key. The root key in turn then calculates into all the private keys it has ever given out. And THOSE private keys are what gives you back the control of your coins.
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So if someone is able to correctly guess a random 24-word which happens to be someone's recovery phrase, then he can access the coins of that person??
Secruoser
post Jul 4 2017, 10:35 PM

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So guys, before I start putting in serious money, I have done some tests:

Deposit RM15 into Luno, turned to BTC
Transferred all BTC from Luno to Jaxx wallet
Transferred all BTC from Jaxx wallet to Poloniex
Transferred all BTC from Poloniex to Luno.
Now Luno tells me I still have around RM2...

Where has the RM13 went to? Just curious of all different kinds of fees involved. biggrin.gif Also, are there fixed fees and varying fees? And is Luno the only exchange that supports Malaysian banks?

This post has been edited by Secruoser: Jul 4 2017, 10:37 PM
Secruoser
post Jul 4 2017, 11:47 PM

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how to convert my BTC to RM in Luno??? I can't find a button to do that.
Secruoser
post Jul 5 2017, 06:15 AM

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QUOTE(jack2 @ Jul 4 2017, 11:48 PM)
Not convert but you have to sell through the platform in according to the buy and sell orders book.

https://www.luno.com/trade/XBTMYR
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Luno can only trade BTC? No other coins?
Secruoser
post Jul 5 2017, 10:07 AM

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QUOTE(roy_zu @ Jul 5 2017, 09:31 AM)
Wah, so many comments since I last posted. Seems alot to catch up to know what I was missing for a week.

Just to share, installed an android App called "Crypto Currency News" which provide alot of articles and news on daily basis. Is there any other similar apps where we can get daily news on crypto?
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News app? Will check it out... as they say "Buy the rumors, sell the news"
Secruoser
post Jul 5 2017, 11:41 AM

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Guys, how do you send coins from a paper wallet? Can that paper wallet be reused again?

BTW... really jelly of those starting with big capital that can easily grab ICOs and make millions. sweat.gif even if I start now and BTC went 40x today's price in 10 years, I still can't make enough to stop working and retire. Only those with at least 1 million USD or more and think about stop working.

This post has been edited by Secruoser: Jul 5 2017, 11:45 AM
Secruoser
post Jul 5 2017, 01:19 PM

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QUOTE(sirxl @ Jul 5 2017, 11:56 AM)
better don't reuse those paper wallets.
the process of creating new paper wallets is easy as ABC.
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so that means it's only good for 1 use? and I should transfer everything instead of partially??
Secruoser
post Jul 5 2017, 01:56 PM

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https://www.bleepingcomputer.com/news/secur...um-and-bitcoin/

rest in bits...
Secruoser
post Jul 5 2017, 03:17 PM

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Is there a way to set the transaction fees for any transaction in any wallet? I can set 0 fee but just have to wait a long time, right?
Secruoser
post Jul 5 2017, 04:15 PM

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QUOTE(sirxl @ Jul 5 2017, 03:36 PM)
if you set it at 0 fee, it might not even go through. It will then reverse back to your wallet after 14 days. (about 2 weeks)
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So is there a range of fees that I can estimate? And not every wallet has a dynamic fee that can be set right?
Secruoser
post Jul 6 2017, 12:15 AM

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https://mobile.nytimes.com/2017/06/19/busin...l-currency.html

This article is 2 weeks old but it makes Ethereum sound so good compared to Bitcoin. Seeing all these big company names... once the Flippening happens, Ethereum will leave smoke and dust to Bitcoin?

How do you guys split your XBT/ETH portfolio? I'm seriously considering 1:9 as Ethereum looks like it's going to fly and won't look back.

I like how Ethereum can do everything that Bitcoin can, and more with its use for app development and a more room to grow compared to Bitcoin which is like in the middle of a community struggle.
Secruoser
post Jul 6 2017, 09:40 AM

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QUOTE(Victor3010 @ Jul 6 2017, 12:26 AM)
Hi guys, is coin storage in coinomi app safe?
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https://www.cryptocompare.com/wallets/coinomi/

Looks ok with open source and support a lot of CCs. Haven't used it before but the rule of thumb is never keep lots of money in any exchange/e-wallet for too long. The majority of your money should stay in your hard wallet.
Secruoser
post Jul 6 2017, 11:31 AM

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Paper wallet is fine if you keep it safely locked in your home drawer like you would to a gold bar. I'm using this temporarily until I get a hard wallet.

Although, paper wallet is not suitable for you if you plan to move the coins here and there every now and then.
Secruoser
post Jul 6 2017, 01:29 PM

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QUOTE(Ch3n_low @ Jul 6 2017, 01:13 PM)
Shipping cost is 49 euro = RM250.....    rclxub.gif
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I think of it this way, cryptocurrency is here to stay for a long long time, with blockchain possibly being a paradigm shift of the global socio-economics. An initial investment to make a head start in this revolution seems small compared to this scale.

Blockchain technology is not a 'trend', a 'fad' or a 'buzzword'. It will become part of our lives, and our children's lives.

http://www.influencive.com/blockchain-tech...otential-future

This post has been edited by Secruoser: Jul 6 2017, 02:59 PM
Secruoser
post Jul 6 2017, 03:01 PM

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QUOTE(TheConqueror @ Jul 6 2017, 02:31 PM)
You can buy it from Coinzin. I think it is from Singapore, but do shiping to quite a few countries. They are the agent for Ledger Nano S. If you buy from Official site or this Coinzin, the delivery time is the same.  smile.gif
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Do they have physical shop in Singapore? I might get my relative's help since he returns to Malaysia every fortnight or so.
Secruoser
post Jul 7 2017, 10:44 AM

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QUOTE(kmarc @ Jul 7 2017, 10:24 AM)
Yup, just download the app into the ledger. And yes it can only hold limited number of apps due to limited memory.

Not " cannot hold too many altcoins". You can put 10,000,000 BTC and 10000000 XRP also no problem. tongue.gif
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Ya since we don't really store the quantity of coins but just the keys to access them in the blockchain network. How about multiple instances of deposits and also multiple types of tokens? Won't it increases the file size?

Also, when people buy coins from ICO's, where to find wallet and exchange that supports the new coin?

Secruoser
post Jul 7 2017, 11:22 AM

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QUOTE(wengherng @ Jul 7 2017, 11:03 AM)
The only limit of the Ledger Nano S is the number of apps that can be installed in its memory (I think something like 5 or 6 apps?) so basically, it can hold 5 or 6 types of supported tokens, be it bitcoin, ether, ripple, litecoin, etc.
You can transact (deposit and withdraw) a million times on each token, and it doesn't matter.

Unfortunately, both Trezor and Ledger only support very limited types of tokens, so in case you have a token that is not supported, then you have to either store it in the developer's official wallet for the individual tokens, or on 3rd party wallet services like MyEtherWallet (for ERC20-type tokens).
If not available, then you really have no choice but to store them on online exchanges, and take the risk.
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QUOTE(kmarc @ Jul 7 2017, 11:07 AM)
They only hold the app that generate the addresses. When you say multiple instances, I guess you mean multiples addresses right? Yeah, not a problem.

Same with multiple tokens if it is from the same platform. Like ETH and all ERC20 tokens. All kept in ETH addresses from the hardware wallet. No issues.

For ICO, they will usually show which exchange the coins will come out and what wallet to use. Can also google search important websites like Reddit.
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Thanks for the kind replies.

One can only drool when someone who bought RM500 worth of Bitcoins in 2010 is worth half a billion ringgit now. He could have been scammed of his RM500 but that amount seems like a small risk compared to the potential return.

This post has been edited by Secruoser: Jul 7 2017, 11:23 AM
Secruoser
post Jul 7 2017, 01:42 PM

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https://www.entrepreneur.com/article/296683
Secruoser
post Jul 7 2017, 01:49 PM

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QUOTE(wengherng @ Jul 7 2017, 11:58 AM)
To invest as in to buy cryptocurrencies, yes.
We are still quite in the early days.
Cryptocurrency is not yet matured.
When one day you see everyone buying and selling things with cryptocurrency just as naturally as using cash or credit card, then we can say it has achieved global adoption.
I'd say we are at least a good 5 - 10 years away from that.

I don't do mining, so I can't advise you there.
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Ya... even in LYN's FBI forum, this thread is #13 rank in terms of views, at a glance. Some people I even told me cryptocurrency is like MLM, create money out of thin air to scam people only. sweat.gif

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