Episode-2855- Listener Feedback for 4-12-21 – Crypto Edition
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Time for another round table discussion. I have some announcements and some stuff that has just popped up today. I have some really great listener questions and feedback as well. Today we talk about cryptocurrency, investing, snakes, gardening, bee keeping, diet, desertification, buying a house and more.
Today on The Survival Podcast we cover…
- Quote of the Day, “If you change the way you look at things, the things you look at change” ~ Wayne Dyer
- Doctor Earth has joined the MSB – the discount code will be in the MSB by tomorrow
- What impact does “lost crypo” have on prices and crypto usage, what effect will Fed Coin have on “banks”
- Why did the IRS call crypto a security or a commodity vs. a currency
- Our Crypto group on MeWe just passed 2000 members, come join us
- Michale Salyor says you can borrow against BTC forever in retirement, never pay tax, how does that work
- A publicly traded coal company has put money into mining BTC, really think about that
- How will government regulate the on and off ramps into fiat, and what role do privacy coins play in that
- Does the risk to BTC and crypto in general rise or fall as the price continues to go up
- How should fear of “the internet going away” effect holding crypto, hint, stop being afraid
- What about BTCs energy use problem
- What about BTCs high cost of individual smaller transactions
- What about “quantum computing”
- Please make the case that bitcoin is better than gold as a store of value
Resources for today’s show…
- Follow Life With Jack on Instagram
- TSP Facebook Group
- Join the Members Brigade
- Join Our Forum
- Walking To Freedom
- TspAz.com
- TSPC on Discord
- TSPC Group on Telegram (group chat)
- TSPC Telegram Channel (just messages from me)
- Jack on Parler
- Jack on MeWe
- Join Me on Odysee
- CoinBase
- PreSearch.org – Get paid when you search the web.
- Take the Time – Michael Stanley Band
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Jack please check out Strike by Jack Mallers. It allows you to spend bitcoin and lightning without US tax consequences.
I know what Strike does, it does not do that.
Jack, question about lost bitcoin. If bitcoin is mined by solving an algorithm, couldn’t then any address where bitcoin is sitting be mined or broken into by brute force? Example, lets say I have an dead uncle who took his password to a $3 million wallet to grave. Couldn’t I apply modern code breaking techniques to get his funds? Chance are that his password might be FluffyTheCat. By this logic, couldn’t this be applied to lost bitcoin? Or any bitcoin for that matter. Thank you.
Well that won’t help if you know an address at all. You need the public and private key, the private key will look something like this…..
bnviuiu49t70av087agijkpowherjnapvihewroj7654gikhiehniaovu8765hoepj45plwakjb76h458
Gonna brute force that?
I guess if you mean he had a wallet and you were only needing to get in the wallet, sure may be, but most have a lock out after X times, etc. That will be a more simple password. However many wallets can have two passwords, one to get in and one that is different to send or reveal the seed or private key.
So you have access wallet = password one
Send from wallet or get keys from it = password two
Most of the time the second one is a numeric pin, 6 numbers
Brute forcing a seed is not likely to work either, because it is going to be something like,
monkey fart truck cup prius fish receive door elephants relative grass desk light logo mustang dreams fireplace timer
In other words your uncle better have written it down.
Finally this really does not pertain to “lost btc” at all. Lost usually means the holder of the wallet does not have the wallet. So you are back to first knowing an address to go after and then trying to find the key which is a huge string of characters.
If that was really possible it would happen daily, because people would do it to any address with a large balance.
Let me add I could put some crypto on a wallet some where then publish the private key for it. However say this is private key for 5,000 dollars of a random crypto but not tell you which one.
Some folks then MIGHT narrow it down to a group of cryptos (but it would be a big list) even then now you need the public key, sure it is public but there are billions of them. In fact that sounds like a fun expirment I might do some day. Pick some alt and dare anyone to get it even with the private but not the public key. Hell I could honestly say this is a private key to an address for Algorand and it still isn’t gonna happen.
If I did that though I would not give the amount there is a way to really narrow it down if you had that.
Thank Jack. Last week I started messing around with BTC.
Hey Jack,
What was the name of the crypto group on MeWe?
https://mewe.com/group/5fc6511a098c80318a2872b0
MSB rocks. I had not picked up DR Earth yet, but will seriously take another look with discount, thanks for the hard work Jack
I am excited for Dr Earth too!