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The $240 million dollar password..

B

BUTCH1

Lifer
So this programmer did a short vid about how Bitcoin worked in 2011 for an avid early trader and was paid in Bitcoin for his work, 7,000 coins to be exact. Flash forward a few years
and he realized the password for his digital wallet was stored on a USB thumb drive called an "Ironkey" drive was lost, these drives are setup so that after 10 unsuccessful attempts
it automatically and permanently encrypts the drives contents so it can never be read, ever. One Co. suggests the drive be "capped" one layer at a time while observed with a scanning
electron microscope and it's individual cells read one at a time, risky and very expensive... https://www.iflscience.com/technolo...sword-correct-or-lose-240-million-in-bitcoin/
 
$0... The amount of money I've ever lost due to a forgotten password. Outside of illegal activities online, I really don't understand the use case.
 
Not seeing why he can't clone the drive and test on that instead...

Agree with the article. Buy others of the same model, find an exploit, and poke a finger in it.
 
Spacehead said:
I read this awhile ago on the same site
Man Searches Through Landfill For 8 Years For $350 Million Lost Bitcoin Wallet
Click to expand...
Yea, that one too, he had "volunteers" lined up to help him go through it but there's problems, 1st is the town has no permit to unearth all that trash, 2nd, the equipment needed to dig down that far might crush the drive itself, the electronics are inconsequential, a donor drive will be fine, but if the platter itself is cracked/badly damaged it might be extremely hard, 3rd, he promised the town a hefty profit but what if he can't find it or it's damaged beyond readable?, now the town's on the hook for the cost. Can't imagine sifting through diapers, food waste, cat/dog poop that been sitting for years NFW!.
 
Not so fast there, buddy. You see, being the security-conscious type, Thomas kept the Bitcoin on his encrypted IronKey hard drive.

And now he'll be the backup-conscious type! 😛

What's the point of keeping valuable data if, in the event that it's physically stolen, you'll never be able to get it back?
 
This is why I don't really like the idea behind these proprietary ultra secure keys. What do you do when it fails?

I rather something very basic like an encrypted file on a regular USB key using a normal algorthm that I can decrypt with a mainstream algorthm. Keep several backups, and a backup of the program too just to be on safe side.
 
snoopy7548 said:
Not so fast there, buddy. You see, being the security-conscious type, Thomas kept the Bitcoin on his encrypted IronKey hard drive.

And now he'll be the backup-conscious type! 😛

What's the point of keeping valuable data if, in the event that it's physically stolen, you'll never be able to get it back?
Click to expand...
Yea, I mean I keep passwords on a notepad file called "tuna casserole" on my main C: drive and a spare on a thumb in case C drive takes a sudden shit.
 
snoopy7548 said:
Not so fast there, buddy. You see, being the security-conscious type, Thomas kept the Bitcoin on his encrypted IronKey hard drive.

And now he'll be the backup-conscious type! 😛

What's the point of keeping valuable data if, in the event that it's physically stolen, you'll never be able to get it back?
Click to expand...

TO OWN THE LIBS!!!
 
Red Squirrel said:
This is why I don't really like the idea behind these proprietary ultra secure keys. What do you do when it fails?

I rather something very basic like an encrypted file on a regular USB key using a normal algorthm that I can decrypt with a mainstream algorthm. Keep several backups, and a backup of the program too just to be on safe side.
Click to expand...
My crypto wallet had me set up a 24 word passphrase that can be used in the event the wallet fails. All I need to do is buy another hardware wallet and enter my old pass code to restore the wallet. I have two hardware wallets at the moment.
 
pete6032 said:
My crypto wallet had me set up a 24 word passphrase that can be used in the event the wallet fails. All I need to do is buy another hardware wallet and enter my old pass code to restore the wallet. I have two hardware wallets at the moment.
Click to expand...
This happened between 2011-2013 so I don't think those kind of solutions were around yet. Heck,in 2011 no one knew if Bitcoin was going to be viable in the future.
 
BUTCH1 said:
This happened between 2011-2013 so I don't think those kind of solutions were around yet. Heck,in 2011 no one knew if Bitcoin was going to be viable in the future.
Click to expand...
Correct. The ability to restore a wallet after it is lost is a new feature. Just wanted to point out that option is available to users now if you are serious about keeping your crypto safe.
 
pete6032 said:
My crypto wallet had me set up a 24 word passphrase that can be used in the event the wallet fails. All I need to do is buy another hardware wallet and enter my old pass code to restore the wallet. I have two hardware wallets at the moment.
Click to expand...

That's great but what happens when the company that makes the wallet goes out of business or stops making them in 10 years from now? I guess you could always have a spare on hand, and when you need to use it, you buy another, and if you can't then you transfer to another solution.
 
Red Squirrel said:
That's great but what happens when the company that makes the wallet goes out of business or stops making them in 10 years from now? I guess you could always have a spare on hand, and when you need to use it, you buy another, and if you can't then you transfer to another solution.
Click to expand...
Transfer to another hardware wallet. Same thing that would happen if my bank closed.

Alternatively, it costs nothing to create a paper wallet and if you don't want the extra layer of having a restoreable password you can create a paper wallet online for free in a matter of seconds and use that. The paper wallet is not tied to any financial institution or service provider and is good as long as the crypto network is up and running.
 
Men should tie their passwords to their favorite(or most hated) sexual stimuli or memory, but in a translated form such as only numbers or something.
 
Torn Mind said:
Men should tie their passwords to their favorite(or most hated) sexual stimuli or memory, but in a translated form such as only numbers or something.
Click to expand...
So something like this, then make your password "fake blowjob"..

oral_sex_gift_7_1200x1200.jpg
 
Red Squirrel said:
This is why I don't really like the idea behind these proprietary ultra secure keys. What do you do when it fails?

I rather something very basic like an encrypted file on a regular USB key using a normal algorthm that I can decrypt with a mainstream algorthm. Keep several backups, and a backup of the program too just to be on safe side.
Click to expand...
Government contractors are big users of this kind of thing if they need to travel with sensitive data - especially to countries the US has...complicated relationships with and questionably run or blocked internet service. This is much easier to always have on your person compared to a laptop so no risk of someone getting to data on your laptop you leave in your hotel room since the important data isn't on the laptop. Also less likely for you to be separated from a flash drive by airport security or local police than a laptop. (The FBI shared some interesting anecdotes about those and other situations)

There's some central management capabilities now but in ye olden days (around the time this happened) you needed to have a backup of the data, sometimes on a completely airgapped machine. While these supposedly have excellent quality products they're not intended to be the sole source of data. Not that that stops people from using it that way
 
Exterous said:
Government contractors are big users of this kind of thing if they need to travel with sensitive data - especially to countries the US has...complicated relationships with and questionably run or blocked internet service. This is much easier to always have on your person compared to a laptop so no risk of someone getting to data on your laptop you leave in your hotel room since the important data isn't on the laptop. Also less likely for you to be separated from a flash drive by airport security or local police than a laptop. (The FBI shared some interesting anecdotes about those and other situations)

There's some central management capabilities now but in ye olden days (around the time this happened) you needed to have a backup of the data, sometimes on a completely airgapped machine. While these supposedly have excellent quality products they're not intended to be the sole source of data. Not that that stops people from using it that way
Click to expand...


Yeah if you have a backup somewhere then it's less of an issue. Paper wallet in a safe is probably the best bet.
 
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