I accidentally imported a public bitcoin address into the blockchain.com wallet. I didn't realize I was supposed to import the private key. Is there a remedy??
Greetings. Please see above. I know there is a warning on the blockchain.com site that says "Do not import a public bitcoin address. If you do, the address will be imported as watch only and you will not be able to use its funds." I just messed up. What can I do?? Thanks
My Coins are in a "Imported Bitcoin Addresses" at blockchain, but if I try to import them to my wallet, it's only the original transfer, not today's value
How did I do this? I don't know. In Jan of 2015, I started spending a small amount of bit coin. However, I found out about blockchain and I transferred it to there.. I thought. It shows in the account as a "imported". Does this mean I set it up originally on another wallet? I'm not familiar with any others, but apparently I did if I transferred it...from somewhere. Now, if I try to spend it (its the original $88 I had, not the new high price of $540 or something close to that). I used the virwox.com to get it from USD cash to SL to Bitcoin. I have, I "think" a key for the wallet that I backed up when I made the account, it's in a json file, but I can open it in text to see it. My question, how can I get my $500? Do I need to go back to the original place I moved it from... if thats what I did... confused.
How to import Bitcoin from Jaxx wallet to Nano S without transacting on the blockchain
Hello, I have a newly purchased Nano S hardware wallet. I was able to transfer my litecoin to it easily with a small fee. However, I only have a tiny amount of BTC (around 70 EURs worth). If I would send this from my Jaxx address to the Nano S address I would pay 32 EUR with the current transaction fees :O (https://bitcoinfees.info/). Anyone know how to do an export/import between wallets without transacting on the blockchain? My Nano S seed is 24 words, the Jaxx wallet is 12. Does this make them incompatible for an export/import? I'm thinking the BTC address wouldn't be recognizable to the Nano S wallet due to the different seed types
Was using bitcoin-qt on OSX, blockchain got corrupted and now it is impossibly big to re-download, what thin clients can I import my wallet.dat into?? OSX 10.7.5. I already tried electrum and looks like I'd have to build it from github, can't figure it out. please help.
Send help! is there a safe way I could download a torrent of the blockchain? i tried to reindex the blockchain (after my harddrive got unplugged while bitcoin-qt was running) and it looks like it would literally take a week of spinning my poor laptop fan balls out. edit: wallet.dat is encrypted and safely backed up.
Hello! I have BTC on a Nano S and I have BTC on a paper wallet. I have read about issues with importing keys to electrum, blockchain.info, jaxx have had security issues. What is the safest way to transfer my BTC to Nano S. Your expertise is appreciated. /r/Bitcoin
When importing a wallet.dat file from an encrypted Bitcoin-QT to blockchain, does the password of bitcoin-qt become the password on the blockchain wallet?
What I'm trying to do is move my coins from bitcoin-qt to my Electrum wallet because the block database got corrupted and I'm tired of having to always rebuild it when this happens. I'm quite nervous about moving my coins around like this without knowing exactly what I'm getting into. Is there a better way of doing this?
"Wallet decrypter returned empty response" when importing from bitcoin-qt to Blockchain.info
So I've had a bitcoin wallet for a while using bitcoin-qt (I started it over a year ago). I'd like to move my wallet/accounts/funds/keys/everything to Blockchain.info now since it's been a long while since I've used bitcoin-qt and I have over 60 weeks of catching up with the blockchain to do. I have a balance of 7.35mBTC that I want to transfer over to blockchain.info and I've tried using blockchain's import tool but I get a "Wallet decrypter returned empty response" whenever I try to import my wallet.dat file or a wallet backup that I make through File > Backup Wallet in the bitcoin-qt client. I don't know what's wrong, but I just want my 7.35mBTC in my blockchain.info wallet rather than in bitcoin-qt.
Putting $400M of Bitcoin on your company balance sheet
Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots. A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC). Today we'll discuss in excrutiating detail why this is not a good idea. When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust. However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:
Is Bitcoin money?
No. Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves: 1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own. As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get. You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there? 2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile. If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point: 3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away. For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast. On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC While the dollar loses value at a predictible rate, BTC is all over the place, which is bad. One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy. If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due. Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.
BTC has a fixed supply, so these problems are built in
Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense. Having control over supply of your currency is a good thing, as long as it's well run. See here Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well. Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money. Let's look at a classic poorly drawn econ101 graph The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand. Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control. It's also a national security risk... The story of the guy who crashed gold prices in North Africa In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca. He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade. This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.
Currencies are based on trust
Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged? The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president. People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all. It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board. For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government." The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.
BTC is not gold
Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value. How do we know that? Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan. Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well. Some people are puzzled at this: we don't even use gold for much! But it has great properties: First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment. Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials. Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans. It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods. To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that. On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Means of Exchange: if people seriously start using BTC to buy pizzas, then this creates a real demand for the currency to accomplish the short-term exchanges. As we saw previously, I'm not personally sold on this one and it's currently a negligible fraction of overall demand.
Criminal uses: Probably the largest inbuilt advantage of BTC is that it's anonymous, and so a great way to launder money. Hacker gangs use BTC to demand ransom on cryptolocker type attacks because it's a shared way for an honest company to pay and for the criminals to receive money without going to jail.
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.
BTC is really risky
One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds. But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:
A critical software vulnerability is found in the BTC codebase, leading to a possible exploitation.
Xi Jinping decides he's had enough of rich people in China hiding their assets from him and bans BTC.
Some form of bank run takes hold for whatever reason. Because BTC wallets are uninsured, unlike regular banks, this compounds into a Black Tuesday style crash.
Blockchain solutions are fundamentally inefficient
Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science. That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale. The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
BTC was estimated to use as much electricity as Belgium in 2019. It's hard to trace where the BTC mining comes from, but we can assume it has a huge carbon footprint.
A single transactions is necessarily expensive. A single transaction takes as much electricity as 800,000 VISA transactions, or watching 50,000 hours of youtube videos.
There is a large necessary tax on the transaction, since those checking the transaction extract a few BTC from it to be incentivized to do the work of checking it.
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
CoinTracking can automatically import all your past and future Bitcoin transaction of your Bitcoin address or wallet into your CoinTracking account. You can either import every single transaction or your wallets balance change. All transaction need at least 2 confirmations to be imported. To import your paper wallet go to the settings menu and select addresses. Then click on import address and enter your private key. The private key will be validated and the funds from your paper wallet will be transferred to the Blockchain.info wallet. If you want to send coins from your Blockchain wallet right away, use priority fee, otherwise you might have to wait a couple of hours. When you connect your Blockchain Wallet to Blockchain Exchange, we automatically share cryptocurrency addresses between the two products to enable seamless transfer of funds. You no longer need to copy and paste addresses or fumble around to scan QR codes. To initiate a transfer from your Wallet to Blockchain Exchange: Login to your Wallet; Go to the Send screen for the currency you wish to ... Blockchain.com is the most popular place to securely buy, store, and trade Bitcoin, Ethereum, and other top cryptocurrencies. Blockchain.com is the most popular place to securely buy, store, and trade Bitcoin, Ethereum, and other top cryptocurrencies. Wallet; Exchange; Explorer; Log In Sign Up. Be Your Own Bank ® The safest and most popular wallet for investing and storing cryptocurrencies ... Using Blockchain.info. As of August 2012, possibly the easiest way to import a private key is using Blockchain.info's My Wallet service. When successully imported through the "Import/Export" screen, the bitcoins assigned to a private key can be immediately sent to any Bitcoin address. It is extremely risky and not recommended to use Blockchain.info or any online third-party service to import ...
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