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Electrum Version 4.xx | GOT SCAMMED |

I lost $250!
Still unsure how they pulled it off...
I used 100% the official version of Electrum back in december (last transaction)
Thank god i purposely moved funds back into the wallet i was going to use, instead of using it as a main wallet.

https://imgur.com/a/kHDOjyT
seen on a different thread

this was the message...

Please for the sake of god, use a hardware wallet you guys, it'll be less convenient, but much safer.
I normally browse this subreddit, i wish i seen this :(

upvote to spread awareness
https://prnt.sc/orws8p

1MGeSQ1YYxuQGXFkeXcNbZwZsW2rKuNa8K
this is one of their addresses, showing my $250 along with $22,000 USD more :(

Hello,
We have reviewed the transaction details provided and this transaction does not belong to a BitPay invoice (X).
If you have sent your bitcoin to any address not associated to BitPay or a BitPay merchant, there is nothing that BitPay can do to recover your payment for you.
We noticed that you said you were using Electrum wallet, are you using a version 4.x? If so, we regret to inform you that your funds have likely been stolen.
The official source of the Electrum wallet is https://electrum.org/#download
Per the above website, the Latest release is Electrum-3.3.8.
There has been reports of a phishing attack against the Electrum wallet which you can read more about at https://github.com/spesmilo/electrum/issues/4968.
It looks like this was an attack that gave an update notification from within the app, telling you to upgrade the app. If you followed these instructions, it downloaded a malicious version of the Electrum wallet to your device, and stole your funds.
To follow a recommendation from Electrum's website, you should not download Electrum from another source than electrum.org, and need to learn learn to verify GPG signatures if you are trusting open source software with your money.
You can read more in depth about this exploit at https://blog.coinbase.com/electrohunt-part-1-hunting-for-the-phishing-campaigns-on-the-electrum-network-b10529162e63.
If you have any funds left in that wallet, it is highly recommended to move them to another wallet immediately (do not transfer from the compromised version, use your 12 word seed phrase to import the wallet to another wallet app, then transfer the funds to a new wallet with a different 12 word seed phrase)
Please let us know if you have any questions.
Check out our How To Library on YouTube!
submitted by JeffBezos3 to Bitcoin [link] [comments]

Electrum is hitting MAX_FEE_RATE sanity limit

There are several reports of people overpaying fees in the hundreds of dollars because of faulty fee estimation.
I'd like to give a little insight for Electrum
Electrum uses estimatefee from bitcoind as reported by the server and has a sanity limit client side of 300k Satoshi per kilobyte (currently 5.43 USD) or ~75k Satoshi (1,35 USD) for a ~250 byte tx to deal with faulty logic / fake reporting.
We're already hitting this client side sanity limit. The fee slider setting "In next block" still goes above the sanity limit because it's just 50% on top of "estimatefee 2" but I guess it's time to set manual fees for now if you have a high priority tx and need it to go through quickly.
Obviously with Electrum you can just send at the sanity limit and then make use of RBF (replace by fee) and bump the fee for a transaction further (manually) if it takes too long, so check whether you have that enabled in the settings and for your transactions.
At this price tag it's worth deciding yourself whether you want a higher fee or not by manual override. You can make a guesstimate yourself judging from the mempool backlog https://jochen-hoenicke.de/queue/#1w Note the graph shows fees as Sat(oshis) / byte, where the fee slider / manual input is total fee. The "preview" window in Electrum before you send the tx will also show Sat / byte for you to check your choice.
Edit: minor spelling fixes
submitted by etmetm to Bitcoin [link] [comments]

Posts everyone interested in cryptocurrency should read

Edit: WIP

Posts

Here are some great posts/articles everyone should read before speculating in cryptocurrency.
Post Date
50 Crypto Trading & Investing Lessons Learned Over The Past 5 Years January 2018
'Be Your Own Bank', A Cautionary Tale December 2017
I lost ~40k USD today. Reminder to keep coins off exchanges if you are not trading. February 2018
How the Bitcoin protocol actually works December 2013
Blockchain and Trust February 2019
Bitcoin: A Peer-to-Peer Electronic Cash System October 2008

Common Advice

Disclaimer Not my advice. Don't sue me.

Not your keys, not your Bitcoin.

This applies to all cryptocurrencies. The ownership of cryptocurrencies can only be determined using cryptography (hence "crypto" in the name). To be able to spend/receive and otherwise control units of a cryptocurrency you must have the corresponding private key. If you are using a cryptocurrency exchange to store your cryptocurrency you do not control the private key(s) corresponding to your coins, the exchange does. To control your private keys you must withdraw your coins to a local wallet stored on your phone/PC. It is highly recommended that you don't use a Windows computer to store your private keys (because Windows is very prone to malware). There are numerous examples of prominent exchanges stealing/losing their customers coins because the exchange had the private key(s) rather than the customer. The most well known such occurrence was Mt. Gox.
Being 'your own bank' (controlling your private keys) also means you are responsible for the safety of your coins. Use a deterministic wallet and write down your seed (on paper, not electronically) so that you do not lose your coins if your wallet is lost/corrupted. Encrypt your wallet so malware cannot easily 'scrape' your private keys. Be careful updating your wallets. Wallet updates are a known and actively exploited attack vector. Wallet updates may also contain bugs.

Do not invest more than you can afford to lose.

Cryptocurrency prices are extremely volatile and losses of 90% are common. The software is under continual development and so may contain bugs. If you chose to speculate, assume you will lose all of your money and so only speculate money you do not need to pay bills or debts.

Past performance does not guarantee future results.

If the price has behaved some way in the past, it does not guarantee it will perform that way again in the future. This is especially true on short timescales.

Don't HODL

A misspelling of the word 'hold'. A meme telling people not to sell. Do not base your financial decisions on memes. Have a rigorous plan of when you will sell and execute it without emotion/hesitation.

This time isn't different.

Past performance does not guarantee future results but past performance is the best indicator of long-term prices. Familiarize yourself with the graphs of the past, learn about how the price is cyclic and then only speculate once you are as familiar with the price history as someone who bought in 2013.
submitted by 4vWte1ovZK1i to u/4vWte1ovZK1i [link] [comments]

How Secure is Electrum?

Please show me how I'm wrong, because I rather liked Electrum a lot until I found this out.
Try restoring a wallet in Electrum by seed words, and try to choose 12 words that are NOT on the following list:
https://github.com/spesmilo/electrum/blob/mastelib/mnemonic.py
You'll get a "Bad Seed" error and it won't let you proceed. Electrum only generates a 12 word seed from this ~1600ish predefined word list. Period. No ifs, ands, or buts.
So, basically, the way I see it is that a hacker could write a script that loops through making random 12-word phrases from the ~1600ish word list that Electrum uses. Then, it can use the actual Python open source code of Electrum to determine how it converts the 12-word phrases into the private key for the account. From there, it could keep trying private keys until it finds a wallet balance somewhere on the blockchain. At that point, a hacker could go in and collect the coins for himself. Might take a room of 10 home PCs to do it in a loop, but eventually I think one might get lucky and get $1M USD in bitcoins this way.
Wrong? If not, how so?
Check out what this Redditor calculated: http://www.reddit.com/Bitcoin/comments/1s22uz/couldnt_an_idiot_just_pick_12_words_in_electrum/cdt655t
submitted by volomike to BitcoinWallet [link] [comments]

Electrum is hitting MAX_FEE_RATE sanity limit

There are several reports of people overpaying fees in the hundreds of dollars because of faulty fee estimation.
I'd like to give a little insight for Electrum
Electrum uses estimatefee from bitcoind as reported by the server and has a sanity limit client side of 300k Satoshi per kilobyte (currently 5.43 USD) or ~75k Satoshi (1,35 USD) for a ~250 byte tx to deal with faulty logic / fake reporting.
We're already hitting this client side sanity limit. The fee slider setting "In next block" still goes above the sanity limit because it's just 50% on top of "estimatefee 2" but I guess it's time to set manual fees for now if you have a high priority tx and need it to go through quickly.
Obviously with Electrum you can just send at the sanity limit and then make use of RBF (replace by fee) and bump the fee for a transaction further (manually) if it takes too long, so check whether you have that enabled in the settings and for your transactions.
At this price tag it's worth deciding yourself whether you want a higher fee or not by manual override. You can make a guestimate yourself judging from the mempool backlog https://jochen-hoenicke.de/queue/#1w Note the graph shows fees as Sat(oshis) / byte, where the fee slider / manual input is total fee. The "preview" window in Electrum before you send the tx will also show Sat / byte for you to check your choce.
submitted by etmetm to Electrum [link] [comments]

Rabbit Hole Recap: Week of 2020.07.06 OKLMofficial - YouTube

Bitcoin estas kriptovaluto kaj tutmonda pagsistemo. [8] : 3 Ĝi estas la unua malcentra cifereca valuto, kiel la sistemlaboroj sen centra banko aŭ ununura administranto. [8] : 1 [9] La reto estas kunul-al-kunula kaj transakcioj okazas inter uzantoj rekte, sen peranto. [8] : 4 Tiuj transakcioj estas konfirmitaj per retnodoj helpe de kriptografio kaj registritaj en publika distribuita ĉeflibro ... The first online purchase using bitcoin was performed by Laszlo Hanyecz in 2010. He bought Papa John's pizza for 10,000 coins (25 USD – Bitcoin value was 0.0025 cents for 1 coin). The real name of the Bitcoin developer remains unrevealed to this day.; On January 19, 2014, a fundraiser was established by the Dogecoin community to raise $50,000 for the Jamaican Bobsled Team, which had ... Hearn's post blamed Bitcoin's alleged failure on a number of reasons: censorship in the Bitcoin community, the centralization of mining to a handful of Chinese miners, and the unwillingness of Bitcoin Core developers to increase the limit on Bitcoin's block size. Within 24 hours of the post being published, Bitcoin's price dropped over $50 USD. I have been working with the BitCoin project as a means of providing a viable native currency for the Tonal system. You can see a basic overview here: Bitcoin is a cryptocurrency developed by Satoshi Nakamoto in 2009. Bitcoin is used as a digital payment system. Rather than use traditional currency (USD, YEN, EURO, etc.) individuals may trade in, or even mine Bitcoin. It is a peer-to-peer system, and transactions may take place between users directly.

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Rabbit Hole Recap: Week of 2020.07.06

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